AQUA SOCIETY, INC.
NON-QUALIFIED STOCK OPTION AGREEMENT
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<TYPE>EX-10.3
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<FILENAME>exhibit10-3.htm
<DESCRIPTION>NON-QUALIFIED STOCK OPTION AGREEMENT
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<P align=center><B>DIRECTOR / OFFICER NON-QUALIFIED STOCK OPTION AGREEMENT OF
<BR>AQUA SOCIETY, INC.<BR></B><B>A Nevada Corporation</B></P>
<P align=left><B>THIS AGREEMENT</B> is made between <B>AQUA SOCIETY, INC.</B>, a
Nevada corporation (hereinafter referred to as the "Company"), and <B>HUGO J.A.
VAN DER ZEE</B> of Konrad-Adenauer Strasse, 9-13 Herten, Germany D-45699
(hereinafter referred to as the &#147;Optionee&#148;), a director or officer of the
Company, or a director or officer of the Company&#146;s subsidiary, effective as of
the 21st day of December, 2006.</P>
<P align=left><B>1. Option Granted</B></P>
<P align=left>The Company hereby grants the Optionee non-qualified stock options
to purchase <B>Two Million (2,000,000) </B>shares of the Company&#146;s Common Stock
at a purchase price of $0.40 US per share for a term commencing on the vesting
dates set out below (the &#147;Vesting Date&#148;) and expiring at 5:00 pm (Pacific Time)
on the expiration dates set out below (the &#147;Expiration Date&#148;), subject to
termination as set forth herein. </P>
<P align=left>The options will vest on the following schedule:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD width="20%" align=center><B><U>Number of Options to Vest</U></B> </TD>
    <TD align=left width="20%"><B><U>Vesting Date</U></B> </TD>
    <TD align=left width="60%"><B><U>Expiration Date</U></B> </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center>250,000 </TD>
    <TD align=left width="20%">April 1, 2007 </TD>
    <TD align=left width="60%">April 1, 2009 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center>250,000 </TD>
    <TD align=left width="20%">July 1, 2007 </TD>
    <TD align=left width="60%">July 1, 2009 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center>250,000 </TD>
    <TD align=left width="20%">October 1, 2007 </TD>
    <TD align=left width="60%">October 1, 2009 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center>250,000 </TD>
    <TD align=left width="20%">January 1, 2008 </TD>
    <TD align=left width="60%">January 1, 2010 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center>250,000 </TD>
    <TD align=left width="20%">April 1, 2008 </TD>
    <TD align=left width="60%">April 1, 2010 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center>250,000 </TD>
    <TD align=left width="20%">July 1, 2008 </TD>
    <TD align=left width="60%">July 1, 2010 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center>250,000 </TD>
    <TD align=left width="20%">October 1, 2008 </TD>
    <TD align=left width="60%">October 1, 2010 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center>250,000 </TD>
    <TD align=left width="20%">January 1, 2009 </TD>
    <TD align=left width="60%">January 1, 2011 </TD>
  </TR></TABLE>
<P align=left>No option may be exercised unless the option has vested. The
vesting of all options will be cumulative. All options which have not vested
will terminate on the date of termination of the options in accordance with this
Agreement.</P>
<P align=left><B>2. Time of Exercise of Option</B></P>
<P align=left>The Optionee may exercise the options granted herein at any time
after the Vesting Date for such options until the date of termination of the
options set forth in Section 7 herein.</P>
<P align=left><B>3. Method of Exercise</B></P>
<P align=left>The options granted herein shall be exercised by written notice
delivered to the Company at its principal place of business, stating the number
of shares for which the options are being exercised. The notice must be
accompanied by a check or other methods of payment acceptable to the Plan
Administrator for the amount of the purchase price, and comply with all the
requirements of the Company&#146;s 2006 Stock Option Plan dated May 5, 2006, as
approved by the Board of Directors of the Company on May 5, 2006, a copy of
which has been provided to the Optionee.</P>
<P align=left><B>4. Capital Adjustments</B></P>
<P align=left>The existence of the options granted herein shall not affect in
any way the right or power of the Company or its stockholders to: (1) make or
authorize any or all adjustments, recapitalizations, reorganizations, or other
changes in the Company's capital structure or its business; (2) enter into any
merger or consolidation; (3) issue any bonds, debentures, preferred or prior
preference stocks ahead of or affecting the common stock or the rights thereof,
(4) issue any securities convertible into any common stock, (5) issue any
rights, options, or warrants to purchase any common stock, (6) dissolve or
liquidate the Company, (7) sell or transfer all or any part of its </P>
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<P align=center>- 2 -</P>
<P align=left>assets or business, or (8) take any other corporate act or
proceedings, whether of a similar character or otherwise.</P>
<P align=left><B>5. Reorganization, Merger, Amalgamation and
Consolidation</B></P>
<P align=left>If there shall, prior to the exercise of any of the options
provided for by this Agreement, be any reorganization of the authorized capital
of the Company by way of consolidation, merger, subdivision, amalgamation or
otherwise, or the payment of any stock dividends, then there shall automatically
be an adjustment in either or both of the number of shares which may be
purchased pursuant hereto or the price at which such shares may be purchased so
that the rights evidenced hereby shall thereafter as reasonably as possible be
equivalent to those originally granted hereby. The Company shall have the sole
and exclusive power to make such adjustments as it considers necessary and
desirable.</P>
<P align=left>In the event of a complete liquidation of the Company or a merger,
reorganization, or consolidation of the Company with any other corporation in
which the Company is not the surviving corporation, or the Company becomes a
wholly-owned subsidiary of another corporation, any unexercised options granted
under this Agreement shall be deemed cancelled unless the surviving corporation
