U.S. GOLD CORP. — Director's Dealing 2003

Sep 22, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DATARAM CORP (DRAM-NASDQ)
CIK: 0000027093
Period of Report: 2003-09-18

Reporting Person: DUNCAN JEFFREY H (Vice President, Manufacturing)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-09-18	Options	$4.09	A	8200	Acquired	2013-09-18	Common Stock, $1.00 Par Value (8200)	Direct

Footnotes

F1: Options to purchase 2,050 shares become first exercisable on 09/18/2004 and a like amount will become first exercisable on each successive anniversary date until all options become exercisable on 9/18/2007.

F2: Options were granted to the reporting person in consideration of his service as an executive officer of the Company. Options were granted at an exercise price equal to the fair market value of the Common Stock on the date of grant.

F3: In addition, Mr. Duncan was granted an option to purchase 75,000 shares at $2.3125 which is fully exercisable and which expires on 9/10/2006. Also, Mr. Duncan was granted an option to purchase 150,000 shares at $2.8125 which is fully exercisable and which expires on 11/19/2007. Also, Mr Duncan was granted an option to purchase 8,200 shares at $7.98 of which 2,050 shares are presently exercisable, 2,050 shares become exercisable on 11/26/2003, 2,050 shares become exercisable on 11/26/2004 and 2,050 shares become exercisable on 11/26/2005. This option expires on 11/26/2011. Also, Mr. Duncan was granted an option to purchase 8,200 shares exercisable at $2.99. Of this option, 2,050 shares are presently exercisable, 2,050 shares become exercisable on 9/18/2004, 2,050 shares become exercisable on 9/18/2005 and 2,050 shares become exercisable on 9/18/2006. This option expires on 9/18/2012.