Document:

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                              EXHIBIT NUMBER 10.13
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                          OPTION AND LICENCE AGREEMENT
                             DATED [15] MARCH 2000

                                     BETWEEN

                          AUCKLAND UNISERVICES LIMITED
                                   UNISERVICES

                                       AND

                             PACIFIC LITHIUM LIMITED
                                       PLL

                                   Jones Young
                     Lawyers Corporate Advisers Strategists
                                    Auckland

                          Option and Licence Agreement
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                          OPTION AND LICENCE AGREEMENT

PARTIES

1.       AUCKLAND UNISERVICES LIMITED a duly incorporated company having its
         registered office at Auckland ("UNISERVICES") and

2.       PACIFIC LITHIUM LIMITED a duly incorporated company having its
         registered office at Auckland ("PLL")

BACKGROUND

A.       UNISERVICES is the owner of the proprietary rights in certain valuable
         Products comprising polymer compounds for use as electrolytes in
         battery applications which proprietary rights include patents,
         copyright and confidential information.

B.       UNISERVICES wishes PLL to carry out additional research and development
         on the Products to develop them into commercially feasible products.

C.       UNISERVICES grants PLL an option to take an exclusive licence of the
         rights to the Licensed Products on the terms and conditions in this
         Agreement.

THE PARTIES AGREE

1.       The terms set out in Parts 1, 2 and 4 of this Agreement shall apply as
         from the Commencement Date.

2.       The terms set out in Parts 1, 2, 3 and 4 of this Agreement shall apply
         in the event that the Option set out in Part 3 is exercised by PLL.

THIS AGREEMENT WAS EXECUTED AS OF THE 15TH DAY OF MARCH 2000

SIGNED by PACIFIC LITHIUM
LIMITED in accordance with its
Constitution by:

/s/ Robin T. Johannink
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Signature of authorised person                 Signature of authorised person

Managing Director
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Office held                                    Office held

Robin T. Johannink
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Option and Licence Agreement                                                   1
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Name of authorised person (print)              Name of authorised person (print)

SIGNED by AUCKLAND UNISERVICES
LIMITED in accordance with its
Constitution by:

/s/ Mark Burgess                              /s/ John A. Kernohan
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Signature of authorised person                Signature of authorised person

Operations Manager                            Chief Executive Officer
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Office held                                   Office held

Mark Burgess                                  John A. Kernohan
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Name of authorised person (print)             Name of authorised person (print)

Option and Licence Agreement                                                 2
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                                     PART 1

                                 INTERPRETATION

         PRESUMPTIONS OF INTERPRETATION

1.0      Unless the context otherwise requires, a word which denotes:

         1.1      The singular denotes the plural and vice versa;

         1.2      Any gender denotes the other genders; and

         1.3      A person includes an individual, a body corporate and a
                  government.

2.0      Unless the context otherwise requires, a reference to:

         2.1      Any legislation includes any regulation or instrument made
                  under it and where amended, re-enacted or replaced means that
                  amended, re-enacted or replacement legislation;

         2.2      Any other agreement or instrument where amended or replaced
                  means that agreement or instrument as amended or replaced;

         2.3      A Clause, Schedule or annexure is a reference to a clause of,
                  annexure to, schedule to or exhibit to this Agreement;

         2.4      A group of persons includes any one or more of them;

         2.5      A party or parties is a reference to a party to or the parties
                  to this Agreement; and to their related companies ("related
                  companies" having the same meaning given to it in section 2(3)
                  of the Companies Act 1993); and

         2.6      A thing or amount is a reference to the whole and each part of
                  it.

         JOINT AND SEVERAL

3.0      An agreement warranty representation or obligation which binds or
         benefits 2 or more persons under this Agreement binds or benefits those
         persons jointly and separately.

         SUCCESSORS AND ASSIGNS

4.0      A person includes the trustee, executor, administrator, successor in
         title and assign of that person. This Clause must not be construed as
         permitting a party to assign any right under this Agreement.

         BUSINESS DAY

5.0      A business day is a day during which banks are open for general banking
         business in Auckland.

6.0      Unless the context otherwise requires, a term of this Agreement which
         has the effect of requiring anything to be done on or by a date which
         is not a business day must be interpreted as if it required it to be
         done on or by the next business day.

