Common use of Substitute Option Clause in Contracts

Substitute Option. Pursuant to the terms of the Merger Agreement, the Company does hereby issue to the Executive in substitution for the option granted to the Executive on September 19, 1995, by APBI to replace the original option granted to the Executive on June 25, 1993, the right and option to purchase, under the terms and conditions hereinafter set forth, in whole or in part, 15,820 shares of common stock of the Company, par value $.10 per share, which right and option shall not constitute an incentive stock option within the meaning of Section 422(b) of the Internal Revenue Code of 1986, (the "Non-Statutory Stock Option"). The price at which the shares shall be purchased shall be $13.88, which price is the adjusted exercise price of the Non-Statutory Stock Option as determined under the Merger Agreement.

Substitute Option. Pursuant to the terms of the Merger Agreement, the Company does hereby issue to the Executive in substitution for the option granted to the Executive on September 19, 1995, by APBI to replace the original option granted to the Executive on June 25September 13, 19931994, the right and option to purchase, under the terms and conditions hereinafter set forth, in whole or in part, 15,820 20,270 shares of common stock of the Company, par value $.10 per share, which right and option shall not constitute an incentive stock option within the meaning of Section 422(b) of the Internal Revenue Code of 1986, (the "Non-Statutory Stock Option"). The price at which the shares shall be purchased shall be $13.8814.50, which price is the adjusted exercise price of the Non-Statutory Stock Option as determined under the Merger Agreement.

Substitute Option. Pursuant to the terms of the Merger Agreement, the Company does hereby issue to the Executive in substitution for the option granted to the Executive on September 19, 1995, by APBI to replace the original option granted to the Executive on June 25December 10, 19931991, the right and option to purchase, under the terms and conditions hereinafter set forth, in whole or in part, 15,820 3,334 shares of common stock of the Company, par value $.10 per share, which right and option shall not constitute an incentive stock option within the meaning of Section 422(b) of the Internal Revenue Code of 1986, (the "Non-Statutory Stock Option"). The price at which the shares shall be purchased shall be $13.8832.84, which price is the adjusted exercise price of the Non-Statutory Stock Option as determined under the Merger Agreement.

Substitute Option. Pursuant to the terms of the Merger Agreement, the Company does hereby issue to the Executive in substitution for the option granted to the Executive on September 19, 1995, by APBI to replace the original option granted to the Executive on June 25December 10, 19931991, the right and option to purchase, under the terms and conditions hereinafter set forth, in whole or in part, 15,820 6,975 shares of common stock of the Company, par value $.10 per share, which right and option shall not constitute an incentive stock option within the meaning of Section 422(b) of the Internal Revenue Code of 1986, (the "Non-Statutory Stock Option"). The price at which the shares shall be purchased shall be $13.8832.84, which price is the adjusted exercise price of the Non-Statutory Stock Option as determined under the Merger Agreement.

Substitute Option. Pursuant to the terms of the Merger Agreement, the Company does hereby issue to the Executive in substitution for the option granted to the Executive on September 19, 1995, by APBI to replace the original option granted to the Executive on June 25, 1993, the right and option to purchase, under the terms and conditions hereinafter set forth, in whole or in part, 15,820 5,260 shares of common stock of the Company, par value $.10 per share, which right and option shall not constitute an incentive stock option within the meaning of Section 422(b) of the Internal Revenue Code of 1986, (the "Non-Statutory Stock Option"). The price at which the shares shall be purchased shall be $13.88, which price is the adjusted exercise price of the Non-Statutory Stock Option as determined under the Merger Agreement.