Ann: Letter to Shareholders, Notice of Meeting & Proxy Form, page-34

As I understand it, these are vanilla options, and the beneficiary is free to convert them in the "normal" way by directly paying Race the exercise price for the number of options they wish to exercise and they will be issued the corresponding number of shares.

Race provides the cashless conversion method as an alternate method of funding the the option exercise to prevent a scenario where, for example, the employee may need to sell Race shares to fund exercising the options. The employee is not forced to use cashless conversion.