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         DEFINITIONS

7.0      Where commencing with a capital letter:

         "COMMENCEMENT DATE" means the date of this Agreement

         "CONFIDENTIAL INFORMATION" means, in respect to each disclosing party,
         all information provided by that party including its Intellectual
         Property, and all other information relating to its processes, business
         and products where knowledge of such information is not in the public
         domain and might reasonably be regarded by the receiving party to be
         confidential.

         "CONFIRMATION DATE" means the date on which PLL gives notice of its
         intention to take up its Option under Clause 9.

         "CONTRACT YEARS" refers to the 12 month periods commencing on 1 April
         2000.

         "INTELLECTUAL PROPERTY" means, in respect to each party, all
         intellectual property of such party and of any related entity including
         the patents, patents pending, copyright, secret information and
         processes, all trade marks, trade names, know-how and all other
         information which is commercially sensitive or commercially valuable to
         that party;

         "LICENCE" means a Licence of the Patents and Products in accordance
         with the terms of Part 3 of this Agreement.

         "LICENCE TERM" means the period starting on the Confirmation Date and
         continuing until the last expiry date of the Patents.

         "MAXIMUM ROYALTY FEE" means the aggregate Royalty Fees of $1,000,000.

         "NEW DEVELOPMENTS" means all improvements, variations, or derivatives
         of the Products or the Patents developed by PLL and the processes
         developed by PLL which enable or will enable it to synthesise the
         Products or any New Developments on a commercial basis BUT SHALL NOT
         INCLUDE any developments of the Patents which name Dr Allan Easteal as
         co-inventor where the costs of such developments have not been directly
         funded by PLL.

         "OPTION" means the option to take a licence of the Patents described in
         clause 9.

         "PATENTS" means the patents for the Products set out in SCHEDULE A, any
         subsequent developments of the Patents which name Dr Allan Easteal as
         co-inventor and have not been directly funded by PLL, and such other
         patents owned by UNISERVICES which are added by mutual agreement with
         PLL to SCHEDULE A during the Licence Term.

         "PRODUCTS" means the polymer products described in the Patents for use
         as electrolytes in battery applications which have been developed by or
         licensed or assigned to UNISERVICES.

Option and License Agreement                                                   4
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         "ROYALTY FEES" means the fees or share of revenue payable by PLL to
         UNISERVICES on the Licensed Products set out in SCHEDULE B as amended
         under this agreement.

         "$" and "DOLLARS" mean NZ dollars.

         "TERRITORY" means the World

         EXTENSION OF DEFINITIONS

8.0      Where a word or phrase is given a defined meaning, another part of
         speech or other grammatical form in respect of that word or phrase has
         a corresponding meaning.

Option and Licence Agreement                                                   5
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                                     PART 2

              OPTION ON PRODUCTS AND OWNERSHIP OF NEW DEVELOPMENTS

         GRANT OF OPTION

9.0      In consideration for PLL agreeing to undertake further research and
         development on the Products, UNISERVICES hereby irrevocably grants to
         PLL the right to take a Licence of the Products on the following terms:

9.1      The Option must be exercised by PLL by giving UNISERVICES notice in
         writing of its intention to exercise on or before 31 December 2001.

9.2      The terms of the Licence shall be as set out in Part 3.

9.3      UNISERVICES may not grant any option, licence or other rights to any
         third party in relation to the Patents (whether conditional upon the
         lapse of the Option or otherwise) during the term of this Agreement
         without PLL's prior approval.

9.4      UNISERVICES shall not itself produce, manufacture or otherwise
         distribute the Products except for bona fide research purposes.

         CONDUCT OF FURTHER RESEARCH AND DEVELOPMENT

10.0     UNISERVICES agrees to permit PLL to conduct further research and
         development on the Products prior to its exercise of the Option
         PROVIDED THAT PLL shall cease all research and development if it does
         not exercise the Option.

11.0     UNISERVICES shall provide PLL with access to all research materials,
         laboratory books and other information relating to the Patents and the
         Products in its possession or in the possession of the inventors named
         in the Patents. UNISERVICES shall also co-operate with PLL where
         reasonably possible to provide PLL with the services of the inventors
         and other persons who may assist PLL in its research and development on
         the Products, and PLL shall pay UNISERVICES its reasonable charges for
         such services.

