Document:

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

     This Employment Agreement ("Agreement") is made and entered into on this
14th day of December 2001, to be effective as of February 15, 2002, 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 Mario Gonzalez
Padilla (hereinafter called the "Employee").

                                   AGREEMENT
                                  ----------

     In consideration of the promises and mutual covenants set forth herein,
the parties agree as follows:

1.        Employment.

     1.1       Employment. Contingent on Employee being able to secure a U.S.
work visa, the Company hereby agrees to employ the Employee and the Employee
hereby agrees to serve the Company on the terms and conditions set forth
herein.

     1.2       Duties of Employee. During the Term of Employment under this
Agreement, the Employee shall serve as the Chief Financial Officer of the
Company and Panamco based in Miami, Florida, shall diligently perform all
services as may be assigned to him by the Company and Panamco, and shall
exercise such power and authority as may from time to time be delegated to him
by the Company and Panamco. The Employee shall devote his full time and
attention to the business and affairs of the Company and Panamco, render such
services to the best of his ability, and use his best efforts to promote the
interests of the Company and Panamco. It shall not be a violation of this
Agreement for the Employee 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 Employee's responsibilities to the Company and Panamco in accordance with
this Agreement.

2.        Term.

     2.1       The term of this Agreement, and the employment of the
Employee hereunder, shall commence on February 15, 2002 (the "Commencement
Date") and continue thereafter until the first to occur of the following:

          a.        Termination for cause by the Company under Section 5.1.

          b.        Disability under Section 5.2.

          c.        Death under Section 5.3.

          d.        Termination without cause by the Company under Section 5.4.

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          e.       Termination by Employee under Section 5.5.

     2.2       Term of Employment and Expiration Date. The period during which
the Employee 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, is
sometimes referred to in this Agreement as the "Expiration Date".

3.       Compensation.

     3.1       Base Salary. The Employee shall receive a base salary at the
annual rate of $380,000.00 (Three Hundred Eighty Thousand Dollars) (the "Base
Salary") during the Term of Employment, with such Base Salary payable in
twelve monthly installments consistent with the Company's normal payroll
schedule, subject to applicable withholding and other taxes. The Base Salary
shall be inclusive of any Christmas Bonus and Vacation premium. The Base
Salary shall be reviewed, at least annually, for merit increases and may, by
action and in the discretion of the Company, be changed at any time or from
time to time including based upon market conditions.

     3.2       Bonuses. During the Term of Employment, the Employee may be
eligible to receive bonuses pursuant to the terms and conditions of any
incentive plan in effect from time to time. As of the Commencement Date the
Employee will be eligible to participate in the Annual Incentive Plan in
effect with a Target Award of 50% of the Employee's annual Base Salary and an
Award opportunity of 150% of annual Base Salary in accordance with the Plan's
terms. 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 of Directors of
Panamco or provided under the Incentive Plan, the Bonus Period shall be the
calendar year.

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

4.       Benefits.

     4.1       Reimbursement of Expenses. Upon the submission of proper
substantiation by the Employee, and subject to such rules and guidelines as
the Company may from time to time adopt, the Company shall reimburse the
Employee for all reasonable expenses actually paid or incurred by the Employee
during the Term of Employment in the course of and pursuant to the business of
the Company. The Company shall also reimburse the Employee for all reasonable
pre-Commencement Date business travel expenses in accordance with the
Company's current travel policy. The Employee 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.

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     4.2       Benefit Programs. During the Term of Employment, the Company may
provide to the Employee such fringe benefits as are accorded to other
similarly situated Company employees from time to time.

     4.3       Stock Options and Restricted Stock. During the Term of
Employment, the Employee may be eligible to be granted both restricted stock
and options (the "Stock Options") to purchase common stock of Panamco under
(and therefore subject to all terms and conditions of) any stock option plan
in effect from time to time and all rules of regulation of the Securities and
Exchange Commission applicable to stock option plans then in effect. Employee
will be entitled to an award of 70,000 non- incentive stock options to be
granted on the Commencement Date at an exercise price equal to the closing
price of the stock on the NYSE on the Commencement Date in accordance with the
provisions of Panamco's Equity Incentive Plan.

     4.4       Vacation Time. During the Term of Employment, the Employee shall
be entitled to 15 (fifteen) business days of vacation each calendar year, to
be taken at such times as the Employee and the Company shall mutually
determine and provided that no vacation time shall interfere with the duties
required to be rendered by the Employee hereunder. Any vacation time not taken
by the Employee 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 Employee fails to utilize the Unused 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 Employee prior to the time that the vacation time for the subsequent year
shall be considered to be utilized by the Employee.

     4.5       Relocation Assistance. The Company shall reimburse the Employee
for reasonable moving and relocation expenses from Mexico to Miami, Florida,
up to $50,000.00.

     4.6       Children's Education Reimbursement. To the extent the Employee
remains employed by the Company, the Company shall reimburse the Employee for
tuition for private elementary and secondary school for Employee's Children
("Children's Education Reimbursement") adjusted as follows: (x) 100% of the
Children's Education Reimbursement for the first year after the Commencement
Date; (y) 67% of the Children's Education Reimbursement for the second year
after the Commencement Date; and (z) 33% of the Children's Education
Reimbursement for the third year after the Commencement Date.

5.       Termination.

     5.1       Termination for Cause. The Company shall at all times have the
right to terminate the Term of Employment for Cause. For purposes of this
Agreement, the term "Cause" shall mean the Employee's violation or failure to
satisfy any written or unwritten policy, standard, rule or expectation of the
Company; the Employee's commission of some act or omission adverse to the
Company's interests; the Employee's unsatisfactory job performance; and/or any
other reason which the Company, in its sole discretion, shall deem to be a
legitimate reason for discharge. Upon any termination pursuant to this Section
5.1, the Company shall (i) pay to the Employee his Base Salary to the date of
termination and (ii) pay to the Employee his accrued but unpaid Incentive
Compensation, if any, for any Bonus Period ending on or before the date of the
termination of the Employee's employment with the Company. The Company shall

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have no further liability hereunder (other than for (x) reimbursement for
reasonable business expenses incurred prior to the date of termination, and
(y) payment of compensation for unused vacation days including both the
vacation days that have accumulated during the year in which said termination
occurs and the unused carryover vacation days from the immediately preceding
year). Any determination of Cause by the Company 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 to
terminate the Term of Employment, if the Employee shall become entitled to the
benefits under the Company's long-term disability plan as then in effect, or,
if the Employee shall as the result of mental or physical incapacity, illness
or disability, become unable to perform the essential functions of his
position, with or without reasonable accommodation, 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 Employee continues to be
disabled. Upon any termination pursuant to this Section 5.2, the Company shall
(i) pay to the Employee any unpaid Base Salary through the effective date of
termination specified in such notice, and (ii) pay to the Employee his accrued
but unpaid Incentive Compensation, if any, for any Bonus Period ending on or
before the date of termination of the Employee's employment with the Company.
The Company shall have no further liability hereunder (other than for (x)
reimbursement for reasonable business expenses incurred prior to the date of
termination, 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 Employee during the Term of
Employment, the Company shall (i) pay to the estate of the deceased Employee
any unpaid Base Salary through the Employee's date of death, and (ii) pay to
the estate of the deceased Employee his accrued but unpaid Incentive
Compensation, if any, for any Bonus Period ending on or before the Employee's
date of death. The Company shall have no further liability hereunder (other
than for (x) reimbursement for reasonable business expenses incurred prior to
the date of the Employee's death, 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 without cause. Upon any
termination pursuant to this Section 5.4 (that is not a termination under any
of Sections 5.1, 5.2, 5.3 or 5.5), the Company shall (i) pay to the Employee
any unpaid Base Salary through the effective date of termination specified in
such notice, (ii) pay to the Employee his accrued but unpaid Incentive
Compensation, if any, for any Bonus Period ending on or before the date of the
termination of the Employee's employment with the Company, (iii) pay to the
Employee, as a single lump sum payment within thirty (30) days of the date of
termination hereunder, one month of Base Salary per full year of service
during the Term of Employment, (iv) continue to provide the Employee with the
benefits he was receiving under Section 4.2 hereof (the "Benefits") for a
period of one year after the date of termination in the manner and at such
times as the Benefits otherwise would have been payable or provided to the
Employee, or, if earlier, until similar benefits are obtained by the Employee
through new employment, (v) only if termination occurs prior to the first

