Document:

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                                                                    EXHIBIT 10.9
                             PMD GROUP HOLDINGS INC.

                                STOCK OPTION PLAN

                                    ARTICLE 1

                                     GENERAL

            1.1   PURPOSE. The purpose of this PMD Group Holdings Inc. Stock
Option Plan (the "Plan") is to provide for certain key employees, consultants
and/or directors of PMD Group Holdings Inc., a Delaware corporation (the
"Company"), and its subsidiaries and affiliates, an incentive (i) to join and/or
remain in the service of the Company and its subsidiaries and affiliates, (ii)
to maintain and enhance the long-term performance and profitability of the
Company and its subsidiaries and affiliates and (iii) to acquire a proprietary
interest in the success of the Company and its subsidiaries and affiliates.

            1.2   DEFINITION OF CERTAIN TERMS.

                  (a) "Agreement" means an agreement issued pursuant to Section
2.1.

                  (b) "Board" means the Board of Directors of the Company.

                  (c) "Code" means the Internal Revenue Code of 1986, as
amended.

                  (d) "Committee" means the Committee appointed to administer
the Plan in accordance with Section 1.3.

                  (e) "Company" means PMD Group Holdings Inc., a Delaware
corporation.

                  (f) "Common Stock" means the shares of common stock, $.01 par
value, of the Company and any other shares into which such common stock shall
thereafter be

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exchanged by reason of a recapitalization, merger, consolidation, split-up,
combination, exchange of shares or the like.

                  (g) "IPO" means an initial underwritten public offering of the
Common Stock registered under the Securities Act of 1933, as amended, whether
for the sale of shares of Common Stock by the Company or by shareholders.

                  (h) "Optionee" means an employee, consultant and/or director
of the Company or any of its subsidiaries or affiliates who has been awarded any
Option under this Plan.

                  (i) "Option" means a "nonqualified" stock option, as described
in Section 1.5, granted under the Plan.

                  (j) "Plan" means this PMD Group Holdings Inc. Stock Option
Plan.

                  (k) "Termination With Cause," with respect to any Optionee,
means, unless otherwise set forth in an Option Agreement or an employment or
similar agreement between the Company and an Optionee, termination by the
Company or any of its subsidiaries or affiliates of such Optionee's employment
for: (i) misappropriation of any significant monies or significant assets or
properties of the Company or any subsidiary, (ii) commission of a felony or a
crime involving moral turpitude, (iii) substantial and repeated failure to
comply with directions of the Chief Executive Officer of the Company or other
superior of the Optionee or the Board of Directors of the Company or any of its
subsidiaries or affiliates, (iv) gross negligence or willful misconduct, (v)
chronic alcoholism or drug addiction together with Optionee's refusal to
cooperate with or participate in counseling and/or treatment of same or (vi) any
willful action or inaction of the Optionee which, in the reasonable opinion of
the Board, constitutes dereliction (willful neglect or willful abandonment of
assigned duties), or a material breach of Company or subsidiary policy or rules
which, if susceptible to cure, is not cured by the Optionee within five (5) days
following the Optionee's receipt of written notice from the Company advising the

                                       -2-
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Optionee with reasonable specificity as to the action or inaction viewed by the
Company or subsidiary to be dereliction or a material breach of Company or
subsidiary policy or rules.

            1.3   ADMINISTRATION.

                  (a) Subject to Section 1.3(e), the Plan shall be administered
by a committee of the Board which shall consist of at least two directors and
which shall have the power of the Board to authorize awards under the Plan. The
members of the Committee shall be appointed by, and may be changed from time to
time in the discretion of, the Board.

                  (b) The Committee shall have the authority (i) to exercise all
of the powers granted to it under the Plan, (ii) to construe, interpret and
implement the Plan and any Agreement executed pursuant to Section 2.1 in
accordance with the terms thereof, (iii) to prescribe, amend and rescind rules
and regulations relating to the Plan, (iv) to make all determinations necessary
or advisable in administering the Plan, (v) to correct any defect, supply any
omission and reconcile any inconsistency in the Plan, and (vi) to grant Options
on such terms, not inconsistent with the Plan, as it shall determine.

                  (c) The determination of the Committee on all matters relating
to the Plan or any Agreement shall be conclusive.

                  (d) No member of the Committee shall be liable for any action
or determination made in good faith with respect to the Plan or any award
thereunder.

                  (e) Notwithstanding anything to the contrary contained herein:
(i) until the Board shall appoint the members of the Committee, the Plan shall
be administered by the Board; and (ii) the Board may, in its sole discretion, at
any time and from time to time, resolve to administer the Plan. In either of the
foregoing events, the term "Committee" as used herein shall be deemed to mean
the Board.

            1.4   PERSONS ELIGIBLE FOR AWARDS. Awards under the Plan may be made
from time to time to such key employees, consultants and/or directors of the
Company or its subsidiaries and/or affiliates as the Committee shall in its sole
discretion select.

                                      -3-
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            1.5   TYPES OF AWARDS UNDER THE PLAN. Awards may be made under the
Plan in the form of stock options, which shall be "nonqualified" stock options
subject to the provisions of section 83 of the Code, all as more fully set forth
in Article 2.

            1.6   SHARES AVAILABLE FOR AWARDS.

                  (a) Subject to Section 3.4 (relating to adjustments upon
changes in capitalization), the maximum number of shares of Common Stock with
respect to which Options may be awarded under the Plan shall be equal to 394,444
shares. Shares of Common Stock covered by Options granted under the Plan which
expire or terminate for any reason shall again become available for award under
the Plan.

                  (b) Shares that are issued upon the exercise of Options
awarded under the Plan shall be authorized and unissued or treasury shares of
Common Stock.

                  (c) Without limiting the generality of the preceding
provisions of this Section 1.6, the Committee may, but solely with the
Optionee's consent, agree to cancel any award of Options under the Plan and
issue new Options in substitution therefor, provided that the Options as so
substituted shall satisfy all of the requirements of the Plan as of the date
such new Options are awarded.

                                    ARTICLE 2

                                  STOCK OPTIONS

            2.1   AGREEMENTS EVIDENCING STOCK OPTIONS.

                  (a) Options awarded under the Plan shall be evidenced by
Agreements which shall not be inconsistent with the terms and provisions of the
Plan, and which shall contain such provisions as the Committee may in its sole
discretion deem necessary or desirable. Without limiting the generality of the
foregoing, the Committee may in any Agreement impose such restrictions or
conditions upon the exercise of an Option or upon the sale or other disposition
of the shares of Common Stock issuable upon exercise of an Option as the

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Committee may in its sole discretion determine. By accepting an award pursuant
to the Plan each Optionee shall thereby agree that each such award and shares of
Common Stock acquired upon exercise of an Option shall be subject to all of the
terms and provisions of the Plan, including, but not limited to, the provisions
of Section 1.3(d).

