Common use of Grant of Option and Exercise Price Clause in Contracts

Grant of Option and Exercise Price. Syntroleum grants to Grantee the Option to purchase * shares of Common Stock at an exercise price of $* per share, subject to the terms and conditions of this Agreement and of the Plan, the provisions of which are incorporated into this Agreement by this reference. The shares subject to the Option are intended to be Incentive Stock Option (ISO) shares as described in Section 422(b) of the Internal Revenue Code of 1986, as amended.

Grant of Option and Exercise Price. Syntroleum grants to Grantee the ---------------------------------- Option to purchase * 8,000 shares of Common Stock at an exercise price of $* 6.88 per share, the Fair Market Value (as defined in the Plan) of Syntroleum Common Stock on the Date of Grant, subject to the terms and conditions of this Agreement and of the Plan, the provisions of which are incorporated into this Agreement by this reference. The shares subject to the Option are intended to be Incentive Stock Option (ISO) shares as described in Section 422(b) of the Internal Revenue Code of 1986, as amended.

Grant of Option and Exercise Price. Syntroleum grants to Grantee the Option to purchase * shares of Common Stock at an exercise price of $* per share, the Fair Market Value (as defined in the Plan) of Syntroleum Common Stock on the Date of Grant, subject to the terms and conditions of this Agreement and of the Plan, the provisions of which are incorporated into this Agreement by this reference. The shares subject to the Option are intended to be Incentive Stock Option (ISO) shares as described in Section 422(b) of the Internal Revenue Code of 1986, as amended.

Grant of Option and Exercise Price. Syntroleum grants to Grantee the Option to purchase * 100,000 shares of Common Stock at an exercise price of $* 3.00 per share, which is not less than the Fair Market Value (as defined in the Plan) of Syntroleum Common Stock on the date the Option was granted, subject to the terms and conditions of this Agreement Agreement, the Plan and of the Planletter agreement dated October 6, 2003 between Syntroleum and Grantee (the “Letter Agreement”), the provisions of which are incorporated into this Agreement by this reference. The shares subject to the Option are intended to be Incentive Stock Option (ISO) shares as described in Section 422(b) of the Internal Revenue Code of 1986, as amended.