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                                                                   Exhibit 10.18

              SENIOR MANAGERS NON-QUALIFIED STOCK OPTION AGREEMENT
              ----------------------------------------------------

         SENIOR MANAGERS NON-QUALIFIED STOCK OPTION AGREEMENT, dated as of April
30, 1992, between Lexmark Holding, Inc., a Delaware corporation (the "Company"),
and the Grantee whose name appears on the signature page hereof (the "Grantee").

                               W I T N E S E T H:
                                - - - - - - - - -

         WHEREAS, pursuant to an Amended and Restated Master Acquisition
Agreement, dated as of December 19, 1990, as amended (the "Master Acquisition
Agreement"), among the Company, International Business Machines Corporation, a
New York corporation ("IBM"), and Lexmark International, Inc. (formerly IBM
Information Products Corporation), a Delaware corporation ("Lexmark"), the
Company acquired all of the capital stock of Lexmark from IBM and subsidiaries
of the Company acquired or will acquire certain assets of the foreign portions
of the Information Products Division of IBM from subsidiaries of IBM
(collectively, the "Acquisition");

         WHEREAS, in connection with the Acquisition, the Company issued (a)
2,050,787 shares of its Class A Common Stock, par value $.01 per share (the
"Common Stock"), to The Clayton & Dubilier Private Equity Fund IV Limited
Partnership (together with any successor investment vehicle managed by Clayton &
Dubilier, Inc. the "C&D Fund"), (b) an aggregate of 550,000 shares of the
Company's Class B Common Stock, par value $.01 per share, to certain
institutional investors pursuant to Note and Stock Purchase Agreements among the
Company and Lexmark and each such investor, (c) an aggregate of 850,000 shares
of Common Stock to certain other institutional investors (the "Institutional
Investors") pursuant to a Securities Purchase Agreement among the Company and
the Institutional Investors, (d) 375,000 shares of Common Stock to IBM pursuant
to the Master Acquisition Agreement and (e) 50,000 shares of Common Stock to an
individual investor pursuant to a stock subscription agreement between the
Company and such investor;

         WHEREAS, in connection with the Acquisition, the Company also (A)
issued shares of its Senior Cumulative Exchangeable Preferred Stock, having an
aggregate $85 million initial liquidation preference, to the Institutional
Investors, (B) issued 50,000 shares of its Non-Cumulative Junior Participating
Preferred Stock to the Lexmark Savings Plan Trust, which stock is exchangeable
for shares of Common Stock under certain circumstances, and (C) issued a warrant
to purchase up to 79,000 shares of Common Stock to Lexmark, which in turn
transferred such warrant to Spectrum Sciences B.V.;

         WHEREAS, following the Acquisition, up to 680,000 shares, and options
to purchase shares, of Common Stock have been made available, sold and/or
granted, respectively, to non-employee directors of the Company or its
subsidiaries, and to existing and newly-hired members of the management and
employees of and consultants to the Company and its subsidiaries; and up to
3,500 shares of Common Stock have been made available and/or sold to senior
executives of corporations in which entities managed or sponsored by Clayton &
Dubilier, Inc. have made equity investments;

         WHEREAS, the Board of Directors of the Company (the "Board") has
designated the Compensation and Pension Committee of the Board (the "Committee")
to administer the Company's Stock Option Plan for Senior Managers (the "Plan");
and

         WHEREAS, the Committee has granted to the Grantee, under the Plan, a
non-qualified stock option to purchase the number of shares of the Common Stock
set forth in the attached letter dated April 30, 1992, from Marvin Mann (the
"Shares") at an exercise price of $115 per share;

         NOW, THEREFORE, to evidence the option so granted, and to set forth its
terms and conditions under the Plan, the Company and the Grantee hereby agree as
follows:

         1. CONFIRMATION OF GRANT; OPTION PRICE. The Company hereby evidences
and confirms its grant to the Grantee, effective as of the date hereof, of an
option (the "Option") to purchase the Shares at an

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option price of $115 per share (the "Option Price"). The Option is not intended
to be an Incentive Stock Option ("ISO") under the Internal Revenue Code of 1986,
as amended. This Agreement is subordinate to, and the terms and conditions of
the Option granted hereunder are subject to the terms and conditions of the
Plan.

         2. EXERCISABILITY. Except as otherwise provided in this Agreement, 60%
of the Option shall become available for exercise upon Special Registration (as
defined in Section 4 (d)), subject to the provisions hereof, and with an
additional 20% becoming exercisable on each of the first and second
anniversaries of the date of the Special Registration, PROVIDED that, in the
event that the Grantee's employment with each of the Company and its
subsidiaries that employ the Grantee terminates by reason of the Grantee's
death, Permanent Disability (as defined in Section 4 (d)) or Retirement at
Normal Retirement Age (as defined in Section 4 (d)), 100% of the Option shall
become available for exercise upon the later to occur of the Special
Registration or the date of the Grantee's termination of employment. In the
event that the Grantee's employment with each of the Company and its
subsidiaries that employ the Grantee terminates for any reason other than (i)
death, Permanent Disability or Retirement at Normal Retirement Age or (ii) for
Cause, then any portion of the Option held by the Grantee and then exercisable
shall remain exercisable after such termination of employment at any time on or
after the Special Registration, PROVIDED that the Committee may at any time
determine that 100% of the Option shall become immediately available for
exercise at any time on or after the Special Registration. Any Shares which have
become eligible for purchase may thereafter be purchased, subject to the
provisions hereof, and pursuant to and subject to the provisions contained in
the Management Stock Subscription Agreement (as defined in Section 5) related to
such Shares, at any time and from time to time on or after such anniversary
until the date one day prior to the date on which the Option terminates.

         3. TERMINATION OF OPTION.

         (a) NORMAL TERMINATION DATE. Unless an earlier termination date is
specified in Section 3 (b), the Option shall terminate on the tenth anniversary
of the date hereof (the "Normal Termination Date").