                  (b) Each Agreement shall set forth the number of shares of
Common Stock subject to the Option granted thereby.

                  (c) Each Agreement relating to Options shall set forth the
amount payable by the Optionee to the Company upon exercise of the Option
evidenced thereby. Unless otherwise determined by the Committee, the Option
exercise price per share of Common Stock shall be not less than the fair market
value of the Common Stock on the date of grant, adjusted as determined by the
Committee to reflect changes in capitalization as contemplated by Section 3.4.

            2.2   TERM OF OPTIONS.

                  Each Agreement shall set forth the period during which the
Option evidenced thereby shall be exercisable, whether in whole or in part, such
periods to be determined by the Committee in its discretion.

            2.3   EXERCISE OF OPTIONS. Subject to the provisions of this Article
2, each Option granted under the Plan shall be exercisable as follows:

                  (a) An Option shall become exercisable at such times and
subject to such conditions as the applicable Agreement may provide or as
subsequently determined by the Committee.

                  (b) Unless the applicable Agreement otherwise provides, an
Option granted under the Plan may be exercised from time to time as to all or
part of the shares as to which such Option shall then be exercisable.

                  (c) An Option shall be exercisable by the filing of a written
notice of exercise with the Company, on such form and in such manner as the
Committee shall in its sole discretion prescribe.

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<PAGE>

                  (d) Unless the applicable Agreement otherwise provides, any
written notice of exercise of an Option shall be accompanied by payment of the
exercise price for the shares being purchased. Such payment shall be made by
certified or official bank check payable to the Company (or the equivalent
thereof as may be set forth in an Agreement or as may be acceptable to the
Committee). Subject to Section 3.10 of the Plan, as soon as practicable after
receipt of such payment and the satisfaction of the withholding taxes referred
to in Section 3.3, the Company shall deliver to the Optionee a certificate or
certificates for the shares of Common Stock so purchased.

            2.4   TERMINATION OF OPTIONS.

                  (a) Notwithstanding anything to the contrary in this Plan,
except as the Agreement or the Committee may otherwise provide or as set forth
in Section 2.4(b) or Section 2.4(d), Options granted to an Optionee (and already
vested but not yet exercised) shall terminate on the date which is forty-five
(45) days after termination of his employment with the Company for any reason
(other than by reason of death or disability in which case the Options shall
terminate on the date which is one hundred eighty (180) days after the date of
such termination).

                  (b) Notwithstanding anything to the contrary in this Plan,
unless otherwise determined by the Committee or as set forth in an Agreement,
all Options granted to an Optionee (whether vested or unvested) shall
immediately expire and cease to be exercisable and all rights granted to an
Optionee under this Plan and such Optionee's Agreement shall immediately expire
in the event of a Termination With Cause of the Optionee by the Company at any
time.

                  (c) Unless the applicable Agreement expressly provides
otherwise, Options awarded to Optionees under the terms of the Plan will be
exercisable only in accordance with the following vesting schedule:

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<PAGE>

<TABLE>
<CAPTION>

                                                            Cumulative
                                                           Percentage of
                   Applicable Date                         Total Shares
                   ---------------                         -------------
             <S>                                             <C>

             On the first anniversary of the date of
             the Agreement                                    20%
             On the second anniversary of the date of
             the Agreement                                    40%
             On the third anniversary of the date of
             the Agreement                                    60%
             On the fourth anniversary of the date of
             the Agreement                                    80%
             On the fifth anniversary of the date of
             the Agreement                                   100%
</TABLE>

The Committee may modify this vesting schedule in any manner that it deems
appropriate in any Agreement or otherwise, and may provide different vesting
schedules in different Agreements in its sole discretion. Except as the
Committee may otherwise provide or as otherwise set forth in an Agreement, in
the event that Optionee's employment with the Company is terminated for any
reason prior to the date on which the Optionee's right to exercise the Options
has fully vested pursuant to this Section 2.4(c), the unvested portion of the
Options will immediately cease to be exercisable. The Committee may accelerate
the vesting of any Options at any time.

                  (d) Unless otherwise set forth in an Agreement or as
determined by the Committee, in the event that an Optionee's employment with the
Company is terminated for any reason (including, but not limited to, death or
disability), if at the time of such termination the Common Stock is not publicly
traded on a national securities exchange or over-the-counter market, the Company
shall have the right, at its election, on giving ten days written notice to such
Optionee to repurchase any and all shares of Common Stock acquired upon exercise
of Options owned at the time of such termination by such Optionee, as well as
any and all shares of Common Stock acquired upon exercise of Options owned by
such Optionee at the time of such termination which are, or in connection with
such termination become, vested. Such repurchase right may be exercised by the
Company at any time after the shares of Common Stock have been owned of record
by the Optionee for at least six months. The purchase price payable by the
Company to the Optionee on exercise of its right to repurchase will be: (A) in
the event such

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<PAGE>

termination is a Termination With Cause, the lesser of the fair market value of
the Common Stock which is being repurchased, determined as of the date of the
repurchase, or the price paid by the Optionee; or (B) in the event such
termination is by such Optionee or by the Company without Cause or by reason of
death or disability, the fair market value of the Common Stock held by the
Optionee which is being repurchased, determined as of the date of the
repurchase. The fair market value will be determined by the Board in its
absolute discretion, unless otherwise expressly set forth in the applicable
Agreement.

                  (e) Unless otherwise set forth in an Agreement or as
determined by the Committee, in the event of a Non-Control Transaction (as
hereinafter defined), (A) all outstanding Options shall remain outstanding and
subject to the terms and conditions of the Plan and the related Agreements,
including the vesting schedule contained in Section 2.4(c), and (B) each
Optionee shall be entitled to receive in respect of each share of Common Stock
subject to the Option, upon exercise of such Option after the vesting thereof,
the same amount and kind of stock, securities, cash, property or other
consideration that each holder of a share of Common Stock was entitled to
receive in the Non-Control Transaction in respect of a share. Unless otherwise
set forth in an Agreement or as determined by the Committee, in the event of a
Transaction (as hereinafter defined), 50% of the outstanding Options that have
not then vested ("Outstanding Unvested Options") held by each Optionee then
actively employed by the Company or any of its subsidiaries or affiliates shall
immediately vest on the date of consummation of the Transaction (the
"Transaction Date"). Any remaining Outstanding Unvested Options held by an
Optionee shall immediately vest upon: (i) the first anniversary of the
Transaction Date, if the Optionee is actively employed by the Company or any of
its subsidiaries or affiliates on such first anniversary, or (ii) the date of
termination of the Optionee's employment, if the Optionee's employment is
involuntarily terminated (other than a Termination With Cause) between the
Transaction Date and the first anniversary thereof. For purposes of the
preceding sentence, an Optionee's employment shall be deemed to have been
involuntarily

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<PAGE>

terminated if the Optionee voluntarily terminates his or her employment promptly
following a material reduction in such Optionee's (i) duties, title, or
responsibilities or (ii) base salary, in either case from that in effect
immediately prior to the Transaction; provided, that for the avoidance of doubt,
a change in title, duties or responsibilities that is inherent in the fact of
the occurrence of the Transaction, such as a change in title or reporting
responsibilities that merely reflects that the Company is owned by another
entity, will not by itself be deemed a material reduction for purposes of this
sentence.

