Exhibit 10.1
STOCK OPTION AGREEMENT
THIS STOCK OPTION AGREEMENT ("Agreement") is entered into and effective
as of the 9 day of Feb., 2004, by and between SLS International, Inc. and Xxxx
Xxxxxxxx hereinafter known as "Schinman".
1. This agreement sets forth a stock option payment payable to Xxxx
Xxxxxxxx notwithstanding his relationship to PR nor PR's relationship to SLS
International, Inc.
2. Upon execution of the consulting agreement, SLS International, Inc.
shall authorize Xxxx Xxxxxxxx to receive Fifty Thousand (50,000) stock options
of SLS Internationals' stock option plan of 2000. These options shall be granted
at the closing price of SLS Internationals' stock on the day of signing this
contract, 10,000 additional options per month shall be granted each additional
month that the consulting contract with Platinum Rye LLC is in force. These
monthly options shall be granted at the closing price of SLS Internationals'
stock on the first day of each subsequent month. These options shall be the sole
possession of Schinman and shall not benefit PR directly or indirectly. Upon
exercising these options the consultant agrees to a dribble out clause by which
he will not be entitled to sell more than 2,000 shares per day.
3. The options shall vest one (6) months after the date they are
granted and also be exercisable for Ten Years (10) from the day they are
granted.
/s/ Xxxx Xxxxxxxx
-------------------------------
Xxxx Xxxxxxxx, Individually
/s/ Xxxx X. Got
---------------
Xxxx X. Got