         (b) EARLY TERMINATION. If the Grantee's active employment with each of
the Company and its subsidiaries that employs the Grantee is voluntarily or
involuntarily terminated for any reason whatsoever prior to the Normal
Termination Date (i) any portion of the Option that has not become exercisable
on or before the date of such termination shall terminate on such date, and (ii)
if the Grantee's active employment is terminated by his employer for Cause, the
Option (including any portion of such option that shall have become exercisable
prior to such termination) shall no longer be exercisable on or after such
termination date. Notwithstanding the foregoing, and except in the case of a
termination by reason of death, Permanent Disability or Retirement at Normal
Retirement Age prior to the Special Registration, if the corresponding ISO
granted to the Grantee under the Plan shall not have been exercised in full
within 90 days after the Special Registration, this Option shall terminate on
the 91st day following the Special Registration as to the number of Shares equal
to the product of

         (i)      the total number of Shares times

         (ii)     a fraction,

                  (A)      the numerator of which is the number of shares of
                           Common Stock as to which the ISO is not exercised and

                  (B)      the denominator of which is the total number of
                           shares of Common Stock which were originally subject
                           to the ISO.

Nothing in this Agreement shall be deemed to confer on the Grantee any right to
continue in the employ of the Company or any of its subsidiaries, or to
interfere with or limit in any way the right of the Company or any of its
subsidiaries to terminate such employment at any time.

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         4. RESTRICTIONS ON EXERCISE; NON-TRANSFERABILITY OF OPTION; REPURCHASE
OF OPTION.

         (a) RESTRICTIONS ON EXERCISE. The Option may be exercised only with
respect to full shares of Common Stock. No fractional shares of Common Stock
shall be issued. Notwithstanding any other provision of this Agreement, the
Option may not be exercised in whole or in part, and no certificates
representing Shares shall be delivered, (i) unless all requisite approvals and
consents of any governmental authority of any kind having jurisdiction over the
exercise of options shall have been secured, (ii) unless the purchase of the
Shares upon the exercise of the Option shall be exempt from registration under
applicable federal and state securities laws or the Shares shall have been
registered under such laws, (iii) unless all applicable federal, state and local
tax withholding requirements shall have been satisfied and (iv) if such exercise
would result in a violation of the terms or provisions of or a default or an
event of default under any of the Financing Agreements (as such term is defined
in Section 8).

         (b) NON-TRANSFERABILITY OF OPTION. The Option may be exercised only by
the Grantee or by his estate. The Option is not assignable or transferable, in
whole or in part, and it may not, directly or indirectly, be offered,
transferred, sold, pledged, assigned, alienated, hypothecated or otherwise
disposed of or encumbered (including without limitation by gift, operation of
law or otherwise) other than by operation of law to the estate of the Grantee
upon his death, PROVIDED that the deceased Grantee's beneficiary or the
representative of his estate shall acknowledge and agree in writing, in a form
reasonably acceptable to the Company, to be bound by all of the provisions of
this Agreement and the Plan as if such beneficiary or estate were the Grantee.

         (c) REPURCHASE OF OPTION ON TERMINATION OF EMPLOYMENT. If the Grantee's
active employment with each of the Company and any subsidiaries of the Company
that employ the Grantee is terminated for any reason whatsoever, each of the
Company and Lexmark shall have an option to purchase all (but not less than all)
of the portion of the Option that is then exercisable (the "Covered Option"),
and shall have a period of 30 days beginning on the later of the date of
termination of employment and the Special Registration (the "First Purchase
Period") during which to give notice in writing to the Grantee of its exercise
of such right to purchase the Covered Option, PROVIDED that if the Company gives
notice during the First Purchase Period of its exercise of such right to
purchase the Covered Option, Lexmark's right to purchase the Covered Option
shall terminate. If the Company and Lexmark fail to exercise their rights to
purchase the Covered Option within the First Purchase Period, the C&D Fund shall
have the right to purchase the Covered Option and shall have 30 days following
the end of the First Purchase Period, or 30 days from the date of receipt of
notice of the Grantee's termination in accordance with Section 4 (e), whichever
is later (the "Second Purchase Period"), to give notice in writing to the
Grantee of the C&D Fund's exercise of its right to purchase the Covered Option.
If the right to purchase the Covered Option of the Company, Lexmark and the C&D
Fund granted in this sub-section is not exercised as provided herein (other than
as a result of Section 8), the Grantee shall be entitled to retain the Covered
Option, subject to all of the provisions of the Agreement. If the Company,
Lexmark and the C&D Fund have failed to exercise their respective rights to
purchase the Covered Option pursuant to this Section 4 (c) within the time
periods specified herein, and if the Grantee's active employment with each of
the Company and any subsidiaries of the Company that employ the Grantee is
terminated (i) by such employer or employers without Cause (as defined in
Section 4 (d)) or (ii) by the Grantee by Retirement at Normal Retirement Age (as
defined in Section 4 (d)) or (iii) by reason of Permanent Disability (as defined
in Section 4 (d)) or death, on notice from the Grantee (or his estate) in
writing and delivered to the Company within 30 days following the end of the
Second Purchase Period, the Company shall purchase the Covered Option. All
purchases pursuant to this Section 4 (c) by the Company, Lexmark or the C&D Fund
shall be for a purchase price and in the manner prescribed by Sections 4 (g),
(h) and (i).

         (d) CERTAIN DEFINITIONS. As used in this Agreement the following terms
shall have the following meanings:

         (i)      "CAUSE" shall mean (A) the willful failure by the Grantee to
                  perform substantially his duties as an employee of the Company
                  or any of it subsidiaries (other than due to physical or
                  mental illness) after reasonable notice to the Grantee of such
                  failure, (B) the Grantee's engaging in serious misconduct that
                  is injurious to the Company or any

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                  subsidiary of the Company, (C) the Grantee's having been
                  convicted of, or entered a plea of NOLO CONTENDERE to, a crime
                  that constitutes a felony or (D) the breach by the Grantee of
                  any written covenant or agreement with the Company or any
                  subsidiary of the Company not to disclose any information
                  pertaining to the Company or any of its subsidiaries or not to
                  compete or interfere with the Company or any of its
                  subsidiaries.

         (ii)     "RETIREMENT AT NORMAL RETIREMENT AGE" shall mean retirement at
                  or after normal retirement age under the terms of any
                  retirement plan sponsored by the Company or any of its
                  subsidiaries, whichever employs the Grantee.