                  Notwithstanding the foregoing, in the event of a Transaction
or a Non-Control Transaction, outstanding Options may, in the Company's sole
discretion and without the consent of the Optionee, be converted into or
exchanged for substantially equivalent options to purchase shares of the
surviving corporation. In addition, as of the Transaction Date, the Company
shall also have the right to cancel any or all Options which have not been
exercised as of the Transaction Date, subject to the payment of the purchase
price described below. The purchase price payable by the Company to the Optionee
upon the cancellation of each unexercised Option will be the aggregate fair
market value of the Common Stock underlying each such Option determined as of
the Transaction Date less the aggregate exercise price of each such Option. The
fair market value will be determined in good faith by the Board based on the
value being paid to or received by the holders of Common Stock in such
Transaction for their shares of Common Stock.

                  Unless otherwise provided in an Agreement or as determined by
the Committee, "Transaction" means (i) the approval by partners or stockholders
of the liquidation or dissolution of the Company, (ii) a sale or other
disposition of 51% or more of the outstanding interests or voting stock,
respectively, of the Company, (iii) the merger or consolidation of the Company
with or into any entity, or (iv) a sale or other disposition of substantially
all of the assets of the Company; provided, however, that the term "Transaction"
shall exclude each transaction which is a "Non-Control Transaction." Unless
otherwise provided in an Agreement

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<PAGE>

or as determined by the Committee, the term "Non-Control Transaction" means (i)
any transaction following which either (A) AEA Investors Inc. ("AEA") and/or its
affiliates, participants, investors and/or employees (collectively, "AEA
Entities"), or (B) DLJMB Funding III, Inc. ("DLJMB") and/or its affiliates,
participants, investors, related investment funds and/or employees
(collectively, "DLJMB Entities"), have not suffered a material reduction in
percentage voting ownership from that in effect as of February 28, 2001 of the
Company or any successor thereto (disregarding any reduction due to the grant or
exercise of any Options or other stock-based compensatory awards to employees,
consultants or directors of the Company or any of its affiliates); (ii) there
is, after the transaction, no other person or group who owns a greater
percentage of voting control over the purchasing or surviving entity than the
AEA Entities or DLJMB Entities; provided that, for purposes of this clause, any
transferee of substantially all of the interests in the Company held by either
the AEA Entities or the DLJMB Entities shall itself be considered to be an AEA
Entity or DLJMB Entity, as applicable; but provided further, that the foregoing
proviso shall be applied only as to one of either the AEA Entities or DLJMB
Entities, so that, for example, if any person acquires substantially all the
interests in the Company held by AEA Entities, and any person subsequently
acquires substantially all the interests in the Company held by the DLJMB
Entities, such subsequent person shall not be deemed to be a DLJMB Entity for
purposes of this clause; (iii) a merger or consolidation following which those
persons who owned directly or indirectly a majority of the outstanding interests
or shares of voting stock of PMD Investors I LP and PMD Investors II LP
(collectively "PMD") and DLJMB and/or the Company immediately prior to such
merger or consolidation will own directly or indirectly a majority of the
outstanding interests or shares of voting stock of the surviving corporation;
(iv) a sale or other disposition of interests or capital stock, respectively, of
the Company following which those persons who owned directly or indirectly a
majority of the outstanding interests or shares of voting stock immediately
prior to such sale will own directly or indirectly a majority of the outstanding
interests or shares of voting stock of the purchasing

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entity; (v) a sale or other disposition of substantially all of the assets of
the Company to an AEA Entity, a DLJMB Entity or an affiliate of the Company;
(vi) an IPO of the Company or (vii) any transaction following which any of the
following, alone or in combination, constitute a majority of the directors of
the Board or have a right to elect a majority of the Board: PMD, DLJMB, an AEA
Entity, DLJMB Entity or any officers, directors, employees, participants,
shareholders or agents of an AEA Entity or DLJMB Entity or partners of PMD or a
DLJMB Entity.

                                    ARTICLE 3

                                  MISCELLANEOUS

            3.1   AMENDMENT OF THE PLAN; MODIFICATION OF AWARDS.

                  (a) The Board may, without stockholder  approval,  from time
to time suspend or discontinue the Plan or revise or amend it in any respect
whatsoever, except that no such suspension, discontinuance, revision or
amendment shall adversely alter or impair any rights or obligations under any
award theretofore made under the Plan without the consent of the person to whom
such award was made.

                  (b) With the consent of the Optionee and subject to the terms
and conditions of the Plan (including Section 3.1(a)), the Committee may amend
outstanding Agreements with such Optionee, for example, to (i) accelerate the
time or times at which an Option may be exercised or (ii) extend the scheduled
expiration date of the Option.

            3.2   NONASSIGNABILITY. Unless otherwise provided in an Agreement or
as determined by the Committee, no right granted to any Optionee under the Plan
or under any Agreement shall be assignable or transferable other than by will or
by the laws of descent and distribution. Unless otherwise determined by the
Committee, during the life of the Optionee, all rights granted to the Optionee
under the Plan or under any Agreement shall be exercisable only by him.

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<PAGE>

            3.3   WITHHOLDING OF TAXES. The Company shall be entitled to
withhold an amount sufficient to satisfy any federal, state and other
governmental tax requirements related to an Option. Whenever, under the Plan,
shares of Common Stock are to be delivered upon exercise of an Option, the
Company shall be entitled to require as a condition of delivery that the
Optionee remit an amount sufficient to satisfy all federal, state and other
governmental tax withholding requirements related thereto, which may, in the
sole discretion of the Committee, include delivery or withholding of shares of
Common Stock.

            3.4   ADJUSTMENTS UPON CHANGES IN CAPITALIZATION. Except as
otherwise provided in an Agreement, if and to the extent specified by the
Committee, the exercise price for Options and the number of shares of Common
Stock or other property which may be issued pursuant to the exercise of Options
granted under the Plan shall be automatically adjusted to reflect any stock
splits, reverse stock splits or dividends paid in the form of Common Stock and
equitably adjusted as determined by the Committee to be appropriate and
reasonable for any other increase or decrease in the number of issued shares of
Common Stock resulting from the subdivision or combination of shares of Common
Stock or other capital adjustments, or the payment of any other stock dividend
or other extraordinary dividend after the effective date of this Plan, or other
increase or decrease in the number of such shares of Common Stock or any
substantial sale of the assets of the Company; provided, however, that, unless
otherwise determined by the Committee, any Options to purchase fractional shares
of Common Stock resulting from any such adjustment shall be eliminated.
Adjustments under this Section 3.4 shall be made by the Committee, whose
determination as to what adjustments shall be made, and the extent thereof,
shall be final, binding and conclusive.

