Stock Option Exercise and Loan Agreement between Donald Stevens and Pall Corporation

Contract Categories: Business Finance Loan Agreements
Summary

This agreement documents Donald Stevens' exercise of his option to purchase 9,052 shares of Pall Corporation common stock at $22.09 per share under the company's 1998 Stock Option Plan. Stevens provides a partial payment of $68,568.90 and receives a good faith loan from Pall Corporation for up to 50% of the shares' market value to cover the remaining purchase price. The agreement outlines the payment method and the use of a loan to facilitate the stock purchase.

EX-10.5 6 y75143exv10w5.htm EX-10.5: LOAN AGREEMENT EX-10.5
Exhibit 10.5
Note: Certain information has been omitted from this exhibit and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment in accordance with Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The locations of these omissions are indicated in the exhibit by the following markings: [**].
Pall Corporation
2200 Northern Blvd
East Hills, NY 11548
Attn: Mary Ann Bartlett
Dear Ms. Bartlett:
I am the holder of an option, granted on March 19, 2001 pursuant to the Company’s 1998 Stock Option Plan, to purchase 9052 shares of the Company’s common stock at a price of $22.09.
Please take notice that I hereby exercise my option to purchase 9052 of such shares. I enclose my check in the amount of $68,568.90 as partial payment of the shares hereby, which amount is computed as follows:
         
Number of shares
    9052  
Option price per share
  $ 22.09  
Total purchase price
  $ 199,958.68  
Market value at close of previous day 5/25/05
  $ 29.03  
Total Market Value
  $ 262,779.55  
Good faith loan value
  $ 131,389.78  
(not to exceed 50% of the market value)
       
Balanced paid herewith
    68,568.90  
         
  Donald Stevens    
  EMPLOYEE   
 
     
  /s/ DONALD STEVENS    
  Employee Signature   
 
ADDRESS [**] 
 
Social Security# [**]