Common use of Option Exchange Clause in Contracts

Option Exchange. The undersigned, pursuant to the provisions of the foregoing Option, hereby elects to exchange its Option for _________ Units of HEURISTIC DEVELOPMENT GROUP, INC., each Unit consisting of one share of $.01 Par Value Common Stock, One Class A Warrant(s) to purchase one share _________ of Common Stock and One Class B Warrant, pursuant to the Option Exchange provisions of the Option.