Document:

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                                                                   Exhibit 10.12

              AMENDMENT AND RECTIFICATION OF ENGAGEMENT AGREEMENT

THIS AGREEMENT is made this 26 day of October, 1999.

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

AND:           PETER D. RIBBINS of P.O. Box 1114,
               George Town, Grand Cayman, B.W.I.
               (the "President")

WHEREAS:

A.       The Company and the President entered into an employment contract dated
         the 19th of August 1997 (the "Engagement Agreement").

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

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

1.       By deleting clause 5 and substituting the following:

                  "FURTHER, SUBJECT TO ANY APPROVALS OF GOVERNMENT WHICH MAY BE
                  NECESSARY AT THE TIME AT WHICH THE OPTION IS EXERCISED, FOR
                  EACH OF THE FINANCIAL YEARS ENDING AFTER 31st DECEMBER 1996,
                  PROVIDED (SUBJECT TO PARAGRAPH 18 OF THIS AGREEMENT), THAT THE
                  PRESIDENT SERVES IN THE CAPACITIES FOR THE ENTIRETY OF SUCH
                  YEAR, ON DECEMBER 31 OF SUCH YEAR, THE PRESIDENT SHALL BE
                  GRANTED AN OPTION TO PURCHASE 20,000 ORDINARY SHARES OF THE
                  COMPANY AT A PRICE PER SHARE PAYABLE IN CASH IN FULL ON THE
                  EXERCISE OF THE OPTION AS FOLLOWS,

                  (a) FOR EACH OF THE FINANCIAL YEARS ENDING DECEMBER 31, 1997,
                      1998 AND 1999, US$2.50 PER SHARE; AND
                  (b) FOR EACH OF THE FINANCIAL YEARS THEREAFTER, US$6.00
                      PER SHARE.

2        By deleting clause 6(2) in its entirety and substituting the following:

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                  THE OPTIONS GRANTED PURSUANT TO CLAUSE 5 IN RESPECT OF THE
                  FINANCIAL YEARS ENDING DECEMBER 31, 1997 AND THEREAFTER MAY
                  BE EXERCISED BY THE PRESIDENT AT ANY TIME AFTER THEY VEST AND
                  BEFORE THE CLOSE OF THE COMPANY'S BUSINESS ON THE DAY BEFORE
                  THE THIRD ANNIVERSARY OF THE DATE OF THE AUDITOR'S REPORT ON
                  THE FINANCIAL STATEMENTS FOR THE RELEVANT FINANCIAL YEAR. "

2        By adding the following as clause 6(3):

                  "PROVIDED THAT THE OPTIONS GRANTED PURSUANT TO CLAUSE 5 MAY
                  NOT BE EXERCISED IF OR TO THE EXTENT THAT, IMMEDIATELY
                  FOLLOWING THE EXERCISE, THE PRESIDENT WOULD BENEFICIALLY OWN
                  MORE THAN 6% OF ALL ORDINARY SHARES THEN ISSUED BY THE
                  COMPANY."

3        By adding the following as clause 6(4):

                  "THE OPTIONS GRANTED PURSUANT TO CLAUSE 5 MAY NOT BE ASSIGNED,
                  TRANSFERRED OR OTHERWISE DISPOSED OF BY THE PRESIDENT WITHOUT
                  THE PROPER WRITTEN CONSENT OF THE COMPANY."

4        The parties have acknowledged that the Engagement Agreement shall
         remain binding And effective in accordance with its terms except as
         expressly amended hereby.

