Document:

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                                                                     EXHIBIT 4.8

                            COMPASS BANCSHARES, INC.

                    DIRECTOR & EXECUTIVE STOCK PURCHASE PLAN
                   (FORMERLY KNOWN AS MONTHLY INVESTMENT PLAN)

                             AS AMENDED AND RESTATED
                       EFFECTIVE AS OF SEPTEMBER 1 , 2001

1.   PURPOSE. Compass Bancshares, Inc. ("Company") has established a Director &
Executive Stock Purchase Plan (the "Plan") to permit eligible employees of the
Company and each Company subsidiary ("Subsidiary") and directors of the Company
to participate in the Company's financial future. The Plan does this by
facilitating purchases of shares of the common stock of the Company, $2.00 par
value per share ("Company Stock"), and by contributing to investments made by
the Participants (defined in Section 3.1 hereof).

2.   ADMINISTRATION. The Plan will be administered by the Company's Board of
Directors or any committee thereof designated by the Board of Directors to
administer the Plan (the Board or such committee is referred to herein as the
"Board"). The Board shall have full and final authority, in its discretion, to
administer the Plan and to interpret and apply Plan provisions. The Board also
shall be empowered, in its sole discretion, to amend the Plan in any respect, to
increase and decrease the amount to be contributed by the Company under the
Plan, to discontinue the Plan in its entirety, or to modify the terms and
conditions of awards under the Plan.

3.   PLAN PARTICIPATION.

     3.1 ELIGIBILITY. All regular full-time employees of the Company or a
Subsidiary who participate in the Compass ShareBuilder Plan (the "423 Plan"), as
amended from time to time, and who satisfy the requirements set forth in Section
3.3 hereof ("Employees") and all directors of the Company ("Directors") are
eligible to participate in the Plan. Employees and Directors electing to
participate in the Plan are collectively referenced hereinafter as
"Participants."

     3.2 ENROLLMENT. Participation in the Plan is voluntary. Contributions may
be made through payroll deduction, and/or cash contributions transferred from
the 423 Plan as described in Section 3.3(b) hereof, in the case of Employees and
through cash contributions in the case of Directors. A form to authorize
Employee Contributions (as defined in Section 3.3 hereof) will be prepared by
the Board and made available through each of the Company's various regional
human resources offices. Employee Contributions through payroll deduction (as
defined in Section 3.3 hereof) will commence with the next payroll following
administrative handling and processing of the Plan enrollment form by human
resources.

     Upon enrollment, the Plan Agent (as defined in Section 4 hereof) will open
a separate account on behalf of the Participant (the "Participant's Account").
The Participant's Account relationship with the Plan Agent will be governed by
an agreement between the Participant and the Plan Agent (the "Account
Agreement"), and the Company will have no authority or responsibility with
respect to that relationship, except that the Company may terminate the services
of the Plan Agent and designate a new Plan Agent at any time. The Plan Agent
will be the agent of the Participant and not the agent of the Company or any
Subsidiary.

     3.3 CONTRIBUTIONS.

     (a) EMPLOYEE PAYROLL CONTRIBUTIONS. Employees with regular salaries of at
least Two Hundred Twelve Thousand Five Hundred Dollars ($212,500) annually and
who contribute through payroll deductions the maximum allowed under the 423 Plan
may invest a portion of their regular salary, not to exceed the amount by which
10% of their regular salary exceeds the amount of the Employee's contribution
under the 423 Plan, by electing to have a portion of their salary deducted and
applied to the purchase of Company Stock ("Employee Contribution").

     The amount that the Employee elects to contribute will be deducted from
such Employee's salary twice each month or at such other times as the Company's
payroll may be paid. Employees may elect payroll deductions as a percentage of
pay. Salary increases will automatically result in a proportional increase in
the dollar amount of the Employee Contribution. Requests for changes in the
Employee Contribution shall be directed to the employee benefits department of
human resources. The Employee may, upon written request, increase or decrease
the Employee Contribution twice within a twelve-month period. The

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Employee may stop Employee Contributions at any time. Once Employee
Contributions cease, however, the Employee must wait at least six months before
he can resume Plan participation.

