Document:

THE SECURITIES  EVIDENCED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED  UNDER THE
SECURITIES ACT OF 1933, AS AMENDED  ("SECURITIES  ACT"), OR UNDER THE SECURITIES
LAWS OF ANY  STATE  OR OTHER  JURISDICTION.  THE  SECURITIES  MAY NOT BE SOLD OR
OFFERED FOR SALE IN THE ABSENCE OF AN EFFECTIVE  REGISTRATION  STATEMENT FOR THE
SECURITIES UNDER THE SECURITIES ACT AND APPLICABLE  SECURITIES LAWS OF ANY STATE
OR JURISDICTION, OR, AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH
REGISTRATION  IS NOT  REQUIRED,  EXCEPT WITH  RESPECT TO THE TRANSFER OF ALL THE
SECURITIES  REPRESENTED  BY THIS  PURCHASE  OPTION TO AN AFFILIATE OF THE HOLDER
WHERE THE  BENEFICIAL  OWNERSHIP OF SUCH  SECURITIES  BY THE  HOLDER'S  ULTIMATE
PARENT HAS NOT CHANGED.

THE REGISTERED HOLDER OF THIS PURCHASE OPTION BY ITS ACCEPTANCE  HEREOF,  AGREES
THAT IT WILL NOT SELL,  TRANSFER OR ASSIGN THIS PURCHASE OPTION EXCEPT AS HEREIN
PROVIDED.

                                 PURCHASE OPTION

                               FOR THE PURCHASE OF

                         529,475 SHARES OF COMMON STOCK

                                       OF

                               PARKERVISION, INC.

                             (A FLORIDA CORPORATION)

1.   Purchase Option.
     ---------------

          THIS CERTIFIES  THAT, in  consideration  of the purchase price paid by
Tyco Sigma Limited,  a Bermuda company  ("Holder"),  as registered owner of this
Purchase  Option,  to ParkerVision,  Inc.  ("Company"),  Holder is entitled,  to
purchase,  in whole or in part,  up to an aggregate of Five Hundred  Twenty-Nine
Thousand  Four  Hundred  Seventy-Five  (529,475)  shares of Common  Stock of the
Company, $.01 par value ("Common Stock"), on the terms set forth herein.

2.   Exercise.
     --------

     2.1  EXERCISE  PERIOD AND  EXERCISE  PRICE.  Pursuant  to the terms of this
Purchase Option, Holder will be entitled to purchase

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<PAGE>

     (i)  up to 264,737  shares of Common Stock will be  purchasable  commencing
          November  22,  2001 of which  176,492  shares of Common  Stock will be
          purchasable  at a per share price of $28.33 and 88,245  shares will be
          purchasable  at a per share  price of $35.41  (all such  shares  being
          referred to as the "First Allotment"); and

     (ii) up to 264,738  shares of Common Stock will be  purchasable  commencing
          May  22,  2002  of  which  88,246  shares  of  Common  Stock  will  be
          purchasable  at a per share price of $35.41 and 176,492 shares will be
          purchasable  at a per share  price of $37.68  (all such  shares  being
          referred to as the "Second Allotment").

The right to  purchase  the shares of Common  Stock under this  Purchase  Option
shall expire as to any shares on the date that is ten years  following  the date
such shares first become  purchasable (an "Expiration  Date"). If the Expiration
Date as to any of the shares  underlying  this Purchase Option is a day on which
banking  institutions are authorized by law to close,  then this Purchase Option
may be exercised for such shares on the next  succeeding day which is not such a
day in accordance  with the terms herein.  The per share exercise prices and the
number of shares of Common  Stock to be received  upon such  exercise,  shall be
adjusted as specified  in Section 6 hereof,  upon the  occurrence  of any of the
events  specified  in such  section.  The term  "Exercise  Price" shall mean the
initial  exercise prices set forth in this Section 2.1 or the adjusted  exercise
prices, depending on the context, of a share of Common Stock. The term "Tranche"
shall  represent the portion of this  Purchase  Option  exercisable  at the same
Exercise Price.

     2.2 EXERCISE FORM. In order to exercise this Purchase Option,  the exercise
form  attached  hereto must be duly  executed and completed and delivered to the
Company, together with this Purchase Option and payment of the Exercise Price in
cash, by certified check or official bank check, or by wire for the Common Stock
being purchased.  If the  subscription  rights  represented  hereby shall not be
exercised in whole or in part, at or before 5:00 p.m., Eastern time, on the last
Expiration  Date for such shares this  Purchase  Option shall become and be void
without further force or effect,  and all rights  represented hereby shall cease
and expire as to those shares.

     2.3 LEGEND. Each certificate for Common Stock purchased under this Purchase
Option  shall  bear a legend as follows  unless  the sale by the  Company to the
Holder such Common Stock has been  registered  under the Securities Act of 1933,
as amended ("Securities Act"):

          "The  securities   represented  by  this  certificate  have  not  been
          registered  under the  Securities  Act of 1933, as amended  ("Act") or
          applicable state law. The securities may not be offered for sale, sold
          or otherwise transferred except pursuant to an effective  registration
          statement under the Act, or pursuant to an exemption from registration
          under the Act and applicable state law."

3.   Transfer.
     --------

     3.1 GENERAL RESTRICTIONS. The registered Holder of this Purchase Option, by
its  acceptance  hereof,  agrees  that it will not sell,  transfer  or assign or
hypothecate this Purchase  Option,  except in compliance with or exemptions from
applicable securities laws and pursuant to the terms of this Purchase Option. In
order to make any sale,  transfer or assignment,  the Holder must deliver to the
Company (i) the  assignment  form attached  hereto duly executed and  completed,
(ii) the Purchase  Option,  (iii) payment of all transfer taxes, if any, payable
in connection  therewith and (iv) unless the transfer of the Purchase  Option is
the subject of an effective registration

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<PAGE>

statement  that is  current,  an opinion of  counsel  for the Holder  reasonably
acceptable to the Company and its outside  counsel that this Purchase Option may
be  transferred  pursuant to an exemption  from  registration  under the Act and
applicable state law, the availability of which is established to the reasonable
satisfaction of the Company and its independent counsel,  except that an opinion
of  counsel  shall  not be  required  in  respect  of any  transfer  of all  the
securities  represented  by this  Purchase  Option to an affiliate of the Holder
where the  beneficial  ownership of such  securities  by the  Holder's  ultimate
parent has not changed.  After satisfaction of the requirements of this Section,
the Company shall immediately  transfer this Purchase Option on the books of the
Company and shall execute and deliver a new Purchase Option or Purchase  Options
of like tenor to the appropriate  assignee(s)  expressly evidencing the right to
purchase the aggregate number of shares of Common Stock purchasable hereunder or
such portion of such number as shall be contemplated by any such assignment.

4.   New Purchase Options to be Issued.
     ---------------------------------

     4.1 PARTIAL EXERCISE OR TRANSFER.  Subject to the restrictions in Section 3
hereof,  this Purchase  Option may be exercised or assigned in whole or in part.
In the event of the exercise or assignment  hereof in part only,  upon surrender
of this  Purchase  Option  for  cancellation,  together  with the duly  executed
exercise or  assignment  form and funds  sufficient  to pay any  Exercise  Price
and/or  transfer  tax,  the Company  shall cause to be  delivered  to the Holder
without  charge a new Purchase  Option of like tenor to this Purchase  Option in
the name of the  Holder  evidencing  the  right of the  Holder to  purchase  the
aggregate  number of shares of Common  Stock  purchasable  hereunder as to which
this Purchase Option has not been exercised or assigned.

     4.2 LOST CERTIFICATE.  Upon receipt by the Company of evidence satisfactory
to it of the loss, theft,  destruction or mutilation of this Purchase Option and
of reasonably  satisfactory  indemnification and bond, the Company shall execute
and deliver a new Purchase  Option of like tenor and date. Any such new Purchase
Option  executed and  delivered as a result of such loss,  theft,  mutilation or
destruction shall constitute a substitute  contractual obligation on the part of
the Company.