         OWNERSHIP OF NEW DEVELOPMENTS

12.0     UNISERVICES acknowledges that all New Developments (including all
         accretions to the Patents developed by UNISERVICES at the request and
         cost of PLL) shall be the sole and exclusive property of PLL.
         UNISERVICES shall at the request of PLL, provide PLL with all documents
         required by PLL to effect the filing of the patent applications for
         such developments, including assignments of rights signed by the
         persons employed by UNISERVICES.

         RESTRICTION ON SALE OF LICENSED PRODUCTS

13.0     PLL may not sell the Licensed Products prior to the exercise of the
         Option. PLL may, however, provide samples of the Licensed Products to
         potential buyers of the Licensed Products for evaluation purposes
         provided PLL has obtained Non-Disclosure Agreements from such persons
         in PLL's standard form (which shall include a prohibition on analysis).

         Option and Licence Agreement

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         PAYMENT OF PATENT COSTS

14.0     PLL shall manage the prosecution, grant and continuing registration of
         all patents filed or required by the parties to be filed in respect to
         the Products and shall promptly pay all such costs.

         Option and Licence Agreement

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                                     PART 3

                        LICENSING OF PATENTS AND PRODUCTS

         CONFIRMATION OF UPTAKE OF LICENCE RIGHTS

15.0     This Part 3 shall commence and be in full force and effect if PLL gives
         notice to UNISERVICES that it exercises the Option and takes up this
         Licence on or before 31 December 2001 or such later date agreed by
         UNISERVICES, failing which, this Part 3 shall have no effect.

         GRANT OF LICENCE

16.0     Subject to the exercise of the Option, UNISERVICES grants to PLL and
         PLL accepts the sole and exclusive rights to exploit the Patents and
         the Products owned by UNISERVICES or exclusively licensed or assigned
         to UNISERVICES as at the Confirmation Date for the Licence Term,
         whether by manufacture, distribution, sub-licence or otherwise.

         PAYMENT OF ROYALTY FEES

17.0     PLL shall pay to UNISERVICES the lower of the Royalty Fees or the
         Maximum Royalty Fee during the Licence Term in consideration for the
         Licence.

18.0     The Royalty Fees, shall be calculated quarterly and payable no later
         than 30 days following the end of each Contract Year quarter.

         ADJUSTMENT TO ROYALTY FEES

19.0     UNISERVICES acknowledges that if PLL establishes to UNISERVICES'
         reasonable satisfaction that there may be strong commercial advantages
         in combining third parties' know-how with the Patents, it will join in
         negotiations with PLL and such third parties and shall in good faith,
         use its best efforts to agree on the amount of royalties to be paid by
         PLL to UNISERVICES and the third parties PROVIDED THAT PLL shall not be
         obliged to agree to pay royalties to all parties where the total amount
         would exceed the Royalty Fees that would have been payable to
         UNISERVICES if the third parties' know-how had not been used. Multiple
         Royalty Fees shall not be due to UNISERVICES if the sale, use, lease or
         manufacture of any Products is covered by more than one of the Patents.

MAXIMISE SALES

20.0     PLL shall use its best endeavours to maximise the sale of the Products
         during the Licence Term.

INFORMATION AND AUDIT

21.0     UNISERVICES shall be entitled to receive such information that
         UNISERVICES may reasonably require to calculate the amount of Royalty
         Fees computed as per Schedule B

22.0     UNISERVICES may from time to time, by its representative or by an
         independent accountant or auditor, examine or audit the records of PLL
         relating to any information

         Option and Licence Agreement
                                                                               8
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         which PLL has provided to UNISERVICES or which PLL is required to have
         provided to UNISERVICES but has failed to do so.

23.0     UNISERVICES shall pay the cost of any inspection or audit carried out
         pursuant to the immediately preceding Clause 22.

         Option and Licence Agreement
                                                                               9
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                                     PART 4

                          GENERAL TERMS AND CONDITIONS

         OWNERSHIP OF INTELLECTUAL PROPERTY

24.0     PLL acknowledges and agrees that UNISERVICES has ownership, Licence or
         other rights to the Intellectual Property in respect to the Patents. In
         order to protect and maintain UNISERVICES' rights in the above, PLL
         shall use UNISERVICES' Intellectual Property solely in accordance with
         this Agreement.

25.0     UNISERVICES acknowledges and agrees that PLL has sole and exclusive
         rights to the Intellectual Property in respect to the New Developments.
         In order to protect and maintain PLL's rights in the above, UNISERVICES
         shall use PLL's Intellectual Property solely in accordance with this
         Agreement.

