Employee Share Option Notice Letter between Consolidated Water and Chet Ritch

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This letter from Consolidated Water to employee Chet Ritch outlines his eligibility to purchase 194 Preference Shares at CI$7.46 each under the Employee Share Incentive Plan, with payment due by July 4, 2003. It also grants him the option to purchase 970 Ordinary Shares under the Employee Share Option Plan as of June 30, 2003, with the possibility of additional options if he exercises his right to buy the Preference Shares before June 30, 2003. The letter confirms the terms and deadlines for these share options.

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EX-10.47 15 g88198exv10w47.txt EMPLOYEE SHARE OPTION NOTICE LETTER/ CHET RITCH Exhibit 10.47 May 26, 2003 Chet Ritch Dear Chet, RE: EMPLOYEE SHARE INCENTIVE PLAN AND EMPLOYEE SHARE OPTION PLAN In accordance with the Employee Share Incentive Plan ("the Preference Share Plan"), you are hereby advised that the Grant Date is June 4, 2003 for benefits you have accrued during the year ended 31 December 2002. Accordingly you are granted 194 Preference Shares in the Company. You have the option to purchase an equal number of Preference Shares at a price of CI$7.46 each, which has been calculated in accordance to the terms of the Preference Share Plan. If you intend to exercise this option, then payment must be received in full no later than the close of business on July 4, 2003. As a member of the Employee Share Option Plan ("the Option Plan"), you will also be granted, as of June 30, 2003, the option to purchase 970 Ordinary Shares in the Company. These options are exercisable in accordance to the terms of the Option Plan. You furthermore have the opportunity to obtain an equal amount of options to purchase Ordinary Shares of the Company, in accordance to the terms of the Option Plan, if you exercise your right to purchase the above additional Preference Shares before June 30, 2003. Your continued dedication and hard work have contributed to another successful year for Consolidated Water, and I look forward to a very bright future. Yours sincerely, /s/ Frederick McTaggart Frederick W. McTaggart President and COO