         (iii)    "PERMANENT DISABILITY" shall mean a physical or mental
                  disability or infirmity of the Grantee, as defined in any
                  disability plan sponsored by the Company, Lexmark or any
                  Subsidiary, whichever employees such Grantee, or, if no such
                  plan is sponsored by the Grantee's employer, the Lexmark Long
                  Term Disability Plan.

         (iv)     "SPECIAL REGISTRATION" means the later of (i) the time at
                  which a registration statement under the Securities Act of
                  1933, as amended, covering any offer to sell and sales of
                  Common Stock issued upon exercise of Option granted pursuant
                  to the Plan, becomes effective and (ii) the third anniversary
                  of the effective date of the Plan.

         (e) NOTICE OF TERMINATION. The Company shall give written notice of any
termination of the Grantee's active employment with each of the Company and any
subsidiaries of the Company that employ the Grantee to the C&D Fund, except that
if such termination (if other than as a result of death) is by the Grantee, the
Grantee shall give written notice of such termination to the Company and the
Company shall give written notice of such termination to the C&D Fund.

         (f) PUBLIC OFFERING. In the event that an underwritten public offering
in the United States of the Common Stock by an underwriter of nationally
recognized standing (a "Public Offering") has been consummated, none of the
Company, the C&D Fund or the Grantee shall have any rights to purchase or sell
the Covered Option, as the case may be, pursuant to this Section 4, and this
Section 4 shall not apply to a sale as part of a Public Offering.

         (g) PURCHASE PRICE. The purchase price to be paid to the Grantee for
the Covered Option (the "Purchase Price") shall be equal to the difference
between (i) the fair market value of the Shares which may be purchased upon
exercise of the Covered Option (the "Fair Market Value") and (ii) the aggregate
exercise price of the Covered Option. Whenever a determination of Fair Market
Value is required by this Agreement, such Fair Market Value shall be determined
as of the time of the event that gives rise to the repurchase and shall be an
amount determined in good faith by the Board (or, if the authority to make such
determination has been specifically delegated by the Board to the Committee, by
the Committee). The Fair Market Value as determined in good faith by the Board
(or the Committee, as the case may be) shall, in the absence of fraud, be
binding and conclusive upon all parties hereto. If the Company at any time
subdivides (by any stock split, stock dividend or otherwise) the Common Stock
into a small number of shares, the Purchase Price shall be appropriately
adjusted to reflect such subdivision or combination.

         (h) PAYMENT. Subject to Section 8, the completion of a purchase
pursuant to this Section 4 shall take place at the principal office of the
Company on the tenth business day following (i) the Grantee's receipt of the C&D
Fund's, Lexmark's or the Company's notice of its respective exercise of the
right to purchase the Covered Option pursuant to Section 4(c) or (ii) the
Company's receipt of the Grantee's notice to sell the Covered Option pursuant to
Section 4(c). The Purchase Price shall be paid by delivery to the Grantee of a
check for the Purchase Price payable to the order of the Grantee, against
delivery of such instruments as the Company may reasonably request, signed by
the Grantee.

         (i) APPLICATION OF THE PURCHASE PRICE TO CERTAIN LOANS. The Grantee
agrees that the Company, Lexmark and the C&D Fund shall be entitled to apply any
amounts to be paid by the Company or the C&D Fund, as the case may be, to
repurchase the Covered Option pursuant to this Section 4 to discharge any
indebtedness of the Grantee to the Company or any of its subsidiaries, or that
may be

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guaranteed by the Company or any of its subsidiaries, including, but not limited
to, any indebtedness of the Grantee incurred to purchase any shares of Common
Stock under any other agreement with the Company.

         (j) WITHHOLDING. Whenever Shares are to be issued pursuant to the
Option, the Company may require the recipient of the Shares to remit to the
Company an amount sufficient to satisfy federal, state, local or other
withholding tax requirements. In the event any cash is paid to the Grantee or
his estate or beneficiary pursuant to this Section 4, the Company shall have the
right to withhold an amount from such payment sufficient to satisfy any federal,
state, local or other tax withholding requirements. If shares of Common Stock
are traded on a national securities exchange or bid and ask prices for shares of
Common Stock are quoted on the "NASDAQ National Market System" operated by the
National Association of Securities Dealers, Inc., the Company may, if requested
by the Grantee, withhold shares to satisfy applicable withholding requirements,
subject to the provisions of the Plan and any rules adopted by the Board or any
committee thereof regarding compliance with applicable law, including, but not
limited to, Section 16(b) of the Securities Exchange Act of 1934, as amended
(the "Exchange Act").

         5. MANNER OF EXERCISE. To the extent that the Option shall have become
and remains exercisable as provided in Section 2 and subject to such
administrative regulations as the Board or the Committee may have adopted, the
Option may be exercised from time to time, in whole or in part, by notice to the
Secretary of the Company in writing given 30 days prior to the date on which the
Grantee will so exercise the Option (the "Exercise Date"), specifying the number
of Shares with respect to which the Option is being exercised (the "Exercise
Shares") and the Exercise Date, PROVIDED that if shares of Common Stock are
traded on a national securities exchange or bid and ask prices for Shares of
Common Stock are quoted over the "NASDAQ National Market System" operated by the
National Association of Securities Dealers, Inc., notice may be given five
business days before the Exercise Date. On or before the Exercise Date, the
Company and the Employee shall enter into a Management Stock Subscription
Agreement (the "Management Stock Subscription Agreement") in a form reasonably
satisfactory to the Company and containing rights by the Company and the C&D
Fund to purchase the Exercise Shares, which rights are similar to the purchase
rights with respect to the Options described in this Agreement, and a right of
first refusal of the Company and the C&D Fund with respect to the Exercise
Shares. In accordance with the Management Stock Subscription Agreement, (a) on
or before the Exercise Date, the Employee shall deliver to the Company full
payment for the Exercise Shares in United States dollars in cash, or cash
equivalent satisfactory to the Company, and in an amount equal to the aggregate
purchase price for the Exercise Shares and (b) on the Exercise Date, the Company
shall deliver to the Employee a certificate or certificates representing the
Exercise Shares, registered in the name of the Employee. If shares of Common
Stock are listed for trading on a national securities exchange or bid and ask
prices for shares of Common Stock are quoted over the "NASDAQ National Market
System" operated by the National Association of Securities Dealers, Inc., the
Employee may, in lieu of cash, tender shares of Common Stock having a Fair
Market Value on the Exercise Date equal to the purchase price of the Exercise
Shares or may deliver a combination of cash and shares of Common Stock having a
Fair Market Value equal to the difference between the exercise price and the
amount of such cash as payment for the purchase price of the Exercise Shares,
subject to such rules and regulations as may be adopted by the Board or the
Committee to provide for the compliance of such payment procedure with
applicable law, including Section 16(b) of the Exchange Act. The Company may
require the Grantee to furnish or execute such other documents as the Company
shall deem necessary (i) to evidence such exercise, (ii) to determine whether
registration is then required under the Securities Act of 1933, as amended (the
"Securities Act"), and (iii) to comply with or satisfy the requirements of the
Securities Act, state securities laws or any other law.