26.0     UNISERVICES warrants and undertakes to PLL that UNISERVICES and/or its
         related companies have full right, power and entitlement to grant to
         PLL the rights in respect to the Patents and the Products set out in
         this Agreement and shall provide PLL with such evidence as PLL shall
         reasonably require to establish such claim.

         RIGHTS IN THE INTELLECTUAL PROPERTY UPON TERMINATION OF THIS AGREEMENT

27.0     On termination of this Agreement PLL and UNISERVICES will:

         27.1     Immediately cease to use the Intellectual Property of the
                  other;

         27.2     Not thereafter do or display or suffer or permit to be done or
                  displayed any act matter or thing which may lead or induce or
                  shall be calculated or likely to lead or induce members of the
                  public to believe that the parties are still connected or
                  associated in any way with each other or are still entitled to
                  market or distribute the Products.

28.0     If any party fails to comply with Clause 27.2 then the other party by
         its employees and agents may enter the defaulting party's premises and
         remove all of its Intellectual Property and material relating to its
         Intellectual Property. All costs and expenses incurred in so doing
         shall be recoverable as a debt owing by the defaulting party.

         CONFIDENTIALITY

29.0     No party will disclose to any person any Confidential Information,
         unless that disclosure is expressly authorised in writing by the owner
         of such Confidential Information.

30.0     Other than may be necessary to reasonably carry out either party's day
         to day commercial activities, neither party shall disclose the terms of
         this Agreement nor issue any promotional material or other public
         announcement or disclosure in respect to the existence or nature of the
         relationship between PLL and UNISERVICES without the prior approval of
         the other.

         Option and Licence Agreement

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         SPECIFIC SECRECY OBLIGATIONS

31.0     Each of the Parties shall:

         31.1     Treat as confidential and keep absolutely secret, all the
                  Confidential Information received by it from the other party;

         31.2     Take all proper and effective precautions to prevent the
                  disclosure of the Confidential Information and to preserve the
                  secrecy and confidentiality of the Confidential Information
                  including, without limitation, taking all necessary action to
                  prevent unauthorised persons from obtaining access to the
                  Confidential Information whether by a direct or indirect
                  exposure to it or otherwise;

         31.3     Take all reasonable steps to ensure that its employees or
                  agents also observe the secrecy requirements of this
                  Agreement; and

         31.4     Return to the owner all physical or written records containing
                  the Confidential Information or documentation relating to or
                  concerning the Confidential Information including copies of
                  documentation then in existence immediately upon the
                  termination or expiration of this Agreement.

         CIRCUMSTANCES WHEN DISCLOSURE OF CONFIDENTIAL INFORMATION IS PERMITTED

32.0     A party is relieved of its obligations to preserve the confidentiality
         of the Confidential Information if and only to the extent that:

         32.1     Such Confidential Information is or becomes generally publicly
                  available other than as a result of a breach of this Agreement
                  by the party; or

         32.2     Such Confidential Information was developed independently by
                  the party; or

         32.3     Specific disclosure is required by law.

         BEST ENDEAVOURS

33.0     Each of the parties shall do all things necessary to carry out the
         terms of this Agreement to the fullest effect in accordance with best
         business practice. In particular, each of the parties shall diligently
         and fully exploit (or support the exploitation of) the rights under
         this Agreement.

         PROHIBITIONS

34.0     None of the parties:

         34.1     Use the Intellectual Property of the other parties except in
                  the manner permitted in this Agreement;

         34.2     Be a party to the doing of any act whereby the goodwill trade
                  or business of the other party may be prejudicially affected;

         34.3     Hold itself out as a related party of the other;

         Option and Licence Agreement

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         34.4     Pledge the credit of the other party;

         INDEMNITY AND WARRANTIES

35.0     Each of the parties ("the indemnifying party") unconditionally and
         irrevocably indemnifies the other against any loss, liability, costs or
         expenses which that other party may incur because the indemnifying
         party:

         35.1     Fails to pay any moneys due and payable to the other party (or
                  within any applicable period of grace) or in the manner
                  required;

         35.2     Fails to perform any of the indemnifying party's obligations
                  under this Agreement or under any other contractual
                  arrangement between the indemnifying party and the other
                  party;

         35.3     Has infringed the intellectual property rights of any other
                  person.

         And the indemnifying party will on demand pay to the other party the
         amount of that loss, liability, cost or expense

          PROVIDED THAT

         35.4     PLL acknowledges that UNISERVICES does not make any express or
                  implied warranty to PLL that the exercise by PLL of the rights
                  granted to PLL under this agreement will not infringe the
                  rights of any other party and that PLL indemnifies UNISERVICES
                  against any loss, liability, costs or expenses which
                  UNISERVICES may incur as a result of the exercise by PLL of
                  the rights in this agreement.