            3.5   RIGHT OF DISCHARGE RESERVED. Nothing in this Plan or in any
Agreement shall confer upon any employee or other person the right to continue
in the employment or service of the Company or any of its subsidiaries or
affiliates or affect any right which the

                                      -12-
<PAGE>

Company or any of its subsidiaries or affiliates may have to terminate the
employment or service of such employee or other person.

            3.6   NO RIGHTS AS A STOCKHOLDER. No Optionee or other person
holding an Option shall have any of the rights of a stockholder of the Company
with respect to shares subject to an Option until the issuance of a stock
certificate to him for such shares. Except as otherwise provided in Section 3.4,
no adjustment shall be made for dividends, distributions or other rights
(whether ordinary or extraordinary, and whether in cash, securities or other
property) for which the record date is prior to the date such stock certificate
is issued.

            3.7   NATURE OF PAYMENTS.

                  (a) Any and all payments of shares of Common Stock or cash
hereunder shall be granted, transferred or paid in consideration of services
performed by the Optionee for the Company or any of its subsidiaries or
affiliates.

                  (b) All such grants, issuances and payments shall constitute a
special incentive payment to the Optionee and shall not, unless otherwise
determined by the Committee, be taken into account in computing the amount of
salary or compensation of the Optionee for the purposes of determining any
pension, retirement, death or other benefits under (i) any pension, retirement,
life insurance or other benefit plan of the Company or any of its subsidiaries
or affiliates or (ii) any agreement between the Company or any of its
subsidiaries or affiliates and the Optionee.

            3.8   NON-UNIFORM DETERMINATIONS. The Committee's determinations
under the Plan need not be uniform and may be made by it selectively among
persons who receive, or are eligible to receive, awards under the Plan (whether
or not such persons are similarly situated). Without limiting the generality of
the foregoing, the Committee shall be entitled. among other things, to make
non-uniform and selective determinations, and to enter into non-uniform and
selective Agreements, as to (i) the persons to receive awards under the Plan,
(ii) the terms and

                                      -13-
<PAGE>

provisions of awards under the Plan, and (iii) the treatment of awards under the
Plan pursuant to Section 3.4.

            3.9   OTHER PAYMENTS OR AWARDS. Nothing contained in the Plan shall
be deemed in any way to limit or restrict the Company or any of its subsidiaries
or affiliates or the Committee from making any award or payment to any person
under any other plan, arrangement or understanding, whether now existing or
hereafter in effect.

            3.10  RESTRICTIONS.

                  (a) If the Committee shall at any time determine that any
Consent (as hereinafter defined) is necessary or desirable as a condition of, or
in connection with, the granting of any award under the Plan, the issuance or
purchase of shares or the exercise of other rights hereunder or the taking of
any other action hereunder (each such action being hereinafter referred to as a
"Plan Action"), then such Plan Action shall not be taken, in whole or in part,
unless and until such Consent shall have been effected or obtained to the full
satisfaction of the Committee. Without limiting the generality of the foregoing,
if (i) the Committee is entitled under the Plan to make any payment in cash,
Common Stock or both, and (ii) the Committee determines that a Consent is
necessary or desirable as a condition of, or in connection with, payment in any
one or more of such forms, the Committee shall be entitled to determine not to
make any payment whatsoever until such Consent shall have been obtained in the
manner aforesaid. In such event, the Committee will use reasonable efforts to
obtain such Consent.

                  (b) The term "Consent" as used herein with respect to any Plan
Action means (i) any and all listings, registrations, qualifications or similar
requirements in respect thereof upon any securities exchange or under any
federal, state or local law, rule or regulation, (ii) any and all written
agreements and representations by the grantee with respect to the disposition of
shares, or with respect to any other matter, which the Committee shall deem
necessary or desirable to comply with the terms of any such listing,
registration, qualification or similar requirement or to obtain an exemption
from the requirement that any such listing,

                                      -14-
<PAGE>

qualification or registration be made and (iii) any and all consents, clearances
and approvals in respect of a Plan Action by any governmental or other
regulatory bodies.

            3.11  SECTION HEADINGS.  The section headings contained herein are
for the purposes of  convenience  only and are not intended to define or limit
the contents of said sections.

            3.12  EFFECTIVE DATE AND TERM OF PLAN.

                  (a) This Plan shall be deemed adopted and become effective
upon the approval thereof by the Board.

                  (b) Subject to Section 3.1(a) hereof, the Plan shall terminate
10 years after the date on which it becomes effective, and no awards shall
thereafter be made under the Plan. Notwithstanding the foregoing, all awards
made under the Plan prior to the date on which the Plan terminates shall remain
in effect until such awards have been satisfied or terminated in accordance with
the terms and provisions of the Plan.

                                      -15-<PAGE>

                                                                  EXHIBIT 10.1

THE OPTIONS GRANTED PURSUANT HERETO AND THE UNDERLYING SHARES OF COMMON STOCK
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"ACT"), AND MAY NOT BE SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE
TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND
APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE
ISSUER TO THE EFFECT THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT AND SUCH
STATE SECURITIES LAWS.

                     VOID AFTER 5:00 P.M. ON AUGUST 12, 2001

                       THE LANGER BIOMECHANICS GROUP, INC.

Date of Original Issuance: February 13, 2001                    Register No.: 1

         THIS IS TO CERTIFY THAT, for value received, Andrew H. Meyers
("MEYERS"), his successors or assigns (each, a "HOLDER"), has been granted
466,384 options (each a "Langer Option"), each Langer Option entitling the
owner thereof to purchase from the LANGER BIOMECHANICS GROUP, INC., a New
York corporation (the "COMPANY"), at any time on or after the date hereof
(the "COMMENCEMENT DATE") and on or prior to 5:00 p.m., New York City time,
on August 12, 2001 (the "EXPIRATION TIME"), one duly authorized, validly
issued, fully paid and nonassessable share of the common stock, par value
$.02 per share (the "Common Stock"), of the Company, as adjusted from time to
time in accordance with the terms and provisions of this Option Agreement
(each, an "OPTION SHARE"), all subject to the terms and conditions contained
herein. Subject to adjustment as provided below, the exercise price per share
(the "Exercise Price") shall be as follows:

<TABLE>
<CAPTION>
           DATE OF EXERCISE                                  EXERCISE PRICE
           ----------------                                  --------------
<S>                                                          <C>
           On or prior to May 14, 2001                               $1.525

           After May 14, 2001, and on or prior to                    $1.550
           June 13, 2001

           After June 13, 2001, and on or prior to                   $1.575
           July 13 , 2001

           After July, 2001 and on or prior to the                    $1.60
           Expiration Time
</TABLE>

The number of Option Shares and the Exercise Price per share set forth above are
subject to adjustment as provided herein. Unless otherwise expressly set forth
herein, all capitalized

<PAGE>

terms used but not otherwise defined herein shall have respective meanings
attributed thereto in Section 13.

