Document:

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                                                                   Exhibit 10.38

                           LOWRANCE ELECTRONICS, INC.

                             2001 Stock Option Plan

1.       PURPOSE

         This Stock Option Plan (this "Plan") is intended as an incentive and to
encourage stock ownership by officers and other key employees of Lowrance
Electronics, Inc. (the "Corporation") or of its parent corporation or its
subsidiary corporations (collectively, the "Affiliates") as such terms are
defined in ss. 425 of the Internal Revenue Code of 1986, as amended (the "Code")
so that they may acquire or increase their proprietary interest in the success
of the Corporation and its Affiliates, and to encourage them to remain in the
employ of the Corporation or of its Affiliates. It is further intended that
options issued pursuant to this plan may constitute incentive stock options
within the meaning of ss. 422 of the Code, to the extent such options are
embodied in an incentive stock option agreement containing such provisions as
are required by this Plan with respect to such options.

2.       ADMINISTRATION

         This Plan shall be administered by the Compensation Committee appointed
by the Board of Directors of the Corporation (the "Committee"). The Committee
shall consist solely of two or more Outside Directors. The Board of Directors
may from time to time remove members from, or add members to, the Committee.
Vacancies on the Committee, howsoever caused, shall be filled by the Board of
Directors. The Committee shall select one of its members as Chairman, and shall
hold meetings at such times and places as it may determine. Acts approved by a
majority of the Committee at which a quorum is present, or acts reduced to or
approved in writing by a majority of the members of the Committee, shall be the
valid acts of the Committee. The Committee shall from time to time at its
discretion select the key employees who shall be granted options or stock
appreciation rights and determine the amount of stock to be optioned to each.

         The Committee shall have the power, subject to and within the limits of
the express provisions of this Plan:

         (a)      To determine from time to time which of the eligible persons
                  shall be granted options or stock appreciation rights under
                  this Plan, and the time or times when, and the number of
                  shares for which, an option or options or stock appreciation
                  rights shall be granted to such persons;

         (b)      To prescribe the other terms and provisions (which need not be
                  identical) of each option granted under this Plan to eligible
                  persons;

         (c)      To construe and interpret this Plan and options granted under
                  it and to establish, amend and revoke rules and regulations
                  for administration. The Committee, in the exercise of this
                  power, may correct any defect or supply any omission, or
                  reconcile any inconsistency in this Plan, or in any option
                  agreement, in the manner and to the extent it shall deem
                  necessary or expedient to make this Plan fully effective. In
                  exercising this power, the Committee may retain counsel at the

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                  expense of the Corporation. All decisions and determinations
                  by the Committee in exercising this power shall be final and
                  binding upon the Corporation and the optionees;

         (d)      To determine the duration and purposes of leaves of absence
                  which may be granted to an optionee without constituting a
                  termination of his or her employment for purposes of this
                  Plan; and

         (e)      Generally, to exercise such powers and to perform such acts as
                  are deemed necessary or expedient to promote the best
                  interests of the Corporation with respect to this Plan.

         No member of the Board of Directors or the Committee shall be liable
for any action or determination made in good faith with respect to this Plan or
any option granted under it.

3.       ELIGIBILITY TO RECEIVE INCENTIVE STOCK OPTIONS

         The persons who shall be eligible to receive incentive stock options
shall be such key employees (including officers, whether or not they are
directors) of the Corporation or its Affiliates existing from time to time as
the Committee shall select from time to time. An optionee may hold more than one
incentive stock option, but only on the terms and subject to the restrictions
hereafter set forth. No person shall be eligible to receive an incentive stock
option for a larger number of shares than is recommended for him or her by the
Committee.

4.       ELIGIBILITY TO RECEIVE NON-QUALIFIED STOCK OPTIONS

         The persons who shall be eligible to receive non-qualified stock
options shall be such key employees (including officers, whether or not they are
directors) and directors of the Corporation or its Affiliates existing from time
to time as the Committee shall select from time to time. An optionee may hold
more than one non-qualified stock option, but only on the terms and subject to
the restrictions hereafter set forth. No person shall be eligible to receive a
non-qualified stock option for a larger number of shares than is recommended for
him or her by the Committee, and no person shall be eligible to receive more
than 120,000 non-qualified stock options.

5.       STOCK SUBJECT TO OPTIONS AND STOCK APPRECIATION RIGHTS

         The stock subject to the options and any stock appreciation rights
shall be shares of the Corporation's authorized but unissued or reacquired $0.10
par value common stock (the "Common Stock"). The aggregate number of shares
which may be issued under options pursuant to this Plan shall not exceed 300,000
shares of the Common Stock in the aggregate, subject to adjustment as provided
in Section 10 hereof.

6.       LIMITATIONS ON INCENTIVE STOCK OPTIONS

         The aggregate fair market value (determined at the time the option is
granted) of the Common Stock with respect to which incentive stock options are
exercisable for the first time by an individual during any calendar year (under
this Plan and under all other incentive stock option plans of the Corporation
and its Affiliates) shall not exceed $100,000.

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7.       STOCK UNDER EXPIRED OPTION OR STOCK APPRECIATION RIGHTS

         In the event that any outstanding option and any associated stock
appreciation right under this Plan for any reason expire or are terminated, the
shares of Common Stock allocable to the unexercised portion of such option and
any associated stock appreciation right may again be subjected to an option
under this Plan. The provisions hereof shall not apply in the case of an option
which expires or is terminated due to the exercise of an associated stock
appreciation right, nor shall the provisions hereof apply in the case of a stock
appreciation right which expires or is terminated due to the exercise of an
associated option.

8.       TERMS AND CONDITIONS OF INCENTIVE STOCK OPTIONS

         Incentive stock options granted pursuant to this Plan shall be
authorized and granted by the Committee and shall be evidenced by agreements in
such form as the Committee shall from time to time deem appropriate. Incentive
stock option agreements need not be identical, but each incentive stock option
agreement shall comply with and be subject to the following terms and
conditions:

         (a)      Number of Shares. Each incentive stock option shall state the
                  ----------------
                  number of shares to which it pertains.

         (b)      Option Price. Each incentive stock option shall state the
                  ------------
                  option price, which shall be not less than 100% (110% in the
                  case of an optionee who, at the time the option is granted, is
                  considered for the purposes of ss. 422(b)(6) of the Code to
                  own more than 10% of the total combined voting power of all
                  classes of Stock of the Corporation or its Affiliates as
                  determined under ss. 425 of the Code (herein referred to as a
                  "10% Shareholder")) of the fair market value of the shares of
                  Common Stock of the Corporation on the date of the granting of
                  the option.

