Employee Share Option Grant Letter between Consolidated Water and Helverth Rodriguez dated May 26, 2003

Summary

This letter from Consolidated Water to Helverth Rodriguez outlines his eligibility to purchase 243 Preference Shares at a set price and grants him the option to buy 1,215 Ordinary Shares under the company's employee share plans. To exercise the Preference Share option, payment must be made by July 4, 2003. Additional options for Ordinary Shares may be granted if the Preference Shares are purchased before June 30, 2003. The agreement sets out the terms, deadlines, and conditions for participating in the company's share incentive and option plans.

EX-10.50 18 g88198exv10w50.txt EMPLOYEE SHARE OPTION LETTER/ HELVERT RODRIGUEZ Exhibit 10.50 May 26, 2003 Helverth Rodriguez Dear Helverth, 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 243 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 1,215 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