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EXHIBIT 10.62
NON-QUALIFIED STOCK OPTION AGREEMENT
This Non-Qualified Stock Option Agreement is made this 28th day of
February 1997 by Scientific NRG, Incorporated, a Minnesota corporation in favor
of Xxxxx Industries, Inc., a California corporation.
WHEREAS, Xxxxx Industries, Inc. previously agreed to and has rendered
consulting and advisory services to Scientific NRG, Incorporated (the "Company")
since September 1996; and
WHEREAS, the Company agreed to grant to Xxxxx Industries, Inc. stock
options as a reward for consulting and advisory services under the terms of the
Workout Agreement dated August 30, 1996.
NOW THEREFORE, in consideration for the services rendered to the Company
by Xxxxx Industries, Inc., and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged the Company grants,
transfer, and conveys to Xxxxx Industries, Inc. the following:
1. The Company hereby grants to Xxxxx Industries, Inc. 200,000 non qualified
stock options (the "Stock Options"). Each Stock Option provides Xxxxx
Industries, Inc. with the right to purchase one share of the Company's no par
value common stock at $0.50 per share. The Stock Options granted are
non-transferable, vest immediately, and expire at the close of business on June
30, 1999.
IN WITNESS WHEREOF, Scientific NRG, Incorporated has executed this
Non-Qualified Stock Option Agreement as of the date written above.
Scientific NRG, Incorporated
By: /s/ XXXXXXXX X. XXXXX
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Name: Xxxxxxxx X. Xxxxx
Title: President