in any such merger, reorganization, or consolidation elects to assume the
options under this Agreement or to issue substitute options in place thereof;
provided, however, that notwithstanding the foregoing, if such options would be
cancelled in accordance with the foregoing, the Optionee shall have the right
exercisable during a ten-day period ending on the fifth day prior to such
liquidation, merger, or consolidation to exercise such option in whole or in
part without regard to any installment exercise provisions in this
Agreement.</P>
<P align=left><B>6. Transfer of this Option</B></P>
<P align=left>During the Optionee's lifetime, the options granted herein shall
be exercisable only by the Optionee. The options shall not be transferable by
the Optionee other than by the laws of descent and distribution upon the
Optionee's death. In the event of the Optionee's death during the term of this
Agreement, the Optionee's personal representatives may exercise any portion of
the options granted herein that remain vested and unexercised at the time of the
Optionee's death, provided that any such exercise must be made, if at all,
during the period within six (6) months after the Optionee's death, and subject
to the option termination date specified in Paragraph 7(d) below.</P>
<P align=left><B>7. Termination of Option</B></P>
<P align=left>This Agreement and the Optionee's right to exercise any options
shall terminate on the earliest of the following dates:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>The Expiration Date; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>Subject to subsection (c) below, the date which is 30 days from the
      later of the dates on which: (i) the Optionee ceases to act as a director
      or officer of the Company or any subsidiary of the Company; (ii) the
      Optionee ceases to be engaged as a consultant of the Company or any
      subsidiary of the Company; or (iii) the Optionee ceases to be an employee
      of the Company or any subsidiary of the Company. For the purposes of this
      subsection, the Optionee will be deemed not to have ceased to act as an
      employee, officer, director or consultant (the &#147;Original Position&#148;) of the
      Company or a subsidiary of the Company if the Optionee continues to act as
      an employee, officer, director or consultant of the Company or a
      subsidiary of the Company in some other capacity immediately upon ceasing
      to act in the Original Position; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>In the event of the termination of the Optionee as a director,
      officer, employee or consultant as a result of a breach of the Optionee&#146;s
      obligations to the Company or any subsidiary of the Company, or as a
      result of any dishonesty, fraud, misconduct, the unauthorized use or
      disclosure of confidential information or trade secrets, or conviction or
      confession of a crime punishable by law (except minor violations) (each of
      which being a termination for &#147;Cause&#148;), the </TD></TR></TABLE><BR>
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<P align=center>- 3 -</P>
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  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>earliest date on which the Optionee is terminated as a director,
      officer, employee or consultant; or </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>The date which is six (6) months from the date of the Optionee's death
      or the date the Optionee is determined by the Company to be unable to
      perform his or her duties as an employee, director, officer or consultant
      of the Company or a subsidiary of the Company as a result of any mental or
      physical disability that is expected to result in death or that is
      expected to last for a continuous period of 12 months or more.
  </TD></TR></TABLE>
<P align=left>Notwithstanding the foregoing, if the Optionee dies after he
ceases to be an employee, director, officer or consultant of the Company for
reasons other than a termination for Cause or for disability determined in
accordance with subsection (d) above, the Optionee&#146;s rights to exercise any
options granted herein shall terminate on the earliest of the Expiration Date
and the date which is six (6) months after the date of death.</P>
<P align=left><B>8. Rights as Shareholder</B></P>
<P align=left>The Optionee will not be deemed to be a holder of any shares
pursuant to the exercise of this option until he or she pays the option price
and a stock certificate is delivered to him or her for those shares. No
adjustment shall be made for dividends or other rights for which the record date
is prior to the date the stock certificate is delivered.</P>
<P align=left><B>9. Integration with the Company&#146;s 2006 Stock Option
Plan</B></P>
<P align=left>All of the terms and conditions of the Company&#146;s 2006 Stock Option
Plan, a copy of which has been provided to the Optionee, are specifically made a
part of this Agreement and shall control with regard to the interpretation or
construction of any provision that is inconsistent herewith. This Agreement will
be governed by and construed in accordance with the laws of the State of
Nevada.</P>
<P align=left><B>IN WITNESS WHEREOF</B>, the parties hereto have executed this
Agreement as of the 21<SUP>st </SUP>day of December, 2006.</P>
<P align=left><B>AQUA SOCIETY, INC. </B>by its authorized signatory:</P>
<P align=left><I><U>/s/ Robert
Terberg&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U></I><B>ROBERT
TERBERG, PRESIDENT &amp; CEO</B></P>
<P align=left><B>OPTIONEE:</B></P>
<P align=left><I><U>/s/ Hugo J.A. Van Der
Zee&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U></I><B>SIGNATURE
OF DIRECTOR / OFFICER</B></P>
<P align=left><B><U>HUGO J.A. VAN DER
ZEE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U></B><B>NAME
OF DIRECTOR / OFFICER</B></P>
<P align=left><U>KONRAD-ADENAUER STRASSE, 9-13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
  <B>ADDRESS</B></P>
<P align=left><U>HERTEN, GERMANY D-45699&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
  </U></P>
<P
align=left><B><U>2,000,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U></B><B>NUMBER
OF OPTIONS</B></P>
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