         (c)      Method of Exercise and Payment. An incentive stock option may
                  ------------------------------
                  be exercised by the optionee delivering to the Committee on
                  any business day a written notice specifying the number of
                  shares of Common Stock the optionee then desires to purchase.
                  The option price shall be payable (i) in cash in United States
                  dollars upon the exercise of the incentive stock option, or
                  (ii) if the incentive stock option agreement so permits, in
                  stock of the Corporation, or (iii) if the incentive stock
                  option agreement so permits, by delivery of the optionee's
                  promissory note satisfying such requirements as may be set
                  forth in the incentive stock option agreement, or (iv) to the
                  extent permitted by the incentive stock option agreement, by a
                  combination of such methods.

         (d)      Terms and Exercise of Incentive Stock Options. Except as
                  ---------------------------------------------
                  otherwise expressly provided in this Plan, each incentive
                  stock option granted pursuant to this Plan shall contain
                  provisions established by the Committee setting forth the
                  manner of exercise of such incentive stock option, and may, at
                  the sole discretion of the Committee, provide such
                  restrictions on exercise as the Committee may deem
                  appropriate.

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                  Each incentive stock option granted under this Plan shall
                  terminate as set forth therein; provided, that no incentive
                  stock shall be exercisable after the expiration of ten years
                  from the date of the granting of the option (five years in the
                  case of an optionee who, at the time the option is granted, is
                  a 10% Shareholder). Each incentive stock option granted under
                  this Plan shall contain provisions making such option
                  nontransferable by the optionee, except upon death, and
                  exercisable during the optionee's lifetime only by the
                  optionee.

9.       TERMS AND CONDITIONS OF NON-QUALIFIED STOCK OPTIONS

         Non-qualified stock options granted pursuant to this Plan shall be
authorized and granted by the Committee and shall be evidenced by agreements in
such form as the Committee shall from time to time deem appropriate.
Non-qualified stock option agreements need not be identical, but each
non-qualified stock option agreement shall comply with and be subject to the
following terms and conditions:

         (a)      Number of Shares. Each non-qualified stock option shall state
                  ----------------
                  the number of shares to which it pertains.

         (b)      Option Price. Each non-qualified stock option shall state the
                  ------------
                  option price, which shall be determined by the Committee and
                  which may be less than the fair market value of the shares of
                  Common Stock of the Corporation on the date of the granting of
                  the non-qualified stock option. The Committee, in fixing the
                  option price, shall have full authority and discretion and
                  shall be fully protected in doing so.

         (c)      Method of Exercise and Payment. A non-qualified stock option
                  ------------------------------
                  may be exercised by the optionee delivering to the Committee
                  on any business day a written notice specifying the number of
                  shares of Common Stock the optionee then desires to purchase.
                  The option price shall be payable (i) in cash upon the
                  exercise of the non-qualified stock option, or (ii) if the
                  non-qualified stock option agreement so permits, in stock of
                  the Corporation, or (iii) if the non-qualified stock option
                  agreement so permits, by delivery of the optionee's promissory
                  note satisfying such requirements as may be set forth in the
                  non-qualified stock option agreement, or (iv) to the extent
                  permitted by the non-qualified stock option agreement, by a
                  combination of such methods.

         (d)      Terms and Exercise of Non-Qualified Stock Options. Except as
                  -------------------------------------------------
                  otherwise expressly provided in this Plan, each non-qualified
                  stock option granted pursuant to this Plan shall contain
                  provisions established by the Committee setting forth the
                  manner of exercise of such non-qualified stock option, and
                  may, at the sole discretion of the Committee, provide such
                  restrictions on exercise as the Committee may deem
                  appropriate. Each non-qualified stock option granted under
                  this Plan shall terminate as set forth therein; provided, that
                  no non-qualified stock option shall be exercisable after the
                  expiration of 10 years and six months from the date of the
                  granting of the non-qualified stock option. Each non-

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                  qualified stock option granted under this Plan shall contain
                  provisions making such non-qualified stock option
                  nontransferable by the optionee, except upon death, and
                  exercisable during the optionee's lifetime only by the
                  optionee.

         (e)      Notice in Agreement. Each non-qualified stock option shall
                  -------------------
                  specifically state that it is not intended as an incentive
                  stock option.

10.      TERMS AND CONDITIONS OF INCENTIVE AND NON-QUALIFIED STOCK OPTIONS

         (a)      Recapitalization. If the shares of Common Stock as a whole are
                  ----------------
                  increased, decreased or changed into, or exchanged for a
                  different number or kind of shares or securities of the
                  Corporation, whether through merger, consolidation,
                  reorganization, recapitalization, reclassification, stock
                  dividend, stock split, combination of shares, exchange of
                  shares, change in corporate structure or the like, an
                  appropriate and proportionate adjustment may be made by the
                  Committee in the number and kinds of shares subject to this
                  Plan, and the number, kinds and per share exercise price of
                  shares subject to unexercised options or portions thereof
                  granted prior to any such change. Any such adjustment in an
                  outstanding option, however, shall be made without a change in
                  the total price applicable to the unexercised portion of the
                  option, but with a corresponding adjustment in the price for
                  each share of Common Stock covered by the option.

         (b)      Reorganization or Liquidation. Each option agreement may
                  -----------------------------
                  contain such provisions relating to the dissolution,
                  liquidation, reorganization, consolidation or merger of the
                  Corporation, or the sale or disposition by the Corporation of
                  substantially all of its assets, as the Committee may deem
                  appropriate.

         (c)      Adjustments. To the extent that the adjustments described in
                  -----------
                  (a) above relate to stock or securities of the Corporation,
                  such adjustments shall be made by the Committee, whose
                  determination in that respect shall be final, binding and
                  conclusive; provided that each incentive stock option granted
                  pursuant to this Plan shall not be adjusted in a manner that
                  causes the incentive stock option to fail to continue to
                  qualify as an incentive stock option within the meaning of ss.
                  422 of the Code.