         6. GRANTEE'S REPRESENTATIONS, WARRANTIES AND COVENANTS.

         (a) INVESTMENT INTENTION. The Grantee represents and warrants that the
Option has been, and any Exercise Shares will be, acquired by him solely for his
own account for investment and not with a view to or for sale in connection with
any distribution thereof. The Grantee agrees that he will not, directly or
indirectly, offer, transfer, sell, pledge, hypothecate or otherwise dispose of
all or any portion of the Option or any of the Exercise Shares (or solicit any
offers to buy, purchase or otherwise acquire or take a pledge of all or any
portion of the Option or any of the Exercise Shares), except in compliance with
the Securities Act and the rules and regulations of the Securities and Exchange
Commission (the "Commission") thereunder,

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and in compliance with applicable state securities or "blue sky" laws. The
Grantee further understands, acknowledges and agrees that none of the Shares may
be transferred, sold, pledged, hypothecated or otherwise disposed of (i) unless
the provisions of the related Management Stock Subscription Agreement shall have
been complied with or have expired, (ii) unless (A) such disposition is pursuant
to an effective registration statement under the Securities Act, (B) the Grantee
shall have delivered to the Company an opinion of counsel, which opinion and
counsel shall be reasonably satisfactory to the Company, to the effect that such
disposition is exempt from the provisions of Section 5 of the Securities Act or
(C) a no-action letter from the Commission, reasonably satisfactory to the
Company, shall have been obtained with respect to such disposition and (iii)
unless such disposition is pursuant to registration under any applicable state
securities laws or an exemption therefrom, except that if the Grantee is a
citizen or resident of any country other than the United States, or the Grantee
desires to effect any transfer in any such country, in addition to the
foregoing, counsel for the Grantee (which counsel shall be reasonably
satisfactory to the Company) shall have furnished the Company with an opinion or
other advice reasonably satisfactory to the Company to the effect that such
transfer will comply with the securities laws of such jurisdiction.
Notwithstanding the foregoing, the Company acknowledges and agrees that no
opinion of counsel is required in connection with a transfer to the Company,
Lexmark or the C&D Fund.

         (b) LEGEND. Any certificate representing the Exercise Shares shall bear
the following legends:

         "THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE
         PROVISIONS OF A MANAGEMENT STOCK SUBSCRIPTION AGREEMENT, DATED AS OF
         ___________, 199_, AND NEITHER THIS CERTIFICATE NOR THE SHARES
         REPRESENTED BY IT ARE ASSIGNABLE OR OTHERWISE TRANSFERABLE EXCEPT IN
         ACCORDANCE WITH THE PROVISIONS OF SUCH MANAGEMENT STOCK SUBSCRIPTION
         AGREEMENT, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE
         COMPANY. THE SHARES REPRESENTED BY THIS CERTIFICATE ARE ENTITLED TO THE
         BENEFITS PROVIDED TO MANAGERS IN, AND ARE BOUND BY THE OBLIGATIONS SET
         FORTH IN, A REGISTRATION AND PARTICIPATION AGREEMENT, DATED AS OF MARCH
         27, 1991, AMONG THE COMPANY AND CERTAIN STOCKHOLDERS OF THE COMPANY, A
         COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY."

         "THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
         UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR QUALIFIED UNDER ANY
         STATE SECURITIES LAWS, AND MAY NOT BE TRANSFERRED, SOLD, PLEDGED,
         HYPOTHECATED OR OTHERWISE DISPOSED OF UNLESS (i) (A) SUCH DISPOSITION
         IS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT, (B)
         THE HOLDER HEREOF SHALL HAVE DELIVERED TO THE COMPANY AN OPINION OF
         COUNSEL, WHICH OPINION AND COUNSEL SHALL BE REASONABLY SATISFACTORY TO
         THE COMPANY, TO THE EFFECT THAT SUCH DISPOSITION IS EXEMPT FROM THE
         PROVISIONS OF SECTION 5 OF SUCH ACT OR (C) A NO-ACTION LETTER FROM THE
         SECURITIES AND EXCHANGE COMMISSION, REASONABLY SATISFACTORY TO COUNSEL
         FOR THE COMPANY, SHALL HAVE BEEN OBTAINED WITH RESPECT TO SUCH
         DISPOSITION AND (ii) SUCH DISPOSITION IS PURSUANT TO REGISTRATION UNDER
         ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION THEREFROM, EXCEPT
         THAT IF THE GRANTEE IS A CITIZEN OR RESIDENT OF ANY COUNTRY OTHER THAN
         THE UNITED STATES, OR THE GRANTEE DESIRES TO EFFECT ANY TRANSFER IN ANY
         SUCH COUNTRY, IN ADDITION TO THE FOREGOING, COUNSEL FOR THE GRANTEE
         (WHICH COUNSEL SHALL BE REASONABLY SATISFACTORY TO THE COMPANY) SHALL
         HAVE FURNISHED THE COMPANY WITH AN OPINION OR OTHER ADVICE REASONABLY
         SATISFACTORY TO THE COMPANY TO THE EFFECT THAT SUCH TRANSFER WILL
         COMPLY WITH THE SECURITIES LAWS OF SUCH JURISDICTION."