         RIGHT TO PROSECUTE INFRINGEMENTS OF THE INTELLECTUAL PROPERTY

36.0     PLL shall have the right under its control and at its own expense to
         prosecute any third party infringements of UNISERVICES' Intellectual
         Property so long as it is the sole and exclusive licensee of
         UNISERVICES' Intellectual Property. UNISERVICES shall cooperate with
         PLL on any action brought by PLL under this clause subject only to PLL
         paying UNISERVICES' reasonable costs.

37.      Nothing in Clause 36 shall oblige PLL to take any action that it does
         not consider to be in its best interests. However, in such
         circumstances, UNISERVICES may at its discretion and cost, take such
         action and any recovery obtained by UNISERVICES shall be the property
         of UNISERVICES. PLL shall cooperate with UNISERVICES on any action
         brought by UNISERVICES under this Clause subject only to UNISERVICES
         paying PLL's reasonable costs.

         TERMINATION

38.0     PLL shall have the right to terminate this Agreement at the end of any
         Contract Year for any reason upon at least 3 month's written notice to
         UNISERVICES or immediately without notice in the event that any third
         party claims that it is the owner of the UNISERVICES Intellectual
         Property.

         Option and Licence Agreement

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39.0     Either Party may elect to terminate this Agreement by giving notice in
         writing to the other party of its intention to do so if the other
         party:

         39.1     Commits a breach of any of the provisions of this Agreement
                  and fails to rectify the breach (if capable of being
                  rectified) within 30 days of being required to do so in
                  writing;

         39.2     Commits an act of bankruptcy or fails to contest within ten
                  working days of service of any petition in liquidation;

         39.3     Becomes the subject of any proceedings to obtain an order or
                  resolution for its winding up (except as part of a bona fide
                  reconstruction scheme);

         39.4     Has a receiver/manager, official manager or provisional
                  liquidator appointed over the whole or part of its
                  undertakings or assets;

         39.5     Has an execution or other process of any court or authority or
                  any distress levied upon any of its property without it being
                  paid out, set aside or withdrawn within 14 days of its issue;

         39.6     Has a substantial part of its assets resumed, confiscated or
                  forfeited;

         39.7     Agrees with the other party in writing to terminate this
                  Agreement at the end of any Contract Year; or

         39.8     After remedying any default in respect to which notice
                  requiring it to remedy such default was given, continues to
                  engage in the same non-compliance whether or not corrected
                  after such notice.

         CONSEQUENCES OF TERMINATION OR EXPIRATION

40.0     In the event that this Agreement expires or is terminated:

         40.1     All rights of PLL under this Agreement will terminate;

         40.2     PLL will forthwith;

                  (a)      Pay to UNISERVICES any outstanding Royalty Fees or
                           charges due to UNISERVICES at the effective date of
                           termination or expiration within 30 days of the
                           effective date of termination or expiration;

                  (b)      Cease to hold itself out as a licensee of the Patents
                           or Products or that it is associated with UNISERVICES
                           in any way;

                  (c)      Cease using UNISERVICES's Intellectual Property;

                  (d)      Return to UNISERVICES all documents and other
                           material or matters relating to its Intellectual
                           Property.

Option and Licence Agreement                                                  13
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41.0     Termination or expiration of this Agreement shall be without prejudice
         to any claim any party may have against the other or others under this
         Agreement as at the date of effective termination or expiration.

         GENERAL ACKNOWLEDGEMENTS

42.0     Each of the parties acknowledges that:

         42.1     This Agreement contains all the terms conditions and
                  obligations of the parties.

         42.2     It shall make, do perform and execute all documents acts
                  matters and things required to ensure that no term of this
                  Agreement shall be breached by it.

         NOTICES

43.0     Any notice, demand or other document under or relating to this
         Agreement will be sufficiently served if delivered personally or if
         sent by E-mail, fax, or prepaid registered letter to the party to be
         served at the address of such party at such address as may from time to
         time be notified in writing by such party to the other parties.