     (b) EXCESS 423 PLAN CONTRIBUTIONS. In the case of Employees with regular
salaries of at least One Hundred Twenty-Five Thousand Dollars ($125,000)
annually, if some or all of an Employee's 423 Plan contributions are ineligible
to purchase Company Stock (at the time of any exercise of an option) under
provisions of the 423 Plan intended to satisfy the requirements of Internal
Revenue Code Section 423 employee stock purchase plans ("Disallowed 423
Contributions") and such Disallowed 423 Contributions exceed five hundred
dollars ($500), the Employee may elect to invest some or all of the amount of
such Disallowed 423 Contributions, but not less than five hundred dollars
($500), into the Plan for the purchase of Company Stock. Employees electing to
invest Disallowed 423 Contributions in the Plan must deliver instructions to the
employee benefits department of human resources, within 30 days after the
applicable exercise date under the 423 Plan, or within 10 days of written
notification of the amount of the Disallowed 423 Contribution if later, to
transfer an amount (not exceeding the amount of Disallowed 423 Contributions)
from the Employee's 423 Plan account which holds the Employee's 423 Plan payroll
contributions to the Plan for the purchase of Company Stock.

     (c) DIRECTORS CONTRIBUTIONS. Each Director may invest up to that amount of
compensation he or she is allowed monthly for service in various capacities as a
Director, but not to exceed $36,000 annually, by delivering such cash
contribution to the Company ("Director Contribution").

     (d) COMPANY CONTRIBUTIONS. For each Employee Payroll Contribution and each
Excess 423 Plan Contribution, the Company will contribute an amount equal to 30%
of the Employee's contribution until such time as a new percentage contribution
is adopted by the Board. For each Director Contribution, the Company will
contribute an amount such that the Director realizes a net, after-tax
contribution by the Company that is equal to 45% of the Director Contribution
(based on an estimated combined federal and state income tax rate of 33%), until
such time as a new percentage contribution is adopted by the Board. Employee
Payroll Contributions, Excess 423 Plan Contributions, and Directors
Contributions are hereinafter collectively referred to as "Participant
Contributions," and each contribution to be made by the Company as described in
this Section 3.3(d) is hereinafter referred to as a "Company Contribution." In
addition to the Company Contribution, the Company will also pay the commission
fee on all purchases of Company Stock made through the Plan.

     3.4 SALES OF COMPANY STOCK. Participants may instruct the Plan Agent in
writing at any time to sell their full shares and the fractional interest in any
shares allocable to such Participants' account, but in order to continue
participating in the Plan, Participants must maintain a positive share balance
of at least a fractional interest in one share of Company Stock. Except as set
forth in the preceding sentence, such instructions to the Plan Agent to sell
shares, or a request for delivery of certificates, will not affect the
Participant's status under the Plan. Upon any sale of shares from a
Participant's account, the Plan Agent will mail the Participant a check for the
proceeds, less the applicable brokerage commission, administrative fees and any
transfer taxes, registration fee or other normal charges which are payable by
the Participant.

     Selling Participants should be aware that Company Stock prices may fall
during the period between a request for sale, its receipt by the Plan Agent, and
the ultimate sale in the open market, which will be effected within ten (10)
business days after a request for sale. This risk should be evaluated by
Participants and is a risk to be borne solely by Participants.

     Checks for the proceeds of sales of Company Stock will be mailed to
Participants as soon as practicable after settlement of the trade by the
brokerage firm or other representative retained by the Plan Agent to execute the
trade. The settlement will take place three (3) business days after the actual
sale of shares of Company Stock or at such other time as may be applicable under
laws and regulations governing the settlement of securities transactions.

     3.5 DIVIDEND REINVESTMENT. Unless the Participant has withheld authority to
reinvest cash dividends, all cash dividends on stock purchased and held for the
Participant's account, whether or not evidenced by certificates in the name of
and held by the Participant, shall be received by the Plan Agent and applied to
the purchase of additional shares of Company Stock for such Participant's
account as set forth above, until such time as the account is terminated as
hereinafter provided. Brokerage commissions on purchases made with reinvested
dividends will be payable by the Participant and reflected in the purchase price
per share at the time such reinvestment is made. In addition, Participants will
pay an administrative fee to the Plan Agent which will be deducted from the
reinvested amount. All stock dividends, stock splits or other distributions
payable in shares of Company Stock on shares held for a Participant under the
Plan which are received by the Plan Agent shall be held by the Plan Agent on the
same terms as shares purchased under the Plan for the account of such
Participant. All other non-cash dividends or distributions and all cash
dividends in respect of Company Stock held for Participants who have withheld
authority to reinvest cash dividends shall be forwarded immediately to the
Participant and shall not be credited to the

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Participant's account. The dollar value of accumulated dividends credited to
each Participant's Account during the year will be reported to the respective
Participant on the year-end statement furnished by the Plan Agent.