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anniversary of the Commencement Date, a third of the non-incentive stock
options to be granted on the Commencement Date, pursuant to Clause 4.3 above
will immediately vest and shall be exercisable in accordance with the
provisions of Panamco's Equity Incentive Plan and (vi) only if the termination
occurs prior to the third anniversary of the Commencement Date, reimburse the
Employee for reasonable moving expenses incurred as a result of the Employee's
relocation back to his home country. In the event that the Company is unable
to provide the Employee with any Benefits required hereunder by reason of the
termination of the Employee's employment pursuant to this Section 5.4, then
the Company shall pay the Employee cash equal to the value of the Benefit that
otherwise would have accrued for the Employee'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 and conclusive on the Employee. For this purpose, the
Company may use as the value of any Benefit the cost to the Company of
providing that Benefit to the Employee. Further, the Employee may exercise the
portion of his Stock Options that was vested as of the date of termination as
provided under the terms of any stock option plan in effect from time to time.
The Company shall have no further liability hereunder (other than for (x)
reimbursement for reasonable business expenses incurred prior to the date of
termination, 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 Employee.

          a.        The Employee 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 by the Employee, the Company shall (i) pay to the Employee any
unpaid Base Salary through the effective date of termination specified in such
notice and (ii) pay to the Employee his accrued but unpaid Incentive
Compensation, if any, for any Bonus Period ending on or before the termination
of Employee's employment with the Company. In addition, the Employee may
exercise the portion of his Stock Options that was vested as of the date of
termination as provided under the terms of any stock option plan in effect
from time to time. The Company shall have no further liability hereunder
(other than for (1) reimbursement for reasonable business expenses incurred
prior to the date of termination, 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       General Release Requirement. All payments or benefits to
Employee under this Article 5 (other than payments or benefits already accrued
and otherwise due under the Company's employee, executive or fringe benefit
plans or programs) will not be given unless Employee executes (and does not
rescind) a written employment termination agreement incorporating a general
release, in a form prescribed by the Company, of all claims against the
Company and related parties with respect to all matters occurring to the date

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of the release, including (but not limited to) employment matters or matters
in connection with Employee's termination, except for matters relating to
benefits or payments already accrued and otherwise due under the Company's
employee, executive or fringe benefit plans or programs.

     5.7       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 Employee is employed by
the Company and for a two (2) year period after the termination of the
Employee's employment with the Company for any reason, the Employee 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 Employee's
ownership of Common Stock of Panamco or the acquisition by the Employee,
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 Employee 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 Employee 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
(as hereinafter defined) pertaining to the business of the Company. Any
Confidential Information or data now or hereafter acquired by the Employee
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 Employee in confidence and as a fiduciary, and
Employee 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 Employee or known by the Employee as a
consequence of or through his employment by the Company (including information
conceived, originated, discovered or developed by the Employee) 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 Employee from disclosing Confidential Information to the extent
required by law.

     6.3       Nonsolicitation of Employees and Clients. At all times while the
Employee is employed by the Company and for a two (2) year period after the
termination of the Employee's employment with the Company for any reason, the
Employee shall not, directly or indirectly, for himself or for any other

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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 Employee 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 Employee'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
Employee or otherwise coming into the Employee's possession, shall be the
exclusive property of the Company and shall be returned immediately to the
Company upon termination of the Employee'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 Employee. The Employee 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 Employee 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, 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 Employee 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 Employee 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.

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     6.8       Extension of Time. If the Employee 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 Employee.

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

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

12.       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 Employee
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 Employee.

13.       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 701
Waterford, Eighth Floor, Miami, FL 33126, Attention: Carlos Hernandez-Artigas,
General Counsel, and (ii) if to the Employee, to his address as reflected on
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.

14.       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.

15.       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.

16.       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.

17.       Damages. Nothing contained herein shall be construed to prevent
the Company or the Employee 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

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provisions of this Agreement, then the party found to be at fault shall pay
all reasonable court costs and attorneys' fees of the other.

18.       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.

19.       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.

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

COMPANY:

PANAMCO LLC

By__________________________________
  Name:
  Title:

EMPLOYEE:

    By: _______________________________
        Mario Gonzalez PadillaEMPLOYMENT AGREEMENT
                             --------------------

     AGREEMENT, dated as of February 27, 2002 (the "Effective Date") by and
among PANAMERICAN BEVERAGES, INC., a company organized under the laws of the
Republic of Panama (together with its successors and assigns, the "Company"),
PANAMCO, L.L.C., a limited liability company organized under the laws of the
State of Delaware (together with its successors and assigns, "Panamco") and
CRAIG D. JUNG (the "Executive").

                             W I T N E S S E T H :
                             - - - - - - - - - -

     WHEREAS, the Company and Panamco desire to employ the Executive and to
enter into an agreement embodying the terms of such employment;

     WHEREAS, the Executive desires to accept employment with the Company and
Panamco, subject to the terms and provisions of this Agreement;

     NOW, THEREFORE, in consideration of the promises and mutual covenants
contained herein and for other good and valuable consideration, the receipt of
which is mutually acknowledged, the Parties agree as follows:

     1.   Definitions. Capitalized terms not otherwise defined herein shall have
the meanings set forth in Exhibit A.

     2.   Term. The term of the Executive's employment hereunder (the "Term")
shall be for a period commencing on March 18, 2002 (the "Commencement Date")
and ending March 17, 2005, provided, however, that the Term shall thereafter
be automatically and indefinitely extended for additional one-year periods
unless either the Company or the Executive gives the other written notice at
least six (6) months prior to the then-scheduled date of expiration of the
Term that such Party is electing not to so extend the Term. Notwithstanding
the foregoing, the Term may be earlier terminated in strict accordance with
the provisions of Section 11 below. Non-renewal shall not be considered a
termination for Cause.

     3.   Positions, Duties and Location.

          (a) During the Term, the Executive shall serve as President and
Chief Operating Officer of the Company and Panamco and shall be a member of
the Board of the Company. The Executive shall report solely and directly to
the Chairman of the Board and the Chief Executive Officer (the "CEO") of the
Company; provided, however, that if the Chairman of the Board is not the CEO,
the Executive shall report directly to the Chairman of the Board. The
Executive shall have all authorities, duties and responsibilities customarily
exercised by an individual serving as President and/or Chief Operating Officer

<PAGE>

in a corporation of the size and nature of the Company or Panamco, as the case
may be. Effective December 31, 2002, the Chief Financial Officer of the
Company shall report directly to the Executive.

          (b) During the Term, the Executive shall devote substantially all of
his business time and efforts to the affairs of the Company and Panamco;
provided that nothing herein shall preclude the Executive from: (i) serving on
the boards of a reasonable number of business entities, trade associations and
charitable organizations as reasonably permitted by the Board (which
permission has been given to the one board the Executive is currently serving
on), (ii) engaging in other charitable activities and community affairs and
(iii) managing his personal investments and affairs, provided that such
activities do not materially interfere with the proper performance of his
duties and responsibilities hereunder.

          (c) During the Term, the Executive's principal office, and principal
place of employment, shall be in the Miami, Florida area or such other place
that the Executive consents to in writing.

     4.   Base Salary. Executive shall receive an annual base salary of $650,000
("Base Salary"), which shall be paid in accordance with the customary payroll
practices of Panamco, but in no event less frequently than monthly. During the
Term, the Executive's Base Salary shall be reviewed at least annually by the
Compensation Committee of the Board ("Compensation Committee") and may be
increased from time to time as shall be determined by the Compensation
Committee. After any such increase, the term "Base Salary" as utilized in this
Agreement shall thereafter refer to the increased amount. Base Salary shall
not be reduced at any time without the express written consent of the
Executive.