44.0     Any notice, demand or other document will be deemed to have been served
         at the time of delivery or, if service is effected in any other manner
         described, at the time when it would in the ordinary course be
         delivered.

         AMENDMENT

45.0     This Agreement may only be varied by the written agreement of the
         parties.

         APPROVALS AND CONSENT

46.0     Except when the contrary is stated in this Agreement, a party may give
         or withhold an approval or consent to be given under this Agreement in
         that party's absolute discretion and subject to those conditions
         determined by the respective party.

47.0     A party is not obliged to give its reasons for giving or withholding a
         consent or for giving a consent subject to conditions.

         COUNTERPARTS

48.0     This Agreement may be executed in a number of counterparts and if so
         executed, the counterparts taken together constitute one Agreement.

         NO WAIVER

49.0     No failure by a party to exercise any power given to it or to insist
         upon the strict compliance by the other or others with any obligations
         or conditions and no customary practice of the parties or variances
         with the terms of this Agreement shall constitute a waiver of that
         party's right to demand exact compliance with the terms of this
         Agreement other than in relation to breaches which have been waived nor
         shall a waiver by it of any particular default affect or impair its
         right in respect of any subsequent default of the same or different
         nature, nor any delay or omission by that party to exercise any right
         arising from default shall affect or impair its rights as to the said
         default or any subsequent default.

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         FURTHER ASSURANCE

50.0     Each party shall promptly execute all documents and do all things that
         another party from time to time reasonably requests to effect, perfect
         or complete this Agreement and all transactions incidental to it.

         LEGAL COSTS

51.0     The Parties shall each pay all their own legal and other expenses
         relating directly or indirectly to the negotiation, preparation and
         execution of this Agreement and all documents incidental to it.

         SEVERANCE

52.0     In the event of illegality, each of the terms of this Agreement is
         severable from the other terms of this Agreement and the severance of
         one term does not affect the other terms.

         DISPUTE RESOLUTION

53.0     The parties agree that any dispute arising out of or relating to this
         Agreement shall be resolved solely by:

         53.1     Negotiation between the chief executive officers of the
                  parties in good faith discussions, such discussions to be held
                  within 5 working days of one party notifying the other of a
                  dispute and the nature of such dispute;

         53.2     If the parties fail to resolve the dispute through mediation
                  within 120 working days, either party shall have the right to
                  pursue any other remedies available to it.

54.0     This Agreement shall be governed by the laws of New Zealand, except
         that any questions affecting the construction or effect of any of the
         Patents shall be determined by the law of the country in which the
         Patent shall have been granted.

Option and Licence Agreement                                                  15
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                                   SCHEDULE A

                                     PATENTS

Australia
Lithium Conducting Electrolyte                       Application No. PQ3895

Option and Licence Agreement                                                  16
<PAGE>   19
                                   SCHEDULE B

                                  ROYALTY FEES

ROYALTY FEES TO BE CALCULATED AS:

      a. 2.5% of the Licence fees earned by PLL or a related party from the
         sub-licensing to a third party of the rights to the Products whether
         such fees are paid by the sub-licensee in one sum or by instalments,
         and

      b. 2.5% of Net Sales where Licensed Products are manufactured by PLL or a
         related party of PLL.

PROVIDED THAT "Net Sales" shall be calculated according to the following
formula:

         NS = S x CF

         Where:
         NS  means Net Sales
         S means the FOB sales value of finished cells containing the Products
         before taxes
         CF means the proportion that the cost of the Products bear to the total
         cost of the materials used in the manufacture of the finished cells.

This is the final page of the Agreement.

Option and Licence Agreement                                                  17<PAGE>   1
                              EXHIBIT NUMBER 10.15
<PAGE>   2
                 -----------------------------------------------

                             PACIFIC LITHIUM LIMITED

                     DIRECTORS SHARE OPTION ALLOCATION DEED
                                       FOR
                                   KEITH YOUNG
                 -----------------------------------------------

                                   Jones Young
                     Lawyers Corporate Advisers Strategists
                                    Auckland
<PAGE>   3
                          SHARE OPTION ALLOCATION DEED

                       DATED THE 12TH DAY OF OCTOBER 1999

PARTIES

1.    PACIFIC LITHIUM LIMITED a duly incorporated company having its registered
      office at Auckland New Zealand ("PLL")

2.    KEITH YOUNG of Auckland New Zealand, solicitor ("Young")

BACKGROUND

1.    Young provides valuable services to PLL as a director of PLL.

2.    PLL has agreed to issue and Young has agreed to subscribe for the Options
      on the terms and conditions set out under this Deed.