     3.6 ACQUISITION AND DELIVERY OF SHARES. Within ten (10) business days of
each Participant Contribution, the Company will forward to the Plan Agent the
amount of the Participant Contribution plus the Company Contribution. Within
thirty (30) business days of the receipt of those funds, the Plan Agent's
representatives will then apply those funds toward the purchase of shares or
fractional shares of Company Stock in the over-the-counter market or any other
public securities market in which shares of Company Stock may be regularly
traded. Such purchases shall be made in a random manner so as to avoid
arbitrarily influencing the price of Company Stock during the purchase period.
Any shares so purchased shall be held by the Plan Agent for each Participant's
respective Account.

     Upon completion of each stock purchase, the shares will be allocated to the
Participant's Account. In the event of any transaction activity in a
Participant's Account during a given calendar month, the Plan Agent will send
the Participant a statement reflecting transactions in the Participant's Account
for that period and reflecting the total number of shares of Company Stock held
in such Participant's Account.

     3.7 TAX MATTERS. The Plan is not a qualified retirement plan under Section
401(a) of the Internal Revenue Code of 1986, as amended. Company Contributions,
as well as dividends credited to each Participant's Account during the course of
the year, must be reported by the respective Participant as ordinary income.
Company Contributions will be included in the total income reported on each
Employee's Form W-2 and each Director's Form 1099 at year-end. Information
necessary for reporting dividend income and other required tax information will
be shown on the year-end statement provided to each Participant by the Plan
Agent.

     3.8 ACCESS TO PARTICIPANT ACCOUNTS. Once an account is opened, each
Participant will have unlimited access to, and complete authority over the
management of, the shares of Company Stock held in the Participant's Account.
Participants may withdraw shares, sell shares, and order stock certificates by
dealing directly with the Plan Agent or the Plan Agent's designated
representatives. Each Participant shall be entitled to receive at any time, upon
request and with the payment of any transfer charge imposed by the Plan Agent in
connection with such transfer, certificates representing whole shares held by
the Plan Agent for the Participant's Account. Each Participant may make a
blanket written request of the Plan Agent that the Plan Agent issue and deliver
certificates to such Participant after every purchase, unless the Plan Agent can
demonstrate that such blanket requests would lead to a proliferation of
certificates and impose unduly burdensome administrative responsibilities on the
Plan Agent. The Plan Agent shall pass any proxy solicitation materials on to
Participants and shall vote proxies of shares held in each Participant's Account
according to the respective Participant's instructions.

4.   THE PLAN AGENT. The Board will designate a qualified independent purchasing
agent (referenced herein as the "Plan Agent") to maintain each Participant's
Account and to make purchases or to instruct brokers to make purchases of
Company Stock for such Participants' Accounts. The Board reserves the right to
discontinue the use of the original Plan Agent and substitute any other firm
selected by the Board in its sole discretion. The Plan Agent will administer or
direct the purchase of Company Stock and will furnish reports to Participants
reflecting transactions in their Accounts.

Except as specifically set forth herein, the Plan Agent will have sole and
absolute discretion, once it has received the funds for the purchase of Company
Stock, to acquire, or to instruct brokers or other representatives of the Plan
Agent to acquire, Company Stock at such times and prices, in such amounts, and
by such method as the Plan Agent deems to be in the best interests of the
Participants.

5.   COMPANY CONTRIBUTION NON-ASSIGNABLE.  The right of a Participant to
receive the Company Contribution may not be assigned or otherwise transferred to
any other person or entity.