11.      STOCK APPRECIATION RIGHTS

         (a)      Grant. Stock appreciation rights may be granted by the
                  -----
                  Committee under this Plan upon such terms and conditions as
                  the Committee may prescribe. A stock appreciation right may be
                  granted only in connection with an option right previously
                  granted or to be granted under this Plan. Each stock
                  appreciation right shall contain a provision that it shall
                  become non-exercisable and be forfeited if and to the extent
                  the related option right is exercised, cancelled, forfeited,
                  terminated or otherwise lapses. "Stock appreciation right" as
                  used in this Plan means a right to receive the excess of the
                  fair market value of a share of the Corporation's Common Stock
                  on the date on which an appreciation right is exercised over
                  the option price provided for in the related option agreement
                  and is

                                       -5-

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                  issued in consideration of services performed for the
                  Corporation or for its benefit by the optionee. Such excess is
                  hereafter called the "differential." "Option right" means the
                  right to purchase shares of the Corporation's Common Stock
                  under an incentive stock option or non-qualified stock option
                  granted under this Plan.

         (b)      Exercise of Stock Appreciation Rights: Stock appreciation
                  -------------------------------------
                  rights shall be exercisable and be payable in the following
                  manner:

                  (1)      A stock appreciation right shall be exercisable at
                           any time and to the extent the option to which it
                           relates could be exercised; provided, however, that a
                           stock appreciation right may be exercised only when
                           the market price of the Common Stock subject to the
                           related option exceeds the exercise price established
                           under such option. Any person wishing to exercise a
                           stock appreciation right shall give written notice of
                           such exercise to the Committee addressed to the
                           Committee's Chairman. Upon receipt of such notice,
                           the Committee shall determine whether the stock
                           appreciation rights shall be paid in cash or shares
                           of Common Stock or any combination of cash and shares
                           and shall instruct the Corporation accordingly. Upon
                           receipt of such instructions from the Committee, the
                           Corporation shall, without transfer or issue tax to
                           the optionee or other person entitled to exercise the
                           stock appreciation rights, deliver to the person
                           exercising such right a certificate or certificates
                           for shares of the Corporation's Common Stock which
                           are issuable upon exercise of the stock appreciation
                           right or cash or a combination thereof as the case
                           may be. The date the Committee receives the written
                           notice of exercise hereunder is referred to herein as
                           the exercise date.

                  (2)      The exercise of a stock appreciation right shall
                           automatically result in the surrender and
                           cancellation of the related option right by the
                           grantee on a share-for-share basis to the extent
                           shares under such related option right are used to
                           calculate the shares or cash or combination thereof
                           to be received by such grantee upon the exercise of
                           such stock appreciation right. Shares covered by such
                           surrendered option rights shall not be available for
                           granting further options under this Plan.

                  (3)      The Committee may impose any other conditions it
                           prescribes upon the exercise of a stock appreciation
                           right, which conditions may include a condition that
                           the stock appreciation right may only be exercised in
                           accordance with rules and regulations adopted by the
                           Committee from time to time.

                  (4)      Upon the exercise of a stock appreciation right and
                           surrender and cancellation of the related option
                           right, the Corporation shall give to the person
                           surrendering the related option right an amount
                           equivalent to the differential, in cash or shares of
                           the Common Stock or any combination thereof as
                           determined in accordance with subparagraph (b)(1) of
                           this Section 11.

                                       -6-

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                  (5)      The shares to be issued upon the exercise of a stock
                           appreciation right may consist either in whole or in
                           part of shares of the Corporation's authorized but
                           unissued Common Stock or shares of the Corporation's
                           authorized and issued Common Stock reacquired by the
                           Corporation and held in its treasury. No fractional
                           share of Common Stock shall be issued and the
                           Committee shall determine whether cash shall be given
                           in lieu of such fractional share or whether such
                           fractional share shall be eliminated.

         (c)      Limitation on Payments. Notwithstanding any other provision of
                  ----------------------
                  this Plan, the Committee may from time to time determine,
                  including at the time of exercise, the maximum amount of cash
                  or stock which may be given upon exercise of any stock
                  appreciation right in any year; provided, however, that all
                  such amounts shall be paid in full no later than the end of
                  the year immediately following the year in which the optionee
                  exercised such stock appreciation rights. Any determination
                  under this paragraph may be changed by the Committee from time
                  to time provided that no such change shall require the holder
                  to return to the Company any amount theretofore received or to
                  extend the period within which the Company is required to make
                  full payment of the amount due as the result of the exercise
                  of the optionee's stock appreciation rights.

         (d)      Expiration or Termination of Stock Appreciation Rights.
                  ------------------------------------------------------

                  (1)      Each stock appreciation right and all rights and
                           obligations thereunder shall expire on a date to be
                           determined by the Committee, such date, however, in
                           no event to be later than ten years from the date on
                           which the related option right was granted.

                  (2)      A stock appreciation right shall terminate and may no
                           longer be exercised upon the termination or exercise
                           of the related option right.

12.      FAIR MARKET VALUE

         For the purposes of this Plan and any option or stock appreciation
right granted hereunder, the fair market value of the Corporation's Common Stock
shall be determined as provided in this Section 12. If the Common Stock is
traded upon an established stock exchange or exchanges, the fair market value of
shares of Common Stock shall be determined to be the highest closing price of
the Common Stock on such stock exchange or exchanges on the day the stock
appreciation rights are exercised by the optionee; or if no sales of the
Corporation's Common Stock shall have been made on any stock exchange on that
day, on the next preceding day on which there was a sale of such stock;
provided, however, that during such time as the Corporation's Common Stock is
not listed upon an established stock exchange but is traded in the
over-the-counter market,

                                       -7-

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the fair market value for such shares shall be (i) the average of the high and
low bid prices or (ii) if available, the average of the high and low sales
prices, based upon actual transactions, of the Corporation's Common Stock in the
over-the-counter market, as reported by the National Association of Securities
Dealers Automated Quotation System, or its successor, on the day the stock
appreciation rights are exercised by the optionee. If the Common Stock is not
listed upon an established stock exchange or traded in the over-the-counter
market, the fair market value thereof shall be determined by the Committee
acting in good faith. Subject to the foregoing, the Board of Directors and the
Committee in determining the fair market value of the Common Stock shall have
full authority and discretion and shall be fully protected in doing so. Anything
contained herein to the contrary notwithstanding, if any method for determining
the fair market value of the Common Stock shall be determined by the Committee
to jeopardize the status of an option as an incentive stock option, the
Committee may utilize such valuation method as it deems necessary to protect the
status of the option as an incentive stock option.