5.   Registration Rights.
     -------------------

     5.1  REGISTRATION RIGHTS.

          5.1.1  REGISTRATION.  The Company shall file a registration  statement
under the  Securities  Act  ("Registration  Statement")  with the Securities and
Exchange  Commission  registering  for re-offer and re-sale the shares of Common
Stock   underlying  this  Purchase  Option   ("Registrable   Securities").   The
Registration Statement shall also register the shares sold by the Company on the
date hereof to the original Holder of this Purchase  Option.  The Company agrees
to have the Registration  Statement  declared effective by the first anniversary
of the issuance of this Purchase Option  ("Anniversary").  Once the Registration
Statement  is  declared  effective,  the  Company  shall  keep the  Registration
Statement effective and current until all the Registrable  Securities registered
thereunder  are  sold  or may be  sold  freely  in  any  90 day  period  without
registration  under an appropriate  exemption  under the Securities  Act. If the
Registration Statement has not been declared effective by the Anniversary, or if
it is so declared  effective but after the  Anniversary it becomes  subject to a
stop order or is not  otherwise  current  for use by Holder,  then  during  such
periods,  the Holder may demand on no more than an aggregate  of three  separate
occasions  to have  its  Registrable  Securities  registered  on a  registration
statement filed with the Securities and

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<PAGE>

Exchange  Commission or have such Registrable  Securities  included on any other
applicable  registration  statement  filed by the  Company,  which  "demand" and
"piggyback"  registration rights will be subject to such reasonable terms as are
ordinarily  offered to investors  purchasing similar securities to this Purchase
Option acquired in a similar manner. The Holder agrees that it will not sell any
of the Registrable  Securities  pursuant to the Registration  Statement prior to
the Anniversary without the written consent of the Company, which consent may be
withheld for any reason without explanation.

          5.1.2  Terms.  The  Company  shall  bear all of its fees and  expenses
attendant to registering  the Registrable  Securities,  but the Holder shall pay
any and all  underwriting  commissions  and the  expenses  of any legal  counsel
selected  by the Holder to  represent  them in  connection  with the sale of the
Registrable  Securities.  Promptly upon request,  Company will provide to Holder
such  number  of  copies of the  prospectus  forming a part of the  Registration
Statement as are reasonably requested by the Holder, and all supplements to such
prospectus.   Company  will  promptly   notify  Holder  at  any  time  that  the
Registration  Statement  or the  prospectus  may not be used  either  due to the
change of material  information  contained  therein or the  omission of material
information  therefrom  or upon the receipt by the Company of a cease and desist
or stop order of the  Securities and Exchange  Commission.  The Company will use
its  commercially  reasonable  efforts to amend or supplement  the  Registration
Statement  to make it  useable by the  Holder  under the terms of this  Purchase
Option.

     5.2  GENERAL TERMS.

          5.2.1  INDEMNIFICATION BY THE COMPANY. The Company agrees to indemnify
and hold  harmless  the  Holder(s)  and each  person,  if any,  who controls the
Holder(s)  within the  meaning  of the  Securities  Act  and/or  the  Securities
Exchange Act of 1934, as amended ("Exchange Act"),  against any losses,  claims,
damages  or  liabilities,  joint or  several,  to which  the  Holder(s)  or such
controlling person may become subject, under the Securities Act, Exchange Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect  thereof)  arise out of or are based  upon (i) any untrue  statement  or
alleged untrue  statement of a material fact  contained (A) in any  registration
statement for the  Registrable  Securities or (B) in any blue sky application or
other  document  executed by the Company  specifically  for blue sky purposes or
based upon any other  written  information  furnished  by the  Company or on its
behalf to any state or other  jurisdiction in order to qualify any or all of the
Registrable  Securities under the securities laws thereof (any such application,
document or information being hereinafter called a "Blue Sky  Application"),  or
(ii)  the  omission  or  alleged  omission  by  the  Company  to  state  in  any
registration  statement  for  the  Registrable  Securities  or in any  Blue  Sky
Application a material  fact required to be stated  therein or necessary to make
the  statements  therein,  in light of the  circumstances  under which they were
made, not misleading, and will reimburse the Holder(s) and each such controlling
person for any legal or other expenses  reasonably  incurred by the Holder(s) or
such controlling  person in connection with  investigating or defending any such
loss, claim, damage,  liability or action;  provided,  however, that the Company
will not be liable in any such case to the  extent  that any such  loss,  claim,
damage  or  liability  arises  out of or is based  upon an untrue  statement  or
alleged untrue  statement or omission or alleged  omission made in reliance upon
and in conformity with information regarding the Holder(s) which is furnished in
writing to the Company by the Holder or its representatives for inclusion in any
registration  statement  for the  Registrable  Securities  or any such  Blue Sky
Application ("Non-Indemnity Events").

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<PAGE>

          5.2.2  INDEMNIFICATION  BY THE  HOLDER(S).  The  Holder(s)  agrees  to
indemnify  and hold  harmless the Company and each person,  if any, who controls
the Company  within the meaning of the  Securities  Act and/or the  Exchange Act
against any losses, claims,  damages or liabilities,  joint or several, to which
the Company or such controlling person may become subject,  under the Securities
Act,  Exchange  Act or  otherwise  insofar as such  losses,  claims,  damages or
liabilities  (or actions in respect  thereof) arise out of or are based upon any
Non-Indemnity  Event;  and will  reimburse  the  Company  for any legal or other
expenses  reasonably incurred by the Company in connection with investigating or
defending any such loss, claim,  damage,  liability or action provided that such
loss, claim, damage or liability is found ultimately to arise out of or be based
upon  any  Non-Indemnity  Event;   provided  that  the  maximum  amount  of  the
indemnification  payments by Holder(s) shall not exceed the net sale proceeds of
any of the shares of Common Stock sold by the Holder(s).

          5.2.3 PROCEDURE.  Promptly after receipt by an indemnified party under
this Section 5 of notice of the  commencement  of any action,  such  indemnified
party will, if a claim in respect thereof is to be made against any indemnifying
party  under this  Section 5, notify in writing  the  indemnifying  party of the
commencement  thereof; and the omission so to notify the indemnifying party will
relieve the indemnifying party from any liability under this Section 5 as to the
particular item for which  indemnification is then being sought (if such failure
materially  prejudices the indemnifying party), but not from any other liability
which it may have to any  indemnified  party. In case any such action is brought
against any  indemnified  party,  and it notifies an  indemnifying  party of the
commencement  thereof,  the  indemnifying  party will be entitled to participate
therein, and to the extent that it may wish, jointly with any other indemnifying
party, similarly notified, to assume the defense thereof, with counsel who shall
be to the reasonable  satisfaction of such  indemnified  party, and after notice
from the  indemnifying  party to such  indemnified  party of its  election so to
assume the defense thereof,  the  indemnifying  party will not be liable to such
indemnified  party  under  this  Section  5 for  any  legal  or  other  expenses
subsequently  incurred by such indemnified  party in connection with the defense
thereof other than  reasonable  costs of  investigation.  Any such  indemnifying
party  shall not be  liable  to any such  indemnified  party on  account  of any
settlement  of any  claim  or  action  effected  without  the  consent  of  such
indemnifying party, which consent shall not be unreasonably withheld.

          5.2.4  CONTRIBUTION.  If the  indemnification  provided  for  in  this
Section 5 is  unavailable  to any  indemnified  party in respect to any  losses,
claims,  damages,   liabilities  or  expenses  referred  to  therein,  then  the
indemnifying  party,  in lieu  of  indemnifying  such  indemnified  party,  will
contribute to the amount paid or payable by such indemnified  party, as a result
of such losses, claims,  damages,  liabilities or expenses in such proportion as
is appropriate to reflect the relative fault of the Company on the one hand, and
of the  Holder(s)  on the other  hand,  in  connection  with the  statements  or
omissions  which  resulted  in such  losses,  claims,  damages,  liabilities  or
expenses as well as any other relevant  equitable  considerations.  The relative
fault of the Company on the one hand, and the Holder(s) on the other hand,  will
be  determined  with  reference  to, among other  things,  whether the untrue or
alleged untrue  statement of a material fact or the omission to state a material
fact relates to information  supplied by the Company,  and its relative  intent,
knowledge,  access to  information  and  opportunity  to correct or prevent such
statement or omission.

          5.2.5  EQUITABLE  CONSIDERATIONS.  The Company and the Holder(s) agree
that it would not be just and equitable if contribution pursuant to this Section
5 were  determined  by pro rata  allocation or by any other method of allocation
which does not take into account the equitable considerations referred to in the
immediately preceding paragraph.

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<PAGE>

          5.2.6  ATTORNEYS'  FEES.  The  amount  payable  by a party  under this
Section 5 as a result of the losses,  claims,  damages,  liabilities or expenses
referred  to above will be deemed to include any legal or other fees or expenses
reasonably  incurred by such party in connection with investigating or defending
any action or claim (including,  without  limitation,  fees and disbursements of
counsel incurred by an indemnified party in any action or proceeding between the
indemnifying  party and indemnified  party or between the indemnified  party and
any third party or otherwise).