6.   JOINT ACCOUNT AND RIGHT OF SURVIVORSHIP. Participants may elect the option
of a joint account with right of survivorship. When this option is selected,
orders to sell Company Stock and other instructions may be executed by either
person. Upon the death of either person, all shares and partial shares of
Company Stock shall become the sole property of the survivor. In the event an
employee dies without a joint account and right of survivorship designation, the
shares in the Participant's Account will be distributed in the Participant's
estate.

7.   SHARES SUBJECT TO AWARDS. The aggregate number of shares of Company Stock
that may be sold pursuant to the Plan will not exceed 3,000,000. In the event of
any change in the outstanding Company Stock by reason of a stock dividend or
distribution, recapitalization, merger, consolidation, split-up, combination,
exchange of shares, or otherwise, the Board shall adjust the number of shares of
Company Stock which may be sold pursuant to the Plan.

8.   RIGHTS AS SHAREHOLDER.  Nothing contained in this Plan shall in any way
have the effect of undermining or diminishing a Participant's rights and
privileges as a shareholder of the Company.

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9.   AMENDMENT OR TERMINATION. The Board may amend, modify, suspend or terminate
the Plan at any time. Nothing in the Plan or any agreement entered into pursuant
to the Plan shall confer upon any Participant the right to continue in any
relationship with the Company or a Subsidiary or affect any right which the
Company or a Subsidiary shall have to terminate its relationship with the
Participant. Upon termination of participation in the Plan, the terminated
Participant shall no longer be entitled to receive Company Contributions or
otherwise participate, through the Plan, in the purchase of Company Stock. Such
Participant's account relationship with the Plan Agent, however, may survive
termination of participation in the Plan if permitted by the Account Agreement.

10.  ERISA NOT APPLICABLE. The Plan is not subject to any of the provisions of
the Employee Retirement Income Security Act of 1974.

                                       4<PAGE>   1
                                                                     EXHIBIT 4.1

                               SPEEDFAM-IPEC, INC.

                       STAND-ALONE STOCK OPTION AGREEMENT

I.    NOTICE OF STOCK OPTION GRANT

      Peter Simone

      61 Lehigh Road

      Wellesley, MA 02482

      You have been granted a Nonstatutory Stock Option to purchase Common Stock
of the Company, subject to the terms and conditions of this Agreement, as
follows:

<TABLE>
<S>                                       <C>
      Date of Grant                       June 14, 2001

      Vesting Commencement Date           June 18, 2001

      Exercise Price per Share            $        3.65

      Total Number of Shares Granted            360,000

      Total Exercise Price                $   1,314,000

      Term/Expiration Date:               June 13, 2004

      Vesting Schedule:
</TABLE>

      This Option shall vest and may be exercised, in whole or in part, in
accordance with the following schedule:

      One eighteenth (1/18) of the Shares subject to this Option shall vest each
month after the Vesting Commencement Date so that this Option shall be fully
vested eighteen (18) months from the Date of Grant, subject to the Optionee
continuing to be a Service Provider on such dates.

      In the event that the Company or any successor corporation (i) terminates
Optionee as a Service Provider other than for Cause following a Change of
Control (as defined in Section 10(c)) or (ii) Constructively Terminates Optionee
as a Service Provider following a Change of Control, all remaining unvested
Shares shall vest immediately.

      Termination Period
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      This Option may be exercised for thirty (30) days after Optionee ceases to
be a Service Provider in accordance with Section 7 of this Agreement. Upon the
death or Disability of the Optionee, this Option may be exercised for twelve
(12) months after the Optionee ceases to be a Service Provider in accordance
with Sections 8 and 9 of this Agreement. In no event shall this Option be
exercised later than the Term/Expiration Date provided.

II.   AGREEMENT

      1. Definitions. As used herein, the following definitions shall apply:

            (a) "Agreement" means this stock option agreement between the
Company and Optionee evidencing the terms and conditions of this Option.

            (b) "Applicable Laws" means the requirements relating to the
administration of stock options under U.S. state corporate laws, U.S. federal
and state securities laws, the Code, any stock exchange or quotation system on
which the Common Stock is listed or quoted and the applicable laws of any
foreign country or jurisdiction that may apply to this Option.

            (c) "Board" means the Board of Directors of the Company or any
committee of the Board that has been designated by the Board to administer this
Agreement.

