Common use of Unexercised Options Clause in Contracts

Unexercised Options. (a) This clause 14 applies to all Unexercised Options. If there is any inconsistency between this clause and the other provisions of these Terms and Conditions in respect of the exercise of Unexercised Options, this clause prevails to the extent of this inconsistency. (b) If, at the time an Unexercised Option is exercised: i) the Company is not listed on ASX; and ii) the Company is a subsidiary of another company (the "Parent Company") and iii) the Parent Company is listed on ASX or any Approved Exchange the Company may, instead of issuing shares in the capital of the Company, elect to have the Parent Company issue one fully paid share of common stock in the Parent Company for each Unexercised Option held. (c) If the Company makes the election referred to in paragraph (b): i) in lieu of the Option holder's entitlement under clause 1 to subscribe for one fully paid share of common stock in the capital of the Company for each Option held, the Option holder will be issued one fully paid share of common stock of the Parent Company for each Unexercised Option held; ------------------------------------------------------------------------------- 22

Unexercised Options. (a) This clause 14 applies to all Unexercised Options. If there is any inconsistency between this clause and the other provisions of these Terms and Conditions in respect of the exercise of Unexercised Options, this clause prevails to the extent of this inconsistency. (b) If, at the time an Unexercised Option is exercised: i) the Company is not listed on ASX; and ii) the Company is a subsidiary of another company (the "Parent Company") and and iii) the Parent Company is listed on ASX or any Approved Exchange the Company may, instead of issuing shares in the capital of the Company, elect to have the Parent Company issue one fully paid share of common stock in the Parent Company for each Unexercised Option held. (c) If the Company makes the election referred to in paragraph (b): i) in lieu of the Option holder's entitlement under clause 1 to subscribe for one fully paid ordinary share of common stock in the capital of the Company for each Option held, the Option holder will be issued one fully paid share of common stock of the Parent Company for each Unexercised Option held; ------------------------------------------------------------------------------- 22of