      INTERPRETATION

1.    In this Deed:

      THE BOARD  means the board of directors of PLL.

      PLL means Pacific Lithium Limited and shall also include, where
      appropriate, companies which comprise the Group.

      EXCHANGE means a stock exchange or "over the counter" market on which the
      Shares are quoted.

      THE GROUP means PLL and its subsidiary companies and "subsidiary" shall
      bear the meaning as in the Companies Act 1993 (New Zealand) and all shall
      severally be "members of the Group".

      MARKET VALUE shall mean, as or any date of determination:

      -     if the Shares are not quoted on an Exchange, a valuation of the fair
            market value for the Shares as of the close of business on the
            business day immediately preceding the date of such determination,
            determined in good faith by the Board in such manner as they shall
            in their reasonable discretion determine using normal share
            valuation procedures; and

                                                                               2
<PAGE>   4
Pacific Lithium Limited Share Option Allocation Deed

      -     if the Shares are quoted on an Exchange, the weighted average
            closing sale price per share on the Exchange on which the Shares are
            principally traded, for the last five days on which there was a sale
            of such Shares on the Exchange immediately preceding the date of
            determination.

      MATERIAL BREACH means the gross breach by Young in the performance of his
      duties.

      OPTION means an option issued by PLL entitling the holder to acquire one
      Share in PLL pursuant to this Deed and OPTIONS means 50,000 of such
      Options.

      OPTION EXERCISE DATE means 11th October 2002.

      OPTION ISSUE DATE means 12th October 1999.

      SHARE ISSUE PRICE means NZ$4.80.

      SHARES means fully paid ordinary shares in PLL.

      ISSUE OF OPTIONS

2.    PLL issues the Options to Young free of charge and Young agrees to
      subscribe for the Options on the terms and conditions set out in this
      Deed.

      ISSUE OF CERTIFICATES

3.    PLL shall not be required to issue a certificate in respect to the Options
      but it shall register Young or his nominee as a holder of the Options.

4.    PLL shall issue a certificate for the Shares following their issue
      pursuant to the Options.

      EXERCISE OF THE OPTIONS

5.    Young may exercise the Options on or before the Option Exercise Date in
      such number as he shall determine from time to time. Any Option, to the
      extent not exercised on or prior to the Option Exercise Date shall
      terminate (time being of the essence).

6.    Young shall give to PLL:

      6.1   two working days written notice to PLL stating the whole number of
            Shares in respect to which the Exercisable Options are being
            exercised; and
<PAGE>   5
Pacific Lithium Limited Share Option Allocation Deed

      6.2   payment in full of the Share Issue Price in respect to each of the
            Options being exercised.

7.    If Young fails to pay for all or any of the Shares in respect to which the
      Options have been exercised, PLL may terminate Young's entitlement to such
      Shares even though the date by which the exercised Options terminate may
      not have passed.

8.    Any duty or tax payable upon the issue of Options under these Rules or on
      the issue of Shares as a result of the exercise of Options shall be paid
      by Young.

9.    PLL shall have the right to either require Young to pay to it the amount
      of any withholding taxes in respect to the issue of the Shares as may be
      required by law or to withhold and sell an appropriate number of Shares
      (based on the Shares' fair market value on the date of exercise) for
      payment of taxes required by law, or to take such other action as may be
      necessary in the opinion of PLL to satisfy all its tax withholding
      obligations in respect to Young.

      OTHER TERMS OF ISSUE OF OPTIONS

10.   The Options may not be charged, transferred (other than to Young's
      nominee), pledged or otherwise assigned or encumbered without the prior
      approval of the Board.

11.   Except as provided in clauses 12 and 13, the Options shall not entitle
      Young to participate in any distribution nor any issue of Shares, bonus
      Shares (being Shares issued for no consideration) or other securities in
      or in respect to PLL other than the Shares to be issued upon exercise of
      the Options in accordance with this Deed.

      PARTICIPATION IN RIGHTS ISSUES

12.   If, at any time after the issue of the Options to Young, there is a
      pro rata issue of Shares to all holders of Shares for which
      consideration is payable to PLL except where the issue is in lieu or
      in satisfaction of dividends or by way of dividend reinvestment
      ("rights issue"), the Share Issue Price shall be reduced or the
      number of Options shall be increased so that the financial benefit
      to Young in respect to an exercise of the Options after the rights
      issue is the same as the financial benefit to Young immediately
      prior to the rights issue.