     5.   Bonus. During the Term, the Executive shall be eligible to receive an
annual performance-based bonus award ("Bonus") with a target of no less than
sixty percent (60%) of Executive's then current Base Salary ("Target Bonus")
pursuant to the terms and conditions of Company's and/or Panamco's annual
incentive plan. During the Term, the Executive's Target Bonus shall be
reviewed at least annually by the Compensation Committee and may be increased
from time to time as shall be determined by the Compensation Committee. After
any such increase, the term "Target Bonus" as utilized in this Agreement shall
thereafter refer to the increased amount.

          For calendar year 2002, Executive's Bonus shall not be less than the
Target Bonus pro-rated from the Commencement Date until December 31, 2002. The
Executive shall be paid his Bonus when other senior executives of the Company
are paid their annual bonuses, but in no event later than ninety (90) days
after the end of the bonus period for which it is payable.

     6.   Sign-on Arrangements.

     (a) Cash Sign-on Bonus. On the first payroll distribution date after the
Commencement Date, Panamco shall pay the Executive $125,000.

                                      2

<PAGE>

     (b) Stock Option Grant. On the Commencement Date, the Company shall grant
the Executive under the Company's Equity Incentive Plan a ten-year option to
purchase 175,000 shares of the Company's common stock. The exercise price
shall be the Fair Market Value (as defined in the Equity Incentive Plan) on
the date of grant and the option shall vest over three (3) years, with 1/3 of
the shares underlying the option vesting on the first, second and third
anniversaries of the date of grant. The option shall be granted substantially
in the form of the stock option award agreement attached hereto as Exhibit B.

     7.   Equity and Long-Term Incentive Awards. During the Term, the Executive
shall be eligible to participate in the Company's Equity Incentive Plan and
any other equity or long-term incentive plans of the Company and/or Panamco on
at least as favorable basis as other similarly-situated executives. In any
event, the Executive shall be granted an annual stock option award, to be made
at the same time other equity awards are granted to other similarly-situated
executives, to purchase no less than 150,000 shares of the Company's common
stock, with all such awards to be made on the same terms and conditions as the
initial award in Section 6(b) above. All stock option awards shall be granted
substantially in the form of the stock option award agreement attached hereto
as Exhibit B.

     8. Retirement and Savings Plans and Supplemental Pension Benefit.

     (a) Retirement and Savings Plans. The Executive shall be eligible to
participate in all pension (including any 401(k) plan), savings,
profit-sharing and deferred compensation plans presently and hereinafter
offered by Company and/or Panamco to its senior executives, subject to general
eligibility and participation provisions set forth in such plans or otherwise
provided herein.

     (b) Supplemental Pension Benefit. The Company will establish a
supplemental executive retirement plan or purchase an annuity by December 31,
2002 pursuant to which Executive shall, commencing at age 62, be entitled to
receive a supplemental pension benefit (the "Supplemental Pension Benefit"),
with annual payments equal to the product of (a) the Executive's number of
full and partial years of service (taking into account any additional years of
service credited pursuant to Section 11 below), (b) the average of the three
(3) highest years of Base Salary and Bonus earned in respect of the fiscal
years preceding the year in which the Executive's employment is terminated
(provided that if the Executive has not worked for three (3) full years, it
shall be the average of the Base Salary and Bonus earned for the years during
the Term preceding the year in which the Executive's employment is terminated)
and (c) 1.75%. The Supplemental Pension Benefit as so determined shall be
subject to offset for amounts payable under any other defined benefit pension
plans of the Company or Panamco, but shall not be offset for amounts payable
under the 401(k) or any deferred compensation plan of the Company or Panamco
unless the Executive receives, on or after the Commencement Date, any Company
or Panamco contributions (including employer-matching contributions or
employer non-elective contributions), in which case only the amounts
attributable to such employer contributions shall be offset against the
Supplemental Pension Benefit. Any offset shall be determined based on
actuarial equivalence using the same assumptions as are contained in Panamco's
qualified plan, or if such assumptions are not available, based on the

                                      3

<PAGE>

applicable mortality table and applicable interest rate (as defined in Section
417(e)(3)(A)(ii) of the Code) for the second month prior to the month in which
the Supplemental Pension Benefit payments commence, and the same assumptions
with respect to the timing and frequency of payments.

     The Supplemental Pension Benefit shall vest after three (3) years of
service (including any deemed service pursuant to Section 11 below). The
normal form of the Supplemental Pension Benefit shall be a joint and 75%
survivor annuity for the Executive and his spouse. No reduction in the annual
amount of the retirement portion of the Supplemental Pension Benefit shall be
made on account of the spousal survivor benefit. The Supplemental Pension
Benefit shall be paid in monthly installments and shall commence on the first
day of the first month following the Executive's 62nd birthday.

     If the Executive dies prior to commencement of the receipt of payments of
the Supplemental Pension Benefit, the Executive's surviving spouse shall be
entitled immediately to commence receiving monthly payments for her lifetime
which are equal to the amount she would have been entitled to receive had the
Executive terminated employment at or after age 62 and commenced receipt of
his Supplemental Pension Benefit on the day immediately prior to his death,
provided that the amount any such benefit shall be determined as of the
Executive's date of death..

     9.   Employee Benefits and Perquisites.

     (a)  Employee Benefits. During the Term, the Executive and his eligible
dependents shall be eligible to participate in all employee benefit programs
applicable to senior executives generally, including medical/dental and
hospitalization plans, life insurance, short- and long-term disability
programs (as described below), accidental death and dismemberment protection
(as described below) and travel accident insurance, in each case at a level,
and on terms and conditions consistent with his positions and no less
favorable than those provided to other senior executives. In any event, the
Executive shall be entitled to (i) a disability benefit amount under Panamco's
long-term disability plan (which is the lesser of 60% of his Base Salary or
$10,000 per month) (ii) Accidental Death and Dismemberment coverage up to six
(6) times Base Salary and Target Bonus; (iii) permanent and total disability
coverage of three (3) times Base Salary and Target Bonus; and (iv)
Panamco-paid life insurance with a benefit amount of at least three (3) times
his Base Salary and Target Bonus determined as of each January 1st during the
Term, provided that the combined premiums that Panamco shall pay for the
benefits in clause (i) and (ii) shall not exceed $25,000 per year (which such
amount being adjusted annually by a standard cost of living adjustment). If
requested by Panamco, the Executive shall submit to such physical examinations
and otherwise take such actions and execute and deliver such documents as may
be reasonably necessary to enable Panamco to obtain any of the foregoing
insurance coverage for the benefit of the Executive, or, if desired by the
Panamco, any additional life insurance for the benefit of Panamco. The
Executive shall be entitled to not less than four (4) weeks' paid vacation per
year.

                                      4

<PAGE>

     (b)  Perquisites. During the Term, the Executive shall be entitled to
perquisites on the same basis as made available to other (non-expatriate)
senior executives of the Company and/or Panamco. In any event, Executive shall
receive an automobile allowance of $15,000 per year, with $1,250 paid monthly
(with no gross-up for tax liabilities), (ii) reimbursement for the costs
associated with one country club membership of the Executive's choice
consisting of membership and initiation fees (up to $70,000, provided that
upon the termination of his employment, the Executive shall promptly resell
the membership and, upon receipt of the initiation fees, return such fees to
Panamco) and annual dues (up to $10,000 per year), (iii) up to $5,000 per year
for tax and financial planning and advice and (iv) up to $5,000 per year for
an annual executive physical.

     10.  Reimbursement of Business Expenses and Relocation.

          (a) The Executive shall be promptly reimbursed for all reasonable
business expenses incurred by him, subject to documentation in accordance with
the Company's policy.