13.      TAX WITHHOLDING

         The Corporation or its Affiliates, as appropriate, shall have the right
to deduct from all cash payments any federal, state or local taxes imposed on
the recipient and required by law to be withheld with respect to such cash
payment. In the case of stock appreciation rights redeemed in Common Stock, or
in the case of Common Stock distributed pursuant to exercise of a stock option
granted hereunder, the person receiving such Common Stock may be required to pay
to the Corporation or its Affiliates, as appropriate, the amount of any such
taxes imposed on the recipient and which the Corporation or its Affiliates is
required to withhold with respect to such Common Stock. In the event the cash
portion of a stock appreciation right is insufficient to cover the required
withholding, the optionee may be required to pay to the Corporation or its
Affiliates, as appropriate, the amount of such taxes.

14.      RIGHTS AS A STOCKHOLDER

         An optionee or a transferee of an option shall have no rights as a
stockholder with respect to any shares covered by his or her option until the
date of the issuance of a stock certificate to him or her for such shares. No
adjustment shall be made for dividends (ordinary or extraordinary, whether in
cash, securities or other property) or distributions of other rights for which
the record date is prior to the date such stock certificate is issued, except as
provided in Section 10(a) hereof.

15.      MODIFICATION, EXTENSION AND RENEWAL OF OPTIONS

         Subject to the terms and conditions and within the limitations of this
Plan, the Board of Directors or the Committee may modify, extend or renew
outstanding options granted under this Plan, or accept the surrender of
outstanding options (to the extent not theretofore exercised) and authorize the
granting of new options in substitutions therefor (to the extent not theretofore
exercised). The Board of Directors or the Committee shall not, however, modify
any outstanding incentive stock options so as to specify a lower price or accept
the surrender of outstanding options and authorize the granting of new incentive
stock options in substitution therefor specifying a lower price. Notwithstanding
the foregoing however, no modification of an option shall, without the consent
of the optionee, alter or impair any rights or obligations under any option
theretofore granted under this Plan.

16.      INVESTMENT PURPOSE

         Each option under this Plan shall be granted on the condition that the
purchases of Common Stock thereunder shall be for investment purposes, and not
with a view to resale or

                                       -8-

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distribution except that in the event the Common Stock subject to such option is
registered under the Securities Act of 1933, as amended, or in the event a
resale of the Common Stock without such registration would otherwise be
permissible, such conditions shall be inoperative if in the opinion of counsel
for the Corporation such condition is not required under the Securities Act of
1933 or any other applicable law, regulation, or rule of any governmental
agency.

17.      OTHER PROVISIONS

         The option agreements authorized under this Plan shall contain such
other provisions which are not inconsistent with this Plan and which the
Committee or the Board of Directors of the Corporation shall deem advisable. Any
incentive stock option agreement shall contain such provisions as shall be
necessary in order that such option will be an "incentive stock option" as
defined in ss. 422 of the Code, or to conform to any change in the law.

18.      TERM OF PLAN

         Options may be granted pursuant to this Plan from time to time within a
period of ten years from the date this Plan is adopted by the Board of
Directors, or the date this Plan is approved by the stockholders of the
Corporation, whichever is earlier.

19.      INDEMNIFICATION OF COMMITTEE

         In addition to such other rights of indemnification as they may have as
directors or as members of the Committee, the members of the Committee shall be
indemnified by the Corporation against the reasonable expenses, including
attorneys' fees actually and necessarily incurred in connection with the defense
of any action, suit or proceeding, or in connection with any appeal therein, to
which they or any of them may be a party by reason of any action taken or
failure to act under or in connection with this Plan or any option granted
thereunder, and against all amounts paid by them in settlement thereof (provided
such settlement is approved by independent legal counsel selected by the
Corporation) or paid by them in satisfaction of a judgment in any such action,
suit or proceeding that such Committee member is liable for negligence or
misconduct in the performance of his or her duties; provided that within 60 days
after institution of any such action, suit or proceeding a Committee member
shall in writing offer the Corporation the opportunity, at its own expense, to
handle and defend the same.

20.      AMENDMENT OF THIS PLAN

         The Board of Directors of the Corporation may, insofar as permitted by
law, from time to time, with respect to any shares at the time not subject to
options, suspend or discontinue this Plan or revise or amend it in any respect
whatsoever without further approval of the stockholders of the Corporation,
except that, without approval of the stockholders within twelve months before or
after the date of such amendment's adoption, no such revision or amendment shall
change the number of shares subject to this Plan, change the designation of the
class of employees eligible to receive options, decrease the price at which
options may be granted, increase the maximum term of options as provided herein
or remove the administration of this Plan from the Committee. Furthermore, this
Plan may not, without the approval of the stockholders, be amended in any manner
that will cause incentive stock options issued under it to fail to meet the
requirements of incentive stock options as set forth in ss. 422 of the Code.

                                       -9-

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21.      APPROVAL OF STOCKHOLDERS

         This Plan shall become effective upon adoption by the Board of
Directors, and shall be submitted for approval by the holders of a majority of
the outstanding shares of Common Stock of the Corporation within twelve months
after the date this Plan is adopted by the Board of Directors. Options may be
granted hereunder prior to stockholder approval.

22.      NON-EXCLUSIVITY OF PLAN

         Neither the adoption of this Plan by the Board of Directors, nor the
submission of this Plan to the stockholders of the Corporation for approval,
shall be construed as creating any limitation on the power of the Board of
Directors to adopt such other incentive arrangements as it may deem desirable,
including, without limitation, the granting of stock options otherwise than
under this Plan, and such arrangements may be either applicable generally or
only in specific cases.

         IN WITNESS WHEREOF, this Stock Option Plan has been adopted by the
Board of Directors this ______ day of _______________, 2001.

                                            LOWRANCE ELECTRONICS, INC.

                                            By:
                                                -------------------------------
                                                Darrell J. Lowrance, President

ATTEST:

--------------------------------
 H. Wayne Cooper, Secretary

                                       -10-<PAGE>

                                                                   Exhibit 10.39

                           LOWRANCE ELECTRONICS, INC.
                             2001 STOCK OPTION PLAN
                       NONQUALIFIED STOCK OPTION AGREEMENT

         This Nonqualified Stock Option Agreement (the "Agreement") is entered
into effective as of the 25th day of July, 2001, between Lowrance Electronics,
Inc., an Oklahoma corporation (the "Company"), and Ronald G. Weber (the
"Participant").