      REORGANISATION OF CAPITAL

13.   If, at any time after the issue of Options:

      13.1  Consolidation of capital - If Shares are consolidated, the number of
            Options immediately prior to such consolidation shall be
            consolidated in the same ratio as the ordinary capital of PLL and
            the Share Issue Price shall be amended in inverse proportion to that
            ratio;
<PAGE>   6
Pacific Lithium Limited Share Option Allocation Deed

      13.2  Subdivision of capital - If Shares are subdivided, the number of
            Options must be sub-divided in the same ratio as the ordinary
            capital of PLL and the Share Issue Price shall be amended in inverse
            proportion to that ratio;

      13.3  Return of capital - If PLL reduces its share capital by a pro rata
            return to holders of part of the share capital in respect to each
            Share, the number of Options shall remain the same but the Share
            Issue Price shall be reduced by the same amount of share capital
            returned in respect to each Share;

      13.4  Cancellation of capital - Where PLL reduces its paid up share
            capital by a cancellation of capital that is either lost or not
            represented by available assets where no securities are cancelled,
            the number of Options and the Share Issue Price in respect to such
            Options shall remain unchanged;

      13.5  Pro rata cancellation of capital - Where PLL cancels its capital
            proportionately, the number of Options must be reduced in the same
            ratio as the ordinary capital and the Share Issue Price for such
            Options must be amended in inverse proportion to that ratio;

      13.6  Any other change - Where there is any other reorganisation or change
            to the capital of PLL, the number of Options or the Share Issue
            Price in respect to such Options, or both, must be reorganised so
            the holder of the Option will not receive a benefit that holders of
            Shares do not receive.

      PROVIDED THAT nothing in this clause shall prevent a rounding up of the
      number of Shares to be received on exercise of the Options.

      TERMS OF ISSUE OF SHARES

14.   Shares issued pursuant to the exercise of Options shall rank for dividend
      from the date they are issued and shall otherwise rank pari passu with the
      other Shares then on issue.

15.   If Shares are quoted on an Exchange, PLL shall apply for the Shares issued
      pursuant to the Options to be quoted on such Exchange as soon as
      practicable after their issue, but in any event within the time limit (if
      any) prescribed by the Exchange's listing rules, subject to any
      restriction agreement that might be in place between PLL and the Exchange
      or any underwriter or market maker in respect to the Shares.

      MATERIAL BREACH BY DIRECTOR

16.   Where Young has been barred from holding the office of director by any
      regulatory body or Exchange, PLL may terminate all Options granted and not
      exercised (whether or not then vested) and/or cancel all other benefits
      Young may be entitled to receive under this Deed.
<PAGE>   7
Pacific Lithium Limited Share Option Allocation Deed

      APPLICABLE LAW

17.   This Deed shall be governed and interpreted in all respects according to
      the laws of the country in which PLL is incorporated, the Courts of which
      country shall have exclusive jurisdiction in all matters and disputes
      arising out of this Deed.

18.   No fractional portion of Shares shall be issued or delivered pursuant to
      any Option. The Board shall determine whether cash, other Options, or
      other property shall be issued or paid in lieu of such fractional portion
      or whether such fractional portion or any rights thereto shall be
      forfeited or otherwise eliminated.

19.   PLL shall not be liable to pay any person any amount, claim or expense
      arising from the lapsing or termination of Options pursuant to this Deed.

20.   This Deed, the granting and exercising of Options hereunder, and the
      other obligations of PLL under this Deed shall be subject to all
      applicable laws, rules and regulations, and to such approvals by any
      regulatory or governmental agency as may be required.  PLL in its
      discretion, may postpone the issuance or delivery of Options or
      Shares under any Option until completion of such Exchange listing or
      registration or qualification of such Shares or other required
      action under any law, rule or regulation as PLL may consider
      appropriate.

EXECUTION

This Deed was executed this 12th day of October 1999.

SIGNED by PACIFIC LITHIUM     )     /s/ Robin T. Johannink
LIMITED                       )
In the presence of            )
/s/ Mennolt Regtien
    General Manager

SIGNED by KEITH YOUNG   )     /s/ Keith Young
in the presence of
/s/ Mennolt Regtien
    General Manager

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