         The Langer Options shall not be evidenced by any instrument or
agreement apart from this Option Agreement (the "OPTION AGREEMENT").

1.       Exercise of Langer Options.

         1.1 The Langer Options may be exercised, in whole or in part, but
not as to less than 10,000 Langer Options or, if less, the number of Langer
Options evidenced hereby, on or after the Commencement Date and prior to the
Expiration Time by surrendering this Option Agreement, with the exercise form
provided for herein duly executed by the Holder or by the Holder's duly
authorized attorney-in-fact, at the principal office of the Company,
presently located at 450 Commack Road, Deer Park, New York 11729, or at such
other office or agency in the United States as the Company may designate by
notice to the Holder (in either event, the "COMPANY OFFICES"), accompanied by
payment in full, either in the form of cash, wire transfer, bank cashier's
check or certified check payable to the order of the Company, of the Exercise
Price payable in respect of the Langer Options being exercised. If fewer than
all of the Langer Options are exercised, the Company shall, upon each
exercise prior to the Expiration Time, execute and deliver to the Holder a
new Option Agreement (dated as of the date hereof) and otherwise identical
hereto evidencing the balance of the Langer Options that remain exercisable.

         1.2 On the date of exercise of the Langer Options, the Holder shall
be deemed to have become the holder of record for all purposes of the Option
Shares to which the exercise relates.

         1.3 As soon as practicable, but not in excess of five (5) days,
after the exercise of all or part of the Langer Options, the Company, at its
expense (including the payment by it of any applicable issue taxes), will
cause to be issued in the name of and delivered to the Holder a certificate
or certificates evidencing the number of duly authorized, validly issued,
fully paid and nonassessable Option Shares to which the Holder shall be
entitled upon such exercise, provided that the Company shall not be required
to pay any taxes payable as a result of the issuance of any certificate or
certificates in a name other than that of the Holder, in which case the
Company shall not be required to issue or deliver such certificate(s) unless
or until the person or persons requesting issuance thereof shall have paid to
the Company the amount of such tax or shall have established to the
satisfaction of the Company that such tax has been paid.

         1.4 Each certificate representing Option Shares obtained upon
exercise of a Langer Option shall bear a legend as follows unless such Option
Shares have been registered under the Act and the issuance complies with any
applicable state securities laws:

                  "The securities represented by this certificate have been
                  acquired for investment and have not been registered under the
                  Securities Act of 1933, as amended (the "ACT"). The

                                      -2-
<PAGE>

                  securities may not be sold, assigned, pledged, hypothecated
                  or otherwise transferred except pursuant to an effective
                  registration statement under the Act and in compliance with
                  applicable state securities laws, or the Company receives
                  an opinion of counsel, reasonably satisfactory to the
                  Company, that such registration is not required and that
                  the sale, assignment, pledge, hypothecation or transfer is
                  in compliance with applicable state securities laws."

2.       Issuance of Common Stock; Reservation of Shares.

         2.1 The Company covenants and agrees that it will at all times
reserve and keep available, free and clear from preemptive rights, out of its
authorized but unissued Common Stock, solely for the purpose of issuance upon
the exercise of Langer Options as provided herein, such number of shares of
Option Shares as shall then be issuable upon the exercise of all Langer
Options then outstanding.

         2.2 The Company covenants and agrees that all Option Shares that may
be issued upon the exercise of all or part of the Langer Options will, upon
issuance in accordance with the terms hereof, be duly authorized, validly
issued, fully paid and nonassessable and free from all taxes, liens and
charges with respect to the issue thereof.

         2.3 The Company further covenants and agrees that if any shares of
Common Stock reserved for the purpose of the issuance of Option Shares upon
exercise of the Langer Options require registration with, or approval of, any
governmental authority under any federal or state law before such shares may
be validly issued or delivered upon exercise, then the Company will promptly
use its best efforts to effect such registration or obtain such approval, as
the case may be.

3.       Adjustments of Exercise Price and Number and Character of Shares
         Issuable Upon Exercise.

         3.1 Upon each adjustment of the Exercise Price as a result of the
calculations made in this Section, this Option Agreement shall thereafter
evidence the right to receive, at the adjusted Exercise Price, that number of
Option Shares (calculated to the nearest one-hundredth) obtained by dividing
(i) the product of the aggregate number of Option Shares covered by this
Option Agreement immediately prior to such adjustment and the Exercise Price
in effect immediately prior to such adjustment of the Exercise Price by (ii)
the Exercise Price in effect immediately after such adjustment of the
Exercise Price.

         3.2 The Exercise Price will be adjusted from time to time as
provided herein.

                  3.2.1 EXTRAORDINARY DIVIDENDS AND DISTRIBUTIONS. In case
the Company at any time or from time to time after the date hereof shall
declare, order, pay or make a dividend or other distribution (including,
without limitation, any distribution of other or

                                      -3-
<PAGE>

additional stock or other securities or property or options by way of
dividend or spin-off, reclassification, recapitalization or similar corporate
rearrangement) on the Common Stock other than (a) a dividend payable in
additional shares of Common Stock or (b) a regularly scheduled cash dividend
payable out of consolidated earnings or earned surplus, determined in
accordance with generally accepted accounting principles, then, in each such
case, subject to Section 3.3, the Exercise Price in effect immediately prior
to the close of business on the record date fixed for the determination of
holders of any class of securities entitled to receive such dividend or
distribution shall be reduced, effective as of the close of business on such
record date, to a price determined by multiplying such Exercise Price by a
fraction

                           (1) the numerator of which shall be the Current
         Market Price in effect on such record date or, if the Common Stock
         trades on an ex-dividend basis, on the date prior to the commencement
         of ex-dividend trading, less the amount of such dividend or
         distribution (as determined in good faith by the Board of Directors of
         the Company) applicable to one share of Common Stock, and

                           (2) the denominator of which shall be such Current
         Market Price.

