Document:

<PAGE>   1
                                                                   EXHIBIT 10.22

                        TERMINATION AND RELEASE AGREEMENT

         This TERMINATION AND RELEASE AGREEMENT (this "Agreement") is made and
entered into as of March 29, 2000, by and among Viasystems Group, Inc., a
Delaware corporation (the "Company"), Viasystems, Inc., a Delaware corporation
("VI"), Viasystems Technologies Corp., a Delaware corporation ("VTC"), Circo
Craft Co. Inc., a Quebec corporation now known as Viasystems Canada, Inc.
("VCI"), PCB Investments Limited, a United Kingdom public limited company
("PCB"), Viasystems International, Inc., a Delaware corporation ("VII"), PCB
Acquisition Limited, a United Kingdom limited company now known as Viasystems
Group Limited ("Group Limited"), Chips Acquisition Limited, a United Kingdom
limited company ("Chips" and together with the Company, VI, VTC, VCI, PCB, VII
and Group Limited, the "Clients") and Hicks, Muse & Co. Partners, L.P. (together
with its successors, "HMCo"), a Texas limited partnership, with respect to (i)
that certain Third Amended and Restated Financial Advisory Agreement, dated June
6, 1997, between the Clients and HMCo, attached hereto as Exhibit A (the
"Financial Advisory Agreement"); and (ii) that certain Third Amended and
Restated Monitoring and Oversight Agreement, dated June 6, 1997, between the
Clients and HMCo, attached hereto as Exhibit B (the "M&O Agreement" and,
together, with the Financial Advisory Agreement, the "Financial Services
Agreements").

         WHEREAS, the Company has filed a registration statement on Form S-1
(the "Registration Statement") relating to the initial public offering of its
common stock, par value $0.01 per share; and

         WHEREAS, the Clients and HMCo desire to terminate the Financial
Services Agreements upon the effectiveness of the Registration Statement (the
"Effective Time").

         NOW, THEREFORE, intending to be legally bound and in consideration for
the mutual covenants and agreements contained in this Agreement and for other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

         1. The Clients and HMCo hereby agree that the Financial Services
Agreements and any exhibits thereto shall terminate and be of no further force
and effect on any of the parties thereto, effective as of the Effective Time,
except that (i) Section 4 of each of the Financial Services Agreements shall
survive the termination of such agreements to the extent that HMCo is entitled
to an expense reimbursement for any services rendered in accordance with the
terms thereof prior to the Effective Time; (ii) Section 5 of each of the
Financial Services Agreements shall survive the termination of such agreements,
and HMCo shall be entitled to indemnity under Section 5, with respect to any
services rendered by HMCo prior to the Effective Time in accordance with the
terms of such agreements; and (iii) Section 6 of each of the Financial Services
Agreements shall survive the termination of such agreements.

<PAGE>   2

         2. Except for any claim that the Clients or their respective successors
or assigns may in the future have against HMCo under Section 6 of each of the
Financial Services Agreements, each of the Clients hereby irrevocably and
unconditionally releases, acquits and forever discharges HMCo, and each of its
past, present or future successors, assigns, employees, agents, stockholders,
partners, subsidiaries, parent companies, other affiliates (corporate or
otherwise), and legal representatives, including their past, present or future
officers and directors, and each of them, of and from any and all Released
Claims (as defined herein), arising out of, based upon, resulting from or
relating to the negotiation, execution, performance, breach or otherwise related
to or arising out of each of the Financial Services Agreements. "Released
Claims" as used herein shall mean any and all charges, complaints, claims,
causes of action, promises, agreements, rights to payment, rights to any
equitable remedy, rights to any equitable subordination, demands, debts,
liabilities, express or implied contracts, obligations of payment or
performance, rights of offset or recoupment, accounts, damages, costs, losses or
expenses (including attorneys' and other professional fees and expenses) held by
any party hereto, whether known or unknown, matured or unmatured, suspected or
unsuspected, liquidated or unliquidated, absolute or contingent, direct or
derivative.

         3. Except to the extent that Sections 4 and 5 of each of the Financial
Services Agreements survives the termination of such agreements as provided in
clauses (i) and (ii) of Section 1 hereof, HMCo hereby irrevocably and
unconditionally releases, acquits and forever discharges the Clients, and each
of their respective past, present or future successors, assigns, employees,
agents, stockholders, partners, subsidiaries, parent companies, other affiliates
(corporate or otherwise), and legal representatives, including their past,
present or future officers and directors, and each of them, of and from any and
all Released Claims, arising out of, based upon, resulting from or relating to
the negotiation, execution, performance, breach or otherwise related to or
arising out of the Financial Services Agreements.

         4. At the Effective Time and in consideration for the termination of
the M&O Agreement and, subject to Paragraph 1 hereof, in full satisfaction of
all obligations under the M&O Agreement, the Company shall enter into a stock
option agreement with those persons set forth on Schedule I, in substantially
the form attached hereto as Exhibit C, which grants those persons listed on
Schedule I options to purchase up to an aggregate of 730,853 shares (the
"Oversight Shares") of common stock, par value $.01 per share ("Common Stock"),
of the Company at a per share exercise price of $21.00.

         5. At the Effective Time and in consideration for the termination of
the Financial Advisory Agreement and, subject to Paragraph 1 hereof, in full
satisfaction of all obligations under the Financial Advisory Agreement, the
Company shall enter into a stock option agreement with those persons set forth
on Schedule I, in substantially the form attached hereto as Exhibit C, which
grants those persons on Schedule I options to purchase up to an aggregate of
1,403,147 shares (the "Advisory Shares") of Company Common Stock at a per share
exercise price of $21.00.

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<PAGE>   3

         6. Should any provision of this Agreement be declared or be determined
to be illegal, invalid, or otherwise unenforceable, the validity of the
remaining parts, terms, and provisions hereof will not be affected thereby but
such will remain valid and enforceable, and said illegal or invalid parts,
terms, or provisions shall be deemed not to be a part of this Agreement.

         7. This Agreement shall be construed, interpreted, and enforced in
accordance with the laws of the State of Texas, excluding any choice-of-law
provisions thereof.

         8. This Agreement may be executed in any number of counterparts, each
of which shall be deemed to be an original, but all of which together shall
constitute one and the same instrument, and the signature of any party to any
counterpart shall be deemed a signature to, and may be appended, any other
counterpart.

                 [REMAINDER OF THIS PAGE IS INTENTIONALLY BLANK]

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<PAGE>   4

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
signed, all as of the date first written above.

                                            VIASYSTEMS GROUP, INC.

                                            By:      /s/ David J. Webster
                                               --------------------------
                                            Name:    David J. Webster
                                            Title:   Senior Vice President

                                            VIASYSTEMS, INC.

                                            By:      /s/ David J. Webster
                                               --------------------------
                                            Name:    David J. Webster
                                            Title:   Senior Vice President

                                            VIASYSTEMS TECHNOLOGIES CORP.

                                            By:      /s/ David J. Webster
                                               --------------------------
                                            Name:    David J. Webster
                                            Title:   Senior Vice President

                                            VIASYSTEMS CANADA, INC.

                                            By:      /s/ David J. Webster
                                               --------------------------
                                            Name:    David J. Webster
                                            Title:   Senior Vice President

                                            PCB INVESTMENTS LIMITED

                                            By:      /s/ David J. Webster
                                               --------------------------
                                            Name:    David J. Webster
                                            Title:   Senior Vice President

                                       4
<PAGE>   5

                                            VIASYSTEMS INTERNATIONAL, INC.

                                            By:      /s/ David J. Webster
                                               --------------------------
                                            Name:    David J. Webster
                                            Title:   Senior Vice President

                                            VIASYSTEMS GROUP LIMITED

                                            By:      /s/ David J. Webster
                                               --------------------------
                                            Name:    David J. Webster
                                            Title:   Senior Vice President

                                            CHIPS ACQUISITION LIMITED

                                            By:      /s/ David J. Webster
                                               --------------------------
                                            Name:    David J. Webster
                                            Title:   Senior Vice President

                                            HICKS, MUSE & CO. PARTNERS, L.P.

