Common use of Non-Cash Exercise Clause in Contracts

Non-Cash Exercise. Grantee may at its option elect to pay the purchase price either with cash as described above or by receiving that number of shares of common stock (as determined below) that is equal to the value (as determined below) of this Option, in which event the Company shall issue to the Grantee the number of shares of common stock determined by using the following formula: X = Y (A-B) ------- A where X = the number of shares of common stock (or Option Shares) to be issued to Grantee; Y = the number of Option Shares subject to this Option; A = the Fair Market Value of one (1) Option Share; B = the Exercise Price per Option Share.

Non-Cash Exercise. Grantee may at its option elect to pay the purchase price either with cash as described above or by receiving that number of shares of common stock (as determined below) that is equal to the value (as determined below) of this Option, in which event the Company shall issue to the Grantee the number of shares of common stock determined by using the following formula: X = Y (AX=Y(A-B) ------- ------ A where X = the number of shares of common stock (or Option Shares) to be issued to Grantee; : Y = the number of Option Shares subject to this Option; A = the Fair Market Value of one (1) Option Share; B = the Exercise Price per Option Shareshare. For the purpose of the above provision, "Fair Market Value" mans the average of the daily closing prices for fifteen (15) consecutive trading days commencing immediately before the date of such computation.

Non-Cash Exercise. Grantee may at its option elect to pay the purchase price either with cash as described above or by receiving that number of shares of common stock (as determined below) that is equal to the value (as determined below) of this Option, in which event the Company shall issue to the Grantee the number of shares of common stock determined by using the following formula: X = Y (A-B) ------- ------------ A where X = the number of shares of common stock (or Option Shares) to be issued to Grantee; Y = the number of Option Shares subject to this Option; A = the Fair Market Value of one (1) Option Share; B = the Exercise Price per Option Share.