                  3.2.2 TREATMENT OF STOCK DIVIDENDS, STOCK SPLITS, ETC. In
case the Company at any time or from time to time after the date hereof shall
declare or pay any dividend on the Common Stock payable in Common Stock, or
shall effect a subdivision of the outstanding shares of Common Stock into a
greater number of shares of Common Stock (by reclassification or otherwise
than by payment of a dividend in Common Stock), then, and in each such case,
the Exercise Price in effect immediately prior to the payment of such
dividend or the consummation of such subdivision shall concurrently with the
effectiveness of such dividend or subdivision be proportionately decreased.

                  3.2.3 ADJUSTMENTS FOR COMBINATIONS, ETC. In case the
outstanding shares of Common Stock shall be combined or consolidated, by
reclassification or otherwise, into a lesser number of shares of Common
Stock, the Exercise Price in effect immediately prior to such combination or
consolidation shall, concurrently with the effectiveness of such combination
or consolidation, be proportionately increased.

         3.3 DE MINIMIS ADJUSTMENTS. If the amount of any adjustment of the
Exercise Price per share required pursuant to this Section 3 would be less
than $.02, such amount shall be carried forward and adjustment with respect
thereto made at the time of and together with any subsequent adjustment
which, together with such amount and any other amount or amounts so carried
forward, shall aggregate a change in the Exercise Price of at least $.02 per
share. All calculations under this Option Agreement shall be made to the
nearest .001 of a cent or to the nearest one-hundredth of a share, as the
case may be.

         3.4 ABANDONED DIVIDEND OR DISTRIBUTION. If the Company shall take a
record of the holders of its Common Stock for the purpose of entitling them
to receive a dividend or other distribution (which results in an adjustment
to the Exercise Price under the terms of this Option Agreement) and shall,
thereafter, and before such dividend or distribution is paid or delivered to
shareholders entitled thereto, legally abandon its plan to pay or deliver
such

                                      -4-
<PAGE>

dividend or distribution, then any adjustment made to the Exercise Price and
number of shares of Common Stock purchasable upon exercise of the Langer
Options by reason of the taking of such record shall be reversed, and any
subsequent adjustments, based thereon, shall be recomputed.

         3.5 ADJUSTMENTS TO EXERCISE PRICE AND NUMBER OF SHARES.
Notwithstanding any adjustment in the Exercise Price or in the number or kind
of shares of Common Stock purchasable upon exercise of the Langer Options,
any Option Agreement theretofore or thereafter executed and delivered may
continue to express the same number and kind of shares of Common Stock as are
stated in this Option Agreement, as initially issued.

         3.6 FRACTIONAL SHARES. Notwithstanding any adjustment pursuant to
Section 3 in the number of shares of Common Stock covered by this Option
Agreement or any other provision of this Option Agreement, the Company shall
not be required to issue fractions of shares upon exercise of Langer Options
or to distribute certificates which evidence fractional shares. In lieu of
fractional shares, the Company shall make payment to the Holder, at the time
of exercise of Langer Options as herein provided, in an amount in cash equal
to such fraction multiplied by the Current Market Price of a share of Common
Stock on the date of exercise of Langer Options.

4.       Consolidation, Merger, etc.

         4.1 ADJUSTMENTS FOR CONSOLIDATION, MERGER, SALE OF ASSETS,
REORGANIZATION, ETC. In case the Company after the date hereof (a) shall
consolidate with or merge into any other Person and shall not be the
continuing or surviving corporation of such consolidation or merger, or (b)
shall permit any other Person to consolidate with or merge into the Company
and the Company shall be the continuing or surviving Person but, in
connection with such consolidation or merger, the Common Stock or Other
Securities shall be changed into or exchanged for stock or other securities
of any other Person or cash or any other property, or (c) shall transfer all
or substantially all of its properties or assets to any other Person, or (d)
shall effect a capital reorganization or reclassification of the Common Stock
or Other Securities (other than a capital reorganization or reclassification
resulting in the issue of additional shares of Common Stock for which
adjustment in the Exercise Price is provided in Section 3.2.1), then, and in
the case of each such transaction, proper provision shall be made so that,
upon the basis and the terms and in the manner provided in this Option
Agreement, the Holder of this Option Agreement, upon the exercise of a Langer
Option at any time after the consummation of such transaction, shall be
entitled to receive the kind and amount of shares of stock and other
securities and property receivable upon such consolidation, merger, transfer
or recapitalization, by a holder of the number of securities of the Company
for which a Langer Option might have been exercised immediately prior to such
consolidation, merger, transfer or recapitalization. This provision shall
similarly apply to successive consolidations, mergers or recapitalizations.

         4.2 ASSUMPTION OF OBLIGATIONS. Notwithstanding anything contained in
this Option Agreement to the contrary, the Company shall not effect any of
the transactions described in clauses (a) through (d) of Section 4.1 unless,
prior to the consummation thereof,

                                      -5-
<PAGE>

each Person (other than the Company) which may be required to deliver any
stock, securities, cash or property upon the exercise of Langer Options as
provided herein shall assume, by written instrument delivered to, and
reasonably satisfactory to, the Holder of this Option Agreement, (a) the
obligations of the Company under this Option Agreement (and if the Company
shall survive the consummation of such transaction, such assumption shall be
in addition to, and shall not release the Company from, any continuing
obligations of the Company under this Option Agreement) and (b) the
obligation to deliver to the Holder such shares of stock, securities, cash or
property as, in accordance with the foregoing provisions of this Section 4,
the Holder may be entitled to receive.

5.       No Dilution or Impairment.

         The Company shall not, by amendment of its certificate of
incorporation or through any consolidation, merger, reorganization, transfer
of assets, dissolution, issue or sale of securities or any other voluntary
action, avoid or seek to avoid the observance or performance of any of the
terms of this Option Agreement, but will at all times in good faith assist in
the carrying out of all such terms and in the taking of all such action as
may be necessary or appropriate in order to protect the rights of the Holder
against dilution or other impairment. Without limiting the generality of the
foregoing, the Company (a) shall not permit the par value of any shares of
stock receivable upon the exercise of Option Agreement to exceed the amount
payable therefor upon such exercise, (b) shall take all such action as may be
necessary or appropriate in order that the Company may validly and legally
issue fully paid and nonassessable shares of stock, free from all taxes,
liens, security interests, encumbrances, preemptive rights and charges on the
exercise of the Langer Options from time to time outstanding and (c) shall
not take any action which results in any adjustment of the Exercise Price if
the total number of shares of Common Stock (or Other Securities) issuable
after the action upon the exercise of all of the Langer Options would exceed
the total number of shares of Common Stock (or Other Securities) then
authorized by the Company's certificate of incorporation and available for
the purpose of issue upon such exercise.

6.       Registration Rights.

         Reference is hereby made to that certain Registration Rights
Agreement pertaining to the Option Shares dated as of the Commencement Date
(the "REGISTRATION RIGHTS AGREEMENT") between the Company and Holder. Holder
may assign its rights and benefits in, to and under the Registration Rights
Agreement to any Holder in accordance with the terms of such agreement.