                                            By:      HM PARTNERS INC.,
                                                     its general partner

                                            By:      /s/ David W. Knickel
                                               --------------------------
                                            Name:
                                                -------------------------
                                            Title:
                                                 ------------------------

                                       5
<PAGE>   6

                                   SCHEDULE I
<TABLE>
<CAPTION>

        Optionee                    Oversight Shares         Advisory Shares         Total Shares
        --------                    ----------------         ---------------         ------------
<S>                                     <C>                    <C>                     <C>
Thomas O. Hicks...................      180,099                345,769                 525,868
John R. Muse......................      113,423                217,757                 331,180
Charles W. Tate...................      113,423                217,757                 331,180
Jack D. Furst.....................      113,423                217,757                 331,180
Lawrence D. Stuart................       35,160                 67,503                 102,663
Michael J. Levitt.................       66,804                128,255                 195,059
David B. Deniger..................       14,064                 27,001                  41,065
Dan H. Blanks.....................       14,064                 27,001                  41,065
Hicks, Muse & Co. Partners, L.P.,
as nominee........................       80,393                154,347                 234,740
Total.............................      730,853              1,403,147               2,134,000
</TABLE>

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<PAGE>   7

                                    EXHIBIT A
                                    ---------

                          FINANCIAL ADVISORY AGREEMENT

            [PREVIOUSLY FILED WITH THE COMMISSION AS EXHIBIT 10.15 TO
           AMENDMENT NO. 1 TO REGISTRATION STATEMENT ON FORM S-1 OF
                     VIASYSTEMS INC. (FILED JULY 31, 1997)]

<PAGE>   8

                                    EXHIBIT B
                                    ---------

                                  M&O AGREEMENT

            [PREVIOUSLY FILED WITH THE COMMISSION AS EXHIBIT 10.14 TO
            AMENDMENT NO. 1 TO REGISTRATION STATEMENT ON FORM S-1 OF
                     VIASYSTEMS INC. (FILED JULY 31, 1997)]

<PAGE>   9

                                    EXHIBIT C
                                    ---------

                         FORM OF STOCK OPTION AGREEMENT

THIS OPTION AND THE SHARES OF COMMON STOCK PURCHASABLE HEREUNDER HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES
LAWS OF ANY STATE OR OTHER JURISDICTION AND MAY NOT BE SOLD, OFFERED FOR SALE OR
OTHERWISE TRANSFERRED UNLESS REGISTERED OR QUALIFIED UNDER SAID ACT AND
APPLICABLE STATE SECURITIES LAWS OR UNLESS THE COMPANY RECEIVES AN OPINION OF
COUNSEL IN REASONABLY ACCEPTABLE FORM AND SCOPE REASONABLY SATISFACTORY TO THE
COMPANY THAT REGISTRATION, QUALIFICATION OR OTHER SUCH ACTIONS ARE NOT REQUIRED
UNDER ANY SUCH LAWS. THE OFFERING OF THIS SECURITY HAS NOT BEEN REVIEWED OR
APPROVED BY ANY STATE'S SECURITIES ADMINISTRATOR.

                          STOCK OPTION GRANT AGREEMENT
<TABLE>

<S>                                                 <C>
GRANTED TO:                                          __________________

DATE OF GRANT:                                       March 29, 2000

NUMBER OF UNDERLYING SHARES:                         _________ shares

EXERCISE PRICE:                                      $21.00 per share

VESTING SCHEDULE:                                    As described in Paragraph 4 below
</TABLE>

         This Stock Option Grant Agreement (this "Option") is made and entered
into as of March 29, 2000 (the "Date of Grant") between Viasystems Group, Inc.,
a Delaware corporation (the "Company"), and __________________ (the "Holder").
Certain terms used in this Option are defined in Paragraph 16.

         9. Grant. The Holder is granted an option to purchase _________ shares
(the "Option Shares") of the common stock, par value $.01 per share ("Common
Stock"), of the Company. The Option granted hereunder is in consideration for
the termination of the [Third Amended and Restated Monitoring and Oversight
Agreement dated June 6, 1997, among the Company, Viasystems, Inc., a Delaware
corporation, Viasystems Technologies Corp., a Delaware corporation, Circo Craft
Co. Inc., a Quebec corporation now known as Viasystems Canada, Inc., PCB
Investments plc, a United Kingdom public limited company, Viasystems
International, Inc., a Delaware corporation, PCB Acquisition Limited, a United
Kingdom limited company now known as Viasystems Group Limited, Chips Acquisition
Limited, a United Kingdom limited company and Holder] [Third Amended and
Restated Financial Advisory Agreement dated June 6, 1997, among the Company,
Viasystems, Inc., a Delaware corporation, Viasystems

<PAGE>   10

Technologies Corp., a Delaware corporation, Circo Craft Co. Inc., a Quebec
corporation now known as Viasystems Canada, Inc., PCB Investments plc, a United
Kingdom public limited company, Viasystems International, Inc., a Delaware
corporation, PCB Acquisition Limited, a United Kingdom limited company now known
as Viasystems Group Limited, Chips Acquisition Limited, a United Kingdom limited
company and Holder], on the date hereof.

         10. Exercise Price. The Option's exercise price is $21.00 per share
(the "Exercise Price").

         11. Term. The Option, unless sooner terminated or exercised in full,
shall expire at 5:00 p.m., Dallas, Texas time, on March 29, 2003. No portion of
the Option may be exercised after such date.

         12. Vesting and Exercisability. The Option Shares shall be fully vested
and exercisable on the Date of Grant.

         13. Impact of Other Options. The Holder may exercise this Option in
whole or in part regardless of whether any other stock option that the Holder
has been granted by the Company remains unexercised.

         14. Method of Exercise.

               (a) To exercise this Option in whole or in part, the Holder shall
deliver to the Company, at the Option Agency, (i) this Option, (ii) a written
notice, in substantially the form of the Subscription Notice attached hereto as
Annex A, of such Holder's election to exercise this Option, which notice shall
specify (A) the number of Option Shares to be purchased, (B) the denominations
of the share certificate or certificates desired, and (C) the name or names in
which such certificates are to the registered, (iii) if the Common Stock to be
received upon the exercise of this Option has not been registered under the
Securities Act, a written certification in substantially the form of the
Certification attached hereto as Annex B, and (iv) payment of the Exercise Price
with respect to such Option Shares. Such payment may be made, at the option of
the Holder, by cash, money order, certified or bank cashier's check or wire
transfer; provided, however, that if this Option is exercised after the
occurrence of a Change in Control that is also a Capital Reorganization in which
cash is received by the stockholders of the Company, then the Holder may elect
to offset the amount of cash due to the Holder from such Capital Reorganization
against the Exercise Price payable upon exercise of this Option.

         The Company shall, as promptly as practicable and in any event within
five Business Days thereafter, execute and deliver or cause to be executed and
delivered, in accordance with such notice, a certificate or certificates
representing the aggregate number of Option Shares specified in said notice. The
share certificate or certificates so delivered shall be in such denominations as
may be specified in such notice or, if such notice shall not specify
denominations, shall be in the amount of the number of Option

                                       10
<PAGE>   11

Shares for which the Option is being exercised, and shall be issued in the name
of the Holder or such other name or names as shall be designated in such notice.
Such certificate or certificates shall be deemed to have been issued, and such
Holder or any other Person so designated to be named therein shall be deemed for
all purposes to have become a Holder of record of such shares, as of the date
the aforementioned notice is received by the Company. If this Option shall have
been exercised only in part, the Company shall, at the time of delivery of the
certificate or certificates, deliver to the Holder a new Option evidencing the
right to purchase the remaining Option Shares called for by this Option, which
new Option shall in all other respects be identical with this Option, or, at the
request of the Holder, appropriate notation may be made on this Option which
shall then be returned to the Holder. The Company shall pay all expenses, taxes
(if any) and other charges payable in connection with the preparation, issuance
and delivery of share certificates and a new Option, except that, if share
certificates or a new Option shall be registered in a name or names other than
the name of the Holder, funds sufficient to pay all transfer taxes payable as a
result of such transfer shall be paid by the Holder at the time of delivering
the aforementioned notice of exercise or promptly upon receipt of a written
request of the Company for payment.