            (d) "Cause" means the occurrence of any one or more of the
following: (i) Optionee's conviction by, or entry of a plea of guilty or nolo
contendre in, a court of competent jurisdiction for any crime which constitutes
a felony in the jurisdiction involved; (ii) Optionee's misappropriation of funds
or commission of an act of fraud, whether prior or subsequent to the date
hereof, upon the Company or any successor corporation; or (iii) negligence by
Optionee in the scope of Optionee's services to the Company or any successor
corporation.

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

            (f) "Common Stock" means the common stock of the Company.

            (g) "Company" means SpeedFam-IPEC, Inc., an Illinois corporation.

            (h) "Constructively Terminates" means that the Optionee is required
(i) to perform services for the Company or any successor corporation that
involve responsibilities and duties substantially below the level of a senior
executive officer of a publicly-traded company, (ii) to commit more than
twenty-five percent (25%) of his business time and attention to the Company or
any successor corporation, or (iii) to enter into any agreement that obligates
him or restricts his actions substantially more than the terms set forth in the
letter of employment, dated June 14, 2001.

            (i) "Consultant" means any person, including an advisor, engaged by
the Company or a Parent or Subsidiary to render services to such entity.

            (j)   "Director" means a member of the Board.

            (k) "Disability" means total and permanent disability as defined in
Section 22(e)(3) of the Code.

                                      -2-
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            (l) "Employee" means any person, including Officers and Directors,
employed by the Company or any Parent or Subsidiary of the Company. A Service
Provider shall not cease to be an Employee in the case of (i) any leave of
absence approved by the Company or (ii) transfers between locations of the
Company or between the Company, its Parent, any Subsidiary, or any successor.
Neither service as a Director nor payment of a director's fee by the Company
shall be sufficient to constitute "employment" by the Company.

            (m) "Exchange Act" means the Securities Exchange Act of 1934, as
amended.

            (n) "Fair Market Value" means, as of any date, the value of Common
Stock determined as follows:

                        (1) If the Common Stock is listed on any established
stock exchange or a national market system, including without limitation the
Nasdaq National Market or The Nasdaq SmallCap Market of The Nasdaq Stock Market,
its Fair Market Value shall be the closing sales price for such stock (or the
closing bid, if no sales were reported) as quoted on such exchange or system on
the day of determination, as reported in The Wall Street Journal or such other
source as the Administrator deems reliable;

                        (2) If the Common Stock is regularly quoted by a
recognized securities dealer but selling prices are not reported, its Fair
Market Value shall be the mean between the high bid and low asked prices for the
Common Stock on the day of determination; or

                        (3) In the absence of an established market for the
Common Stock, the Fair Market Value thereof shall be determined in good faith by
the Board.

            (o) "Nonstatutory Stock Option" means an Option not intended to
qualify as an incentive stock option within the meaning of Section 422 of the
Code and the regulations promulgated thereunder.

            (p) "Notice of Grant" means a written notice, in Part I of this
Agreement, evidencing certain the terms and conditions of this Option grant. The
Notice of Grant is part of the Option Agreement.

            (q) "Officer" means a person who is an officer of the Company within
the meaning of Section 16 of the Exchange Act and the rules and regulations
promulgated thereunder.

            (r)   "Option" means this stock option.

            (s) "Optioned Stock" means the Common Stock subject to this Option.

            (t) "Optionee" means the person named in the Notice of Grant or such
person's successor.

            (u) "Parent" means a "parent corporation," whether now or hereafter
existing, as defined in Section 424(e) of the Code.

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            (v) "Service Provider" means an Employee, Director or Consultant to
the Company or any successor corporation.

            (w) "Share" means a share of the Common Stock, as adjusted in
accordance with Section 11 of this Agreement.

            (x) "Subsidiary" means a "subsidiary corporation", whether now or
hereafter existing, as defined in Section 424(f) of the Code.

      2. Grant of Option. The Board hereby grants to the Optionee named in the
Notice of Grant attached as Part I of this Agreement the Option to purchase the
number of Shares, as set forth in the Notice of Grant, at the exercise price per
share set forth in the Notice of Grant (the "Exercise Price"), subject to the
terms and conditions of this Agreement.

      3.    Exercise of Option.

            (a) Right to Exercise. This Option is exercisable during its term in
accordance with the Vesting Schedule set out in the Notice of Grant and the
applicable provisions of this Agreement.

