Employee Share Option Notice Letter between Consolidated Water Co. Ltd. and Billy Banker (July 8, 2004)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

Consolidated Water Co. Ltd. offers Billy Banker the right to purchase 116 Preference Shares at a set price, based on his accrued benefits for 2003, with payment due by August 5, 2004. He is also granted options to buy 580 Ordinary Shares, with the possibility of additional options if he exercises his right to purchase the Preference Shares by the deadline. The agreement outlines the terms and deadlines for exercising these share options under the company's employee incentive plans.

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EX-10.47 4 g93890exv10w47.txt EMPLOYEE SHARE OPTION NOTICE LETTER/BILLY BANKER EXHIBIT 10.47 July 8, 2004 Billy Banker Dear Billy, 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 July 6, 2004 for benefits you have accrued during the year ended 31 December 2003. Accordingly you are granted 116 Preference Shares in the Company. You have the option to purchase an equal number of Preference Shares at a price of US$13.45 or CI$11.21 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 AUGUST 5, 2004. As a member of the Employee Share Option Plan ("the Option Plan"), you will also be granted, as of July 6, 2004, the option to purchase 580 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 AUGUST 5, 2004. 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, CONSOLIDATED WATER CO. LTD. /s/ Frederick W. McTaggart Frederick W. McTaggart President and CEO