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

SIGNED AND SEALED in the presence of: )     CONSOLIDATED WATER CO. LTD.
                                      )
                                      )
                                      )     /s/ Wilmer Pergande
                                      )     ------------------------------------
                                      )
                                      )
/s/ Fredrick McTaggart                )     /s/ Alexander Stephen Bodden
--------------------------------------)     ------------------------------------
witness

SIGNED AND SEALED in the presence of: )
                                      )
                                      )
                                      )
                                      )
/s/ C.B. Flowers                      )    /s/ Peter D. Ribbins
--------------------------------------)    -------------------------------------
witness                                    Peter D. Ribbins

                                       2<PAGE>   1
                                                                   Exhibit 10.13

                    SECOND AMENDMENT OF ENGAGEMENT AGREEMENT

THIS AGREEMENT is made this 21 day of March, 2000

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

AND:           PETER D. RIBBINS of 67 Jellicoe Quay, Governor's Harbour, P.O.
               Box 800GT, Grand Cayman, B.W.I. (the "President")

WHEREAS:

A.       The Company and the President entered into an engagement agreement
         dated the 19 of August 1997 that was amended by an amendment of
         engagement agreement dated the 26th of October 1999 (the "Engagement
         Agreement").

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

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

1.       Clause 5 shall be amended by deleting the same and substituting the
         following;

                  "Further, subject to any approvals of Government which may be
                  necessary at the time at which the option is exercised, for
                  each of the financial years ending after 31st December 1996,
                  provided (subject to paragraph 18 of this agreement, that the
                  President serves in the Capacities for the entirety of such
                  year, on December 31 of such year, the President shall be
                  granted an option to purchase 20,000 Ordinary shares of the
                  Company at a price per share payable in cash in full on the
                  exercise of the option as follows;

                  (a)      for each of the financial years ending December 31,
                           1997, 1998 and 1999, US$2.50 per share; and

                  (b)      for each of the financial years thereafter, the
                           average of the closing market price of the Company's
                           Ordinary shares on each of the first seven trading
                           days in the month of October of that financial year".

2.       By deleting Clause 6(3)

3.       By Deleting Clause 6(4)

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

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

SIGNED AND SEALED in the presence of:)      CONSOLIDATED WATER CO. LTD.
                                     )
                                     )
                                     )      /s/ C.B. Flowers
                                     )      ------------------------------------
                                     )
/s/ R.L. Finlay                      )      /s/ Alexander Stephen Bodden
-------------------------------------)      ------------------------------------
witness

SIGNED AND SEALED in the presence of:)
                                     )
                                     )
                                     )
                                     )
/s/ R.L. Finlay                      )      /s/ Peter D Ribbins
-------------------------------------)      ------------------------------------
witness                                     Peter D Ribbins

                                       2<PAGE>   1
                                                                   Exhibit 10.14

                              ENGAGEMENT AGREEMENT

THIS AGREEMENT is made the 30th day of December 1998

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

AND              JEFFREY M. PARKER
                 of 81, Drake Quay, Governors Harbour,
                 P. 0. Box 1782GT, Grand Cayman, B.W.I.
                 ("the Chairman")

IT IS HEREBY AGREED:

Engagement

1.       The Chairman, in his capacity, inter alia, as as accountant, is engaged
         as Chairman and Chief Executive Officer ("the Capacities") of the
         Company for three (3) years commencing on the 1st day of January, 1999
         but subject to the extension provisions set out in Clause 22 hereof and
         subject to the termination provisions set out in Clauses 19 and 20
         hereof.

2.       For the avoidance of doubt, the Chairman is engaged hereunder as an
         Officer and not as an employee of the Company.

Remuneration

3.       The Chairman's remuneration will be CI$75,000 per annum, payable
         monthly in arrears.

4.       In addition, the Company will pay the full cost of providing Medical
         Insurance, as generally provided for the Company's employees from time
         to time, for the Chairman and his spouse.

5.       In addition, the Company will make contributions to a pension scheme,
         of the Chairman's choice but approved pursuant to the National Pensions
         Law (1998 Revision) of the Cayman Islands, in the same manner and on
         the same basis as it makes, from time to time, in respect of its
         employees.

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6.       The Chairman's remuneration will be reviewed by the Company's Board of
         Directors ("the Board") if more than three quarters of the Chairman's
         time is being consistently devoted to the Company's business and
         otherwise annually and the Board may grant an increase but, unless the
         Chairman's responsibilities pursuant to Clauses 11 and 12 hereof shall
         have been reduced by mutual consent, shall not reduce the Chairman's
         remuneration below the level set out in Clause 3 hereof.

