STOCK OPTION AGREEMENT
A NONQUALIFIED STOCK OPTION for a total of Five Hundred Twenty (520) Shares of Common Stock
("Shares"), of Mirenco, Inc., an Iowa corporation, ("Company"), is hereby granted to Frank Annett
("Participant"), on the date and at the price determined as provided herein, and in all respects subject to the
terms, definitions and provisions of this Agreement and the 2001 Common Stock Compensation Plan adopted by
the Company on the 31st day of March, 2001 ("Plan"), which is incorporated by reference herein. Capitalized
terms used but not defined herein, have the same meaning herein as in the Plan.
1. OPTION PRICE. The option price is Five Dollars and No Cents ($5.00) for each Share.
2. METHOD OF EXERCISING THE OPTION.
(a) Minimum Shares. This Option is fully vested as of the date of grant and may be exercised in whole or in part,
but not for less than Five Hundred (500) Shares at any one time, unless fewer than Five Hundred (500) Shares
are then purchasable under the Option and the Option is then being exercise d as to all such Shares.
(b) Written Notice. This Option may be exercised only by the Participant, Participant's legal representative,
Participant's beneficiary, or Participant's guardian, as provided in the Plan. This Option may be exercised by
giving written notice to the Company, addressed to the attention of the Secretary of the Company. Such notice
shall (i) be signed by the Participant, Participant's legal representative, beneficiary, or guardian entitled to exercise
the Option and, if being exercised by any person other than Participant, be accompanied by proof, satisfactory to
the Secretary for the Company, of the right of such person to exercise the Option; (ii) state the person(s) in
whose name the stock certificates for such Shares is to be registered, and the street address and the tax
identification or social security number of such person(s); (iii) specify the number of Shares then elected to