          (b) The Executive shall be entitled to reimbursement of costs
reasonably incurred in relocating him and his family from Lutherville,
Maryland to his new principal place of employment in the Miami, Florida area,
as follows:

          (i)  home sales assistance pursuant to which Panamco will reimburse
               the Executive for his (a) brokerage commission equal to 6% of
               the sales price of his current residence, (b) all reasonable
               legal and closing costs associated with such sale and (c) up to
               $100,000 to cover any loss the Executive may incur if the sales
               price of the residence is less than $770,000;

          (ii) rental costs up to $18,000 for an appropriate apartment in the
               Miami area, chosen by Executive, for three months after the
               Commencement Date;

          (iii) reasonable costs for (x) temporary living expenses, including
               meals and lodging, pending the rental of the apartment
               referenced in clause (ii), (y) one round trip for Executive and
               his wife to Miami to arrange for living accommodations
               (including business-class airfare, taxis, meals and lodging),
               and (z) during the first three months after the Commencement
               Date, one round trip every week between Maryland and Miami for
               either Executive or his wife, at his election (including
               business-class airfare, taxis, meals and lodging);

          (iv) up to $25,000 of reasonable expenses incurred in connection
               with moving household goods and automobiles;

                                      5

<PAGE>

          (v)  up to $10,000 in storage costs for household goods for up to 12
               months; and

          (vi) up to $10,000 for the fees associated with obtaining a mortgage
               (including any points charged in connection with such mortgage)
               and the broker's fees and closing costs incurred by Executive
               in purchasing a new residence in the Miami, Florida area.

          All taxable payments or reimbursements required pursuant to this
Section 10(b) that do not have a corresponding deduction shall be grossed up
for Federal, state, local and foreign tax purposes (i.e., Panamco will pay
Executive an amount in respect of any such taxable payment or reimbursement
that, after all Federal, state, local and foreign taxes on such amount, shall
be equal to such payment or reimbursement). In the event of a subsequent
relocation of the Company's principal offices to a new location outside the
Miami, Florida area, to which he consents, the Executive shall be reimbursed
for expenses for relocation of his residence on the same basis as provided
above in this Section 10(b).

     11.  Termination of Employment.

          (a)  Termination Due to Death. In the event that the Executive's
employment hereunder is terminated due to his death, his estate or his
beneficiaries (as the case may be) shall be entitled to:

          (i)  Base Salary through the Termination Date;

          (ii) a pro-rata Bonus for the year of death, based on the Target
               Bonus for the year of death, payable when the bonus is paid to
               other executives, but in no event later than 90 days after the
               end of such year;

          (iii) accelerated vesting of (A) any outstanding stock options, each
               option (including already vested options) to remain exercisable
               for 36 months following the Termination Date and (B) any other
               equity awards (if any) not yet vested at the Termination Date;

          (iv) subject to vesting, the survivor benefit payable under Section
               8(b) above;

          (v)  any amounts earned, accrued or owing to the Executive but not
               yet paid; and

          (vi) other benefits, if any, in accordance with applicable plans,
               programs and arrangements of the Company, Panamco and their
               Affiliates.

          (b)  Termination Due to Disability. In the event that the Executive's
employment hereunder is terminated due to Disability, he shall be entitled to:

                                      6

<PAGE>

          (i)  Base Salary through the Termination Date;

          (ii) disability benefits in accordance with the long-term disability
               program and other disability benefits described in Section 9(a)
               above;

          (iii) a pro-rata Bonus for the year of termination, based on the
               Target Bonus for the year of termination, payable when the
               bonus is paid to other executives, but in no event later than
               90 days after the end of such year;

          (iv) accelerated vesting of (A) any outstanding stock options, each
               option (including already vested options) to remain exercisable
               for 36 months following the Termination Date and (B) any other
               equity awards (if any) not yet vested at the Termination Date;

          (v)  continued participation for 12 months in all medical, dental,
               hospitalization and life insurance coverages and in all other
               employee welfare plans and programs in which he and his
               eligible dependents were participating on the Termination Date,
               provided, however, that in the event that any of the benefit
               plans do not permit his continued participation, Panamco shall
               provide him with the economic equivalent on an after-tax basis;

          (vi) subject to vesting, the Supplemental Pension Benefit in
               accordance with Section 8(b) above;

          (vii) any amounts earned, accrued or owing to the Executive but not
               yet paid; and

          (viii) other benefits, if any, in accordance with applicable plans,
               programs and arrangements of the Company, Panamco and their
               Affiliates.

No termination of the Executive's employment hereunder for Disability shall be
effective unless the Party terminating his employment first gives 30 days'
written notice of such termination to the other Party.

          (c)  Termination by the Company for Cause, Voluntary Termination by
the Executive or Termination upon Non-Renewal of the Term.

          (i)  In the event the Executive is terminated by the Company for
Cause, the Executive voluntarily terminates his employment (other than upon
death, Disability or a Constructive Termination without Cause) or the Company
terminates the Executive's employment by providing a notice of non-renewal in
accordance with Section 2 above, the Executive shall be entitled to:

                                      7

<PAGE>

          (a)  Base Salary through the Termination Date;

          (b)  forfeiture of any unvested stock options, and any other
               unvested equity awards (if any), if not vested by the
               Termination Date;

          (c)  90 days in which to exercise any vested options;

          (d)  subject to vesting, the Supplemental Pension Benefit in
               accordance with Section 8(b) above;

          (e)  any amount earned, accrued or owing to the Executive but not
               yet paid; and

          (f)  other benefits, if any, in accordance with applicable plans,
               programs and arrangements of the Company, Panamco and their
               Affiliates.

A voluntary termination of his employment by the Executive shall not be a
breach of this Agreement; provided, however, if the Executive voluntarily
terminates his employment prior to the first anniversary of the Commencement
Date to accept employment with another entity, the Executive agrees to pay
Panamco an amount equal to 50% of the signing bonus in Section 6(a) above and
50% of the relocation costs incurred by Panamco pursuant to Section 10(b)
above.

          (ii) No termination of the Executive's employment hereunder by the
Company for Cause shall be effective as a termination for Cause unless the
provisions of this Section 11(c)(ii) shall first have been complied with. The
Executive shall be given written notice by the Board, with such notice stating
in detail the particular circumstances that constitute the grounds on which
the proposed termination for Cause is based. The Executive shall have at least
fifteen (15) days after receipt of such notice to fully cure such alleged
violation. If he fails to cure such alleged violation within such fifteen
(15)-day period, the Executive shall then be entitled to a hearing before the
Board. If after such hearing, the Board gives written notice to the Executive
confirming that a majority of the members of the Board voted after the hearing
to terminate him for Cause, the Executive's employment shall thereupon be
terminated for Cause.