         1. Stock Option Plan. This Agreement is entered into pursuant to the
terms of the Lowrance Electronics, Inc. 2001 Stock Option Plan, as it may be
amended from time to time (the "Plan"), which is incorporated herein and made a
part hereof for all purposes. To the fullest extent possible, the terms of this
Agreement shall be interpreted in a manner consistent with the terms of the
Plan; however, to the extent that any provision of this Agreement conflicts with
the express terms of the Plan, it is hereby acknowledged and agreed that the
terms of the Plan shall control and, if necessary, the applicable provisions of
this Agreement shall be deemed amended so as to carry out the purpose and intent
of the Plan; provided, however, under no circumstances shall this Agreement be
amended to allow exercise of the Option or any part thereof prior to the
occurrence of the events described in Section 4.

         2. Grant of Option. The Company hereby grants to the Participant and
the Participant hereby accepts, subject to the terms and conditions hereof and
the approval by the Shareholders of the 2001 Stock Option Plan of Lowrance
Electronics, Inc., the right and option to purchase from the Company (the
"Option") all or any part of an aggregate of 115,547 shares of the Company's
common stock, par value $0.10 per share (the "Common Stock"), at a per share
purchase price equal to Two Dollars and Sixty-Seven cents ($2.67) per share (the
"Exercise Price"), as such shares and Exercise Price may be adjusted in
accordance with the Plan and Section 12 hereof. The Option is intended to be
treated as a Nonqualified Stock Option under the Plan and not as an incentive
stock option.

         3. Expiration and Termination of the Option. The Option will expire at
the end of business on July 24, 2011 (the "Expiration Date"). The Option may not
be exercised after its expiration.

         4. Exercise of the Option. The Option may be exercised in whole or in
part at any time or times only upon or after the first to occur of the following
events: (a) the occurrence of any transaction by which Darrell J. Lowrance sells
100% of the shares he then owns directly, in a private placement or registered
public offering or through Rule 144 sales; or (b) upon the sale by the Company
of all or substantially all of the Company's assets and operations to a third
party; or (c) on or after July 24, 2010. Exercise shall be accomplished by
providing the Company with a completed Notice of Exercise in the form of Exhibit
"A" attached hereto, which notice shall be effective upon payment in full of the
Exercise Price and any amounts required for taxes pursuant to Section 14 below,
and the satisfaction of all other conditions to exercise imposed under this
Agreement. If the either of the events described in clause (a) or clause (b)
shall occur prior to the Company's annual meeting of shareholders scheduled for
December 11, 2001, the Company agrees to call a special meeting of shareholders
to request approval of the 2001 Stock Option Plan prior to the occurrence of the
event.

<PAGE>

         5. Payment of Exercise Price. Upon any exercise of the Option, the
total Exercise Price for the number of shares for which the Option is then being
exercised and the amount of any federal, state and local withholding taxes
imposed thereon shall be payable in full to the Company (i) by bank or certified
check, or (ii) by delivery of the Participant's Promissory Note and Stock Pledge
Agreement in the forms attached hereto as Exhibits "B" and "C", respectively, or
(iii) by delivery of whole shares of Common Stock owned by the Participant free
and clear of all liens, claims and encumbrances and evidenced by negotiable
certificates, valuing such shares at their Fair Market Value on the date of
exercise, or (iv) by reducing the number of whole shares of Common Stock
otherwise issuable to Participant as a result of the exercise, valuing such
shares at their Fair Market Value on the date of exercise, or (v) using a
combination of the foregoing forms of consideration.

         6. Transferability of Option. The Option shall not be transferable
otherwise than by will or the laws of descent and distribution, and is
exercisable, during the lifetime of the Participant, only by the Participant.
or, after Participant's death, by his legal representative or the holder of the
Option by will, the laws of descent and distribution, or beneficiary designation
pursuant to Section 8 of this Agreement. Any attempted transfer, assignment,
pledge or other disposition or levy, attachment or similar process with respect
to the Option not specifically permitted herein shall be null and void without
effect.

         7. Effect of Termination of Employment.

            (a) The Option shall automatically terminate in the event the
Participant's employment with the Company terminates for any reason other than
as provided in Section 7(b) (Participant's death) or 7(c) (termination by
Company without Cause or by Participant for Good Reason).

            (b) In the event of termination of the Participant's employment as a
result of the Participant's death, the Option shall be exercisable as if the
Participant remained employed by the Company.

            (c) In the event of termination of the Participant's employment by
the Participant for Good Reason, or by the Company without Cause, the Option
shall be exercisable as if the Participant remained employed by the Company,
provided Participant does not perform work or services for a competitor of the
Company until the Option is fully exercised. If Participant performs work or
services for a competitor of the Company prior to full exercise of the Option,
the Option, or any unexercised portion thereof, shall automatically terminate.

                  (i) "Perform work or services for a competitor of the Company"
         means directly or indirectly engaging in or investing in, owning,
         managing, operating, financing, controlling, or participating in the
         ownership, management, operation, financing, or control of, or being
         employed by, a consultant for, associated with, or in any manner
         connected with, or lending Participant's name or any similar name to,
         or rendering services or advice to any business whose products,
         services, or activities compete in whole or in part with the products,
         services or activities of Company in any location where the Company is
         engaged in licensing or sales; provided, however, that this definition
         shall not include purchasing or otherwise acquiring less than five
         percent of

                                     - 2 -

<PAGE>

         any class of securities of any enterprise (but without otherwise
         participating in the activities of such enterprise in the manner
         described above) if such securities are listed on any national or
         regional securities exchange or have been registered under Section
         12(g) of the Securities Exchange Act of 1934.

                  (ii) Termination of Participant's employment by the Company
         for "Cause" means termination because of Participant's breach of any
         agreement by and between Participant and the Company (which breach is
         not cured within thirty (30) days after written notice by Company to
         Participant), Participant's conviction of any felony or Participant's
         participation in any unlawful activity. Termination of Participant's
         employment by the Participant for "Good Reason" means termination
         because of the Company's breach of any agreement by and between
         Participant and the Company (which breach is not cured within thirty
         (30) days after written notice by Participant to the President of the
         Company), the Company's conviction of any felony.

