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

Summary

This letter from Consolidated Water Co. Ltd. to employee Chet Ritch outlines his eligibility to purchase 72 Preference Shares at a set price and grants him the option to buy 360 Ordinary Shares under the company's share incentive and option plans. To exercise the Preference Share option, payment must be made by August 5, 2004. Exercising this right also allows him to obtain additional options for Ordinary Shares. The agreement sets out the terms, deadlines, and conditions for participation in the company's employee share plans.

EX-10.48 5 g93890exv10w48.txt EMPLOYEE SHARE OPTION NOTICE LETTER/CHET RITCH EXHIBIT 10.48 July 8, 2004 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 July 6, 2004 for benefits you have accrued during the year ended 31 December 2003. Accordingly you are granted 72 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 360 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