          (d) Termination Without Cause or Constructive Termination without
Cause. In the event that (x) the Executive's employment hereunder is
terminated by the Company and/or Panamco (other than upon death, upon
Disability in accordance with Section 11(b) above or for Cause in accordance
with Section 11(c)(ii) above), or (y) a Constructive Termination Without Cause
occurs, the Executive shall be entitled to:

          (i)  Base Salary through the Termination Date;

                                      8

<PAGE>

          (ii) a pro-rata Bonus for the year of termination, based on the
               Target Bonus for the year of termination, payable when the
               bonus is paid to other executives, but in no event later than
               90 days after the end of such year;

          (iii) an amount equal to two (2) times the Executive's Base Salary,
               at the annualized rate in effect on the Termination Date,
               payable in 24 equal monthly installments commencing promptly
               (but not more than 15 days) after the Termination Date;

          (iv) an amount equal to two (2) times the Bonus, based on the Target
               Bonus for the year of termination, payable in 24 equal monthly
               installments commencing promptly (but not more than 15 days)
               after the Termination Date;

          (v)  accelerated vesting of (A) any outstanding stock options, each
               option (including already vested options) to remain exercisable
               for 12 months following the Termination Date and (B) any other
               equity awards (if any) not yet vested at the Termination Date;

          (vi) continued participation in all medical, dental, hospitalization
               and life insurance coverages and in all other employee welfare
               plans and programs in which he and his eligible dependents were
               participating on the Termination Date (not including any
               disability plan) until the earlier of (x) the end of the
               18-month period following the Termination Date or (y) the date,
               or dates, that he receives like coverages and benefits under
               the plans and programs of a subsequent employer (determined on
               a benefit by benefit basis), provided, however, that in the
               event that any of the benefit plans do -------- not permit his
               continued participation, Panamco shall provide him with the
               economic equivalent on an after-tax basis;

          (vii) relocation benefits to a location of the Executive's choice
               within the United States up to $50,000;

          (viii) the Supplemental Pension Benefit pursuant to Section 8(b)
               above, with for all purposes, such benefit determined based on
               the sum of actual service and deemed service, where deemed
               service is equal to the lesser of (a) two (2) years or (b) the
               years remaining in the Term after the Termination Date;

          (ix) any amounts earned, accrued or owing to the Executive but not
               yet paid; and

          (x)  other benefits, if any, in accordance with applicable plans,
               programs and arrangements of the Company, Panamco and their
               Affiliates.

                                      9

<PAGE>

          (e) No Mitigation/No Offset. In the event of any termination of the
Executive's employment hereunder, the Executive shall be under no obligation
to seek other employment or otherwise mitigate the obligations of the Company
and/or Panamco under this Agreement. Except in the case of a termination of
the Executive's employment for Cause pursuant to Section 11(c)(ii) above,
there shall be no offset against amounts due the Executive under this
Agreement on account of any remuneration or other benefit earned or received
by the Executive after such termination or on account of any claim that the
Company, Panamco or any of their Affiliates may have against him. In all
cases, offset shall be permitted for any amounts that are then due or owing by
the Executive to the Company and/or Panamco or which the Executive is required
to repay to the Company or Panamco under this or any other Agreement). In no
event, including a termination of the Executive's employment for Cause, shall
the Supplemental Pension Benefit provided for in Section 8(b) above be subject
to offset for any reason, including, but not limited to, on account of any
claim that the Company, Panamco or any of their Affiliates may have against
him.

     12. Change in Control.

          (a)  Entitlements. Upon a Change in Control (as defined in the Equity
Incentive Plan), any outstanding stock options shall vest and shall remain
exercisable in accordance with the Equity Incentive Plan and other equity
awards (if any) shall fully vest. In the event of any termination of the
Executive's employment upon or following a Change in Control (as defined
herein), the Executive shall continue to have the entitlements provided for in
Section 11 above.

          (b)  Parachute Payment Protection. In the event that any payment or
benefit made or provided to or for the benefit of the Executive in connection
with this Agreement or his employment with the Company and/or Panamco or the
termination thereof (a "Payment") is determined to be subject to any excise
tax ("Excise Tax") imposed by Section 4999 of the Code (or any successor to
such Section), Panamco shall pay to the Executive, prior to the time any
Excise Tax is due in respect of such Payment (through withholding or
otherwise), an additional amount which, after the imposition of all income,
employment, excise and other taxes thereon, is equal to the sum of (i) the
Excise Tax on such Payment plus (ii) any penalty and interest assessments
associated with such Excise Tax. The amount and timing of any payment shall
promptly be determined by an independent accounting firm selected by the
Parties and paid for by the Company.

     13. Indemnification.

          (a)  If the Executive is made a party, or is threatened to be made a
party, to any Proceeding by reason of the fact that he is or was a director,
officer, employee, agent, manager, consultant or representative of the
Company, Panamco or any of their Affiliates or is or was serving at the
request of the Company, Panamco or any of their Affiliates, or in connection
with his service hereunder, as a director, officer, member, employee, agent,
manager, consultant or representative of another Person, or if any Claim is

                                      10

<PAGE>

made, or is threatened to be made, that arises out of or relates to the
Executive's service in any of the foregoing capacities, then the Executive
shall promptly be indemnified and held harmless (and shall be entitled to
prompt advancement of expenses, including without limitation attorneys' fees
and other charges of counsel) in each case to the fullest extent provided
under the Company's and/or Panamco's By-Laws, Articles of Incorporation (or,
in the case of Panamco, its limited liability company's agreement or other
similar corporate document), and officers' and directors' liability insurance
policies and programs.

          (b)  During the Term and for a period of six years thereafter, a
directors' and officers' liability insurance policy (or policies) shall be
kept in place providing coverage to the Executive that is no less favorable to
him in any respect (including without limitation, with respect to scope,
exclusions, amounts, and deductibles) than (x) the coverage then being
provided to any other present or former senior executive or director of the
Company and/or Panamco and (y) the coverage provided to him as of the
Commencement Date.

     14. Confidentiality. The Executive hereby agrees that, other than in the
ordinary course of performing his duties for the Company or any Affiliate, he
shall not divulge to any person or entity other than the Company or any
Affiliate, without the Company's express written authorization, any
information constituting trade secrets or proprietary information belonging to
the Company, or other confidential information, including operating budgets,
strategic plans, or research methods, projects or plans of the Company,
received by him in the course of his employment by the Company or in
connection with his duties with the Company ("Confidential Information").
Anything herein to the contrary notwithstanding, the provisions of this
Section 14 shall not apply (i) when disclosure is required by law or by any
court, arbitrator, mediator or administrative or legislative body (including
any committee thereof) with apparent jurisdiction to order the Executive to
disclose or make accessible any information, provided that, unless otherwise
prohibited by law and provided such information is not related to any illegal
activities of the Company, the Executive shall provide Company with immediate
notice of any such requested or required disclosure and shall fully cooperate
with the Company in any effort to prevent or otherwise contest such
disclosure, (ii) with respect to any other litigation, arbitration or
mediation involving this Agreement, including, but not limited to, the
enforcement of this Agreement or (iii) as to Confidential Information that
becomes generally known to the public or within the relevant trade or industry
other than due to the Executive's violation of this Section 14.

     15.  Non-Competition and Non-Solicitation.

          (a)  Upon the termination of the Executive's employment, for a period
of two (2) years following the Termination Date, the Executive shall not
provide services, as an employee, officer, consultant or director of, to any
company or other entity primarily engaged in the carbonated soft drink, juice
or water business in the same geographic areas as the Company ("Competitor"),
provided that the Executive may provide such services to any division,

                                      11

<PAGE>

subsidiary or Affiliate of such a company or entity if the Executive does not
have direct responsibility for any carbonated soft drink, juice or water
business. Notwithstanding the foregoing, the Executive may serve as an
employee, officer, consultant or director of any company or other entity that
provides investment, financial or consulting services to a Competitor,
provided that the Executive does not have direct responsibility for or direct
involvement in the provision of any such advice or services to such
Competitor.

          (b)  Upon the termination of the Executive's employment, for a period
of two (2) years following the Termination Date, the Executive shall not
without the prior written consent of the Chairman of the Board, directly or
indirectly solicit for employment, either for himself or on behalf of any
company or other entity in which he is an officer, director, employee or
consultant, any employee of the Company or any Affiliate, provided that
nothing in this Section 15(b) shall prohibit the Executive from providing
employment or personal references for any such employee.

          (c)  Executive acknowledges and confirms that (a) the restrictive
covenants contained in this Section 15 are reasonably necessary to protect the
legitimate business interests of the Company, and (b) the restrictions
contained in this Section 15 (including without limitation the length of the
term of the provisions of this Section 15) are not overbroad, overlong, or
unfair and are not the result of overreaching, duress or coercion of any kind.
Executive further acknowledges and confirms that his full, uninhibited and
faithful observance of each of the covenants contained in this Section 15 will
not cause him any undue hardship, financial or otherwise. 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 Section 15.
Executive further acknowledges that the restrictions contained in this Section
15 are intended to be, and shall be, for the benefit of and shall be
enforceable by, the Company's successors and assigns.