7.       Replacement of Securities.

         Upon receipt by the Company of evidence reasonably satisfactory to
it of the loss, theft, destruction or mutilation of this Option Agreement and
of reasonably satisfactory indemnification, the Company shall promptly
execute and deliver to the Holder a new Option Agreement of like tenor and
date. Any such new Option Agreement executed and delivered

                                      -6-
<PAGE>

as a result of such loss, theft, mutilation or destruction shall constitute
an additional contractual obligation on the part of the Company.

8.       Registration.

         This Option Agreement, as well as all other Option Agreements issued
pursuant hereto shall be numbered and shall be registered in a register (the
"OPTION REGISTER") maintained at the Company Offices as they are issued. The
Option Register shall list the name, address and Social Security or other
Federal Identification Number, if any, of all Holders. The Company shall be
entitled to treat the Holder as set forth in the Option Register as the owner
in fact of the Langer Options as set forth therein for all purposes and shall
not be bound to recognize any equitable or other claim to or interest in such
Langer Options on the part of any other person, and shall not be liable for
any registration of transfer of Langer Options that are registered or to be
registered in the name of a fiduciary or the nominee of a fiduciary unless
made with the actual knowledge that a fiduciary or nominee is committing a
breach of trust in requesting such registration of transfer, or with such
knowledge of such facts that its participation therein amounts to bad faith.

9.       Transfer.

         9.1 PERMISSIBLE TRANSFEREES. This Option Agreement and the right to
purchase Langer Options evidenced hereby may be transferred, sold, assigned
or hypothecated in whole or in part, at any time, or from time to time,
provided that the Company shall not be required to issue Option Agreements as
a result of any transfer granting the Holder the right to purchase less than
10,000 Option Shares. Any such transfer shall be effected by executing the
form of assignment at the end hereof, and (ii) surrendering this Option
Agreement for cancellation to the Company; whereupon the Company shall issue,
in the name or names specified by Holder a new Option Agreement or Option
Agreements of like tenor and representing in the aggregate rights to purchase
the same number of shares of Common Stock as are purchasable hereunder.

         9.2 TRANSFER OF OPTION. The registered Holder of this Option
Agreement, by its acceptance hereof, agrees that it will not sell, assign,
pledge, hypothecate or otherwise transfer this Option Agreement or the Langer
Options evidenced hereby except (i) pursuant to an effective registration
under the Act and in compliance with applicable state securities laws, (ii)
if the Company receives an opinion of counsel, reasonably satisfactory to the
Company, that such registration is not required and that the sale,
assignment, pledge, hypothecation or transfer is in compliance with
applicable state securities laws; or (iii) to family members of the Holder or
trusts established for the benefit of family members of the Holder.

10.      Exchange.

         This Option Agreement may be exchanged for another Option Agreement
or Option Agreements entitling the Holder thereof to purchase a like
aggregate number of Option Shares as the Langer Options evidenced hereby,
provided the Company shall not be required

                                      -7-
<PAGE>

to issue as a result of any request for exchange an Option Agreement granting
the Holder the right to purchase less than 10,000 Option Shares. A Holder
desiring to exchange this Option Agreement shall make such request in writing
delivered to the Company, and shall surrender this Option Agreement
therewith. Thereupon, the Company shall execute and deliver to the person
entitled thereto a new Option Agreement or Option Agreements, as the case may
be, as so requested.

11.      Notices.

         11.1     In the event of:

                           (1) any taking by the Company of a record of the
         holders of any class of securities for the purpose of determining the
         holders thereof who are entitled to receive any dividend (other than a
         regularly scheduled cash dividend payable out of consolidated earnings
         or earned surplus, determined in accordance with generally accepted
         accounting principles, in an amount not exceeding the amount of the
         immediately preceding cash dividend for such period) or other
         distribution, or any right to subscribe for, purchase or otherwise
         acquire any shares of stock of any class or any other securities or
         property, or to receive any other right, or

                           (2) any capital reorganization of the Company, any
         reclassification or recapitalization of the capital stock of the
         Company, any consolidation or merger involving the Company and any
         other Person, any transaction or series of transactions in which more
         than 50% of the voting securities of the Company are transferred to
         another Person, or any transfer, sale or other disposition of all or
         substantially all the assets of the Company to any other Person, or

                           (3) any voluntary or involuntary dissolution,
         liquidation or winding-up of the Company, then, in either case, the
         Company shall mail to each Holder a notice specifying (i) the date or
         expected date on which any such record is to be taken for the purpose
         of such dividend, distribution or right, and the amount and character
         of such dividend, distribution or right, and (ii) the date or expected
         date on which any such reorganization, reclassification,
         recapitalization, consolidation, merger, transfer, sale, disposition,
         dissolution, liquidation or winding-up is to take place and the time,
         if any such time is to be fixed, as of which the holders of record of
         Common Stock (or Other Securities) shall be entitled to exchange their
         shares of Common Stock (or Other Securities) for the securities or
         other property deliverable upon such reorganization, reclassification,
         recapitalization, consolidation, merger, transfer, dissolution,
         liquidation or winding-up. Such notice shall be mailed at least 15 days
         prior to the date therein specified.

         11.2 In each case of any adjustment or readjustment in the shares of
Common Stock (or Other Securities) issuable upon the exercise of the Langer
Options, the Company at its expense shall promptly compute such adjustment or
readjustment in accordance with the terms of this Agreement and prepare a
certificate, signed by the Chairman of the Board,

                                      -8-
<PAGE>

President or one of the Vice Presidents of the Company, and by the Chief
Financial Officer, the Treasurer or one of the Assistant Treasurers of the
Company, setting forth such adjustment or readjustment and showing in
reasonable detail the method of calculation thereof and the facts upon which
such adjustment or readjustment is based, including a statement of the number
of shares of Common Stock outstanding or deemed to be outstanding, and the
Exercise Price in effect immediately prior to such issue or sale and as
adjusted and readjusted (if required by Section 3) on account thereof. The
Company shall forthwith mail a copy of each such certificate to each holder
of a Langer Option and shall, upon the written request at any time of any
holder of a Langer Option, furnish to such holder a like certificate setting
forth the Exercise Price at the time in effect and showing in reasonable
detail how it was calculated. The Company shall also keep copies of all such
certificates at its principal office and shall cause the same to be available
for inspection at such office during normal business hours by any holder of a
Langer Option or any prospective purchaser of a Langer Option designated by
the holder thereof.