          5.2.7 EXERCISE OF PURCHASE OPTIONS. Nothing contained in this Purchase
Option  shall be  construed  as  requiring  the Holder to exercise  its Purchase
Options.

          5.2.8 DOCUMENTS TO BE DELIVERED BY HOLDER. Holder shall furnish to the
Company  a  completed  and  executed   questionnaire  provided  by  the  Company
requesting information customarily sought of selling securityholders.

6.   Adjustments.
     -----------

     6.1  ADJUSTMENTS TO EXERCISE  PRICE AND NUMBER OF SECURITIES.  The Exercise
Prices and the number of shares of Common Stock  underlying the Purchase  Option
shall be subject to adjustment from time to time as hereinafter set forth:

          6.1.1 STOCK DIVIDENDS - RECLASSIFICATION, SPLIT-UPS. If after the date
hereof,  and  subject  to the  provisions  of Section  6.2 below,  the number of
outstanding  shares of Common  Stock is  increased  by a stock  dividend  on the
Common  Stock  payable  in  shares  of  Common  Stock  or  by  a  split-up,   or
reclassification  of shares of Common Stock applicable  uniformly to all holders
of Common Stock,  then, on the effective  date thereof,  the number of shares of
Common Stock  issuable on exercise of the Purchase  Option shall be increased in
proportion to such increase in outstanding shares.

          6.1.2 AGGREGATION OF SHARES. If after the date hereof,  and subject to
the provisions of Section 6.2, the number of outstanding  shares of Common Stock
is  decreased  by  a  reverse  stock  split,   consolidation,   combination   or
reclassification  of shares of Common Stock applicable  uniformly to all holders
of Common Stock, then, upon the effective date thereof,  the number of shares of
Common Stock  issuable on exercise of the Purchase  Option shall be decreased in
proportion to such decrease in outstanding shares.

          6.1.3 ADJUSTMENTS IN EXERCISE PRICE.  Whenever the number of shares of
Common Stock  purchasable upon the exercise of this Purchase Option is adjusted,
as provided in this Section 6.1,  the  Exercise  Price of each Tranche  shall be
adjusted (to the nearest cent) by  multiplying  the  applicable  Exercise  Price
immediately  prior to such  adjustment  by a fraction (x) the numerator of which
shall be the number of shares of Common Stock  purchasable  upon the exercise of
this  Purchase  Option  at  such  Exercise  Price   immediately  prior  to  such
adjustment,  and (y) the  denominator  of which shall be the number of shares of
Common Stock so purchasable immediately thereafter at such Exercise Price.

          6.1.4 REPLACEMENT OF SECURITIES UPON  REORGANIZATION,  ETC. Subject to
Section  6.1.5.,  in  case  of any  reclassification  or  reorganization  of the
outstanding  shares of Common Stock other than a change covered by Section 6.1.1
hereof or which solely affects the par value of such shares of Common Stock,  or
in the case of any merger or  consolidation  of the Company with or into another
corporation  (other than a  consolidation  or merger in which the Company is the
continuing

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corporation and which does not result in any  reclassification or reorganization
of the  outstanding  shares  of  Common  Stock),  or in the  case of any sale or
conveyance to another corporation or entity of the property of the Company as an
entirety or  substantially  as an entirety  the Holder of this  Purchase  Option
shall have the right thereafter  (until the Expiration Date) to receive upon the
exercise  hereof,  for the  same  aggregate  Exercise  Price  payable  hereunder
immediately prior to such event, the kind and amount of shares of stock or other
securities or property  (including cash) receivable upon such  reclassification,
reorganization,  merger or  consolidation,  or upon a dissolution  following any
such sale or other transfer, by a holder of the number of shares of Common Stock
of the Company  obtainable  upon  exercise of this Purchase  Option  immediately
prior to such event;  and if any  reclassification  also  results in a change in
shares of Common Stock covered by Section 6.1.1,  then such adjustment  shall be
made pursuant to Sections 6.1.1, 6.1.3 and this Section 6.1.4. The provisions of
this  Section  6.1.4  shall  similarly  apply to  successive  reclassifications,
reorganizations, mergers or consolidations, sales or other transfers.

          6.1.5 RIGHT OF ACCELERATION.

               (a)  Notwithstanding  anything  in this  Purchase  Option  to the
contrary,  if the Company or the  shareholders  of the Company enter into a bona
fide agreement with a person other than the Holder,  or any of the affiliates of
the  Holder (i) for the  consolidation  with or merger of the  Company  into any
other  corporation  wherein (A) the Company is not the surviving  corporation or
(B)  the  Company  is  the  surviving  corporation  but,  as  a  result  of  the
transaction,   the  other  company  (or  any  other  third   party),   or  their
shareholders,  acquire  control of more than fifty  percent  (50%) of the voting
securities  of  the  Company,   or  (ii)  the  sale  or  conveyance  of  all  or
substantially  all of the Company's assets (a  "Transaction"),  then the Company
shall  promptly  give the Holder  notice of such  Transaction  which shall be no
later than twenty days prior to consummation of such  Transaction.  In the event
of consummation of such Transaction,  the right to exercise any unvested Tranche
hereunder shall immediately  accelerate and Holder shall be entitled to exercise
all or any portion of this  Purchase  Option at any time  beginning  immediately
prior to the consummation of such Transaction. If (i) the value of the per-share
consideration  to be received in the  Transaction is equal to or exceeds 175% of
the Exercise  Price then in effect for any Tranche and (ii) any securities to be
issued in  exchange  for the  Common  Stock  receivable  upon  exercise  of this
Purchase  Option in the  Transaction  will be  sellable  by the  Holder  without
restriction under any Federal  securities laws, then the Company may require the
Holder  to  exercise  such  Tranche  of  this  Purchase   Option  in  full  upon
consummation of such Transaction,  either for the then cash Exercise Price or on
a "cashless"  exercise  basis as set forth below  ("Conversion  Right"),  as the
Holder elects in its sole discretion.  In such event, any unexercised portion of
any such Tranche of this  Purchase  Option shall  expire  immediately  after the
consummation of such Transaction.

               (b) Upon  exercise of the  Conversion  Right,  the Company  shall
deliver to the Holder (without payment by the Holder of any of the cash Exercise
Price) that number of shares of Common Stock equal to the  quotient  obtained by
dividing  (x) the  "Value" (as  defined  below) of the  portion of the  Purchase
Option being converted at the time the Conversion  Right is exercised by (y) the
Market Price.  The "Value" of the portion of the Purchase Option being converted
shall equal the  remainder  derived  from  subtracting  (a) the  Exercise  Price
multiplied by the number of shares of Common Stock being  converted from (b) the
Market  Price of the Common Stock  multiplied  by the number of shares of Common
Stock being converted. As used herein, the term "Market Price" at any date shall
be deemed to be the  higher of the value of the  consideration  being  paid in a
Transaction  or the last  reported  sale price of the Common Stock on such date,
or, in case no such  reported  sale takes place on such day,  the average of the
last reported sale prices for the

                                        7
<PAGE>

immediately  preceding three trading days, in either case as officially reported
by the  principal  securities  exchange  on which the Common  Stock is listed or
admitted  to  trading,  or, if the  Common  Stock is not listed or  admitted  to
trading on any national securities exchange or if any such exchange on which the
Common Stock is listed is not its principal  trading  market,  the last reported
sale price as furnished by the National Association of Securities Dealers,  Inc.
("NASD")  through  the  Nasdaq  National  Market  or  SmallCap  Market,  or,  if
applicable, the OTC Bulletin Board.

          6.1.6 CHANGES IN FORM OF PURCHASE OPTION. This form of Purchase Option
need not be changed because of any change pursuant to this Section, and Purchase
Options issued after such change may state the same Exercise Prices and the same
number of shares of Common Stock as are stated in the Purchase Options initially
issued pursuant to this Agreement.  The acceptance by any Holder of the issuance
of new Purchase Options  reflecting a required or permissive change shall not be
deemed to waive any rights to a prior adjustment or the computation thereof.

     6.2 ELIMINATION OF FRACTIONAL INTERESTS.  The Company shall not be required
to issue certificates  representing fractions of shares of Common Stock upon the
exercise or of the Purchase  Option upon its transfer,  nor shall it be required
to issue  scrip or pay cash in lieu of any  fractional  interests,  it being the
intent of the parties  that all  fractional  interests  shall be  eliminated  by
rounding any fraction up to the nearest whole number of Purchase Options, shares
of Common Stock or other securities, properties or rights.