         8. Beneficiary Designations. The Participant shall file with the
Corporate Secretary of the Company a designation of one or more beneficiaries
(each a "Beneficiary") to whom the Option otherwise exercisable by the
Participant shall be distributed in the event of the death of the Participant
while in the employ of the Company. The Participant shall have the right to
change the Beneficiary or Beneficiaries from time to time; provided, however,
that any change shall not become effective until received in writing by the
Secretary of the Company. If any designated Beneficiary survives the Participant
but dies before receiving all of his benefits hereunder, any remaining benefits
due him shall be distributed to the deceased Beneficiary's estate. If there is
no effective Beneficiary designation on file at the time of the Participant's
death, or if the designated Beneficiary or Beneficiaries have all predeceased
such Participant, the payment of any remaining benefits shall be made to the
Participant's estate.

         9. Limitation of Rights. Nothing in this Agreement or the Plan shall be
construed to:

           (a) give the Participant any right to be awarded any further stock
options other than in the sole discretion of the Compensation Committee of the
Company Board of Directors;

           (b) give the Participant or any other person any interest in any fund
or in any specified asset or assets of the Company or any Affiliate; or

           (c) confer upon the Participant the right to continue in the
employment or service of the Company or any Affiliate, or affect the right of
the Company or any Affiliate to terminate the employment or service of the
Participant at any time or for any reason.

         10. Prerequisites to Benefits. Neither the Participant, nor any person
claiming through the Participant, shall have any right or interest in the Option
awarded hereunder, unless and until all the terms, conditions and provisions of
this Agreement and the Plan which affect the Participant or such other person
shall have been complied with as specified herein.

                                     - 3 -

<PAGE>

         11. Rights as a Shareholder. Neither the Participant nor the
Participant's legal representative or Beneficiary shall have any rights as a
shareholder of the Company with respect to the shares of Common Stock issuable
upon exercise of this Option unless and until certificates representing such
shares have been delivered pursuant to the terms hereof.

         12. Adjustments. If the shares of Common Stock of the Company as a
whole are increased, decreased or changed into, or exchanged for a different
number or kinds of shares or securities of the Company, whether through merger,
consolidation, reorganization, recapitalization, reclassification, stock
dividend, stock split, combination of shares, exchange of shares, change in
corporate structure or the like, an appropriate and proportionate adjustment
shall be made in the number, kinds and exercise price of shares subject to this
Option. Any such adjustment, however, shall be made without a change in the
total exercise price of the shares underlying the Option. Further, no issuance
by the Company of options, warrants, or shares of stock of any class, including
securities convertible into shares of stock of any class or securities upon the
conversion of such convertible securities or the exercise of any options or
warrants, shall affect, and no adjustment by reason thereof shall be made with
respect to, the number or Exercise Price of shares underlying the Option.

         13. Successors and Assigns. This Agreement shall bind and inure to the
benefit of and be enforceable by the Participant, the Company and their
respective permitted successors and assigns (including personal representatives,
heirs and legatees), except that the Participant may not assign any rights or
obligations under this Agreement except to the extent and in the manner
expressly permitted herein.

         14. Federal and State Taxes. Participant agrees to pay to the Company,
or to make arrangements satisfactory to the Committee to pay to the Company, as
provided in this Option, all federal, state, or local taxes of any kind imposed
on the Participant and required by law to be withheld by the Company in
connection with the transactions contemplated by this Agreement.

                         [Remainder of page left blank]

                                     - 4 -

<PAGE>

         15. Entire Agreement. This Agreement supersedes all prior agreements,
whether written or oral, between the parties with respect to its subject matter
and constitutes a complete and exclusive statement of the terms of the agreement
between the parties with respect to its subject matter. Each party has been
represented by separate counsel in the negotiation and drafting of this
Agreement.

         16. Governing Law. This Agreement shall be governed by, construed and
enforced in accordance with the laws of the State of Oklahoma.

         This Agreement is executed and delivered, in duplicate, pursuant to the
Plan, the provisions of which are incorporated herein by reference.

                           "Company"

                           Lowrance Electronics, Inc.

                           By:
                              --------------------------------------------------
                              Darrell J. Lowrance, President

                           "Participant"

                           -----------------------------------------------------
                           Ronald G. Weber

                                     - 5 -

<PAGE>

                                   EXHIBIT "A"

                            NOTICE OF EXERCISE UNDER

                       NONQUALIFIED STOCK OPTION AGREEMENT

To:   Lowrance Electronics, Inc. (the "Company")

From:
      --------------------------------------------

Date:
      -----------------------------------

         Pursuant to the Nonqualified Stock Option Agreement (the "Agreement")
(capitalized terms used without definition herein have the meanings given such
terms in the Agreement) between the Company and myself effective
______________________, I hereby exercise my Option as follows:

         Number of shares of Common Stock I wish to       ______
         purchase under the Option

         Exercise Price per share                       $ ______

         Total Exercise Price                           $ ______

         Income Tax Withholding                         $ ______

         Total obligation                               $ ______

         I hereby represent, warrant, and covenant to the Company that:

         a. I can bear the economic risk of the investment in the Common Stock
resulting from this exercise of the Option, including a total loss of my
investment.

         b. I am experienced in business and financial matters and am capable of
(i) evaluating the merits and risks of an investment in the Common Stock; (ii)
making an informed investment decision regarding exercise of the Option; and
(iii) protecting my interests in connection therewith.

         c. Any subsequent offer for sale or distribution of any of the shares
of Common Stock shall be made only pursuant to (i) a registration statement on
an appropriate form under the Securities Act of 1933, as amended (the
"Securities Act"), which registration statement has become effective and is
current with regard to the shares being offered or sold, or (ii) a specific
exemption from the registration requirements of the Securities Act, it being
understood that to the extent any such exemption is claimed, I shall, prior to
any offer for sale or sale of such shares, obtain a prior favorable written
opinion, in form and substance satisfactory to the

<PAGE>

Committee, from counsel for or approved by the Committee, as to the
applicability of such exemption thereto.

         I acknowledge that I must pay the total Exercise Price in full and make
appropriate arrangements for the payment of all federal, state and local tax
withholdings due with respect to the Option exercised herein, before the stock
certificate evidencing the shares of Common Stock resulting from this exercise
of the Option will be issued to me.

         I elect to pay in full the total Exercise Price for the Option
exercised herein and all federal and state taxes imposed on me and required by
law to be withheld by Company in connection with the exercise of this Option,
through one or more of the following methods:

         1.       I elect to pay $_________ of my obligation by enclosing a
                  check made payable to the Company in the amount of
                  $__________.

