Common use of Salary Conversion Clause in Contracts

Salary Conversion. With respect to any semi-monthly salary payments payable to ▇▇. ▇▇▇▇▇▇▇ during October through December, 2009 (the “Conversion Period”), ▇▇. ▇▇▇▇▇▇▇ may elect, by written notification to the Company, to receive up to the equivalent of four (4) such salary payments (the “Maximum Conversion Amount”) in the form of common stock of the Company instead of in cash. ▇▇. ▇▇▇▇▇▇▇ may exercise this conversion election with respect to all or any portion of each semi-monthly salary amount during the Conversion Period up to the Maximum Conversion Amount. The conversion price per share, for any such salary payments to be received in stock, will be twenty cents ($0.20) per share.