     6.3 NOTICE OF CHANGE IN EXERCISE PRICES. The Company shall,  promptly after
an event requiring a change in the Exercise Prices pursuant to Section 6 hereof,
send notice to the Holder of such event and change ("Price  Notice").  The Price
Notice shall describe the event causing the change and the method of calculating
same and  shall  be  certified  as being  true  and  accurate  by the  Company's
President and Chief Financial Officer.

7.   RESERVATION  AND LISTING.  The Company  shall at all times reserve and keep
available out of its authorized  shares of Common Stock,  solely for the purpose
of issuance  upon  exercise of the  Purchase  Options,  such number of shares of
Common Stock or other securities, properties or rights as shall be issuable upon
the exercise  thereof.  The Company  covenants and agrees that, upon exercise of
the Purchase  Options and payment of the Exercise Price therefor,  all shares of
Common Stock and other securities  issuable upon such exercise shall be duly and
validly  issued,  fully paid and  non-assessable  and not subject to  preemptive
rights of any stockholder. As long as the Purchase Options shall be outstanding,
the Company  shall use its best  efforts to cause all the shares of Common Stock
issuable upon exercise of the Purchase Options to be listed (subject to official
notice of issuance) on all securities exchanges (or, if applicable on Nasdaq) on
which the Common Stock of the Company is then listed and/or quoted.

8.   Miscellaneous.
     -------------

     8.1 AMENDMENTS.  The Company may from time to time supplement or amend this
Purchase Option with the approval of the Holder which will be promptly given and
not unreasonably  withheld solely in order to cure any ambiguity,  to correct or
supplement any provision contained herein which may be defective or inconsistent
with any other provisions  herein,  or to make any other provisions in regard to
matters or questions  arising  hereunder which the Company may deem necessary or
desirable and which shall not adversely affect the interests of the Holder. All

                                        8
<PAGE>

modifications  or  amendments  shall  require the  written  consent of the party
against whom enforcement of the modification or amendment is sought.

     8.2  HEADINGS.  The headings  contained  herein are for the sole purpose of
convenience  of reference,  and shall not in any way limit or affect the meaning
or interpretation of any of the terms or provisions of this Purchase Option.

     8.3  ENTIRE  AGREEMENT.  This  Purchase  Option  (together  with the  other
agreements and documents being delivered  pursuant to or in connection with this
Purchase  Option)  constitutes  the entire  agreement of the parties hereto with
respect to the subject  matter hereof,  and supersedes all prior  agreements and
understandings  of the parties,  oral and  written,  with respect to the subject
matter hereof.

     8.4 BINDING EFFECT.  This Purchase Option shall inure solely to the benefit
of and shall be binding  upon,  the Holder and the Company and their  respective
successors, legal representatives and assigns, and no other person shall have or
be construed to have any legal or equitable  right,  remedy or claim under or in
respect  of or by  virtue  of this  Purchase  Option  or any  provisions  herein
contained.

     8.5 NOTICES. Unless otherwise specified in this Purchase Option, any notice
or other  document  required or permitted to be given or delivered to the Holder
of this Purchase  Option shall be  personally  delivered or sent by facsimile or
other form of electronic transmission, to the Holder at his address indicated on
the books and  records of the  Company or such other  address as shall have been
furnished to the Company by the Holder. Any notice or other document required or
permitted to be given or delivered to the Company shall be personally  delivered
or sent by facsimile or other form of electronic transmission,  to the principal
office of the  Company at 8493  Baymeadows  Way,  Jacksonville,  Florida  32256,
Attention Chief Executive Officer,  Facsimile No. (904) 731-7125,  or such other
address as shall  have been  furnished  by the  Company to the Holder of record.
Unless  otherwise  specified  in this  Purchase  Option  all  notices  and other
documents  given under this  Purchase  Option  shall be deemed to have been duly
given when delivered,  if personally delivered,  and when transmitted if sent by
facsimile or other form of electronic transmission.

     8.6 GOVERNING LAW;  SUBMISSION TO JURISDICTION.  This Purchase Option shall
be governed by and  construed  and enforced in  accordance  with the laws of the
State of Florida,  without  giving  effect to conflict of laws.  The Company and
Holder  each  hereby  agrees that any  action,  proceeding  or claim  against it
arising out of, or relating in any way to this Purchase  Option shall be brought
and  enforced  in the courts of the State of Florida or of the United  States of
America  for  the  Middle  District  of  Florida,   Jacksonville   Division  and
irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.
The  Company  and Holder  each hereby  waives any  objection  to such  exclusive
jurisdiction and that such courts  represent an inconvenient  forum. Any process
or summons to be served upon the Company or Holder may be served by transmitting
a copy  thereof by  registered  or certified  mail,  return  receipt  requested,
postage prepaid, addressed to it at the address set forth on the signature pages
of the Subscription Agreement. Such mailing shall be deemed personal service and
shall be legal and binding upon the Company or Holder in any action,  proceeding
or claim.  The Company and Holder each agree that the  prevailing  party(ies) in
any such action  shall be entitled to recover from the other  party(ies)  all of
its  reasonable  attorneys'  fees  and  expenses  relating  to  such  action  or
proceeding and/or incurred in connection with the preparation therefor.

                                        9
<PAGE>

     8.7  WAIVER,  ETC.  The failure of the Company or the Holder to at any time
enforce any of the  provisions  of this  Purchase  Option shall not be deemed or
construed  to be a waiver of any such  provision,  nor to in any way  affect the
validity of this  Purchase  Option or any  provision  hereof or the right of the
Company or any Holder to  thereafter  enforce  each and every  provision of this
Purchase Option. No waiver of any breach,  non-compliance or  non-fulfillment of
any of the  provisions  of this  Purchase  Option shall be effective  unless set
forth in a written  instrument  executed by the party or parties against whom or
which  enforcement  of such waiver is sought;  and no waiver of any such breach,
non-compliance or non-fulfillment shall be construed or deemed to be a waiver of
any other or subsequent breach, non-compliance or non-fulfillment.

                                       10
<PAGE>

          IN WITNESS WHEREOF,  the Company has caused this Purchase Option to be
signed by its duly authorized officer as of the 22nd day of May, 2000.

                                        PARKERVISION, INC.

                                        By: /S/ JEFFREY PARKER
                                            ----------------------------------
                                            Name:  Jeffrey Parker
                                            Title: Chief Executive Officer

Accepted and Agreed to

TYCO SIGMA LIMITED

By: /S/ GLEN MISKIEWICZ
    ---------------------------
    Name:  Glen Miskiewicz
    Title: Vice President

                                       11
<PAGE>

Form to be used to exercise Purchase Option:

ParkerVision, Inc.
8493 Baymeadows Way
Jacksonville, Florida  32256

Date:_________________, 20__

          The  undersigned  hereby  elects  irrevocably  to exercise  the within
Purchase  Option and to purchase ____ shares of Common Stock to purchase  shares
of Common Stock of ParkerVision,  Inc. and hereby makes payment of $____________
(at the rate of $_________ per share of Common Stock) in payment of the Exercise
Price pursuant thereto.  Please issue the Common Stock as to which this Purchase
Option is exercised in accordance with the instructions given below.

                                             ___________________________________
                                             Signature

___________________________________
Signature Guaranteed

          NOTICE:  THE SIGNATURE TO THIS FORM MUST  CORRESPOND  WITH THE NAME AS
WRITTEN UPON THE FACE OF THE WITHIN PURCHASE OPTION IN EVERY PARTICULAR  WITHOUT
ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER,  AND MUST BE GUARANTEED BY A
BANK,  OTHER THAN A SAVINGS  BANK,  OR BY A TRUST  COMPANY  OR BY A FIRM  HAVING
MEMBERSHIP ON A REGISTERED NATIONAL SECURITIES EXCHANGE.

                   INSTRUCTIONS FOR REGISTRATION OF SECURITIES

Name     _______________________________________________________________________
                                    (Print in Block Letters)

Address  _______________________________________________________________________

                                       12
<PAGE>

Form to be used to assign Purchase Option:

                                   ASSIGNMENT

          (To be executed by the  registered  Holder to effect a transfer of the
within Purchase Option):

          FOR VALUE  RECEIVED,  does hereby sell,  assign and transfer  unto the
right to  purchase  _______________________  shares of Common  Stock to purchase
_____________ shares of Common Stock of ParkerVision,  Inc.("Company") evidenced
by the within Purchase Option and does hereby  authorize the Company to transfer
such right on the books of the Company.