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         (c) SECURITIES LAW MATTERS. The Grantee acknowledges receipt of advice
from the Company that the Option has not been registered under the Securities
Act or qualified under any state securities or "blue sky laws" and, upon
exercise of the Option, (i) the Exercise Shares will not be registered under the
Securities Act or qualified under any state securities or "blue sky" laws, (ii)
the Exercise Shares must be held indefinitely and the Grantee must continue to
bear the economic risk of the investment in the Exercise Shares unless such
Exercise Shares are subsequently registered under the Securities Act and such
state laws or an exemption from such registration is available, (iii) it is not
anticipated there will be any public market for the Exercise Shares, (iv) Rule
144 promulgated under the Securities Act is not presently available with respect
to the sales of any securities of the Company, (v) when and if the Exercise
Shares may be disposed of without registration in reliance upon Rule 144, such
disposition can be made only in limited amounts in accordance with the terms and
conditions of such Rule, (vi) if the exemption afforded by Rule 144 is not
available, sales of the Exercise Shares may be difficult to effect because of
the absence of public information concerning the Company, (vii) a restrictive
legend in the form heretofore set forth shall be placed on the certificates
representing the Exercise Shares and (viii) a notation shall be made in the
appropriate records of the Company indicating that the Exercise Shares are
subject to restrictions on transfer and, if the Company should in the future
engage the services of a stock transfer agent, appropriate stop-transfer
restrictions will be issued to such transfer agent with respect to the Exercise
Shares.

         (d) COMPLIANCE WITH RULE 144. If any of the Exercise Shares are to be
disposed of in accordance with Rule 144 under the Securities Act, the Grantee
shall transmit to the Company an executed copy of Form 144 (if required by Rule
144) no later than the time such form is required to be transmitted to the
Commission for filing and such other documentation as the Company may reasonably
require in connection with such disposition.

         (e) ABILITY TO BEAR RISK. The Grantee covenants that he will not
exercise all or any portion of the Option unless (i) the financial situation of
the Grantee is such that he can afford to bear the economic risk of holding the
Exercise Shares for an indefinite period and (ii) he can afford to suffer the
complete loss of his investment in the Exercise Shares.

         (f) QUESTIONNAIRE. The Grantee agrees that he will furnish such
documents and comply with such reasonable requests of the Company as may be
necessary to substantiate his status as a qualifying investor in connection with
any private offering of the Exercise Shares to the Grantee and that all
information contained in any written materials concerning the status of the
Grantee furnished by the Grantee to the Company in connection with such requests
will be true and correct in all material respects.

         (g) ACCESS TO INFORMATION. The Grantee represents and warrants that (i)
he has been granted the opportunity to ask questions of, and receive answers
from, representatives of the Company concerning the terms and conditions of the
Options and the purchase of the Exercise Shares upon exercise of the Options,
(ii) his knowledge and experience in financial and business matter is such that
he is capable of evaluating the risks of an investment in the Exercise Shares
and (iii) he is a key employee or manager of the Company, Lexmark or a
subsidiary of either on the date hereof.

         (h) REGISTRATION; RESTRICTIONS ON SALE UPON PUBLIC OFFERING. In respect
of any Shares purchased upon exercise of all or any portion of the Option, the
Grantee shall be entitled to the rights and subject to the obligations created
under the Registration and Participation Agreement, dated as of March 27, 1991,
among the Company and certain stockholders of the Company, to the extent set
forth therein. The Grantee agrees that, in the event that the Company files a
registration statement under the Securities Act with respect to an underwritten
public offering of any shares of its capital stock, the grantee will not effect
any public sale or distribution of any shares of the Common Stock (other than as
part of such underwritten public offering) during the 20 days prior to and the
180 days after the effective date of such registration statement.

         (i) SECTION 83(b) ELECTION. The Grantee agrees that, within 20 days of
any Exercise Date, he shall give notice to the Company as to whether or not he
has made an election pursuant to Section 83(b) of the Internal Revenue Code of
1986, as amended, with respect to the Exercise Shares purchased on such date,
and acknowledges that he will be solely responsible for any and all tax
liabilities payable by him in

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connection with his receipt of the Exercise Shares or attributable to his making
or failing to make such an election.

         7. REPRESENTATIONS AND WARRANTIES OF THE COMPANY, ETC. The Company
represents and warrants to the Grantee that this Agreement has been duly
authorized and executed and delivered by the Company.

         8. CERTAIN RESTRICTIONS ON REPURCHASES.

         (a) FINANCING AGREEMENTS, ETC. Notwithstanding any other provision of
this Agreement, the Company shall not be permitted or obligated to repurchase
all or any portion of the Option if (i) there exists and is continuing a default
or an event of default under (A) the Secured United States Credit Agreement,
dated as of March 27, 1991, among the Company, Lexmark, the financial
institutions named on the signature pages thereof and Morgan Guaranty Trust
Company of New York, as agent for such institutions (the "Credit Agreement"),
(B) the Note and Stock Purchase Agreements, dated as of March 27, 1991, among
Lexmark and the Company and each of the institutional investors named on the
signature pages thereof, relating to certain subordinated notes of Lexmark (the
"Note Purchase Agreements"), (C) the Securities Purchase Agreement, dated as of
March 27, 1991, among the Company and the Institutional Investors relating to
the Company's senior cumulative exchangeable preferred stock (together with the
Credit Agreement and the Note Purchase Agreements, the "Loan Agreements"), or
(D) any other financing or security agreement or document entered into in
connection with the Acquisition, or the financing of the Acquisition, or
permitted under the Loan Agreements (such agreements and documents and the Loan
Agreements, as each may be amended, modified or supplemented form time to time,
are hereinafter referred to as the "Financing Agreements"), in each case as the
same may be amended, modified or supplemented from time to time, (ii) such
repurchase would result in a violation of the terms or provisions of or a
default or an event of default under any of the Financing Agreements or (iii)
such repurchase would violate any of the terms or provisions of the Certificate
of Incorporation of the Company. In the event that a repurchase otherwise
permitted or required under Section 4(c) is prevented solely by the terms of the
foregoing sentence, such repurchase shall take place without the application of
further conditions or impediments (other than as set forth in Section 4 or in
this Section 8) at the first opportunity thereafter when no such default, event
of default or violation exists or when such repurchase will not result in any
such default, event of default or violation under any of the Financing
Agreements or in a violation of any term or provision under the Certificate of
Incorporation of the Company.