               (b) Shares To Be Fully Paid and Nonassessable. All shares of
Common Stock issued upon the exercise of this Option shall be validly issued,
fully paid and nonassessable and free from all preemptive rights of any
stockholder, and from all taxes.

               (c) No Fractional Shares To Be Issued. The Company shall not be
required to issue fractions of shares of Common Stock upon exercise of this
Option. If any fraction of a share would, but for this Paragraph, be issuable
upon any exercise of this Option, in lieu of such fractional share the Company
shall pay to the Holder, in cash, an amount equal to such fraction of the Fair
Market Value per share of Common Stock of the Company on the Business Day
immediately prior to the date of such exercise.

               (d) Restrictive Legend. If the Company, in its sole discretion,
shall determine that it is necessary, to comply with applicable securities laws,
the certificate or certificates representing the Option Shares purchased
pursuant to the exercise of this Option shall bear an appropriate legend, in
form and substance as determined by the Company, giving notice of applicable
restrictions on transfer under or with respect to such laws.

               (e) Reservation; Authorization. The Company has reserved and will
keep available for issuance upon exercise of this Option the total number of
shares of Common Stock deliverable upon exercise of this Option from time to
time outstanding. The issuance of such shares has been duly and validly
authorized and, when issued and sold in accordance with this Option, such shares
will be duly and validly issued, fully paid and nonassessable.

                                       11
<PAGE>   12

         15. Option Agency; Transfer; Exchange and Replacement of Option.

               (a) Option Agency. At any time, the Company may appoint and
thereafter maintain, at its own expense, an agency in New York, New York, which
agency may be the Company's then existing transfer agent (the "Option Agency"),
for certain purposes specified herein, and shall give prompt notice of such
appointment (and appointment of any successor Option Agency) to the Holder.
Until an independent Option Agency is so appointed, the Company shall perform
the obligations of the Option Agency provided herein at its address as specified
on the signature page hereto or such other address as the Company shall specify
by notice to the Holder.

               (b) Ownership of Option. The Company may deem and treat the
Person in whose name this Option is registered as the Holder and owner hereof
(notwithstanding any notations of ownership or writing hereon made by any Person
other than the Option Agency) for all purposes and shall not be affected by any
notice to the contrary, until presentation of this Option for registration of
transfer as provided in this Paragraph 7.

               (c) Transfer of Option. The Company agrees to maintain at the
Option Agency books for the registration of transfers of the Options, and
transfer of this Option and all rights hereunder shall be registered, in whole
or in part, on such books, upon surrender of this Option at the Option Agency,
together with a written assignment of this Option duly executed by the Holder or
his or its duly authorized agent or attorney, with (unless the Holder is the
original Holder or another institutional investor) signatures guaranteed by a
bank or trust company or a broker or dealer registered with the NASD, and funds
sufficient to pay any transfer taxes payable upon such transfer. Upon surrender
the Company shall execute and deliver a new Option or Options in the name of the
assignee or assignees and in the denominations specified in the instrument of
assignment, and this Option shall promptly be canceled. The Option Agency shall
not be required to register any transfers if the Holder fails to furnish to the
Company, after a request therefor, an opinion of counsel (who may be an employee
of such Holder) reasonably satisfactory to the Company that such transfer is
exempt from the registration requirements of the Securities Act and applicable
blue sky laws.

               (d) Division of Option. This Option may be divided upon surrender
hereof to the Option Agency, together with a written notice specifying the names
and denominations in which the new Options are to be issued, signed by the
Holder. Subject to compliance with Paragraph 7(c) as to any transfer which may
be involved in the division, the Company shall execute and deliver new Options
in exchange for the Option or Options to be divided in accordance with such
notice.

               (e) Loss, Theft, Destruction or Mutilation of Options. Upon
receipt of evidence satisfactory to the Company of the loss, theft, destruction
or mutilation of this Option and, in the case of any such loss, theft or
destruction, upon receipt of indemnity or security reasonably satisfactory to
the Company, or, in the case of any such mutilation, upon surrender and
cancellation of such Option, the Company will make and deliver, in

                                       12
<PAGE>   13

lieu of such lost, stolen, destroyed or mutilated Option, a new Option of like
tenor and representing the right to purchase the same aggregate number of shares
of Common Stock as provided for in such lost, stolen, destroyed or mutilated
Option.

               (f) Expenses of Delivery of Options. The Company shall pay all
expenses, taxes (other than transfer taxes) and other charges payable in
connection with the preparation, issuance and delivery of this Option and the
Common Stock issuable hereunder.

         16. Stockholders Agreement. The Common Stock issuable upon exercise of
this Option is subject to the Stockholders Agreement. The Company shall keep a
copy of the Stockholders Agreement, and any amendments thereto, at the Option
Agency and shall furnish copies thereof to the Holder upon request.

         17. No Rights as a Stockholder. The Holder shall not have any of the
rights of a stockholder with respect to the Option Shares until the Option is
exercised and the Holder receives such shares in accordance with the terms
hereof.

         18. Anti-Dilution Provisions.

               (a) Adjustments Generally. The Exercise Price and the number of
Option Shares (or other securities or property) issuable upon exercise of the
Option shall be subject to adjustment from time to time upon the occurrence of
certain events, as provided in this Paragraph 10.

               (b) Common Stock Reorganization. If the Company shall after the
date of issuance of the Option subdivide its outstanding shares of Common Stock
into a greater number of shares or consolidate its outstanding shares of Common
Stock into a lesser number of shares, whether by way of a stock dividend or
stock split or otherwise (any such event being called a "Common Stock
Reorganization"), then (i) the Exercise Price shall be adjusted, effective
immediately after the record date at which the holders of shares of Common Stock
are determined for purposes of such Common Stock Reorganization, to a price
determined by multiplying the Exercise Price in effect immediately prior to such
record date by a fraction, the numerator of which shall be the number of shares
of Common Stock outstanding on such record date before giving effect to such
Common Stock Reorganization and the denominator of which shall be the number of
shares of Common Stock outstanding after giving effect to such Common Stock
Reorganization, and (ii) the number of shares of Common Stock subject to
purchase upon exercise of the Option shall be adjusted, effective at such time,
to a number determined by multiplying the number of shares of Common Stock
subject to purchase immediately before such Common Stock Reorganization by a
fraction, the numerator of which shall be the number of shares outstanding after
giving effect to such Common Stock Reorganization and the denominator of which
shall be the number of shares of Common Stock outstanding immediately before
such Common Stock Reorganization.