Dated:___________________, 20____

                                             ___________________________________
                                             Signature

          NOTICE:  THE SIGNATURE TO THIS FORM MUST  CORRESPOND  WITH THE NAME AS
WRITTEN UPON THE FACE OF THE WITHIN PURCHASE OPTION IN EVERY PARTICULAR  WITHOUT
ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER.

                                       13THE SECURITIES  EVIDENCED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED  UNDER THE
SECURITIES ACT OF 1933, AS AMENDED  ("SECURITIES  ACT"), OR UNDER THE SECURITIES
LAWS OF ANY  STATE  OR OTHER  JURISDICTION.  THE  SECURITIES  MAY NOT BE SOLD OR
OFFERED FOR SALE IN THE ABSENCE OF AN EFFECTIVE  REGISTRATION  STATEMENT FOR THE
SECURITIES UNDER THE SECURITIES ACT AND APPLICABLE  SECURITIES LAWS OF ANY STATE
OR JURISDICTION, OR, AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH
REGISTRATION  IS NOT  REQUIRED,  EXCEPT WITH  RESPECT TO THE TRANSFER OF ALL THE
SECURITIES  REPRESENTED  BY THIS  PURCHASE  OPTION TO AN AFFILIATE OF THE HOLDER
WHERE THE  BENEFICIAL  OWNERSHIP OF SUCH  SECURITIES  BY THE  HOLDER'S  ULTIMATE
PARENT HAS NOT CHANGED.

THE REGISTERED HOLDER OF THIS PURCHASE OPTION BY ITS ACCEPTANCE  HEREOF,  AGREES
THAT IT WILL NOT SELL,  TRANSFER OR ASSIGN THIS PURCHASE OPTION EXCEPT AS HEREIN
PROVIDED.

                                 PURCHASE OPTION

                               FOR THE PURCHASE OF

                         484,293 SHARES OF COMMON STOCK

                                       OF

                               PARKERVISION, INC.

                             (A FLORIDA CORPORATION)

1.   Purchase Option.
     ---------------

          THIS CERTIFIES  THAT, in  consideration  of the purchase price paid by
Leucadia  National  Corporation,  a New York company  ("Holder"),  as registered
owner of this Purchase Option,  to  ParkerVision,  Inc.  ("Company"),  Holder is
entitled, to purchase, in whole or in part, up to an aggregate of 484,293 shares
of Common Stock of the Company,  $.01 par value ("Common  Stock"),  on the terms
set forth herein.

2.   Exercise.
     --------

     2.1  EXERCISE  PERIOD AND  EXERCISE  PRICE.  Pursuant  to the terms of this
Purchase Option, Holder will be entitled to purchase

     (i)  up to 242,147 shares of Common Stock commencing November 22, 2001 at a
          per share price of $56.66; and

     (ii) up to an additional  242,146 shares of Common Stock commencing May 22,
          2002 at a per share price of $56.66.

                                        1
<PAGE>

The right to  purchase  the shares of Common  Stock under this  Purchase  Option
shall expire as to any shares on the date that is ten years  following  the date
such shares first become  purchasable (an "Expiration  Date"). If the Expiration
Date as to any of the shares  underlying  this Purchase Option is a day on which
banking  institutions are authorized by law to close,  then this Purchase Option
may be exercised for such shares on the next  succeeding day which is not such a
day in accordance  with the terms herein.  The per share exercise prices and the
number of shares of Common  Stock to be received  upon such  exercise,  shall be
adjusted as specified  in Section 6 hereof,  upon the  occurrence  of any of the
events  specified  in such  section.  The term  "Exercise  Price" shall mean the
initial  exercise prices set forth in this Section 2.1 or the adjusted  exercise
prices, depending on the context, of a share of Common Stock.

     2.2  EXERCISE FORM. In order to exercise this Purchase Option, the exercise
form  attached  hereto must be duly  executed and completed and delivered to the
Company, together with this Purchase Option and payment of the Exercise Price in
cash, by certified check or official bank check, or by wire for the Common Stock
being purchased.  If the  subscription  rights  represented  hereby shall not be
exercised in whole or in part, at or before 5:00 p.m., Eastern time, on the last
Expiration  Date for such shares this  Purchase  Option shall become and be void
without further force or effect,  and all rights  represented hereby shall cease
and expire as to those shares.

     2.3  LEGEND.  Each  certificate  for  Common  Stock  purchased  under  this
Purchase Option shall bear a legend as follows unless the sale by the Company to
the Holder such Common Stock has been  registered  under the  Securities  Act of
1933, as amended ("Securities Act"):

          "The  securities   represented  by  this  certificate  have  not  been
          registered  under the  Securities  Act of 1933, as amended  ("Act") or
          applicable state law. The securities may not be offered for sale, sold
          or otherwise transferred except pursuant to an effective  registration
          statement under the Act, or pursuant to an exemption from registration
          under the Act and applicable state law."

3.   Transfer.
     --------

     3.1  GENERAL  RESTRICTIONS.  The registered Holder of this Purchase Option,
by its acceptance  hereof,  agrees that it will not sell,  transfer or assign or
hypothecate this Purchase  Option,  except in compliance with or exemptions from
applicable securities laws and pursuant to the terms of this Purchase Option. In
order to make any sale,  transfer or assignment,  the Holder must deliver to the
Company (i) the  assignment  form attached  hereto duly executed and  completed,
(ii) the Purchase  Option,  (iii) payment of all transfer taxes, if any, payable
in connection  therewith and (iv) unless the transfer of the Purchase  Option is
the subject of an effective  registration  statement that is current, an opinion
of counsel for the Holder  reasonably  acceptable to the Company and its outside
counsel that this Purchase  Option may be  transferred  pursuant to an exemption
from  registration  under the Act and applicable  state law, the availability of
which is  established  to the  reasonable  satisfaction  of the  Company and its
independent counsel,  except that an opinion of counsel shall not be required in
respect of any  transfer  of all the  securities  represented  by this  Purchase
Option to an  affiliate  of the Holder  where the  beneficial  ownership of such
securities by the Holder's ultimate parent has not changed.  After  satisfaction
of the requirements of this Section, the Company shall immediately transfer this
Purchase  Option on the books of the Company and shall execute and deliver a new
Purchase Option or Purchase Options

                                        2
<PAGE>

of like tenor to the appropriate  assignee(s)  expressly evidencing the right to
purchase the aggregate number of shares of Common Stock purchasable hereunder or
such portion of such number as shall be contemplated by any such assignment.

4.   New Purchase Options to be Issued.
     ---------------------------------

     4.1  PARTIAL EXERCISE OR TRANSFER. Subject to the restrictions in Section 3
hereof,  this Purchase  Option may be exercised or assigned in whole or in part.
In the event of the exercise or assignment  hereof in part only,  upon surrender
of this  Purchase  Option  for  cancellation,  together  with the duly  executed
exercise or  assignment  form and funds  sufficient  to pay any  Exercise  Price
and/or  transfer  tax,  the Company  shall cause to be  delivered  to the Holder
without  charge a new Purchase  Option of like tenor to this Purchase  Option in
the name of the  Holder  evidencing  the  right of the  Holder to  purchase  the
aggregate  number of shares of Common  Stock  purchasable  hereunder as to which
this Purchase Option has not been exercised or assigned.

     4.2  LOST CERTIFICATE. Upon receipt by the Company of evidence satisfactory
to it of the loss, theft,  destruction or mutilation of this Purchase Option and
of reasonably  satisfactory  indemnification and bond, if required,  the Company
shall execute and deliver a new Purchase Option of like tenor and date. Any such
new  Purchase  Option  executed and  delivered as a result of such loss,  theft,
mutilation or destruction shall constitute a substitute  contractual  obligation
on the part of the Company.

5.   Registration Rights.
     -------------------

     5.1  REGISTRATION RIGHTS.

          5.1.1 REGISTRATION. The Company  shall file a  registration  statement
under the  Securities  Act  ("Registration  Statement")  with the Securities and
Exchange  Commission  registering  for re-offer and re-sale the shares of Common
Stock   underlying  this  Purchase  Option   ("Registrable   Securities").   The
Registration Statement shall also register the shares sold by the Company on the
date hereof to the original Holder of this Purchase  Option.  The Company agrees
to have the Registration  Statement  declared effective by the first anniversary
of the issuance of this Purchase Option  ("Anniversary").  Once the Registration
Statement  is  declared  effective,  the  Company  shall  keep the  Registration
Statement effective and current until all the Registrable  Securities registered
thereunder  are  sold  or may be  sold  freely  in  any  90 day  period  without
registration  under an appropriate  exemption  under the Securities  Act. If the
Registration Statement has not been declared effective by the Anniversary, of it
is so declared  effective but after the  Anniversary  becomes  subject to a stop
order or is not  otherwise  available  for use by the  Holder,  then during such
periods,  the Holder may demand on no more than an aggregate  of three  separate
occasions  to have  its  Registrable  Securities  registered  on a  registration
statement  filed  with the  Securities  and  Exchange  Commission  or have  such
Registrable  Securities included on any other applicable  registration statement
filed by the Company, which "demand" and "piggyback" registration rights will be
subject  to  such  reasonable  terms  as are  ordinarily  offered  to  investors
purchasing  similar  securities  to this Purchase  Option  acquired in a similar
manner.  The  Holder  agrees  that  it  will  not  sell  any of the  Registrable
Securities  pursuant to the  Registration  Statement  prior to the  Anniversary,
without the written  consent of the Company,  which  consent may be withheld for
any reason without explanation.

