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## 16. Stock Compensation (continued) 

## Directors and Senior Management stock compensation: 

## NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

## CONSOLIDATED WATER CO. LTD. 

(Expressed in United States dollars) 

The Chairman and Chief Executive Officer (“CEO”), the President and Chief Operating Officer (“COO”), the Vice President – Finance, the Vice President – Operations, and two senior managers are entitled to receive, as part of the compensation for their services to the Company, options to purchase common stock. Two other directors were granted options as remuneration for services rendered to the Company. Details of the options granted to and exercised by these directors and senior management are included in the table below. In addition, another member of senior manager is entitled to receive, as part of compensation for services to the Company, common stock of the Company. In March 2001 1,086 shares of common stock were issued to this employee. 

## Non-employee: 

As part of an agreement for market representation, the Company issued options to purchase common stock to an investment company for nil consideration. These options had an original expiry date of December 1, 2000. During the year ended December 31, 2000 the Company extended this expiry date to March 31, 2002. The fair value of these options was determined by management to be $30,000, based on the fair value of the services to be received. Stock compensation expenses arising on these options are included within other indirect costs. 

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