          (d)  In the event that a court of competent jurisdiction shall
determine that any provision of this Section 15 is invalid or more restrictive
than permitted under the governing law of such jurisdiction, then only as to
enforcement of this Section 15 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.

          (e)  If the Executive shall be in violation of any provision of this
Section 15, then each time limitation set forth in this Section 15 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 Section 15
shall be extended for a period of time equal to the pendency of such
proceeding including all appeals by the Executive.

     16. Assignability; Binding Nature.

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<PAGE>

          (a)  This Agreement shall be binding upon and inure to the benefit of
the Parties and their respective successors, heirs (in the case of the
Executive) and assigns.

          (b)  No rights or obligations of the Company and/or Panamco under
this Agreement may be assigned or transferred by the Company or Panamco,
except that such rights or obligations may be assigned or transferred pursuant
to a merger, consolidation or other combination, reconstruction or
amalgamation in which the Company is not the continuing entity, or a sale or
liquidation of all or substantially all of the business and assets of the
Company; provided that the assignee or transferee is the successor to all or
substantially all of the business and assets of the Company and such assignee
or transferee expressly assumes the liabilities, obligations and duties of the
Company and Panamco as set forth in this Agreement. In the event of any
merger, consolidation, other combination, reconstruction or amalgamation, or
sale or liquidation of business and assets as described in the preceding
sentence, the Company shall, if deemed to be in the best interest of the
Company, use its best efforts to cause such assignee or transferee to promptly
and expressly assume the liabilities, obligations and duties of the Company
and Panamco hereunder.

          (c)  No rights or obligations of the Executive under this Agreement
may be assigned or transferred by the Executive other than his rights to
compensation and benefits, which may be transferred only by will or operation
of law, except as provided in Section 20(d) below.

     17. Representations.

          (a)  Subject to ratification by the Board on March 1, 2002, the
Company represents and warrants that, to the best of its knowledge and belief,
(i) it will be fully authorized by action of its Board (and of any other
Person or body whose action is required) to enter into this Agreement and to
perform its obligations under it; (ii) the execution, delivery and performance
of this Agreement by it does not violate any applicable law, regulation,
order, judgment or decree or any agreement, plan or corporate governance
document to which it is a party or by which it is bound; and (iii) upon the
execution and delivery of this Agreement by the Parties, this Agreement shall
be a valid and binding obligation of the Company, enforceable against it in
accordance with its terms, except to the extent that enforceability may be
limited by applicable bankruptcy, insolvency or similar laws affecting the
enforcement of creditors' rights generally.

          (b)  Panamco represents and warrants that, to the best of its
knowledge and belief, (i) it is fully authorized by action of its governing
body (and of any other Person or body whose action is required) to enter into
this Agreement and to perform its obligations under it; (ii) the execution,
delivery and performance of this Agreement by it does not violate any
applicable law, regulation, order, judgment or decree or any agreement, plan
or corporate governance document to which it is a party or by which it is
bound; and (iii) upon the execution and delivery of this Agreement by the
Parties, this Agreement shall be a valid and binding obligation of Panamco,
enforceable against it in accordance with its terms, except to the extent that

                                      13

<PAGE>

enforceability may be limited by applicable bankruptcy, insolvency or similar
laws affecting the enforcement of creditors' rights generally.

          (c)  The Executive represents and warrants that, to the best of his
knowledge and belief, (i) delivery and performance of this Agreement by him
does not violate any applicable law, regulation, order, judgment or decree or
any agreement to which the Executive is a party or by which he is bound and
(ii) upon the execution and delivery of this Agreement by the Executive and
the Company, this Agreement shall be a valid and binding obligation of the
Executive, enforceable against him in accordance with its terms, except to the
extent that enforceability may be limited by applicable bankruptcy, insolvency
or similar laws affecting the enforcement of creditors' rights generally.

     18. Resolution of Disputes. Any Claim arising out of or relating to this
Agreement, any other agreement between the Executive and the Company, Panamco
or any of their Affiliates, or the Executive's employment with the Company or
Panamco or the termination thereof (collectively, "Covered Claims") shall be
resolved by binding arbitration, to be held in the city in which the Company's
principal offices are then located, in accordance with the Commercial
Arbitration Rules (and not the National Rules for the Resolution of Employment
Disputes) of the American Arbitration Association and this Section 18.
Judgment upon the award rendered by the arbitrator(s) may be entered in any
court having jurisdiction thereof. The Parties shall be responsible for their
own costs and expenses, including, without limitation, attorneys' fees.
Pending the resolution of any Covered Claim, the Executive (and his
beneficiaries) shall, except to the extent that the arbitrator(s) otherwise
expressly provide, continue to receive all payments and benefits due under
this Agreement or otherwise. The foregoing notwithstanding, in the event of
any actual, threatened or suspected breach by any Party, the non-breaching
Party shall be entitled to obtain injunctive and such other equitable relief
with respect to such breach.

     19. Notices. Any notice, consent, demand, request, or other communication
given to a Person in connection with this Agreement shall be in writing and
shall be deemed to have been given to such Person (a) when delivered
personally to such Person or (b), provided that a written acknowledgment of
receipt is obtained, three days after being sent by prepaid certified or
registered mail, or two days after being sent by a nationally recognized
overnight courier, to the address (if any) specified below for such Person (or
to such other address as such Person shall have specified by ten days' advance
notice given in accordance with this Section 19) or (c), in the case of the
Company only, on the first business day after it is sent by facsimile to the
facsimile number set forth below (or to such other facsimile number as the
Company shall have specified by ten days' advance notice given in accordance
with this Section 19), with a confirmatory copy sent by certified or
registered mail or by overnight courier in accordance with this Section 19.

If to the Company or
Panamco:                General Counsel
                        Panamco, LLC

                                      14

<PAGE>

                        701 Waterford Way
                        Suite 800
                        Miami, Florida 33126
                        Fax:  (786) 388-8191

If to the Executive:    The address of his principal residence as it
                        appears in the Company's records, with a copy to him
                        (during the Term) at his office in the Miami,
                        Florida area.

If to a beneficiary
of the Executive:       The address most recently specified by the Executive
                        or beneficiary.

     20. Miscellaneous.

          (a)  Entire Agreement. This Agreement contains the entire
understanding and agreement between the Parties concerning the subject matter
hereof and supersedes all prior agreements, understandings, term sheets,
discussions, negotiations and undertakings, whether written or oral, between
them relating to the subject matter of this Agreement. In the event of any
inconsistency between any provision of this Agreement and any provision of any
plan, employee handbook, personnel manual, program, policy, arrangement or
agreement of the Company, Panamco or any of their Affiliates, the provisions
of this Agreement shall control.

          (b)  Amendment or Waiver. No provision in this Agreement may be
amended unless such amendment is set forth in a writing and that is signed by
the Executive and by an authorized officer of the Company. No waiver by any
Person of any breach of any condition or provision contained in this Agreement
shall be deemed a waiver of any similar or dissimilar condition or provision
at the same or any prior or subsequent time.

          (c)  Headings. The headings of the Sections and sub-sections
contained in this Agreement are for convenience only and shall not be deemed
to control or affect the meaning or construction of any provision of this
Agreement.

          (d)  Beneficiaries/References. The Executive shall be entitled, to
the extent permitted under applicable law, to select and change a beneficiary
or beneficiaries to receive any compensation or benefit hereunder following
the Executive's death by giving the Company written notice thereof. In the
event of the Executive's death or a judicial determination of his
incompetence, references in this Agreement to the Executive shall be deemed,
where appropriate, to refer to his beneficiary, estate or other legal
representative.

          (e)  Non-Exclusivity of Rights. Nothing in this Agreement shall
prevent or limit the Executive's continuing or future participation in, or
entitlements under, any benefit, bonus, incentive or other plan or program of
the Company, Panamco or any of their Affiliates for which Executive may

                                      15

<PAGE>

qualify, nor shall anything herein limit or reduce such rights as Executive
may have under any other agreement with the Company, Panamco or any of their
Affiliates.