7.       Further, for each completed financial year, beginning with the
         financial year 1999, during which the Chairman serves in the
         Capacities, not later than 28th February following the end of each
         financial year, the Chairman will be paid a bonus of:-

         (a)      1.5% of the net profits of the Company for that year
                  calculated before charging this bonus and before charging
                  dividends or crediting any amount accruing from the
                  re-evaluation of the Company's assets, plus

         (b)      15% of the amount by which the net profits of the Company,
                  determined as aforesaid, for that financial year exceed the
                  highest annual net profit, determined in the same manner,
                  earned by the Company in any prior financial year.

8.       Further, subject to any approvals of Government which may be necessary
         at the time at which the option is exercised, for each of the three
         financial years ending December 31, 2001 during which the Chairman
         serves for the full year in the Capacities, on December 31st of each
         year, the Chairman shall be granted an option to purchase, at a price
         of US$6.00 per share payable in cash in full on exercise of the option,
         the lesser of:-

         (a)      a number of shares which equals the number of US$ which
                  represents 1% of the net profit of the Company, calculated as
                  aforesaid, for that financial year or

         (b)      that number of Ordinary shares which, when added to the then
                  existing number of Ordinary Shares which the Chairman
                  beneficially owns will equal 6% of all Ordinary Shares then
                  issued by the Company.

9.       The options granted pursuant to Clause 8 may be exercised by the
         Chairman at any time after they are granted and before the close of
         business on the day before the third anniversary of the date of the
         Auditor's Report on the financial statements for the year of the grant.

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Area

10.      The Chairman's work will be performed mainly from his office at 81,
         Drake Quay, Governors Harbour, Grand Cayman.

Responsibilities

11.      The Chairman must devote not less than three-quarters of his time to
         the Company's business and must use his best endeavors to promote the
         Company's interests and welfare. Except where such information is a
         matter of public record or when required to do so by law, the Chairman
         must not, either before or after this Agreement ends, disclose to any
         person any information relating to the Company or its customers of
         which he becomes possessed while acting in the Capacities.

12.      The Chairman must perform the duties commonly performed by a Chief
         Executive Officer and also the duties reasonably required of and
         assigned to him as Chairman of the Board of Directors of the Company.
         He must discharge his duties in accordance with the directions of the
         Board. The Chairman must perform his duties during normal business
         hours on Mondays to Fridays inclusive (save on bank holidays) but it is
         agreed that, subject to the overall requirement that the Chairman will
         devote three quarters of his time to the affairs of the Company, he is
         not required to devote three quarters of his time on each and every
         working day. The Chairman accepts that his duties, which include
         travelling on the Company's business, both within the Cayman Islands
         and abroad,, may from time to time require work to be undertaken on
         Saturdays, Sundays, bank and public holidays. The Chairman must
         recommend to the Board of Directors of the Company appropriate
         financial and operating policies for the Company and must report to the
         Board, diligently follow and implement all policies and decisions which
         the Board communicates to him and prepare and forward, in a timely
         manner, all reports and accountings reasonably requested by the Board.
         The Chairman will not, directly or indirectly, engage in any activities
         or work which are deemed by the Board to be detrimental to the best
         interests of the Company. The Board hereby consents to the Chairman's
         continued involvement in the following activities:-

         (a)      Principal - Moore Stephens, Chartered Accountants
         (b)      Shareholder/Managing Director - FCM Ltd and its subsidiary
                  companies.

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

14.      The Chairman is entitled to up to ten- (10) day's sick leave per year
         without a medical certificate.

Holidays

15.      The Chairman is entitled, during every calendar year to the following
         holidays during which his remuneration will continue to be payable:-

         (a)      all public holidays in the Cayman Islands, and
         (b)      four (4) weeks vacation to be taken at a time to be approved
                  by the Board.