         2.       I elect to pay $_________ of my obligation by enclosing my
                  Promissory Note to the Company in such amount, together with
                  my Stock Pledge Agreement and stock assignments executed in
                  blank, whereby I pledge _______ shares of Common Stock
                  issuable upon exercise of the Option as security (to determine
                  the number of shares, divide such amount by the Fair Market
                  Value per share on the date of exercise).

         3.       I elect to pay $_________ of my obligation by enclosing
                  certificate number(s) ___________, representing _______ shares
                  of Lowrance Corporation, Inc. Common Stock owned by me free
                  and clear of all liens claims and encumbrances, properly
                  endorsed to the Company (to determine the number shares,
                  divide such amount by the Fair Market Value per share on the
                  date of exercise).

         4.       I elect to pay $_________ of my obligation by reducing the
                  number of shares of Common Stock that would otherwise be
                  issuable to me upon this exercise, by _______ shares (to
                  determine the number of shares, divide such amount by the Fair
                  Market Value per share on the date of exercise).

                                                     PARTICIPANT:

                                                     RECEIVED BY THE COMPANY:

                                                     By:
                                                         ----------------------

                                                     Title:
                                                           --------------------

Date:
     ------------------------

                                     - 2 -

<PAGE>

                                   EXHIBIT "B"

                                 PROMISSORY NOTE

$__________                                              _______________, 20____
                                                                 Tulsa, Oklahoma

         FOR VALUE RECEIVED, _______________ ("Borrower"), promises to pay on
demand to Lowrance Electronics, Inc., a Delaware corporation ("Lender"), or
order, at Lender's office at 12000 East Skelly Drive, Tulsa, Oklahoma 74128, or
such other place as may be designated in writing by notice to Borrower from
Lender or any subsequent holder of this Note ("Holder"), the principal sum of
__________ Dollars ($__________), with interest thereon at a variable rate per
annum equal to the Prime Rate regularly published in the money rates section of
The Wall Street Journal, plus two percent (2%); provided, however, in the event
of default in any payment of principal or interest hereunder, then, at the
option of Holder, and without notice to Borrower, interest shall, commencing as
of the date of such default, be computed and payable on the then unpaid balance
of the principal and accrued interest at the lesser of (i) such Prime Rate plus
ten percent (10%) per annum, or (ii) the highest rate then allowed by Oklahoma
law, until paid in full.

         The principal sum and all accrued interest thereon shall be payable in
full on ____________, 20__ [180 days from the date of the note]. Borrower shall
have the right at any time or from time to time to pay all or a portion of the
principal and accrued interest without premium or penalty. Prepayments shall
apply first to accrued interest and then to principal.

         Should suit be brought to recover on this Note, or should this Note be
placed in the hands of an attorney for collection, Borrower promises to pay all
attorney fees and costs incurred in connection therewith. This Note shall be
governed by and construed in accordance with the laws of the State of Oklahoma,
and suit hereon may be brought in District Court of Tulsa County, Oklahoma, and
for this purpose Borrower hereby expressly consents to the jurisdiction of said
court and to service of process by certified mail, return receipt requested.

         Failure of Holder to exercise any right hereunder shall not constitute
a waiver of the right to exercise the same in the event of any subsequent
default, or in the event of continuance of any existing default.

         Borrower waives demand, diligence, presentment for payment, protest and
notice of demand, protest, nonpayment and exercise of any option hereunder.
Borrower further agrees that the granting without notice of any extension or
extensions of time for payment of any sum or sums due hereunder, or for the
performance of any covenant, condition or agreement hereof shall in no way
release or discharge the liability of Borrower.

         This Note is secured by Borrower's Stock Pledge Agreement of even date
herewith. Time is of the essence of this Note and each and every term and
provision hereof.

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

                                     - 3 -

<PAGE>

                                   EXHIBIT "C"

                             STOCK PLEDGE AGREEMENT

         This Stock Pledge Agreement (the "Agreement") entered into this ____
day of ________, 20__, by and between ________________________________________
("Pledgor"), and Lowrance Electronics, Inc., a Delaware corporation ("Secured
Party").

         In consideration of the mutual covenants contained herein, the parties
agree as follows:

         1. Grant of Security Interest and Delivery of Shares.

                  (a) The Pledgor hereby grants the Secured Party a security
interest in ____shares of common stock, par value $0.10 per share, of Lowrance
Electronics, Inc., a Delaware corporation, now or hereafter owned by, or held in
the name of, the Pledgor, together with all products and proceeds of thereof
(collectively the "Shares").

                  (b) Contemporaneously with the execution of this Agreement,
the Pledgor shall endorse in blank and deposit with the Secured Party, stock
certificate number _____ of Lowrance Electronics, Inc., representing _____
shares of the common stock of such corporation. The Pledgor shall, in the
future, similarly endorse and deposit with the Secured Party any certificates
constituting products or proceeds of the Shares.

         2. Obligations Secured. The obligations secured by this Agreement are:

                  (a) Payment of the principal and interest due upon the
Promissory Note dated __________, 20__ in the principal amount of $__________,
in which the Pledgor is the maker and the Secured Party is the payee (the
"Note").

                  (b) Performance or observance by the Pledgor of the other
covenants and conditions of the Note and of the covenants and conditions of this
Agreement.

                  (c) Any other indebtedness, liability, or obligation of the
Pledgor to the Secured Party, however arising, whether now existing or hereafter
arising, due or not due, absolute or contingent, liquidated or unliquidated,
including indebtedness, liabilities, and obligations on which the Pledgor is
jointly liable with other parties.

                  (d) All expenses incurred or paid by the Secured Party for
purposes of conserving and protecting the Shares, including, but not limited to,
reasonable attorney's fees and other legal expenses incurred in connection with
retaking, holding, preparing for sale, and selling the Shares.

                  (e) Reasonable attorney's fees and other expenses incurred by
the Secured Party in any legal proceeding, in the trial court or on appeal,
brought to enforce or to collect any obligation secured by this Agreement, or to
enforce any term or provision of this Agreement, including any legal proceeding
brought to foreclose or otherwise realize upon the Shares.

                                     - 4 -

<PAGE>

         3. Pledgor's Representations and Warranties. The Pledgor represents and
warrants to the Secured Party that:

                  (a) The Shares are validly issued, fully paid, and
nonassessable. The Pledgor is the sole owner of the Shares, free and clear of
any and all liens or encumbrances, and will defend the same against all claims
and demands of all persons.

