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

                          10,590 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, David M. Cumming ("Holder"),
as the assignee of Leucadia  National  Corporation and 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 10,590  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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     (i)  up to 5,295 shares of Common Stock  commencing  November 22, 2001 at a
          per share price of $56.66; and

     (ii) up to an additional  5,295 shares of Common Stock  commencing  May 22,
          2002 at a per share price of $56.66.

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

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<PAGE>

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, 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

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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),  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").

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<PAGE>

          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 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.

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<PAGE>

          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).

          5.2.7 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

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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 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.

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<PAGE>

               (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 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

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<PAGE>

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.

     8.2  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

                                        9
<PAGE>

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 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 22nd day of May, 2000.

                                         PARKERVISION, INC.

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

Accepted and Agreed to by:

LEUCADIA NATIONAL CORPORATION

By: /S/ IAN M. CUMMING
   -----------------------------------------
   Name:  Ian M. Cumming
   Title: Chairman

                                       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.

                                       12THE 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

                          34,592 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, Peconic Fund Ltd., a company
organized  in The  Cayman  Islands,  ("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 34,592  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 17,296 shares of Common Stock commencing  November 22, 2001 at a
          per share price of $56.66; and

     (ii) up to an additional  17,296 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

                                        2
<PAGE>

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, 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

                                        3
<PAGE>

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),  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

                                        4
<PAGE>

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  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
<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 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

                                       6
<PAGE>

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
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

                                        7
<PAGE>

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
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
<PAGE>

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.

     8.2  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

                                        9
<PAGE>

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 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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