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<PAGE>   14

               (c) Capital Reorganization. If after the date of issuance of the
Option there shall be any consolidation or merger to which the Company is a
party (whether or not the Company is the surviving entity), other than a
consolidation or a merger in which the Company is a continuing corporation and
which does not result in any reclassification of, or change (other than a Common
Stock Reorganization or a change in par value), in, outstanding shares of Common
Stock, any sale, assignment, lease, exchange, conveyance or other transfer (in
one transaction or series of related transactions) of the property of the
Company as an entirety or substantially as an entirety or all or substantially
all of the outstanding equity securities of the Company to any person or group
of related persons for the purposes of Section 13(d) of the Exchange Act, or any
dividend or distribution of assets (including securities of subsidiaries of the
Company) other than regular cash dividends (any such event, other than a Common
Stock Reorganization, being called a "Capital Reorganization"), then, effective
upon the effective date of such Capital Reorganization, the Holder shall have
the right to purchase or receive, upon exercise of the Option, the kind and
amount of shares of stock and other securities and property (including cash)
which the Holder would have owned or have been entitled to receive after such
Capital Reorganization if the Option had been exercised immediately prior to
such Capital Reorganization. If the Capital Reorganization is a distribution of
options or rights to purchase or receive securities or assets of the Company and
such options or rights expire before this Option, the Holder shall be entitled
to receive options or rights with terms, as nearly as possible, identical to the
terms of such expired options or rights. As a condition to effecting any Capital
Reorganization, the Company or the successor or surviving corporation, as the
case may be, shall execute and deliver to the Holder an agreement as to the
Holder's rights in accordance with this Paragraph 10(c), providing for
subsequent adjustments as nearly equivalent as may be practicable to the
adjustments provided for in this Paragraph 10(c). The provisions of this
Paragraph 10(c) shall similarly apply to successive Capital Reorganizations.

               (d) Certain Other Events. If any event occurs after the date of
issuance of the Option as to which the foregoing provisions of this Paragraph 10
are not strictly applicable or, if strictly applicable, would not, in the good
faith judgment of the Board of Directors of the Company (the "Board"), fairly
protect the purchase rights of the Holder in accordance with the essential
intent and principles of such provisions, then the Board shall make such
adjustments in the application of such provisions, in accordance with such
essential intent and principles, as shall be reasonably necessary, in the good
faith opinion of the Board, to protect such purchase rights as aforesaid.

               (e) Adjustment Rules. (i) Any adjustments pursuant to this
Paragraph 10 shall be made successively whenever an event referred to herein
shall occur.

                    (i) If the Company shall set a record date to determine the
holders of shares of Common Stock for purposes of a Common Stock Reorganization
or Capital Reorganization, and shall legally abandon such action prior to
effecting such action, then no adjustment shall be made pursuant to this
Paragraph 10 in respect of such action.

                                       14
<PAGE>   15

                    (ii) No adjustment in the Exercise Price shall be made
hereunder if such adjustment would reduce the exercise price to an amount below
par value of the Common Stock, which par value shall initially be $.01 per share
of Common Stock.

               (f) Notice of Adjustment. The Company shall give the Holder
reasonable notice of the record date or effective date, as the case may be, of
any action which requires or might require an adjustment or readjustment
pursuant to this Paragraph 10. Such notice shall describe such event in
reasonable detail and specify the record date or effective date, as the case may
be, and, if determinable, the required adjustment and the computation thereof.
If the required adjustment is not determinable at the time of such notice, the
Company shall give reasonable notice to the Holder of such adjustment and
computation promptly after such adjustment becomes determinable.

         19. Notices. All notices, requests, consents and other communications
provided for herein shall be in writing and shall be effective upon delivery in
person, faxed or telecopied, or mailed by certified or registered mail, return
receipt requested, postage pre-paid, to the addresses specified on the signature
pages hereto or, in any case, at such other address or addresses as shall have
been furnished in writing to the Company (in the case of a Holder) or to the
Holder (in the case of the Company) in accordance with the provisions of this
Paragraph.

         20. Waivers; Amendments. No failure or delay of the Holder in
exercising any power or right hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any such right or power, or any
abandonment or discontinuance of steps to enforce such a right or power,
preclude any other or further exercise thereof or the exercise of any other
right or power. The rights and remedies of the Holder are cumulative and not
exclusive of any rights or remedies which it would otherwise have. The
provisions of this Option may be amended, modified or waived with (and only
with) the written consent of the Company and Holders who collectively hold
Options to purchase a majority of the Common Stock subject to purchase upon
exercise of such Options at the time outstanding.

         Any such amendment, modification or waiver effected pursuant to this
Paragraph shall be binding upon the Holders, upon each future Holder thereof and
upon the Company. In the event of any such amendment, modification or waiver the
Company shall give prompt notice thereof to all Holders and, if appropriate,
notation thereof shall be made on all Options thereafter surrendered for
registration of transfer or exchange.

         No notice or demand on the Company in any case shall entitle the
Company to any other or further notice or demand in similar or other
circumstances.

         21. Governing Law. This Option shall be construed in accordance with
and governed by the laws of the State of Delaware.

                                       15
<PAGE>   16

         22. Severability. In case any one or more of the provisions contained
in this Option shall be invalid, illegal or unenforceable in any respect, the
validity, legality or enforceability of the remaining provisions contained
herein and therein shall not in any way be affected or impaired thereby. The
parties shall endeavor in good faith negotiations to replace the invalid,
illegal or unenforceable provisions with valid provisions the economic effect of
which comes as close as possible to that of the invalid, illegal or
unenforceable provisions.

         23. Paragraph Headings. The paragraph headings used herein are for
convenience of reference only, are not part of this Option and are not to affect
the construction of or be taken into consideration in interpreting this Option.

         24. Certain Defined Terms. The following terms, as used in this Option,
have the following respective meanings:

               (a) "Affiliate" means, with respect to any Person, any Person
who, directly or indirectly, controls, is controlled by or is under common
control with that Person.

               (b) "Board" shall have the meaning set forth in Paragraph 10(d).

               (c) "Business Day" means (i) if any class of common stock of the
Company is listed or admitted to trading on a national securities exchange, a
day on which the principal national securities exchange on which such class of
common stock is listed or admitted to trading is open for business or (ii) if no
class of common stock of the Company is so listed or admitted to trading, a day
on which the New York Stock Exchange is open for business.

               (d) "Capital Reorganization" shall have the meaning set forth in
Paragraph 12(c).

               (e) "Change in Control" means (i) the sale, lease or other
transfer of all or substantially all of the assets of the Company to any person
or group (as such term is used in Section 13(d)(3) of the Exchange Act); (ii)
the adoption by the stockholders of the Company of a plan relating to the
liquidation or dissolution of the Company; (iii) the merger or consolidation of
the Company with or into another entity or the merger of another entity into the
Company or any subsidiary thereof with the effect that immediately after such
transaction the stockholders of the Company immediately prior to such
transaction (or their Related Parties) directly and indirectly hold less than
fifty percent (50%) of the total voting power of all securities generally
entitled to vote in the election of directors, managers or trustees of the
entity surviving such merger or consolidation; (iv) the acquisition by any
person or group of more than fifty percent (50%) of the direct and indirect
voting power of all securities of the Company generally entitled to vote in the
election of directors of the Company; or (v) the majority of the Board's being
composed of members who (A) have served less than twelve (12) months and (B)
were not approved by a majority of the Board at the time of their election or
appointment.

                                       16
<PAGE>   17

               (f) "Closing Price" with respect to any security on any day means
(a) if such security is listed or admitted for trading on a national securities
exchange, the reported last sales price regular way or, if no such reported sale
occurs on such day, the average of the closing bid and asked prices regular way
on such day, in each case as reported in the principal consolidated transaction
reporting system with respect to securities listed on the principal national
securities exchange on which such class of security is listed or admitted to
trading, or (b) if such security is not listed or admitted to trading on any
national securities exchange, the last quoted sales price, or, if not so quoted,
the average of the high bid and low asked prices in the over-the-counter market
on such day as reported by NASDAQ or any comparable system then in use or, if
not so reported, as reported by any New York Stock Exchange member firm
reasonably selected by the Company for such purpose.

               (g) "Common Stock" shall have the meaning set forth in
Paragraph 1.

               (h) "Common Stock Reorganization" shall have the meaning set
forth in Paragraph 10(b).

               (i) "Company" shall have the meaning set forth in the
introductory paragraph.

               (j) "Date of Grant" shall have the meaning set forth in the
introductory paragraph.