                                        3
<PAGE>

          5.1.2 TERMS.  The  Company  shall  bear all of its fees  and  expenses
attendant to registering  the Registrable  Securities,  but the Holder shall pay
any and all  underwriting  commissions  and the  expenses  of any legal  counsel
selected  by the Holder to  represent  them in  connection  with the sale of the
Registrable  Securities.  Promptly upon request,  Company will provide to Holder
such  number  of  copies of the  prospectus  forming a part of the  Registration
Statement as are reasonably requested by the Holder, and all supplements to such
prospectus.   Company  will  promptly   notify  Holder  at  any  time  that  the
Registration  Statement  or the  prospectus  may not be used  either  due to the
change of material  information  contained  therein or the  omission of material
information  therefrom  or upon the receipt by the Company of a cease and desist
or stop order of the  Securities and Exchange  Commission.  The Company will use
its  commercially  reasonable  efforts to amend or supplement  the  Registration
Statement  to make it  useable by the  Holder  under the terms of this  Purchase
Option.

     5.2  GENERAL TERMS.

          5.2.1 INDEMNIFICATION BY THE COMPANY.  The Company agrees to indemnify
and hold harmless the  Holder(s),  each director and officer of the Holder,  and
each  person,  if any,  who  controls  the  Holder(s)  within the meaning of the
Securities Act and/or the Securities Exchange Act of 1934, as amended ("Exchange
Act"), against any losses, claims, damages or liabilities,  joint or several, to
which the Holder(s) or such  controlling  person may become  subject,  under the
Securities  Act,  Exchange Act or  otherwise,  insofar as such  losses,  claims,
damages or liabilities (or actions in respect thereof) arise out of or are based
upon (i) any untrue  statement or alleged  untrue  statement of a material  fact
contained (A) in any prospectus or  registration  statement for the  Registrable
Securities or (B) in any blue sky application or other document  executed by the
Company  specifically  for blue sky  purposes  or based  upon any other  written
information  furnished  by the  Company  or on its  behalf to any state or other
jurisdiction in order to qualify any or all of the Registrable  Securities under
the securities laws thereof (any such application, document or information being
hereinafter  called a "Blue Sky  Application"),  or (ii) the omission or alleged
omission by the Company to state in any prospectus or registration statement for
the  Registrable  Securities  or in any Blue Sky  Application  a  material  fact
required to be stated  therein or necessary to make the statements  therein,  in
light of the circumstances under which they were made, not misleading,  and will
reimburse  the  Holder(s)  and each such person for any legal or other  expenses
reasonably  incurred  by  the  Holder(s)  or  such  person  in  connection  with
investigating or defending any such loss,  claim,  damage,  liability or action;
provided,  however,  that the Company will not be liable in any such case to the
extent that any such loss, claim,  damage or liability arises out of or is based
upon an untrue  statement  or alleged  untrue  statement  or omission or alleged
omission made in reliance upon and in conformity with information  regarding the
Holder(s)  which is  furnished  in writing  to the  Company by the Holder or its
representatives for inclusion in any registration  statement for the Registrable
Securities or any such Blue Sky Application ("Non-Indemnity Events").

          5.2.2 INDEMNIFICATION  BY  THE  HOLDER(S).  The  Holder(s)  agrees  to
indemnify  and hold  harmless  the  Company,  each  officer and  director of the
Company, and each person, if any, who controls the Company within the meaning of
the Securities Act and/or the Exchange Act against any losses,  claims,  damages
or liabilities, joint or several, to which the Company or such person may become
subject,  under the Securities  Act,  Exchange Act or otherwise  insofar as such
losses, claims, damages or liabilities (or actions in respect thereof) arise out
of or are based upon any Non-  Indemnity  Event;  and will reimburse the Company
and such  persons  for any legal or other  expenses  reasonably  incurred by the
Company and such persons in connection with investigating

                                        4
<PAGE>

or defending any such loss,  claim,  damage,  liability or action  provided that
such loss, claim,  damage or liability is found ultimately to arise out of or be
based upon any  Non-Indemnity  Event;  provided  that the maximum  amount of the
indemnification  payments by Holder(s) shall not exceed the net sale proceeds of
any of the  shares  of  Common  Stock  sold  by the  Holder(s)  pursuant  to the
registration statement.

          5.2.3 PROCEDURE. Promptly after receipt by an indemnified  party under
this Section 5 of notice of the  commencement  of any action,  such  indemnified
party will, if a claim in respect thereof is to be made against any indemnifying
party  under this  Section 5, notify in writing  the  indemnifying  party of the
commencement  thereof; and the omission so to notify the indemnifying party will
relieve the indemnifying party from any liability under this Section 5 as to the
particular item for which  indemnification is then being sought (if such failure
materially  prejudices the indemnifying party), but not from any other liability
which it may have to any  indemnified  party. In case any such action is brought
against any  indemnified  party,  and it notifies an  indemnifying  party of the
commencement  thereof,  the  indemnifying  party will be entitled to participate
therein, and to the extent that it may wish, jointly with any other indemnifying
party, similarly notified, to assume the defense thereof, with counsel who shall
be to the reasonable  satisfaction of such  indemnified  party, and after notice
from the  indemnifying  party to such  indemnified  party of its  election so to
assume the defense thereof,  the  indemnifying  party will not be liable to such
indemnified  party  under  this  Section  5 for  any  legal  or  other  expenses
subsequently  incurred by such indemnified  party in connection with the defense
thereof other than  reasonable  costs of  investigation.  Any such  indemnifying
party  shall not be  liable  to any such  indemnified  party on  account  of any
settlement  of any  claim  or  action  effected  without  the  consent  of  such
indemnifying party, which consent shall not be unreasonably withheld.

          5.2.4 CONTRIBUTION.  If  the  indemnification  provided  for  in  this
Section 5 is  unavailable  to any  indemnified  party in respect to any  losses,
claims,  damages,   liabilities  or  expenses  referred  to  therein,  then  the
indemnifying  party,  in lieu  of  indemnifying  such  indemnified  party,  will
contribute to the amount paid or payable by such indemnified  party, as a result
of such losses, claims,  damages,  liabilities or expenses in such proportion as
is appropriate to reflect the relative fault of the Company on the one hand, and
of the  Holder(s)  on the other  hand,  in  connection  with the  statements  or
omissions  which  resulted  in such  losses,  claims,  damages,  liabilities  or
expenses as well as any other relevant  equitable  considerations.  The relative
fault of the Company on the one hand, and the Holder(s) on the other hand,  will
be  determined  with  reference  to, among other  things,  whether the untrue or
alleged untrue  statement of a material fact or the omission to state a material
fact relates to information  supplied by the Company,  and its relative  intent,
knowledge,  access to  information  and  opportunity  to correct or prevent such
statement or omission.

          5.2.5 EQUITABLE  CONSIDERATIONS.  The Company and the Holder(s)  agree
that it would not be just and equitable if contribution pursuant to this Section
5 were  determined  by pro rata  allocation or by any other method of allocation
which does not take into account the equitable considerations referred to in the
immediately preceding paragraph.

          5.2.6 ATTORNEYS'  FEES.  The amount  payable  by a  party  under  this
Section 5 as a result of the losses,  claims,  damages,  liabilities or expenses
referred  to above will be deemed to include any legal or other fees or expenses
reasonably  incurred by such party in connection with investigating or defending
any action or claim (including,  without  limitation,  fees and disbursements of
counsel incurred by an indemnified party in any action or proceeding between the
indemnifying  party and indemnified  party or between the indemnified  party and
any third party or otherwise).

                                        5
<PAGE>

          5.2.7 EXERCISE OF PURCHASE OPTIONS. Nothing contained in this Purchase
Option  shall be  construed  as  requiring  the Holder to exercise  its Purchase
Options.