            (b) Method of Exercise. This Option is exercisable by delivery of an
exercise notice, in the form attached as Exhibit A (the "Exercise Notice"),
which shall state the election to exercise the Option, the number of Shares in
respect of which the Option is being exercised (the "Exercised Shares"), and
such other representations and agreements as may be required by the Company. The
Exercise Notice shall be completed by the Optionee and delivered to Secretary of
the Company. The Exercise Notice shall be accompanied by payment of the
aggregate Exercise Price as to all Exercised Shares. This Option shall be deemed
to be exercised upon receipt by the Company of such fully executed Exercise
Notice accompanied by such aggregate Exercise Price.

            (c) Legal Compliance. No Shares shall be issued pursuant to the
exercise of this Option unless such issuance and exercise complies with
Applicable Laws. Assuming such compliance, for income tax purposes the Exercised
Shares shall be considered transferred to the Optionee on the date the Option is
exercised with respect to such Exercised Shares.

      4.    Method of Payment.  Payment of the aggregate
Exercise Price shall be by any of the following, or a
combination thereof, at the election of the Optionee:

            (a)   cash or check;

            (b) consideration received by the Company under a cashless exercise
program implemented by the Company; or

            (c) surrender of other Shares, provided Shares acquired directly
from the Company, (i) have been owned by the Optionee for more than six (6)
months on the date of surrender, and (ii) have a Fair Market Value on the date
of surrender equal to the aggregate Exercise Price of the Exercised Shares.

                                      -4-
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      5. Non-Transferability of Option. This Option may not be transferred in
any manner otherwise than by will or by the laws of descent or distribution and
may be exercised during the lifetime of Optionee only by the Optionee. The terms
of this Agreement shall be binding upon the executors, administrators, heirs,
successors and assigns of the Optionee.

      6. Term of Option.  This Option may be exercised only within the term set
out in the Notice of Grant, and may be exercised during such term only in
accordance with the terms of this Agreement.

      7. Termination of Relationship as a Service Provider. If the Optionee
ceases to be a Service Provider (other than for death or Disability), this
Option may be exercised for a period of thirty (30) days after the date of such
termination (but in no event later than the expiration date of this Option as
set forth in the Notice of Grant) to the extent that the Option is vested on the
date of such termination. To the extent that the Optionee does not exercise this
Option within the time specified herein, the Option shall terminate.

      8. Disability of Optionee. If the Optionee ceases to be a Service Provider
as a result of the Optionee's Disability, this Option may be exercised for a
period of twelve (12) months after the date of such termination (but in no event
later than the expiration date of this Option as set forth in the Notice of
Grant) to the extent that the Option is vested on the date of such termination.
To the extent that Optionee does not exercise this Option within the time
specified herein, the Option shall terminate.

      9. Death of Optionee. If the Optionee dies while a Service Provider, the
Option may be exercised at any time within twelve (12) months following the date
of death (but in no event later than the expiration date of this Option as set
forth in the Notice of Grant), by the Optionee's estate or by a person who
acquired the right to exercise the Option by bequest or inheritance, but only to
the extent that the Optionee was entitled to exercise the Option at the date of
death. If, after death, the Optionee's estate or a person who acquired the right
to exercise the Option by bequest or inheritance does not exercise the Option
within the time specified herein, the Option shall terminate.

      10. Adjustments Upon Changes in Capitalization, Dissolution, Merger or
Asset Sale.

            (a) Changes in Capitalization. Subject to any required action by the
stockholders of the Company, the number of shares of Common Stock covered by
this Option, as well as the price per share of Common Stock covered by this
Option, shall be proportionately adjusted for any increase or decrease in the
number of issued shares of Common Stock resulting from a stock split, reverse
stock split, stock dividend, combination or reclassification of the Common
Stock, or any other increase or decrease in the number of issued shares of
Common Stock effected without receipt of consideration by the Company; provided,
however, that conversion of any convertible securities of the Company shall not
be deemed to have been "effected without receipt of consideration." Such
adjustment shall be made by the Board, whose determination in that respect shall
be final, binding and conclusive. Except as expressly provided herein, no
issuance by the Company of shares of stock of any class, or securities
convertible into shares of stock of any class, shall affect, and no adjustment
by reason thereof shall be made with respect to, the number or price of shares
of Common Stock subject to this Option.