               (k) "Exercise Price" shall have the meaning set forth in
Paragraph 1.

               (l) "Exchange Act" shall mean the Securities Exchange Act of
1934, as amended, and any similar or successor federal statute, and the rules
and regulations of the Securities and Exchange Commission (or its successor)
thereunder, all as the same shall be in effect at the time.

               (m) "Fair Market Value," with respect to any security on any day,
means the average of the daily Closing Prices of a share or unit of such
security for the 20 consecutive Business Days ending on the most recent Business
Day for which a Closing Price is available; provided, however, that in the event
that, in the case of Common Stock, the Fair Market Value is determined following
the announcement by the Company of any subdivision, combination or
reclassification of Common Stock or the record date for such subdivision,
combination or reclassification, then, and in each such case, the Fair Market
Value shall be appropriately adjusted to reflect the current market price per
share equivalent of Common Stock. If a Closing Price for any security is not
available, then "Fair Market Value" shall mean the fair market value of such
security as determined in good faith by the Board.

                                       17
<PAGE>   18

               (n) "Holder" shall have the meaning set forth in Paragraph 1 and
shall also include registered assigns. The term Holders shall refer to all
Holders of Options.

               (o) "NASD" means the National Association of Securities Dealers,
Inc.

               (p) "NASDAQ" means The National Association of Securities
Dealers, Inc. Automated Quotation System.

               (q) "Option" shall have the meaning set forth in the introductory
paragraph. The term Options shall refer to the Options resulting from any
subdivision of this Option.

               (r) "Option Agency" shall have the meaning set forth in
Paragraph 7(a).

               (s) "Option Shares" shall have the meaning set forth in
 Paragraph 1.

               (t) "Person" or "person" means any individual, corporation,
partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or other agency or political
subdivision thereof.

               (u) "Related Parties" means, with respect to any person (i) the
spouse and lineal ascendants and descendants of such person, and any sibling of
any of such persons and (ii) any trust, corporation, partnership or other
entity, the beneficiaries, stockholders, partners, owners or persons
beneficially holding an eighty percent (80%) or more controlling interest of
which consist of persons referred to in subsection (i) above.

               (v) "Securities Act" means the Securities Act of 1933 and any
similar or successor federal statute, and the rules and regulations of the
Securities and Exchange Commission (or its successor) thereunder, all as the
same shall be in effect at the time.

               (w) "Stockholders Agreement" means the Amended and Restated
Stockholders Agreement dated as of June 6, 1997, as it may be amended from time
to time, among the Company and the stockholders parties thereto.

         25. Accredited Investor Status. The Holder hereby represents and
warrants to the Company that the Holder is an "Accredited Investor" (as defined
in Rule 501(a) of Regulation D promulgated under the Securities Act).

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       18
<PAGE>   19

         IN WITNESS WHEREOF, the undersigned have executed this Option as of the
date written below.

DATED:  March 29, 2000                    VIASYSTEMS GROUP, INC.

                                          By:
                                             --------------------------
                                             James N. Mills
                                             Chief Executive Officer

                                          Address: 101 South Hanley Road
                                                   Suite 400
                                                   St. Louis, Missouri  63105

ACCEPTED BY:

------------------------------

By:
   ----------------------------------
Name:
     --------------------------------
Title:
      -------------------------------

Address of Holder:

-------------------------------------
Holder Taxpayer Identification Number

<PAGE>   20

                                     ANNEX A

                               SUBSCRIPTION NOTICE

                    (To be executed upon exercise of Option)

         TO VIASYSTEMS GROUP, INC.:

         The undersigned hereby irrevocably elects to exercise the attached
Option and to purchase thereunder ________ shares of Common Stock in payment of
an Exercise Price in an amount equal to $_______________.

         Please issue a certificate or certificates for such shares of Common
Stock in the following name or names and denominations:

         If said number of shares shall not be all the shares issuable upon
exercise of the attached Option, a new Option is to be issued in the name of the
undersigned for the balance remaining of such shares less any fraction of a
share paid in cash.

Dated:  ______________, _____

                                 ----------------------------------------------
                                 Note:  The above signature should correspond
                                        exactly with the name on the face of
                                        the attached Option or with the name
                                        of the assignee appearing in the
                                        assignment form below.

<PAGE>   21

                                     ANNEX B

                                  CERTIFICATION

         The undersigned hereby certifies to Viasystems Group, Inc. that he, she
or it is:

          a.   an "accredited investor" as that term is defined in Regulation D
               promulgated pursuant to the Securities Act or any successor
               regulation, as such provisions may be in effect on the date
               hereof, and is an "accredited investor" pursuant to Rule 501(a)
               of such regulation; and

          b.   is knowledgeable, sophisticated and experienced in business and
               financial matters and in securities similar to the Common Stock;
               is aware of the limitation on the transfer of the Common Stock
               imposed by applicable securities laws and any limitations on
               transfer imposed by contracts with the Company or others; and has
               had access to, or been furnished with, all information about the
               Common Stock and the Company deemed necessary to conclude that
               he, she or it has the ability to bear the economic risk of the
               investment in the Common Stock and to afford the complete loss of
               such investment.

         IN WITNESS WHEREOF, the undersigned has executed this CERTIFICATION
this _____ day of______________________,_____ .

For Individuals:                          For Entities:

-------------------------------------     -------------------------------------
Signature                                        Printed Name of Entity

                                          By:
-------------------------------------       -----------------------------------
Printed Name                              Name:
                                              ---------------------------------
                                          Title:
                                               --------------------------------<PAGE>   1
                                                                    EXHIBIT 10.1

                                CONTRACT OF SALE

         This Agreement is entered into by and between GEORGE WOELFEL,
individually and as Co-Trustee of the Woelfel PNC Trust, and PNC BANK, N.A., as
Co-Trustee of the Woelfel PNC Trust (collectively "Seller") and SILVERLEAF
RESORTS, INC., a Texas corporation ("Purchaser").

                              W I T N E S S E T H:

         FOR AND IN CONSIDERATION of the promises, undertakings, and mutual
covenants of the parties herein set forth, Seller hereby agrees to sell and
Purchaser hereby agrees to purchase and pay for all that certain property
hereinafter described in accordance with the following terms and conditions:

                                    ARTICLE I

                                    PROPERTY

         The conveyance by Seller to Purchaser shall include the following
described tracts or parcels of land, together with all and singular the rights
and appurtenances pertaining to such land including any right, title and
interest of Seller in and to adjacent strips or gores, streets, alleys, or
rights-of-way and all rights of ingress and egress thereto:

                  Those certain tracts of land located in the Township of
         Butler, Luzerne County, Pennsylvania, commonly known as excepted
         Parcels 8X, 9X and 11X and any other parcels of land or legal interest
         held by Seller located within and formerly part of Beech Mountain
         Lakes.

Hereafter the aforesaid real property is referred to as the "Subject Property."
The conveyance by Seller to Purchaser shall also include all buildings and other
improvements on the Subject Property.

                                   ARTICLE II

                                 PURCHASE PRICE

         The purchase price to be paid by Purchaser to Seller for the Subject
Property shall be the sum of Three Hundred Thousand and No/100 Dollars
($300,000.00). The purchase price shall be payable all in cash at the closing.