          5.2.8 DOCUMENTS TO BE DELIVERED BY HOLDER. Holder shall furnish to the
Company  a  completed  and  executed   questionnaire  provided  by  the  Company
requesting information customarily sought of selling securityholders.

6.   Adjustments.
     -----------

     6.1  ADJUSTMENTS TO EXERCISE  PRICE AND NUMBER OF SECURITIES.  The Exercise
Prices and the number of shares of Common Stock  underlying the Purchase  Option
shall be subject to adjustment from time to time as hereinafter set forth:

          6.1.1 STOCK DIVIDENDS - RECLASSIFICATION, SPLIT-UPS. If after the date
hereof,  and  subject  to the  provisions  of Section  6.2 below,  the number of
outstanding  shares of Common  Stock is  increased  by a stock  dividend  on the
Common  Stock  payable  in  shares  of  Common  Stock  or  by  a  split-up,   or
reclassification  of shares of Common Stock applicable  uniformly to all holders
of Common Stock,  then, on the effective  date thereof,  the number of shares of
Common Stock  issuable on exercise of the Purchase  Option shall be increased in
proportion to such increase in outstanding shares.

          6.1.2 AGGREGATION OF SHARES. If after the date hereof,  and subject to
the provisions of Section 6.2, the number of outstanding  shares of Common Stock
is  decreased  by  a  reverse  stock  split,   consolidation,   combination   or
reclassification  of shares of Common Stock applicable  uniformly to all holders
of Common Stock, then, upon the effective date thereof,  the number of shares of
Common Stock  issuable on exercise of the Purchase  Option shall be decreased in
proportion to such decrease in outstanding shares.

          6.1.3 ADJUSTMENTS IN EXERCISE PRICE.  Whenever the number of shares of
Common Stock  purchasable upon the exercise of this Purchase Option is adjusted,
as provided in this Section  6.1,  the Exercise  Price shall be adjusted (to the
nearest cent) by multiplying the applicable  Exercise Price immediately prior to
such  adjustment by a fraction (x) the numerator of which shall be the number of
shares of Common Stock  purchasable upon the exercise of this Purchase Option at
such  Exercise  Price  immediately  prior  to  such  adjustment,   and  (y)  the
denominator  of  which  shall  be the  number  of  shares  of  Common  Stock  so
purchasable immediately thereafter at such Exercise Price.

          6.1.4 REPLACEMENT OF SECURITIES UPON  REORGANIZATION,  ETC. Subject to
Section  6.1.5.,  in  case  of any  reclassification  or  reorganization  of the
outstanding  shares of Common Stock other than a change covered by Section 6.1.1
hereof or which solely affects the par value of such shares of Common Stock,  or
in the case of any merger or  consolidation  of the Company with or into another
corporation  (other than a  consolidation  or merger in which the Company is the
continuing  corporation  and which  does not result in any  reclassification  or
reorganization of the outstanding shares of Common Stock), or in the case of any
sale or  conveyance  to another  corporation  or entity of the  property  of the
Company  as an  entirety  or  substantially  as an  entirety  the Holder of this
Purchase Option shall have the right  thereafter  (until the Expiration Date) to
receive upon the exercise hereof,  for the same aggregate Exercise Price payable
hereunder  immediately  prior to such  event,  the kind and  amount of shares of
stock or other  securities or property  (including  cash)  receivable  upon such
reclassification, reorganization, merger or

                                        6
<PAGE>

consolidation,  or upon a dissolution following any such sale or other transfer,
by a holder of the number of shares of Common  Stock of the  Company  obtainable
upon exercise of this Purchase Option  immediately  prior to such event;  and if
any reclassification  also results in a change in shares of Common Stock covered
by Section 6.1.1, then such adjustment shall be made pursuant to Sections 6.1.1,
6.1.3 and this  Section  6.1.4.  The  provisions  of this  Section  6.1.4  shall
similarly  apply to successive  reclassifications,  reorganizations,  mergers or
consolidations, sales or other transfers.

          6.1.5 RIGHT OF ACCELERATION.

               (a)  Notwithstanding  anything  in this  Purchase  Option  to the
contrary,  if the Company or the  shareholders  of the Company enter into a bona
fide agreement with a person other than the Holder,  or any of the affiliates of
the  Holder (i) for the  consolidation  with or merger of the  Company  into any
other  corporation  wherein (A) the Company is not the surviving  corporation or
(B)  the  Company  is  the  surviving  corporation  but,  as  a  result  of  the
transaction,   the  other  company  (or  any  other  third   party),   or  their
shareholders,  acquire  control of more than fifty  percent  (50%) of the voting
securities  of  the  Company,   or  (ii)  the  sale  or  conveyance  of  all  or
substantially all of the Company's assets (in each case, a "Transaction"),  then
the Company  shall  promptly give the Holder  notice of such  Transaction  which
shall be no later than twenty days prior to consummation of such Transaction. In
the  event of  consummation  of such  Transaction,  the  right to  exercise  any
unvested portion of this Purchase Option hereunder shall immediately  accelerate
and Holder  shall be entitled to  exercise  all or any portion of this  Purchase
Option commencing  immediately prior to the consummation of the Transaction.  If
(i) the value of the per-share  consideration  to be received in the Transaction
is equal to or exceeds  175% of the  Exercise  Price then in effect and (ii) any
securities  to be  issued in  exchange  for the  Common  Stock  receivable  upon
exercise  of this  Purchase  Option in the  Transaction  will be sellable by the
Holder without  restriction under any Federal  securities laws, then the Company
may require the Holder to exercise this Purchase Option in full immediately upon
consummation of such Transaction,  either for the then cash Exercise Price or on
a "cashless"  exercise  basis as set forth below  ("Conversion  Right"),  as the
Holder elects in its sole  discretion.  In such event and if the Holder does not
fully  exercise  this  Purchase  Option,  then any  unexercised  portion of this
Purchase  Option  shall  expire  immediately  after  the  consummation  of  such
Transaction.

               (b)  Upon  exercise of the  Conversion  Right,  the Company shall
deliver to the Holder (without payment by the Holder of any of the cash Exercise
Price) that number of shares of Common Stock equal to the  quotient  obtained by
dividing  (x) the  "Value" (as  defined  below) of the  portion of the  Purchase
Option being converted at the time the Conversion  Right is exercised by (y) the
Market Price.  The "Value" of the portion of the Purchase Option being converted
shall equal the  remainder  derived  from  subtracting  (a) the  Exercise  Price
multiplied by the number of shares of Common Stock being  converted from (b) the
Market  Price of the Common Stock  multiplied  by the number of shares of Common
Stock being converted. As used herein, the term "Market Price" at any date shall
be deemed to be the  higher of the value of the  consideration  being  paid in a
Transaction  or the last  reported  sale price of the Common Stock on such date,
or, in case no such  reported  sale takes place on such day,  the average of the
last reported sale prices for the  immediately  preceding three trading days, in
either case as officially reported by the principal securities exchange on which
the Common  Stock is listed or admitted to trading,  or, if the Common  Stock is
not listed or admitted to trading on any national  securities exchange or if any
such exchange on which the Common Stock is listed is not its  principal  trading
market, the last reported

                                        7
<PAGE>

sale price as furnished by the National Association of Securities Dealers,  Inc.
("NASD")  through  the  Nasdaq  National  Market  or  SmallCap  Market,  or,  if
applicable, the OTC Bulletin Board.

          6.1.6 CHANGES IN FORM OF PURCHASE OPTION. This form of Purchase Option
need not be changed because of any change pursuant to this Section, and Purchase
Options issued after such change may state the same Exercise Prices and the same
number of shares of Common Stock as are stated in the Purchase Options initially
issued pursuant to this Agreement.  The acceptance by any Holder of the issuance
of new Purchase Options  reflecting a required or permissive change shall not be
deemed to waive any rights to a prior adjustment or the computation thereof.

     6.2  ELIMINATION OF FRACTIONAL INTERESTS. The Company shall not be required
to issue certificates  representing fractions of shares of Common Stock upon the
exercise or of the Purchase  Option upon its transfer,  nor shall it be required
to issue  scrip or pay cash in lieu of any  fractional  interests,  it being the
intent of the parties  that all  fractional  interests  shall be  eliminated  by
rounding any fraction up to the nearest whole number of Purchase Options, shares
of Common Stock or other securities, properties or rights.