         (b) DELAWARE GENERAL CORPORATION LAW. Notwithstanding any other
provisions of this Agreement, if any repurchase of all or any portion of the
Option pursuant to Section 4 would otherwise take place at a time when the
Company has no funds legally available therefor under the General Corporation
Law of the State of Delaware, such repurchase will be postponed and will take
place without the application of further conditions or impediments (other than
as set forth in Section 4 or in this Section 8) at the first opportunity
thereafter when the Company has funds legally available therefor.

         (c) PURCHASE PRICE ADJUSTMENT. In the event that the Company is
prohibited from repurchasing all or any portion of the Option from the Grantee
as contemplated by this Section 8, the Purchase Price therefor shall be (i) the
Purchase Price of such Shares, determined in accordance with Section 4 at the
time the purchase of such Shares would have occurred but for the operation of
this Section 8 plus (ii) an amount equal to interest on such Purchase Price at
the rate publicly announced from time to time by Morgan Guaranty Trust Company
of New York as its reference rate for the period from the date on which the
completion of the purchase would have taken place but for the operation of this
Section 8 to the date on which such purchase actually takes place.

         9. NO RIGHTS AS STOCKHOLDER. The Grantee shall have no voting or other
rights as a stockholder of the Company with respect to any Shares covered by the
Option until the exercise of the Option and the issuance of a certificate or
certificates to him for such Shares. No adjustment shall be made for dividends
or other rights for which the record date is prior to the issuance of such
certificate or certificates.

                                       8
<PAGE>

         10. CAPITAL ADJUSTMENTS. The number and price of the Shares covered by
the Option shall be proportionately adjusted to reflect, as deemed equitable and
appropriate by the Board in its sole discretion, any stock dividend, stock split
or share combination of the Common Stock or any recapitalization of the Company.
To the extent deemed equitable and appropriate by the Board in its sole
discretion, subject to any required action by the stockholders of the Company,
in any merger, consolidation, reorganization, exchange of shares, liquidation or
dissolution, the Option shall pertain to the securities and other property, if
any, that a holder of the number of shares of Common Stock covered by the Option
would have been entitled to receive in connection with such event.

         11. MISCELLANEOUS.

         (a) NOTICES. All notices and other communications required or permitted
to be given under this Agreement shall be in writing and shall be deemed to have
been given if delivered personally or sent by certified or express mail, return
receipt requested, postage prepaid, or by any recognized international
equivalent of such mail delivery, to the Company, Lexmark, the C&D Fund or the
Grantee, as the case may be, at the following addresses or to such other address
as the Company, Lexmark, the C&D Fund or the Grantee, as the case may be, shall
specify by notice to the other parties:

         (i)   if to the Company or Lexmark, to it at:

               55 Railroad Avenue
               P.O. Box 2868
               Greenwich, Connecticut  06836
               ATTENTION:  Secretary

         (ii)  if to the Grantee, to the Grantee at the address set forth on the
               signature page hereof.

         (iii) if to the C&D Fund, to:

               The Clayton & Dubilier Private Equity
                 Fund IV Limited Partnership
               270 Greenwich Avenue
               Greenwich, Connecticut  06830
               ATTENTION:  Clayton & Dubilier Associates
                                IV Limited Partnership,
                                Joseph L. Rice, III

All such notices and communications shall be deemed to have been received on the
date of delivery or on the third business day after the mailing thereof. Copies
of any notice or other communication given under this Agreement shall also be
given to:

         Clayton & Dubilier, Inc.
         126 East 56th Street
         New York, New York  10022
         ATTENTION:  Joseph L. Rice, III

         and

         Debevoise & Plimpton
         875 Third Avenue
         New York, New York  10022
         ATTENTION:  Franci J. Blassberg, Esq.

The C&D Fund also shall be given a copy of any notice or other communication
between the Grantee and the Company under this Agreement at its address as set
forth above.

                                       9
<PAGE>

         (b) BINDING EFFECT; BENEFITS. This Agreement shall be binding upon and
inure to the benefit of the parties to this Agreement and their respective
successors and assigns. Except as provided in Section 4, nothing in this
Agreement, express or implied, is intended or shall be construed to give any
person other than the parties to this Agreement or their respective successors
or assigns any legal or equitable right, remedy or claim under or in respect of
any agreement or any provision contained herein.

         (c) WAIVER; AMENDMENT.

         (i) WAIVER. Either party hereto may by written notice to the other (A)
extend the time for the performance of any of the obligations or other actions
of the other under this Agreement, (B) waive compliance with any of the
conditions or covenants of the other contained in this Agreement and (C) waive
or modify performance of any of the obligations of the other under this
Agreement, PROVIDED that any waiver of the provisions of Section 4 must be
consented to by the C&D Fund. Except as provided in the preceding sentence, no
action taken pursuant to this Agreement, including, without limitation, any
investigation by or on behalf of any party, shall be deemed to constitute a
waiver by the party taking such action of compliance with representations,
warranties, covenants or agreements contained herein. The waiver by any party
hereto of a breach of any provision of this Agreement shall not operate or be
construed as a waiver of any preceding or succeeding breach and no failure by
either party to exercise any right or privilege hereunder shall be deemed a
waiver of such party's rights or privileges hereunder or shall be deemed a
waiver of such party's rights to exercise the same at any subsequent time or
times hereunder.

         (ii) AMENDMENT. This Agreement may be amended, modified or supplemented
only by a written instrument executed by the Grantee and the Company, PROVIDED
that any amendment adversely affecting the rights of the C&D Fund hereunder must
be consented to by the C&D Fund. The parties hereto acknowledge that the
Company's consent to an amendment or modification of this Agreement is subject
to the terms and provisions of the Financing Agreements.