         11.3 All notices and other communications hereunder shall be in
writing and shall be deemed given when delivered in person, against written
receipt therefor, or two days after being sent, by registered or certified
mail, postage prepaid, return receipt requested, and, if to the Holder, at
such address as is shown on the Option Register or as may otherwise may have
been furnished to the Company in writing in accordance with this Section by
the Holder and, if to the Company, at the Company Offices or such other
address as the Company shall give notice thereof to the Holder in accordance
with this Section.

12.      Definitions.

         As used herein, unless the context otherwise requires, the following
terms shall have the meanings indicated:

         "CURRENT MARKET PRICE" shall mean, on any date specified herein, the
average of the daily Market Price during the 10 consecutive trading days
commencing 15 trading days before such date, except that, if on any such date
the shares of Common Stock are not listed or admitted for trading on any
national securities exchange or quoted in the over-the-counter market, the
Current Market Price shall be the Market Price on such date.

         "MARKET PRICE" shall mean, on any date specified herein, the amount
per share of the Common Stock, equal to (a) the last reported sale price of
such Common Stock, regular way, on such date or, in case no such sale takes
place on such date, the average of the closing bid and asked prices thereof
regular way on such date, in either case as officially reported on the
principal national securities exchange on which such Common Stock is then
listed or admitted for trading, or (b) if such Common Stock is not then
listed or admitted for trading on any national securities exchange but is
designated as a national market system security by the NASD, the last
reported trading price of the Common Stock on such date, or (c) if there
shall have been no trading on such date or if the Common Stock is not so
designated, the average of the closing bid and asked prices of the Common
Stock on such date as shown by the NASD automated quotation system, or (d) if
such Common Stock is not then listed

                                      -9-
<PAGE>

or admitted for trading on any national exchange or quoted in the
over-the-counter market, the fair value thereof (as of a date which is within
20 days of the date as of which the determination is to be made) determined
in good faith by the Board of Directors of the Company.

         "OTHER SECURITIES" shall mean any stock (other than Common Stock)
and other securities of the Company or any other Person (corporate or
otherwise) which the holders of the Options at any time shall be entitled to
receive, or shall have received, upon the exercise of the Options, in lieu of
or in addition to Common Stock, or which at any time shall be issuable or
shall have been issued in exchange for or in replacement of Common Stock or
Other Securities pursuant to Section 4 or otherwise.

         "PERSON" shall mean any individual, firm, corporation, partnership,
trust, joint venture, association, joint stock company, limited liability
company, unincorporated organization or any other entity or organization,
including a government or agency or subdivision thereof, and shall include
any successor (by merger or otherwise) of such entity.

13.      Miscellaneous.

         13.1 AMENDMENTS. Any amendment or modification of the this Option
Agreement shall require the written consent signed by the party against whom
enforcement of the modification or amendment is sought.

         13.2 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
Option Agreement.

         13.3 Entire Agreement. This Option Agreement (together with the
other agreements and documents being delivered pursuant to or in connection
with this Option Agreement) 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.

         13.4 Binding Effect. This Option Agreement shall inure solely to the
benefit of and shall be binding upon, the Holder and the Company and their
permitted assignees, 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
Option Agreement or any provisions herein contained.

         13.5 Governing Law; Jurisdiction. This Option Agreement shall be
governed by and construed and enforced in accordance with the laws of the
State of New York, without giving effect to conflict of laws principles
thereof or the actual domiciles of the parties. The Company and the Holder
hereby agree that any action, proceeding or claim against either of them
arising out of, or relating in any way to the this Option Agreement shall be
brought and enforced in any of the state or federal courts located in the
State of New York and irrevocably submits to such jurisdiction.

                                      -10-
<PAGE>

         13.6 WAIVER, ETC. The failure of the Company or the Holder to at any
time enforce any of the provisions of the this Option Agreement shall not be
deemed or construed to be a waiver of any such provision, nor to in any way
affect the validity of this Option Agreement or the Langer Options or any
provision hereof or the right of the Company or any Holder to thereafter
enforce each and every provision of the this Option Agreement or the Langer
Options. No waiver of any breach, non-compliance or non-fulfillment of any of
the provisions of this Option Agreement 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.

         13.7 Interpretation. Any word or term used in this Option Agreement
in any form shall be masculine, feminine, neuter, singular or plural, as
proper reading requires. The words "herein", "hereof", "hereby" or "hereto"
shall refer to this Option Agreement unless otherwise expressly provided. Any
reference herein to a Section shall be a reference to a Section of this
Option Agreement unless the context otherwise requires.

                                            Dated: February 13, 2001

                                            THE LANGER BIOMECHANICS GROUP, INC.

                                            By:  /s/ Daniel J. Gorney
                                                ---------------------------
                                                Name:  Daniel J. Gorney
                                                Title: President and CEO

ATTEST:

 /s/ Thomas G. Archbold
------------------------------------
Name:  Thomas G. Archbold
Title: VP - Finance

                                      -11-
<PAGE>

                                 EXERCISE NOTICE

                                                        Dated:___________, ____

TO: THE LANGER BIOMECHANICS GROUP, INC.

                  The undersigned hereby irrevocably elects to exercise the
Langer Options to purchase ____ shares of Common Stock, par value $.02 per
share ("Common Stock"), of The Langer Biomechanics Group, Inc. and hereby
makes payment of $________ therefor. The undersigned hereby requests that
certificates for shares issuable pursuant to this exercise be issued and
delivered as follows:

                     INSTRUCTIONS FOR REGISTRATION OF STOCK

              Name:
                      ---------------------------------------------------------
                                  Please type or print in block letters)
              Taxpayer
              Identification
              Number:
                      ---------------------------------------------------------

              Address:
                      ---------------------------------------------------------

                      ---------------------------------------------------------

                      ---------------------------------------------------------

            Signature:
                      ---------------------------------------------------------
                       (Signature must conform in all respects to the name of
                          the Holder as set forth on the face of the Options.)

<PAGE>

                                 ASSIGNMENT FORM

FOR VALUE RECEIVED,
                    -----------------------------------------------------------
                                        (Please type or print in block letters)

hereby sells, assigns and transfers unto:

                 Name:
                           ----------------------------------------------------
                                        (Please type or print in block letters)
             Taxpayer
       Identification
               Number:
                           ----------------------------------------------------

              Address:
                           ----------------------------------------------------

                           ----------------------------------------------------

                           ----------------------------------------------------

the right to purchase _____ shares of common stock, par value $.02 per share,
of the Langer Biomechanics Group, Inc. (the "Company") pursuant to the Option
Agreement dated January , 2001, between the undersigned and the Company and
does hereby irrevocably constitute and appoint ___________________________
Attorney-in-Fact, to transfer the same on the books of the Company with full
power of substitution in the premises.

                Dated:
                         ----------------------------------------------

                Signature:
                            ---------------------------------------------------
                            (Signature must conform in all respects to the name
                              of the Holder as set forth on the face of the
                                                   Optionss.)

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