     6.3  NOTICE OF CHANGE IN EXERCISE PRICES. The Company shall, promptly after
an event requiring a change in the Exercise Prices pursuant to Section 6 hereof,
send notice to the Holder of such event and change ("Price  Notice").  The Price
Notice shall describe the event causing the change and the method of calculating
same and  shall  be  certified  as being  true  and  accurate  by the  Company's
President and Chief Financial Officer.

7.   RESERVATION  AND LISTING.  The Company  shall at all times reserve and keep
available out of its authorized  shares of Common Stock,  solely for the purpose
of issuance  upon  exercise of the  Purchase  Options,  such number of shares of
Common Stock or other securities, properties or rights as shall be issuable upon
the exercise  thereof.  The Company  covenants and agrees that, upon exercise of
the Purchase  Options and payment of the Exercise Price therefor,  all shares of
Common Stock and other securities  issuable upon such exercise shall be duly and
validly  issued,  fully paid and  non-assessable  and not subject to  preemptive
rights of any stockholder. As long as the Purchase Options shall be outstanding,
the Company  shall use its best  efforts to cause all the shares of Common Stock
issuable upon exercise of the Purchase Options to be listed (subject to official
notice of issuance) on all securities exchanges (or, if applicable on Nasdaq) on
which the Common Stock of the Company is then listed and/or quoted.

8.   Miscellaneous.
     -------------

     8.1  AMENDMENTS. The Company may from time to time supplement or amend this
Purchase Option with the approval of the Holder which will be promptly given and
not unreasonably  withheld solely in order to cure any ambiguity,  to correct or
supplement any provision contained herein which may be defective or inconsistent
with any other provisions  herein,  or to make any other provisions in regard to
matters or questions  arising  hereunder which the Company may deem necessary or
desirable and which shall not adversely affect the interests of the Holder.  All
modifications  or  amendments  shall  require the  written  consent of the party
against whom enforcement of the modification or amendment is sought.

                                        8
<PAGE>

     8.2  HEADINGS.  The headings  contained  herein are for the sole purpose of
convenience  of reference,  and shall not in any way limit or affect the meaning
or interpretation of any of the terms or provisions of this Purchase Option.

     8.3  ENTIRE  AGREEMENT.  This  Purchase  Option  (together  with the  other
agreements and documents being delivered  pursuant to or in connection with this
Purchase  Option)  constitutes  the entire  agreement of the parties hereto with
respect to the subject  matter hereof,  and supersedes all prior  agreements and
understandings  of the parties,  oral and  written,  with respect to the subject
matter hereof.

     8.4  BINDING EFFECT. This Purchase Option shall inure solely to the benefit
of and shall be binding  upon,  the Holder and the Company and their  respective
successors, legal representatives and assigns, and no other person shall have or
be construed to have any legal or equitable  right,  remedy or claim under or in
respect  of or by  virtue  of this  Purchase  Option  or any  provisions  herein
contained.

     8.5  NOTICES.  Unless  otherwise  specified in this  Purchase  Option,  any
notice or other  document  required or permitted to be given or delivered to the
Holder  of  this  Purchase  Option  shall  be  personally  delivered  or sent by
facsimile or other form of electronic transmission, to the Holder at his address
indicated on the books and records of the Company or such other address as shall
have been  furnished to the Company by the Holder.  Any notice or other document
required  or  permitted  to be  given  or  delivered  to the  Company  shall  be
personally  delivered,  or  sent  by  facsimile  or  other  form  of  electronic
transmission,  to the principal  office of the Company at 8493  Baymeadows  Way,
Jacksonville,  Florida 32256,  Attention Chief Executive Officer,  Facsimile No.
(904)  731-7125,  or such  other  address as shall  have been  furnished  by the
Company to the Holder of record.  Unless  otherwise  specified in this  Purchase
Option all notices and other documents given under this Purchase Option shall be
deemed to have been duly given when delivered, if personally delivered, and when
transmitted if sent by facsimile or other form of electronic transmission.

     8.6  GOVERNING LAW; SUBMISSION TO JURISDICTION.  This Purchase Option shall
be governed by and  construed  and enforced in  accordance  with the laws of the
State of Florida,  without  giving  effect to conflict of laws.  The Company and
Holder  each  hereby  agrees that any  action,  proceeding  or claim  against it
arising out of, or relating in any way to this Purchase  Option shall be brought
and  enforced  in the courts of the State of Florida or of the United  States of
America  for  the  Middle  District  of  Florida,   Jacksonville   Division  and
irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.
The  Company  and Holder  each hereby  waives any  objection  to such  exclusive
jurisdiction and that such courts  represent an inconvenient  forum. Any process
or summons to be served upon the Company or Holder may be served by transmitting
a copy  thereof by  registered  or certified  mail,  return  receipt  requested,
postage prepaid, addressed to it at the address set forth on the signature pages
of the Subscription Agreement. Such mailing shall be deemed personal service and
shall be legal and binding upon the Company or Holder in any action,  proceeding
or claim.  The Company and Holder each agree that the  prevailing  party(ies) in
any such action  shall be entitled to recover from the other  party(ies)  all of
its  reasonable  attorneys'  fees  and  expenses  relating  to  such  action  or
proceeding and/or incurred in connection with the preparation therefor.

     8.7  WAIVER,  ETC.  The failure of the Company or the Holder to at any time
enforce any of the  provisions  of this  Purchase  Option shall not be deemed or
construed to be a waiver of any

                                        9
<PAGE>

such provision, nor to in any way affect the validity of this Purchase Option or
any  provision  hereof or the right of the  Company or any Holder to  thereafter
enforce  each and every  provision  of this  Purchase  Option.  No waiver of any
breach,  non-compliance  or  non-fulfillment  of any of the  provisions  of this
Purchase  Option  shall be  effective  unless set forth in a written  instrument
executed  by the party or  parties  against  whom or which  enforcement  of such
waiver  is  sought;  and  no  waiver  of  any  such  breach,  non-compliance  or
non-fulfillment  shall be  construed  or  deemed  to be a waiver of any other or
subsequent breach, non-compliance or non-fulfillment.

          IN WITNESS WHEREOF,  the Company has caused this Purchase Option to be
signed by its duly authorized officer as of the _____ day of _______, 2000.

                                         PARKERVISION, INC.

                                         By: /S/ JEFFREY PARKER
                                            ------------------------------------
                                            Name:  Jeffrey Parker
                                            Title: Chief Executive Officer

                                       10
<PAGE>

Form to be used to exercise Purchase Option:

ParkerVision, Inc.
8493 Baymeadows Way
Jacksonville, Florida  32256

Date:_________________, 20__

          The  undersigned  hereby  elects  irrevocably  to exercise  the within
Purchase  Option and to purchase ____ shares of Common Stock to purchase  shares
of Common Stock of ParkerVision,  Inc. and hereby makes payment of $____________
(at the rate of $_________ per share of Common Stock) in payment of the Exercise
Price pursuant thereto.  Please issue the Common Stock as to which this Purchase
Option is exercised in accordance with the instructions given below.

                                         ---------------------------------------
                                         Signature

Signature Guaranteed

          NOTICE:  THE SIGNATURE TO THIS FORM MUST  CORRESPOND  WITH THE NAME AS
WRITTEN UPON THE FACE OF THE WITHIN PURCHASE OPTION IN EVERY PARTICULAR  WITHOUT
ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER,  AND MUST BE GUARANTEED BY A
BANK,  OTHER THAN A SAVINGS  BANK,  OR BY A TRUST  COMPANY  OR BY A FIRM  HAVING
MEMBERSHIP ON A REGISTERED NATIONAL SECURITIES EXCHANGE.

                   INSTRUCTIONS FOR REGISTRATION OF SECURITIES

Name
    ----------------------------------------------------------------------------
                             (Print in Block Letters)

Address
       -------------------------------------------------------------------------

                                       11
<PAGE>

Form to be used to assign Purchase Option:

                                   ASSIGNMENT

          (To be executed by the  registered  Holder to effect a transfer of the
within Purchase Option):

          FOR VALUE RECEIVED,___________________________________________________
does   hereby   sell,   assign  and   transfer   unto  the  right  to   purchase
_______________________  shares of Common Stock to purchase _____________ shares
of  Common  Stock  of  ParkerVision,  Inc.("Company")  evidenced  by the  within
Purchase Option and does hereby  authorize the Company to transfer such right on
the books of the Company.

Dated:___________________, 20__

                                         ---------------------------------------
                                         Signature

          NOTICE:  THE SIGNATURE TO THIS FORM MUST  CORRESPOND  WITH THE NAME AS
WRITTEN UPON THE FACE OF THE WITHIN PURCHASE OPTION IN EVERY PARTICULAR  WITHOUT
ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER.

                                       12

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