                                      -5-
<PAGE>   6
            (b) Dissolution or Liquidation. In the event of the proposed
dissolution or liquidation of the Company, the Board shall notify Optionee as
soon as practicable prior to the effective date of such proposed transaction.
The Board in its discretion may provide for the Optionee to have the right to
exercise his or her Option until fifteen (15) days prior to such transaction as
to all of the Optioned Stock covered thereby, including Shares as to which the
Option would not otherwise be exercisable. To the extent it has not been
previously exercised, the Option will terminate immediately prior to the
consummation of such proposed

            (c) Merger or Asset Sale. In the event of a merger of the Company
with or into another corporation, or the sale of substantially all of the assets
of the Company (a "Change of Control"), the Option shall be assumed or an
equivalent option substituted by the successor corporation or a Parent or
Subsidiary of the successor corporation. In the event that the successor
corporation refuses to assume or substitute for the Option, the Optionee shall
fully vest in and have the right to exercise the Option as to all of the
Optioned Stock, including Shares as to which it would not otherwise be vested or
exercisable. If the Option becomes fully vested and exercisable in lieu of
assumption or substitution in the event of a merger or sale of assets, the Board
shall notify the Optionee in writing or electronically that the Option shall be
fully exercisable for a period of fifteen (15) days from the date of such
notice, and the Option shall terminate upon the expiration of such period. For
the purposes of this paragraph, the Option shall be considered assumed if,
following the merger or sale of assets, the option confers the right to purchase
or receive, for each Share of Optioned Stock subject to the Option immediately
prior to the merger or sale of assets, the consideration (whether stock, cash,
or other securities or property) received in the merger or sale of assets by
holders of Common Stock for each Share held on the effective date of the
transaction (and if holders were offered a choice of consideration, the type of
consideration chosen by the holders of a majority of the outstanding Shares);
provided, however, that if such consideration received in the merger or sale of
assets is not solely common stock of the successor corporation or its Parent,
the Administrator may, with the consent of the successor corporation, provide
for the consideration to be received upon the exercise of the Option, for each
Share of Optioned Stock subject to the Option, to be solely common stock of the
successor corporation or its Parent equal in fair market value to the per share
consideration received by holders of Common Stock in the merger or sale of
assets.

      11. Notices. Any notice to be given to the Company hereunder shall be in
writing and shall be addressed to the Company at its then current principal
executive office or to such other address as the Company may hereafter designate
to the Optionee by notice as provided in this Section. Any notice to be given to
the Optionee hereunder shall be addressed to the Optionee at the address set
forth beneath his signature hereto, or at such other address as the Optionee may
hereafter designate to the Company by notice as provided herein. A notice shall
be deemed to have been duly given when personally delivered or mailed by
registered or certified mail to the party entitled to receive it.

      12. Withholding Taxes. Optionee agrees to make appropriate arrangements
with the Company (or the Parent or Subsidiary employing or retaining Optionee)
for the satisfaction of all Federal, state, and local income and employment tax
withholding requirements applicable to the Option exercise. Optionee
acknowledges and agrees that the Company may refuse to honor the exercise and
refuse to deliver Shares if such withholding amounts are not delivered at the
time of exercise.

                                      -6-
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      13. Entire Agreement; Governing Law. This Agreement constitutes the entire
agreement of the parties with respect to the subject matter hereof and
supersedes in its entirety all prior undertakings and agreements of the Company
and Optionee with respect to the subject matter hereof, and may not be modified
adversely to the Optionee's interest except by means of a writing signed by the
Company and Optionee. This agreement is governed by the internal substantive
laws, but not the choice of law rules, of Illinois.

      14. NO GUARANTEE OF CONTINUED SERVICE. OPTIONEE ACKNOWLEDGES AND AGREES
THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED
ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (AND NOT
THROUGH THE ACT OF BEING HIRED, BEING GRANTED AN OPTION OR PURCHASING SHARES
HEREUNDER). OPTIONEE FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE
TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO
NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUES ENGAGEMENT AS A
SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL
NOT INTERFERE WITH OPTIONEE'S RIGHT OR THE COMPANY'S RIGHT TO TERMINATE
OPTIONEE'S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT
CAUSE.