         (d) ASSIGNABILITY. Neither this Agreement nor any right, remedy,
obligation or liability arising hereunder or by reason hereof shall be
assignable by either the Company or the Grantee without the prior written
consent of the other party.

         (e) APPLICABLE LAW. This Agreement shall be governed by and construed
in accordance with the law of the State of Delaware, regardless of the law that
might be applied under principles of conflict of laws.

         (f) SECTION AND OTHER HEADINGS. The section and other headings
contained in this Agreement are for reference purposes only and shall not affect
the meaning or interpretation of this Agreement. In this Agreement all
references to "dollars" or "$" are to United States dollars.

         (g) COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original and all of which
together shall constitute one and the same instrument.

                                       10
<PAGE>

         IN WITNESS WHEREOF, the Company and the Grantee have executed this
Agreement as of the date first above written.

                                       LEXMARK HOLDING, INC.

                                       By:
                                           ------------------------------------
                                           MARVIN L. MANN
                                           CHAIRMAN AND CHIEF EXECUTIVE OFFICER

                                       GRANTEE:

                                       ----------------------------------------
                                       Name (Please Print)

                                       ----------------------------------------
                                       Signature of Grantee

                                       ----------------------------------------
                                       Serial Number

                                       Address of Grantee:

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

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

                                       BENEFICIARY:

                                       ----------------------------------------
                                       Name (Please Print)

                                       ----------------------------------------
                                       Address of Beneficiary:

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

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

                                       11<PAGE>
                                                                  Exhibit 10.22

                      NON-QUALIFIED STOCK OPTION AGREEMENT

                                   pursuant to

                        LEXMARK INTERNATIONAL GROUP, INC.
                              STOCK INCENTIVE PLAN

This NON-QUALIFIED STOCK OPTION AGREEMENT (the "Agreement") between Lexmark
International, Inc., a Delaware corporation (the "Company"), and the person
specified on the signature page hereof (the "Optionee") is entered into as of
__________ pursuant to the Lexmark International Group, Inc. Stock Incentive
Plan, as the same may be amended from time to time (the "Plan").

WHEREAS, the Optionee is regarded as a key employee of the Company or one of the
Subsidiaries and the Committee has determined that it would be to the advantage
and in the interest of the Company to grant the option provided for herein to
the Optionee as an inducement to the Optionee to remain in the service of the
Company and the Subsidiaries over the long-term and as an incentive to the
Optionee to devote his or her best efforts and dedication to the performance of
such services and to maximize shareholder value;

WHEREAS, the Optionee desires to accept from the Company the grant of the
options evidenced hereby on the terms and subject to the conditions herein;

NOW, THEREFORE, in consideration of the premises and subject to the terms and
conditions set forth herein and in the Plan, the parties hereto hereby covenant
and agree as follows:

     1.   GRANT OF OPTION; EXERCISE PRICE.

          (a)  Grant of Option; Exercise Price. The Company hereby grants to the
               Optionee, effective as of ________ (the "Grant Date") and on the
               terms and conditions herein, an option (the "Option") to purchase
               _____Option shares (the "Option Shares"), of Class A Common
               Stock, par value $.01 per share (the "Common Stock") set forth on
               the signature page hereof, at an exercise price per Option Share
               equal to the fair market value on the Grant Date of _______,
               which was the closing price of a share of Common Stock on the
               Grant Date as reported for such day in The Wall Street Journal.
               The Option is not intended to be an incentive stock option under
               the United States Internal Revenue Code of 1986, as amended.

          (b)  Stock Incentive Plan. This Agreement is subject in all respects
               to the terms of the Plan, all of which terms are made a part of
               and incorporated in this Agreement by reference. In the event of
               any conflict or inconsistency between the terms of this Agreement
               and the terms of the Plan, the terms of the Plan shall control.
               The Optionee hereby acknowledges that a copy of the Plan may be
               obtained from the Vice President of Human Resources and agrees to
               comply with and be bound by all of the terms and conditions
               thereof. Terms used in this Agreement with initial capital
               letters, but not defined herein, shall have the meanings assigned
               to them under the Plan.

                                       1
<PAGE>

     2.   VESTING; PERIOD OF EXERCISE OF OPTION

          (a)  Vesting. Subject to the provisions of Section 4, the Option shall
               become vested and exercisable in five equal installments on each
               of the first five anniversaries of the Grant Date, subject in the
               case of each such installment to the continuous employment of the
               Optionee with the Company or a Subsidiary from the date hereof to
               the applicable anniversary of the Grant Date. Provided, however,
               if at the time of optionee's termination of employment (i)
               optionee has 30 years of continuous service, (ii) optionee is 58
               years of age or older and has ten years of continuous service, or
               (iii) optionee is 65 years of age or older and has five years of
               continuous service; and, in each case, optionee agrees to the
               cancellation of any option grant made to him or her within 12
               months prior to the date of his or her retirement, then vesting
               shall continue to occur on this Option for a period of 24 months
               following the date of his or her retirement (the "Post-Retirement
               Vesting Period").

          (b)  Termination of Employment. If the Optionee's employment with the
               Company and its Subsidiaries terminates for any reason, other
               than a termination by the Company or a Subsidiary for Cause (as
               defined below), any portion of the Option which is not then
               exercisable or subject to continued vesting during a
               Post-Retirement Vesting Period shall immediately terminate and be
               canceled effective upon such termination of employment and the
               remaining portion of the Option, if any, shall thereafter remain
               exercisable for the period provided in Section 4. In the event of
               the termination of the Optionee's employment by the Company or a
               Subsidiary for Cause, the Option shall immediately terminate and
               be canceled in full effective upon the date of such termination
               of employment.