          (f)  Company Guarantee. The Company unconditionally guarantees the
liabilities and obligations of Panamco under this Agreement when due and owing
and agrees if Panamco fails, for any reason, to fully satisfy or discharge its
liabilities, obligations and duties under this Agreement, the Company shall
fully satisfy or discharge such liabilities, obligations and duties without
delay. Notwithstanding the references herein to the Company and Panamco, the
Executive shall not be entitled duplicative benefits on a benefit by benefit
basis.

          (g)  Severability. In the event that any provision or portion of this
Agreement shall be determined to be invalid or unenforceable for any reason,
the remaining provisions or portions of this Agreement shall be unaffected
thereby and shall remain in full force and effect to the fullest extent
permitted by law.

          (h)  Survivorship. Except as otherwise set forth in this Agreement,
to the extent necessary to carry out the intentions of the Parties hereunder
the respective rights and obligations of the Parties hereunder shall survive
any termination of the Executive's employment.

          (i)  Withholding Taxes. Panamco may withhold from any amounts or
benefits payable under this Agreement taxes that are
required to be withheld pursuant to any applicable law or regulation.

          (j)  Governing Law. This Agreement shall be governed, construed,
performed and enforced in accordance with its express terms, and otherwise in
accordance with the laws of the State of Florida, without reference to
principles of conflict of laws.

          (k)  Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original and all of which
together shall be deemed to be one and the same instrument. Signatures
delivered by facsimile shall be valid and binding for all purposes.

                                      16

<PAGE>

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

                                 PANAMERICAN BEVERAGES, INC.

                                 By:
                                    -------------------------------------------
                                       William G. Cooling
                                       Chairman and Chief Executive Officer

                                 PANAMCO, L.L.C.

                                 By:
                                    -------------------------------------------
                                       William G. Cooling
                                       Chief Executive Officer

                                 The Executive

                                 By:
                                    -------------------------------------------
                                          Craig D. Jung

                                      17

<PAGE>

                                                                     EXHIBIT A

                                  DEFINITIONS

          a.   "Affiliate" of a Person shall mean any Person that directly or
indirectly controls, is controlled by, or is under common control
with, such Person.

          b.   "Agreement" shall mean this Employment Agreement, which includes
for all purposes its Exhibits.

          c.   "Board" shall mean the board of directors of the Company.

          d.   "Cause" shall mean:

               (i) the Executive is convicted of any crime under United States
Federal, state or local law involving moral turpitude, fraud, embezzlement or
dishonesty; or

               (ii) in carrying out his duties, the Executive engages in
conduct that constitutes willful gross neglect or willful gross misconduct
resulting, in either case, in material economic harm to the Company, unless he
believed in good faith that such action or non-action was in, or not opposed
to, the best interests of the Company.

          e.   "Change in Control" shall mean the occurrence of any of the
following events:

     (i)  any "person" (other than under any employee benefit plan of the
          Company and excluding any shareholders (including indirectly through
          the Voting Trust) of the Company on the Commencement Date), as such
          term is used in Sections 3(a)(9) and 13(d) of the Securities
          Exchange Act of 1934, becomes a "beneficial owner," as such term is
          used in Rule 13d-3 promulgated under such Act, of 50% or more of the
          securities of the Company representing 50% or more of the combined
          voting power of the Company's then outstanding securities;

     (ii) the majority of the Board of Directors consists of individuals other
          than Incumbent Directors, which term means the members of the Board
          on the date of the Employment Agreement; provided that any person
          becoming a director subsequent to such date whose election or
          nomination for election was supported by a majority of the directors
          who then comprised the Incumbent Directors shall be considered to be
          an Incumbent Director;

     (iii) the Company adopts any plan of liquidation providing for the
          distribution of all or substantially all of its assets;

                                      18

<PAGE>

     (iv) the sale of all or substantially all of the assets of the Company;
          or

     (v)  a reorganization, merger, consolidation or other form of corporate
          transaction or series of transactions, in each case, with respect to
          which persons who were the shareholders with Voting Stock
          immediately prior to such reorganization, merger or consolidation or
          other transaction do not, immediately thereafter, own more than
          50.1% of the Voting Stock of the reorganized, merged or consolidated
          company's then outstanding voting securities.

For purposes of the Change in Control definition, "the Company" shall include
any entity that succeeds to all or substantially all of the business of the
Company and "Voting Stock" shall mean securities of any class or classes
having general voting power under ordinary circumstances, in the absence of
contingencies, to elect the directors of a corporation.

          f. "Claim" shall mean any claim, demand, request, investigation,
dispute, controversy, threat, discovery request, or request for testimony or
information.

          g.   "Code" shall mean the Internal Revenue Code of 1986, as amended.
Any reference to a particular section of the Code shall include any provision
that modifies, replaces or supersedes such section.

          h.   "Constructive Termination Without Cause" shall mean a termination
by the Executive of his employment hereunder by providing 30 days' written
notice, describing the basis for the termination, to the Company following the
occurrence of any of the following events without his express prior written
consent:

     (i)  a material diminution in the Executive's duties; or assignment to
          him of duties that are materially inconsistent with his duties or
          materially impair his ability to function as President and Chief
          Operating Officer of the Company and/or Panamco (or in any other
          position the Executive is appointed to);

     (ii) the failure to elect or reelect the Executive to the Board of
          Directors of the Company;

     (iii) any reduction in the Executive's then current Base Salary or target
          bonus opportunity as a percentage of Base Salary; or any material
          diminution of the benefits provided to him under the Company's
          and/or Panamco's benefit plans or the perquisites enjoyed by him;

     (iv) a change in the reporting structure so that the Executive no longer
          reports directly to the Chairman and Chief Executive Officer of the
          Company (except to the extent he himself is appointed to one or both
          of those positions);

                                      19

<PAGE>

     (v)  William Cooling is not the Chief Executive Officer and the Executive
          is not appointed his successor;

     (vi) relocation of the Executive's principal place of employment to a
          location other than the United States or, if his principal place of
          employment shall have been relocated with his consent outside the
          United States, his relocation to a location other than such country;

     (vii) any other material breach by the Company and/or Panamco of any
          provision of this Agreement; or

     (viii) the failure of the Company to obtain the assumption in writing of
          its or Panamco's obligations under this Agreement by any successor
          to all or substantially all of the business or assets of the Company
          within fifteen (15) days after a merger, consolidation, sale or
          similar transaction.

There shall be no Constructive Termination without Cause if the Company shall
have fully cured all grounds for such termination within 30 days after the
Executive gives notice thereof.

          i.   "Disability" shall mean the Executive's inability, due to
physical or mental incapacity, substantially to perform his duties and
responsibilities under the Employment Agreement for a period of 270
consecutive days as determined by a medical doctor selected by the Company and
the Executive. If the Company and the Executive cannot agree on a medical
doctor, each shall select a medical doctor and the two doctors shall select a
third who shall be the approved medical doctor for this purpose.

          j.   "Parties" shall mean the Company, Panamco and the Executive.

          k.   "Person" shall mean any individual, corporation, partnership,
limited liability company, joint venture, trust, estate, board, committee,
agency, body, employee benefit plan, or other person or entity.

          l.   "Proceeding" shall mean any threatened or actual action, suit or
proceeding, whether civil, criminal, administrative, investigative, appellate
or other.

          m.   "Termination Date" shall mean:

     (i) in the case of death, the date of death;

     (ii) in the case of Disability, 30 days after the written notice is given
as specified in Section 11(b) above;

                                      20

<PAGE>

     (iii) in the case of a termination by the Company for Cause, the date the
Executive receives the notice as specified in Section 11(c)(ii) that a
majority of the members of the Board voted after the hearing to terminate him
for Cause;

     (iv) in the case of a voluntary termination, the last day of the
Executive's employment;

     (v) in the case where the Executive's employment is terminated by the
Company after providing a notice of non-renewal in accordance with Section 2
of the Agreement, the end of the Term; and

     (vi) in the case of a Constructive Termination without Cause, 30 days
after the Executive gives the notice provided in this Exhibit A, subclass (h),
unless the Company has fully cured all alleged grounds for such termination
within 30 days after the Executive gives such notice.