                   (b) The Pledgor has a good right to transfer and pledge the
Shares as provided in this Agreement, and neither such pledge nor any transfer
of the Shares following a default is restricted by any buy-sell agreement or
other restriction on transfer of the Shares and neither such pledge nor such
transfer will give rise to any rights in the Shares on behalf of any third
party.

         4. Voting of Shares and Receipt of Dividends. Until there is a default
under the terms of this Agreement, the Pledgor shall be entitled to exercise all
voting rights represented by the Shares; to receive, and retain, all cash
dividends payable with respect to the Shares; and to receive, and retain, all
distributions in property other than shares of Lowrance Electronic, Inc., or any
successor corporation, made with respect to the Shares. If any stock dividend is
paid on the Shares, or if Pledgor shall receive any securities as a result of a
stock split, a recapitalization or other transaction as a result of Pledgor's
ownership of the Shares, the Pledgor shall immediately endorse and deposit with
the Secured Party any securities received.

         5. Default. Time is of the essence of this Agreement. Any of the
following shall constitute a default under this Agreement:

                  (a) The Pledgor shall fail to pay when due any installment of
principal or interest on any obligation secured by this Agreement.

                  (b) The Pledgor shall fail to observe or perform any covenant,
agreement, or provision contained in this Agreement to be performed by the
Pledgor (other than payment of the obligations secured) and such default shall
continue for a period of ten (10) days after notice by the Secured Party to the
Pledgor of such default.

                  (c) Any representation or warranty made by the Pledgor in this
Agreement proves to have been untrue in any material respect as of the date when
made or furnished.

         6. Rights of Secured Party.

                  (a) The Secured Party shall have the right to assign this
Agreement and the interest of the Security Party under this Agreement, or to
grant a security interest in the same, upon terms that do not impair the rights
of the Pledgor under this Agreement.

                  (b) Upon default by the Pledgor, the Secured Party may, at the
option of Secured Party, declare the unpaid balances of all indebtedness owed by
the Pledgor to the Secured Party immediately due and payable, and the Secured
Party shall have and may exercise each and all of the remedies granted to the
Secured Party by the Oklahoma Uniform Commercial Code, together with any other
remedies which may be available to Secured Party under this

                                     - 5 -

<PAGE>

Agreement or by applicable law. The Note is with recourse; Secured Party shall
be entitled to deficiency judgment pursuant to the provisions of the Oklahoma
Uniform Commercial Code.

                  (c) Following default by the Pledgor, the Secured Party may
take possession of the Shares and may cause the Shares to be cancelled or
transferred into the name of the Secured Party. The Pledgor hereby appoints the
Secured Party as the Pledgor's attorney-in-fact for transfer of the Shares into
the name of the Secured Party. The transfer agent shall not be required to
inquire as to whether or not the Pledgor is in default and whether the Secured
Party is entitled to transfer the Shares into the name of the Secured Party. The
Pledgor agrees to indemnify, and hold the transfer agent harmless, from any
claim or liability arising out of such transfer.

                  (d) In connection with any sale of the Shares, the Pledgor
agrees that it is commercially reasonable to sell the Shares at public or
private sale as one lot or in several lots. The Secured Party may restrict the
purchasers or prospective purchasers of the Shares in a manner that will avoid
the necessity of registering the Shares under applicable state or federal
securities laws. The Secured Party shall give the Pledgor at least thirty (30)
days' notice of any proposed sale of the Shares.

                  (e) The Secured Party shall be under no obligation to sell the
Shares and is under no obligation to complete a sale of the Shares if, in the
reasonable business judgment of the Secured Party, none of the offers received
reasonably approximates the fair value of the Shares. If the Secured Party
elects not to sell the Shares, the Secured Party may elect to follow the
procedures set forth in the Oklahoma Uniform Commercial Code for retaining the
Shares in satisfaction of the obligations secured by this Agreement, subject to
the Pledgor's rights under such procedures.

                  (f) The Secured Party shall not be required to marshal
security and may proceed to foreclose or otherwise realize upon the Shares and
any other security for the obligations secured by this Agreement in such order
and in such manner as the Secured Party may determine in the Secured Party's
sole discretion.

         7. Miscellaneous Provisions.

                  (a) The provisions of this Agreement shall be binding upon and
inure to the benefit of the heirs, personal representatives, successors, and
assigns of the parties. If more than one person is named in this Agreement as
the Pledgor, each of such persons shall be jointly and severally liable for the
obligations of the Pledgor under this Agreement.

                  (b) Any notice or other communication required or permitted to
be given under this Agreement or the Oklahoma Uniform Commercial Code shall be
in writing and shall be mailed by certified mail, return receipt requested,
postage prepaid, addressed to the parties at the following addresses:

                                     - 6 -

<PAGE>

         Pledgor                        [Address]
                                        12000 Skelly Drive
         Secured Party                  Tulsa, Oklahoma 74128

All notices and other communications shall be deemed to be given at the
expiration of three days after the date of mailing. The address of a party to
which notices or other communications shall be mailed may be changed from time
to time by giving written notice to the other party.

                  (c) If any legal proceeding is commenced for the purpose of
interpreting or enforcing any provision of this Agreement, or for the purpose of
collecting any obligation secured by this Agreement, the Secured Party shall be
entitled to recover a reasonable attorney's fee in such proceeding, or any
appeal thereof, to be set by the court without the necessity of hearing
testimony or receiving evidence, in addition to the costs and disbursements
allowed by law. In addition, the Secured Party shall be entitled to recover
reasonable attorney's fees and legal expenses incurred by the Secured Party in
connection with retaking, holding, preparing for sale, and selling the Shares.

                  (d) No waiver of any provision of this Agreement or any
obligation secured by this Agreement shall be deemed, or shall constitute, a
waiver of any other provision, whether or not similar, nor shall any waiver
constitute a continuing waiver. No waiver shall be binding unless executed in
writing by the party making the waiver.

                  (e) This Agreement shall be governed by and shall be construed
in accordance with the laws of the state of Oklahoma.

         In Witness Whereof, the parties have executed this Agreement as of the
date first written above.

                                 "Pledgor"

                                 "Secured Party"

                                 Lowrance Electronics, Inc.

                                 By:
                                    -----------------------------------------

                                 Title:
                                       --------------------------------------

                                     - 7 -

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