      By your signature and the signature of the Company's representative below,
you and the Company agree that this Option is granted under and governed by the
terms and conditions of this Agreement. Optionee has reviewed this Agreement in
its entirety, has had an opportunity to obtain the advice of counsel prior to
executing this Agreement and fully understands all provisions of this Agreement.
Optionee hereby agrees to accept as binding, conclusive and final all decisions
or interpretations of the Board upon any questions relating to this Agreement.
Optionee further agrees to notify the Company upon any change in the residence
address indicated below.

OPTIONEE                                  SPEEDFAM-IPEC, INC.

-------------------------------           --------------------------------------
Signature                                 By

-------------------------------           --------------------------------------
Print Name                                Title

-------------------------------
Residence Address

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

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

                                      -7-
<PAGE>   8
                                    EXHIBIT A

                               SPEEDFAM-IPEC, INC.

                                 EXERCISE NOTICE

SpeedFam-IPEC, Inc.
305 North 54th Street
Chandler, AZ 85226

Attention:  Chief Financial Officer

      1. Exercise of Option. Effective as of today, ________________, 20__, the
undersigned ("Purchaser") hereby elects to purchase ______________ shares (the
"Shares") of the Common Stock of SpeedFam-IPEC, Inc. (the "Company") under and
pursuant to the Stock Option Agreement dated June 14, 2001 (the "Option
Agreement"). The purchase price for the Shares shall be [$_______], as required
by the Option Agreement.

      2. Delivery of Payment. Purchaser herewith delivers to the Company the
full purchase price for the Shares.

      3. Representations of Purchaser. Purchaser acknowledges that Purchaser has
received, read and understood the Option Agreement and agrees to abide by and be
bound by their terms and conditions.

      4. Rights as Shareholder. Until the issuance (as evidenced by the
appropriate entry on the books of the Company or of a duly authorized transfer
agent of the Company) of the Shares, no right to vote or receive dividends or
any other rights as a stockholder shall exist with respect to the Optioned
Stock, notwithstanding the exercise of the Option. The Shares so acquired shall
be issued to the Optionee as soon as practicable after exercise of the Option.
No adjustment will be made for a dividend or other right for which the record
date is prior to the date of issuance, except as provided in Section 11 of the
Option Agreement.

      5. Tax Consultation. Purchaser understands that Purchaser may suffer
adverse tax consequences as a result of Purchaser's purchase or disposition of
the Shares. Purchaser represents that Purchaser has consulted with any tax
consultants Purchaser deems advisable in connection with the purchase or
disposition of the Shares and that Purchaser is not relying on the Company for
any tax advice.

      6. Successors and Assigns. The Company may assign any of its rights under
this Exercise Notice to single or multiple assignees, and this Exercise Notice
shall inure to the benefit of the successors and assigns of the Company. Subject
to the restrictions on transfer herein set forth, this Exercise Notice shall be
binding upon Optionee and his or her heirs, executors, administrators,
successors and assigns.
<PAGE>   9
      7. Interpretation. Any dispute regarding the interpretation of this
Exercise Notice shall be submitted by Optionee or by the Company forthwith to
the Board which shall review such dispute at its next regular meeting. The
resolution of such a dispute by the Board shall be final and binding on all
parties.

      8. Entire Agreement; Governing Law. The Option Agreement is incorporated
herein by reference. This Agreement, and the Option Agreement constitute the
entire agreement of the parties with respect to the subject matter hereof and
supersede in their entirety all prior undertakings and agreements of the Company
and Purchaser with respect to the subject matter hereof, and may not be modified
adversely to the Purchaser's interest except by means of a writing signed by the
Company and Purchaser. This agreement is governed by the internal substantive
laws, but not the choice of law rules, of Illinois.

Submitted by:                                   Accepted by:

OPTIONEE                                  SPEEDFAM-IPEC, INC.

-----------------------------             --------------------------------------
Signature

-----------------------------             --------------------------------------
Print Name

-----------------------------             --------------------------------------
Address                                   Address

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

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

                                          Date Received:
                                                        ------------------------

                                      -2-

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