                                      21

<PAGE>

                                                                     EXHIBIT B

                          PANAMERICAN BEVERAGES, INC.

           STOCK OPTION AWARD AGREEMENT (NONSTATUTORY STOCK OPTION)

This Stock Option Award Agreement (the "Agreement") is entered into effective
on the Date of Grant (as set forth in Section 1 below) pursuant to the
Panamerican Beverages, Inc. Equity Incentive Plan (the "Plan"). The
Compensation Committee administering the Plan has approved Craig D. Jung (the
"Optionee") to receive the following grant of a nonstatutory stock option
("Stock Option") to purchase shares of the Class A Common Stock of Panamerican
Beverages, Inc. (the "Corporation"), on the terms and conditions set forth
below which Optionee accepts and agrees to:

     1. Stock Option Granted:

        No. of Shares Subject to Option: 175,000

        Date of Grant:                   March 18, 2002

        Vesting Commencement Date:       First anniversary of the Date of Grant.
        Exercise Price Per Share
        (U.S. dollars):                  Fair Market Value (as defined in the
                                         Equity Incentive Plan on
                                         the Date of Grant)

        Expiration Date:                 10th anniversary of the Date of Grant

Unless otherwise noted, capitalized terms not defined herein shall have the
meanings specified in the employment agreement between the Optionee and the
Corporation dated February 27, 2002 (the "Employment Agreement").

     2. The Stock Option is granted pursuant to the Plan to purchase the
number of shares of common stock of the Corporation specified in Section 1
hereof (the "Shares"). The Stock Option shall expire, and all rights to
exercise it shall terminate on the Expiration Date, except that the Stock
Option may expire earlier as provided in herein or the Plan. The Number of
Shares subject to the Stock Option granted hereunder shall be adjusted as
provided in the Plan. This Stock Option is intended by the Corporation and the
Optionee to be a Nonstatutory Stock Option and does not qualify for any
special tax benefits to the Optionee and is not subject to Section 6(g) of the
Plan.

                                      22

<PAGE>

     3. The Stock Option shall be exercisable in all respects in accordance
with the terms of this Agreement and, to the extent not inconsistent herewith,
the terms of the Plan.

     4. Optionee shall have the right to exercise the Stock Option in
accordance with the following schedule:

        (a) Except as provided below, 1/3 of the Shares under the Stock
Option shall vest on each anniversary of the Date of Grant.

        (b) In the case of a Change in Control (as defined in the Plan), the
Shares shall vest and remain exercisable in accordance with the Plan.

        (c) In the event the Corporation terminates the Optionee without
Cause or a Constructive Termination without Cause occurs, any unvested Shares
under this Stock Option shall vest on the Termination Date and all vested
Shares shall remain exercisable for 12 months following the Termination Date.

        (d) In the event of the Option's death or Disability, any unvested
Shares under the Stock Option shall vest on the Termination Date and all
vested Shares shall remain exercisable for 36 months following the Termination
Date.

        (e) In the event the Optionee voluntarily terminates his employment
with the Corporation (other than upon death, Disability or a Constructive
Termination without Cause) or the Optionee's employment is terminated by the
Corporation for Cause or in the case of any termination upon non-renewal, any
Shares not vested under the Stock Option as of the Termination Date shall be
cancelled and all vested Shares shall remain exercisable for 90 days following
the Termination Date.

        (f) In the event the Optionee retires, the Stock Option shall vest
and remain exercisable as provided in the Plan.

The right to exercise the Stock Option shall be cumulative. Optionee may buy
all, or from time to time any part, of the maximum number of Shares which are
exercisable under the Stock Option, but in no case may Optionee exercise the
Stock Option with regard to a fraction of a Share, or for any Share for which
the Stock Option is not exercisable.

     5. The Optionee agrees to comply with all laws, rules, and regulations
applicable to the grant and exercise of the Stock Option and the sale or other
disposition of the common stock of the Corporation received pursuant to the
exercise of such Stock Option.

     6. All shares issued upon exercise of any vested shares under the Stock
Option shall be duly authorized and when issued upon such exercise, shall be
validly issued, fully paid and non-assessable. The Company shall use
reasonable efforts to cause the Shares to be: (a) registered for sale by the
Company to Optionee under Federal and state securities law so long as the

                                      23

<PAGE>

shares may not be freely sold in the absence of such registration and (b)
listed, or otherwise qualified, for trading in the United States on each
national securities exchange or national securities market system on which the
Class A Common Stock of the Corporation is listed or qualified.

     7. The Corporation represents and warrants that to its knowledge (a) it
is fully authorized by its Board or the Compensation Committee of the Board
(and of any person or body whose action is required) to enter into this
Agreement and to perform its obligations under it, (b) the execution, delivery
and performance of this Agreement by the Corporation does not violate any
applicable law, regulation, order, judgment or decree or any agreement, plan
or corporate governance document of the Corporation or any agreement among
holders of its shares and (c) upon the execution and delivery of this
Agreement by the Corporation, this Agreement shall be the valid and binding
obligation of the Corporation, enforceable in accordance with its terms,
except to the extent enforceability may be limited by applicable bankruptcy,
insolvency or similar laws affecting the enforcement of creditors' rights
generally.

     8. Optionee understand and agrees that he may be restricted by the
Corporation from exercising any of the vested shares under this Agreement to
the extent necessary to comply with insider trading or other provisions of
Federal or state securities laws or Company policy.

     9. Any dispute or disagreement arising out of or relating to this
Agreement shall be resolved by binding arbitration in accordance with Section
18 of the Employment Agreement. Notwithstanding the foregoing, any dispute or
disagreement which shall arise under, as a result of, or in any way relate to
the interpretation, construction or administration of the Plan shall be
determined in all cases by the Compensation Committee of the Board.

     10. (a) This Agreement is personal to Optionee and, except as otherwise
provided in this Section 10 or the Plan, shall not be assignable by Optionee
otherwise than by will or the laws of descent and distribution, without the
prior written consent of the Corporation. This Agreement shall inure to the
benefit of and be enforceable by Optionee's legal representatives.

          (b) This Agreement shall inure to the benefit of and be binding upon
the Corporation and its successors. It shall not be assignable by the
Corporation except in connection with the sale or other disposition of all or
substantially all of the assets or business of the Corporation.

     11. All notices and other communications relating to this Agreement shall
be given as provided in Section 19 of the Employment Agreement.

     12. This Agreement contains the entire agreement between the parties with
respect to the subject matter hereof and may be amended, modified or changed
only be a written instrument executed by Optionee and the Corporation. No
provision of this Agreement may be waived except by a writing executed and
delivered by the party sought to be charged. Any such written waiver will be
effective only with respect to the event or circumstance described therein and

                                      24

<PAGE>

not with respect to any other event or circumstance, unless such waiver
expressly provides to the contrary.

     13. The grant of Stock Option and all terms and conditions related
thereto, including those of the Plan, shall be governed by the laws of the
State of Florida, without reference to principles of conflict of laws. Except
as specifically set forth herein, this Option is subject to the terms and
conditions of the Plan and in the event there is a conflict between the Plan
as from time to time in effect and the terms and conditions in this Agreement,
the Plan shall govern.

IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement, in
the case of the Corporation by its duly authorized officer, as of the date and
year written above.

                                         PANAMERICAN BEVERAGES, INC.

                                         ___________________________________
                                         By:      William G. Cooling
                                                  Chairman and Chief Executive
                                                  Officer

                                         ___________________________________
                                         By:      Craig D. Jung

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