                                      -1-
<PAGE>   2

                                   ARTICLE III

                                  EARNEST MONEY

         Within two (2) business days after final execution of this Contract by
all parties hereto, Purchaser shall deliver Purchaser's check in the amount of
Sixty Thousand and No/100 Dollars ($60,000.00) to Davis Chant, 106 East Harford
Street, Milford, Pennsylvania 18337 (the "Escrow Agent"). The Escrow Agent shall
immediately cash the earnest money check and deposit the proceeds thereof in an
interest bearing account, the earnings from which shall accrue to the benefit of
Purchaser (hereinafter the proceeds of the earnest money check shall be referred
to as the "earnest money"). If Purchaser does not terminate this Contract during
the Title Review Period (as defined in Article V hereinbelow), then, within two
(2) business days after the expiration of the Title Review Period, the Escrow
Agent shall immediately disburse the entire $60,000.00 earnest money deposit to
Seller; upon such disbursement the $60,000.00 earnest money deposit shall be
non-refundable to the Purchaser except in the event of a default by Seller
hereunder, but if this Contract closes, then the entire $60,000.00 earnest money
deposit shall be applied in partial satisfaction of the purchase price payable
at closing. Notwithstanding the foregoing or anything to the contrary contained
herein, in no event shall the $60,000.00 earnest money deposit be disbursed to
Seller until or unless Seller has complied with Seller's obligation to withdraw
as a party from Case No. 2001-C of 1999.

         In the event that this Contract is closed, then all earnest money shall
be applied in partial satisfaction of the purchase price. In the event that this
Contract is not closed, then the earnest money shall be disbursed in the manner
provided for elsewhere herein.

                                   ARTICLE IV

                 PRE-CLOSING OBLIGATIONS OF PURCHASER AND SELLER

         As soon as reasonably possible after execution of this Contract by all
parties hereto, Seller, at Purchaser's sole cost and expense, shall obtain and
deliver to Purchaser copies of the following (collectively the "Purchaser Due
Diligence Items"):

                  a. An updated survey of the Subject Property dated subsequent
         to the date of execution of this Contract and prepared by a licensed
         professional engineer or surveyor acceptable to Purchaser, which Survey
         shall: (a) include a metes and bounds legal description of the Subject
         Property; (b) accurately show all improvements, encroachments and uses
         and accurately show all easements and encumbrances visible or listed on
         the Title Commitment (identifying each by recording reference if
         applicable); (c) recite the number of acres included in the

                                     - 2 -
<PAGE>   3

         Subject Property; (d) state whether the Subject Property (or any
         portion thereof) lies within a flood zone, or flood prone area; and (e)
         contain a certificate verifying that the Survey was made on the ground,
         that the Survey is correct, that there are no improvements,
         encroachments, easements, uses or encumbrances except as shown on the
         survey plat, that the area represented for the Subject Property has
         been certified by the surveyor as being correct, and that the Subject
         Property does not lie within any flood zone or flood prone area, except
         as indicated thereon. Unless otherwise agreed by Seller and Purchaser,
         the metes and bounds description contained in the Survey shall be the
         legal description employed in the documents of conveyance of the
         Subject Property; and

                  b. A current commitment (the "Title Commitment") for the
         issuance of an owner's policy of title insurance to the Purchaser,
         together with good and legible copies of all documents constituting
         exceptions to Seller's title as reflected in the Title Commitment.

By execution hereof, George Woelfel, individually and as Co-Trustee of the
Woelfel PNC Trust, and acting in his capacity as Co-Trustee of the Woelfel PNC
Trust, will and does hereby agree to withdraw as a party from Case No. 2001-C of
1999 and from any involvement whatsoever by George Woelfel, any members of his
family, and the Woelfel PNC Trust, including the financing of any litigation,
objections or appeals by third parties, in any objection, appeals, or litigation
concerning the application by Purchaser for a timeshare project at and upon
Beech Mountain Lakes, Butler Township, Luzerne County, Pennsylvania. Woelfel
agrees that from and after the date hereof neither Woelfel nor any members of
his family nor the Woelfel PNC Trust will become involved in any controversies
or litigation that might delay or hinder Purchaser with respect to the
development of Purchaser's proposed timeshare project at Beech Mountain Lakes.
Woelfel agrees to have Case No. 2001-C of 1999 withdrawn by Woelfel. Purchaser
shall simultaneously with the withdrawal of Case No. 2001-C of 1999 file a
dismissal with prejudice of the declaratory judgment action filed to Case No.
2433-C of 1999.

                                    ARTICLE V

                             TITLE INSPECTION PERIOD

         Purchaser shall have a period of time commencing on the date of
execution of this Contract and expiring five (5) days from the date on which
Purchaser obtains the last of the items to be obtained by Purchaser pursuant to
Article IV(a) and (b) hereinabove within which to review and approve the status
of Seller's title to the Subject Property (the "Title Review Period"), which
Title Review Period shall not exceed forty-five (45) days without a written
explanation from Purchaser and a written consent to extend the Title Review
Period by Seller, which consent shall not be unreasonably withheld. If the
information to be provided to or obtained by Purchaser pursuant to the
provisions of Article IV hereinabove reflects or discloses any defect, exception
or other matter

                                     - 3 -
<PAGE>   4

affecting the Subject Property ("Title Defects") that renders title to the
Subject Property unmarketable, then prior to the expiration of the Title Review
Period Purchaser shall provide Seller with written notice of Purchaser's
objections. Seller may, at Seller's sole option, elect to cure or remove the
objections raised by Purchaser; provided, however, that Seller shall have no
obligation to do so. Should Seller elect to attempt to cure or remove the
objections, Seller shall have ten (10) days from the date of Purchaser's written
notice of objections (the "Cure Period") in which to accomplish the cure. In the
event Seller either elects not to cure or remove the objections or is unable to
accomplish the cure prior to the expiration of the Cure Period, then Seller
shall so notify Purchaser in writing specifying which objections Seller does not
intend to cure, and then Purchaser shall be entitled, as Purchaser's sole and
exclusive remedies, either to terminate this Agreement by providing written
notice of termination to Seller within ten (10) days from the date on which
Purchaser receives Seller's no-cure notice or waive the objections and close
this transaction as otherwise contemplated herein. If Purchaser shall fail to
notify Seller in writing of any objections to the state of Seller's title to the
Subject Property as shown by the Survey and Title Commitment, then Purchaser
shall be deemed to have no objections to the state of Seller's title to the
Subject Property as shown by the Survey and Title Commitment, and any exceptions
to Seller's title which have not been objected to by Purchaser and which are
shown on the Survey or described in the Title Commitment shall be considered to
be "Permitted Exceptions." It is further understood and agreed that any Title
Defects which have been objected to by Purchaser and which are subsequently
waived by Purchaser shall be Permitted Exceptions. Notwithstanding the foregoing
or anything to the contrary contained herein, Purchaser agrees that Purchaser
will not raise any issues which have been asserted in the pleadings filed in
connection with the declaratory judgment action filed in Case No. 2433-C of 1999
as a title defect.

                                   ARTICLE VI

              REPRESENTATIONS, WARRANTIES, AND COVENANTS OF SELLER

         Seller represents and warrants to Purchaser that at closing Seller
shall convey the Subject Property to Purchaser free and clear of all liens,
encumbrances, security interests, leases, and easements except for the Permitted
Exceptions. At closing , title to the Subject Property shall be good and
marketable and shall be such as will be insured at regular rates, without
exception, by a title insurance company of Purchaser's choice licensed to do
business in Pennsylvania.

                                     - 4 -
<PAGE>   5

         Seller further covenants and agrees with Purchaser that, from the date
hereof until the closing, Seller shall not sell, assign, or convey any right,
title, or interest whatsoever in or to the Subject Property, or create or permit
to exist any lien, security interest, easement, encumbrance, charge, or
condition affecting the Subject Property (other than the Permitted Exceptions)
without promptly discharging the same prior to closing.

         All of the foregoing representations and warranties of Seller are made
by Seller both as of the date hereof and as of the date of the closing
hereunder. Notwithstanding the foregoing or anything to the contrary contained
herein, it is understood and agreed that the representations and warranties set
forth hereinabove shall survive the closing of this Contract only for a period
of one (1) year following the closing date, but not thereafter, and Seller shall
have no liability of any kind whatsoever for any breach thereof except to the
extent a claim is asserted against Seller within such one (1) year period.

