1
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 ▇▇▇▇▇ Industries, Inc., a California corporation.
WHEREAS, ▇▇▇▇▇ 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 ▇▇▇▇▇ 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 ▇▇▇▇▇ 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 ▇▇▇▇▇ Industries, Inc. the following:
1. The Company hereby grants to ▇▇▇▇▇ Industries, Inc. 200,000 non qualified
stock options (the "Stock Options"). Each Stock Option provides ▇▇▇▇▇
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/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
-----------------------
Name: ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title: President