Reimbursement of Expenses

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

Non-Solicitation

17.      The Chairman must not, at any time during the currency of this
         Agreement or after it ends, either for his own account or for the
         account of any other person, firm or company, solicit, interfere with
         or endeavor to entice away from the Company any person, firm or company
         who, at any time during the currency of this Agreement or on the date
         when this Agreement ends, were employees, customers or suppliers of, or
         we in the habit of dealing with, the Company.

Company Documents

18.      All books, records, notes, files, memoranda, reports, customer lists
         and other documents, and all copies of them, relating to the Company's
         business which the Chairman keeps, prepares or conceives or which

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         become known to him or which are delivered or disclosed to him or
         which, by any means come into his possession, and all the Company's
         property and equipment are and will remain the Companys sole and
         exclusive property. If this Agreement is terminated for any reason,
         whether voluntarily or involuntarily, or if the company at any time
         requests, the Chairman must promptly deliver to the Company the
         originals and all copies of all relevant documents that are in his
         possession, custody or control together with any other property
         belonging to the Company.

Termination

19.      This Agreement will end and, except to the extent previously accrued,
         all rights and obligations of both parties under it shall cease if any
         of the following events occurs:

         (a)      The Chairman dies.
         (b)      The Chairman is adjudicated bankrupt or makes any composition
                  with his creditors.
         (c)      The Chairman gives six (6) months written notice of
                  termination to the Company.

20.      The Company may, by written notice, end this Agreement with immediate
         effect if:-

         (a)      The Chairman conducts himself in a manner that would justify
                  immediate dismissal of an employee in accordance with the
                  Labour Law.
         (b)      Through physical or mental illness, the Chairman is unable to
                  discharge his duties for sixty (60) successive days, as to
                  which a certificate by any doctor appointed by the Company
                  shall be conclusive.
         (c)      The Company pays to the Chairman a sum equal to the greater of
                  twice the Chaiman's annual remuneration, for the year in which
                  such termination takes place, as described in Clause 2 hereof
                  or as increased in accordance with Clause 6 hereof.

21.      If the Company terminates this Agreement in accordance with Clause 20c
         hereof:-

         (a)      Any unvested options to purchase shares in the Company, in
                  accordance with Clause 8 hereof, for the year in which such
                  termination takes place shall automatically vest pro rata to
                  the date of termination.

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         (b)      The Company shall remain obligated to keep all benefits,
                  including, but not limited to medical insurance and pension
                  contributions, to which the Chairman was entitled as at the
                  date of termination, paid and available to the Chairman for a
                  period of two (2) years from the date of termination.

Extension

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

Notices

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

Previous Agreements Superceded

24.      This Agreement supersedes all prior contacts and understandings between
         the parties and may not be changed or terminated orally. No change or
         attempted waiver of any of the provisions hereof shall be binding
         unless in writing and signed by the party against whom it is sought to
         be enforced.

Headings

25.      The headings herein are included for convenience only and have no legal
         effect

Applicable Law and Jurisdiction

26.      This Agreement shall be construed and the legal relations between the
         parties determined in accordance with the laws of the Cayman Islands to
         the jurisdiction of the courts of which the parties hereby agree to
         submit. Whenever possible, each provision of this Agreement shall be
         interpreted in such manner as to be effective and valid. If any
         provision of this Agreement or the application of it is prohibited or
         is held to be invalid, that prohibition or invalidity shall not affect
         any other provision, or the application of any other provision which
         can be given effect without the

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         invalid provision or prohibited application and, to this end, the
         provisions of this Agreement are declared to be severable.

EXECUTED by and on behalf of                  CONSOLIDATED WATER CO.
CONSOLIDATED WATER CO LTD                     LTD.

By:
In the presence of:

                                              /s/ Wilmer Pergande
---------------------------------------       ----------------------------------
Witness [illegible]                           Chair-Compensation Committee
                                              CWC Ltd.

EXECUTED by JEFFREY M. PARKER
In the presence of:

/s/ Peter D. Ribbins                          /s/ Jeffrey M. Parker
---------------------------------------       ----------------------------------
Witness                                       Jeffrey M. Parker

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