                                   ARTICLE VII

                         CONDITIONS PRECEDENT TO CLOSING

         The obligation of Purchaser to close this Contract shall, at the option
of Purchaser, be subject to the following conditions precedent:

                  a. All of the representations, warranties and agreements of
         Seller set forth in this Contract shall be true and correct in all
         material respects as of the date hereof and at closing, and Seller
         shall not have on or prior to closing, failed to meet, comply with or
         perform in any material respect any conditions or agreements on
         Seller's part as required by the terms of this Contract;

                  b. There shall be no change in the matters reflected in the
         Title Commitment, and there shall not exist any encumbrance or title
         defect affecting the Subject Property not described in the Title
         Commitment except for the Permitted Exceptions; and

                  c. There shall be no changes in the matters reflected in the
         Survey, and there shall not exist any easement, right-of-way,
         encroachment, waterway, pond, flood plain, conflict or protrusion with
         respect to the Subject Property not shown on the Survey;

         If any such condition is not fully satisfied by closing, Purchaser may
terminate this Contract by written notice to Seller whereupon this Contract
shall be cancelled, all earnest money shall be returned to Purchaser and
thereafter neither Seller nor Purchaser shall have any continuing obligations
one unto the other.

                                     - 5 -
<PAGE>   6

                                  ARTICLE VIII

                                     CLOSING

         The closing hereunder shall take place at the offices of the title
company which issues the Title Commitment. The closing shall occur within ten
(10) days from the date on which Seller has received final approval of the
planning and zoning for Seller's proposed development at Beech Mountain Lakes
from Butler Township and all appeal periods regarding such planning and zoning
approval have expired, but in no event shall the closing occur later than one
hundred eighty (180) days from the date of execution of this Contract. Purchaser
shall notify Seller at least five (5) days in advance of the exact time and date
of closing.

                                   ARTICLE IX

                         SELLER'S OBLIGATIONS AT CLOSING

         At the closing, Seller shall do the following:

                  a. Deliver to Purchaser a deed covering the Subject Property,
         duly signed and acknowledged by Seller, which deed shall be in form
         reasonably acceptable to Purchaser for recording and shall convey to
         Purchaser good and marketable title to the Subject Property, free and
         clear of all liens, rights-of-way, easements, and other matters
         affecting title to the Subject Property, except for the Permitted
         Exceptions.

                  b. Deliver or cause to be delivered to Purchaser an ALTA
         owner's form of title insurance policy (the "Title Policy") insuring
         Purchaser in the amount of the purchase price that Purchaser has
         acquired good and marketable title to the Subject Property, subject
         only to the Permitted Exceptions. Purchaser shall be entitled to
         request the title company to provide, at Purchaser's sole cost and
         expense, such endorsements (or amendments) to the Title Policy as
         Purchaser may reasonably require so long as such endorsements or
         amendments impose no additional liability on Seller or delay the
         closing. Purchaser acknowledges and agrees that the Title Policy may be
         actually delivered within a reasonable time following the closing so
         long as Purchaser has received at closing a current binding title
         commitment obligating the title company to deliver the Title Policy.
         Purchaser shall pay the premium for a standard owner's form of title
         insurance policy in the amount of the purchase price, and Purchaser
         shall pay the cost of any title endorsements required by Purchaser and
         the cost of any reinsurance required by Purchaser.

                  c. Deliver a non-withholding statement that will satisfy the
         requirements of Section 1445 of the Internal Revenue Code so that
         Purchaser is not required to withhold any portion of the purchase price
         for payment to the Internal Revenue Service.

                  d. Deliver to Purchaser any other documents or items necessary
         or convenient in the reasonable judgment of Purchaser to carry out the
         intent of the parties under this Contract.

                                     - 6 -
<PAGE>   7

                                    ARTICLE X

                       PURCHASER'S OBLIGATIONS AT CLOSING

         At the closing, Purchaser shall deliver to Seller the purchase price in
cash.

                                   ARTICLE XI

                              COSTS AND ADJUSTMENTS

         At closing, the following items shall be adjusted or prorated between
Seller and Purchaser:

                  a. Any real estate transfer taxes or sales taxes payable in
         connection with the sale of the Subject Property shall be divided
         equally between Seller and Purchaser.

                  b. Ad valorem taxes for the Subject Property for the current
         calendar year shall be prorated as of the date of closing, and Seller
         shall pay to Purchaser in cash at closing Seller's pro rata portion of
         such taxes. Seller's pro rata portion of such taxes shall be based upon
         taxes actually assessed for the current calendar year or, if for any
         reason such taxes for the Subject Property have not been actually
         assessed, such proration shall be based upon the amount of such taxes
         for the immediately preceding calendar year, and adjusted by cash
         settlement when exact amounts are available. However, anything herein
         to the contrary notwithstanding, any tax abatement or refund for a
         period of time prior to closing shall belong to Seller.

                  c. All other closing costs, including but not limited to,
         recording and escrow fees shall be paid by the Purchaser; provided,
         however, that Seller and Purchaser shall each be responsible for the
         fees and expenses of their respective attorneys.

         Seller agrees to indemnify and hold Purchaser harmless of and from any
and all liabilities, claims, demands, suits, and judgments, of any kind or
nature (except those items which under the terms of this Contract specifically
become the obligation of Purchaser), brought by third parties and based on
events occurring on or before the date of closing and which are in any way
related to the ownership, maintenance, or operation of the Subject Property, and
all expenses related thereto, including, but not limited to, court costs and
attorneys' fees.

         Purchaser agrees to indemnify and hold Seller harmless of and from any
and all liabilities, claims, demands, suits, and judgments, of any kind or
nature, brought by third parties and based on events occurring subsequent to the
date of closing and which are in any way related to the ownership, maintenance
or operation of the Subject Property, and all expenses related thereto,
including, but not limited to, court costs and attorneys' fees.

         Notwithstanding anything to the contrary contained herein, the
indemnities set forth in this Article XI shall survive the closing hereunder.

                                     - 7 -
<PAGE>   8

                                   ARTICLE XII

                                ENTRY ON PROPERTY

         Purchaser, Purchaser's agents, employees, servants, or nominees, are
hereby granted the right to enter upon the Subject Property at any time prior to
closing for the purpose of inspecting the Subject Property and conducting such
engineering and mechanical tests as Purchaser may deem necessary or advisable,
any such inspections and tests to be made at Purchaser" sole expense. Purchaser
agrees to indemnify and hold Seller harmless from and against any and all
losses, damages, costs, or expenses incurred by Seller as a result of any
inspections or tests made by Purchaser.

                                  ARTICLE XIII

                             POSSESSION OF PROPERTY

         Possession of the Property free and clear of all uses and
encroachments, except the Permitted Exceptions, shall be delivered to Purchaser
at closing.

                                   ARTICLE XIV

                                     NOTICES

         All notices, demands, or other communications of any type given by the
Seller to the Purchaser, or by the Purchaser to the Seller, whether required by
this Contract or in any way related to the transaction contracted for herein,
shall be void and of no effect unless given in accordance with the provisions of
this paragraph. All notices shall be in writing and delivered to the person to
whom the notice is directed, either in person, by facsimile transmission, or by
United States Mail, as a registered or certified item, return receipt requested.
Notices delivered by mail shall be deemed given when deposited in a post office
or other depository under the care or custody of the United States Postal
Service, enclosed in a wrapper with proper postage affixed, addressed as
follows:

         Seller:                            George Woelfel
                                            R.R. 1, Box 310
                                            Sugarloaf, Pennsylvania 18249

         Purchaser:                         Silverleaf Resorts, Inc.
                                            1221 Riverbend Dr., Suite 120
                                            Dallas, Texas  75247
                                            Telephone No.:  (214) 631-1166
                                            Facsimile No.:  (214) 905-0514

                                     - 8 -
<PAGE>   9

         With Required Copy to:             Meadows, Owens, Collier, Reed,
                                              Cousins & Blau, L.L.P.
                                            3700 Bank of America Plaza
                                            901 Main Street
                                            Dallas, Texas 75202
                                            Attn:  George R. Bedell, Esq.
                                            Telephone No.:  (214) 749-2448
                                            Facsimile No.:  (214) 747-3732

                                   ARTICLE XV

                                    REMEDIES

         In the event that Seller fails to timely comply with all conditions,
covenants and obligations of Seller hereunder, it shall be an event of default
and Purchaser shall have the option (i) to terminate this Contract by providing
written notice thereof to Seller, in which event the earnest money shall be
returned immediately to Purchaser by the Escrow Agent and the parties hereto
shall have no further liabilities or obligations one unto the other; (ii) to
waive any defect or requirement and close this Contract; or (iii) to sue Seller
for specific performance or for damages. The exercise of any of the foregoing
remedies of Purchaser shall not in any manner be construed as a waiver of
Purchaser's right to seek specific performance or to sue for damages, and in the
event of a default by Seller hereunder, Purchaser shall be entitled to enforce
specific performance hereunder or sue Seller for damages.

         In the event that Purchaser fails to timely comply with all conditions,
covenants, and obligations Purchaser has hereunder, such failure shall be an
event of default, and Seller's sole remedy shall be to receive the Earnest
Money. The Earnest Money is agreed upon by and between the Seller and Purchaser
as liquidated damages due to the difficulty and inconvenience of ascertaining
and measuring actual damages, and the uncertainty thereof, and no other damages,
rights, or remedies shall in any case be collectible, enforceable, or available
to the Seller other than in this paragraph defined, and Seller shall accept the
Earnest Money as Seller's total damages and relief.

                                     - 9 -
<PAGE>   10

                                   ARTICLE XVI

                                   ASSIGNMENT

         Purchaser shall have the right to nominate who shall take title and who
shall succeed to Purchaser's duties and obligations hereunder, or assign this
Contract to any person, firm, corporation, or other entity which Purchaser may,
at Purchaser's sole option, choose, and from and after such nomination or
assignment, wherever in this Contract reference is made to Purchaser such
reference shall mean the nominee or assignee who shall succeed to all the
rights, duties, and obligations of Purchaser hereunder.

                                  ARTICLE XVII

                        INTERPRETATION AND APPLICABLE LAW

         This Agreement shall be construed and interpreted in accordance with
the laws of the State of Pennsylvania. Where required for proper interpretation,
words in the singular shall include the plural; the masculine gender shall
include the neuter and the feminine, and vice versa. The terms "successors and
assigns" shall include the heirs, administrators, executors, successors, and
assigns, as applicable, of any party hereto.

                                  ARTICLE XVIII

                                    AMENDMENT

         This Contract may not be modified or amended, except by an agreement in
writing signed by the Seller and the Purchaser. The parties may waive any of the
conditions contained herein or any of the obligations of the other party
hereunder, but any such waiver shall be effective only if in writing and signed
by the party waiving such conditions and obligations.

                                   ARTICLE XIX

                                    AUTHORITY

         Each person executing this Contract warrants and represents that he is
fully authorized to do so.

                                     - 10 -
<PAGE>   11

                                   ARTICLE XX

                                 ATTORNEYS' FEES

         In the event it becomes necessary for either party to file a suit to
enforce this Contract or any provisions contained herein, the prevailing party
shall be entitled to recover, in addition to all other remedies or damages,
reasonable attorneys' fees and costs of court incurred in such suit.

                                   ARTICLE XXI

                              DESCRIPTIVE HEADINGS

         The descriptive headings of the several paragraphs contained in this
Contract are inserted for convenience only and shall not control or affect the
meaning or construction of any of the provisions hereof.

                                  ARTICLE XXII

                                ENTIRE AGREEMENT

         This Contract (and the items to be furnished in accordance herewith)
constitutes the entire agreement between the parties pertaining to the subject
matter hereof and supersedes all prior and contemporaneous agreements and
understandings of the parties in connection therewith. No representation,
warranty, covenant, agreement, or condition not expressed in this Contract shall
be binding upon the parties hereto or shall affect or be effective to interpret,
change, or restrict the provisions of this Contract.

                                  ARTICLE XXIII

                             MULTIPLE ORIGINALS ONLY

         Numerous copies of this Contract may be executed by the parties hereto.
Each such executed copy shall have the full force and effect of an original
executed instrument.

                                  ARTICLE XXIV

                                   ACCEPTANCE

         Seller shall have until 5:00 o'clock p.m., September 20, 1999, to
execute and return a fully executed original of this Contract to Purchaser,
otherwise this Contract shall become null and void. Time is of the essence of
this Contract. The date of execution of this Contract by Seller shall be the
date of execution of this Contract. If the final date of any period falls upon a
Saturday, Sunday,

                                     - 11 -
<PAGE>   12

or legal holiday under the laws of the State of Pennsylvania, then in such event
the expiration date of such period shall be extended to the next day which is
not a Saturday, Sunday, or legal holiday under the laws of the State of
Pennsylvania.

                                   ARTICLE XXV

                             REAL ESTATE COMMISSION

         Seller represents and warrants to Purchaser that Seller has not
contacted or entered into any agreement with any real estate broker, agent,
finder, or any other party in connection with this transaction, and that Seller
has not taken any action which would result in any real estate broker's,
finder's, or other fees or commissions being due and payable to any other party
with respect to the transaction contemplated hereby. Purchaser hereby represents
and warrants to Seller that Purchaser has not contracted or entered into any
agreement with any real estate broker, agent, finder, or any other party in
connection with this transaction, and that Purchaser has not taken any action
which would result in any real estate broker's, finder's, or other fees or
commissions being due or payable to any other party with respect to the
transaction contemplated hereby. Each party hereby indemnifies and agrees to
hold the other party harmless from any loss, liability, damage, cost, or expense
(including reasonable attorneys' fees) resulting to the other party by reason of
a breach of the representation and warranty made by such party herein.
Notwithstanding anything to the contrary contained herein, the indemnities set
forth in this Article XXV shall survive the closing.

                                  ARTICLE XXVI

                                 CONFIDENTIALITY

         Seller and Purchaser hereby agree that the terms and conditions of this
Contract shall be kept confidential and shall not be disclosed by either party
in any manner whatsoever, either in whole or in part, except to persons within
their organizations or families, regulatory agencies, auditors and accountants,
and business-related entities who have a need to know as part of their duties
and responsibilities.

                                     - 12 -
<PAGE>   13

         EXECUTED on this the 15th day of September, 1999.

                                          SELLER:

                                          /s/ GEORGE WOELFEL
                                          --------------------------------------
                                          GEORGE WOELFEL,
                                          INDIVIDUALLY AND AS
                                          CO-TRUSTEE OF THE WOELFEL
                                          PNC TRUST

                                          PNC BANK, N.A., CO-TRUSTEE
                                          OF THE WOELFEL PNC TRUST

                                          By: /s/ DAVID J. STEBER
                                             -----------------------------------
                                          Name: David J. Steber
                                               ---------------------------------
                                          Its: Asst. V.P. & Trust Officer
                                              ----------------------------------

         EXECUTED on this the 23rd day of September, 1999.

                                          PURCHASER:

                                          SILVERLEAF RESORTS, INC.

                                          By: /s/ ROBERT E. MEAD
                                             -----------------------------------
                                          Name: Robert E. Mead
                                               ---------------------------------
                                          Its:  CEO
                                              ----------------------------------

RECEIPT OF EARNEST MONEY AND ONE (1) EXECUTED COUNTERPART OF THIS CONTRACT IS
HEREBY ACKNOWLEDGED:

ESCROW AGENT:

/s/ DAVIS CHANT
------------------------------
DAVIS CHANT

                                      -13-

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