               In accepting this Option, the Optionee acknowledges that the
               Option has been granted as an incentive to the Optionee to remain
               employed by the Company and to exert his or her best efforts to
               enhance the value of the Company over the long-term. Accordingly,
               the Optionee agrees that if he or she (a) within 12 months
               following termination of employment with the Company or within 12
               months following any Post-Retirement Vesting Period, accepts
               employment with a competitor of the Company or otherwise engages
               in competition with the Company, or (b) within 36 months
               following termination of employment with the Company or within 36
               months following any Post-Retirement Vesting Period, acts against
               the interests of the Company, including recruiting or employing,
               or encouraging or assisting his or her new employer to recruit or
               employ, any employee of the Company without the Company's written
               consent, or (c) discloses or otherwise misuses confidential
               Company information or material, each of these constituting a
               harmful action, then (i) any unexercised portion of this Option
               shall be canceled immediately (unless canceled earlier by
               operation of another term of this Agreement) and (ii) the
               Optionee shall pay to the Company an amount equal to the Option
               gains (represented by the closing market price on the date of
               exercise over the exercise price, multiplied by the number of
               options exercised, without regard to any subsequent market price
               decrease or increase) realized by the Optionee from the exercise
               of all or a portion of this Option within 18 months preceding the
               earlier of (w) the commitment of any such harmful action and (x)
               the Optionee's termination of employment with the Company and its
               Subsidiaries; and through the later of (y) 18 months following
               the commitment of any such harmful action and (z) such

                                       2
<PAGE>

               period as it takes the Company to discover such harmful action.
               The Optionee agrees that the Company has the right to deduct from
               any amounts the Company may owe the Optionee from time to time
               (including amounts owed to the Optionee as wages or other
               compensation, fringe benefits or vacation pay, as well as any
               other amounts owed to the Optionee by the Company), the amounts
               the Optionee owes the Company. The Committee shall have the
               right, in its sole discretion, not to enforce the provisions of
               this paragraph with respect to the Optionee.

          (c)  Acceleration. The Committee may, in its discretion, accelerate
               the date or dates as of which all or any portion of the Option
               shall become vested and exercisable and may establish accelerated
               times for vesting based upon the attainment of performance goals
               or such other factors as the Committee may from time to time
               determine.

          (d)  Term of Option Exercise Period. Except to the extent that the
               Option or any portion thereof shall sooner terminate in
               accordance with Section 2 or 4 hereof, once any portion of the
               Option has become vested and exercisable, such portion shall
               remain exercisable until the end of the day preceding the tenth
               anniversary of the date hereof (the "Option Period").

     3.   METHOD OF EXERCISE AND PAYMENT; RELOAD OPTION; CERTAIN RESTRICTIONS ON
          RESALE.

          (a)  Exercise and Payment. Once vested and exercisable, the Option, or
               any vested portion thereof, may be exercised by the Optionee (or
               his or her beneficiary or estate) by delivery to the Company on
               any business day (the "Option Exercise Date") written notice (the
               "Option Exercise Notice"), in such manner and form as may be
               required by the Committee, specifying the number of Option Shares
               the Optionee then desires to purchase and the aggregate exercise
               price for such Option Shares (the "Option Exercise Price"). The
               Option Exercise Notice shall be accompanied by payment of the
               Option Exercise Price and any other amounts required to be paid
               pursuant to Section 5.

               The Optionee may pay the Option Exercise Price by delivering to
               the Company cash, shares of Qualifying Common Stock (as defined
               below) already owned by the Optionee or a combination of cash and
               such shares of Qualifying Common Stock provided that the
               aggregate Fair Market Value on the Option Exercise Date of the
               shares of Qualifying Common Stock delivered in payment of any
               portion of the Option Exercise Price shall be equal to the excess
               of (x) the Option Exercise Price over (y) the amount of any cash
               delivered by the Optionee in payment of the Option Exercise
               Price. For purposes of this Agreement, shares of Common Stock
               shall constitute Qualifying Common Stock that may be delivered in
               payment of the Option Exercise Price if such shares (i) are not
               subject to any outstanding loan or other obligation and are not
               pledged as collateral with respect to any loan or other
               obligation, other than any such loan or other obligation extended
               to the Optionee by the Company or any Subsidiary provided the
               Committee approves the delivery of such shares to pay the Option
               Exercise Price, and (ii) either (x) have been owned by the
               Optionee without certain restrictions for a continuous period of
               at least six months (or such greater

                                       3
<PAGE>

               or lesser period as the Committee shall determine) or (y) were
               purchased by the Optionee on a U.S. national securities exchange.

               The Committee may also permit the Optionee to arrange for the
               payment of all or any portion of the Option Exercise Price and
               other amounts required to be paid pursuant to Section 5 by
               directing a securities broker approved for such purpose by the
               Committee to deliver to the Company, on behalf of the Optionee,
               the proceeds of the sale on the Option Exercise Date of a number
               of the Option Shares then being purchased by the Optionee having
               aggregate sales proceeds on the Exercise Date equal to the sum of
               all or the applicable portion of the Option Exercise Price and
               the amounts required to be paid pursuant to Section 5 that the
               Optionee elects to satisfy by using the proceeds of the sale of
               the Option Shares (the "Cashless Exercise Procedure").

               Within a reasonable period of time after the Option Exercise
               Date, subject to payment of the Option Exercise Price and any
               amounts required to be paid by the Optionee pursuant to Section
               5, the Company shall direct its stock transfer agent to make (or
               to cause to be made) an appropriate book entry reflecting the
               Optionee's ownership of the Option Shares then being purchased by
               the Optionee. Upon request, the Company shall deliver to the
               Optionee a certificate or certificates for the number of Option
               Shares (reduced, if applicable, by the number of Option Shares
               sold on the Option Exercise Date pursuant to the Cashless
               Exercise Procedure) purchased by the Optionee, registered in the
               name of the Optionee. In the event that the Company or the
               Committee, in its sole discretion, shall determine that, under
               applicable U.S. federal or state or non-U.S. securities laws, the
               transfer of any Option Shares must be subject to restriction, any
               certificates issued under this Section 3(a) shall bear an
               appropriate legend restricting the transfer of such Option Shares
               and appropriate stop transfer instructions shall be delivered to
               the Company's stock transfer agent.

          (b)  Reload Option. Effective on the date of the exercise by the
               Optionee of any portion of the Option at a time when the Optionee
               is an active employee of the Company or a Subsidiary (the "Reload
               Grant Date"), if any portion of the Option Exercise Price in
               respect thereof is satisfied by the Optionee by delivery to the
               Company of Qualifying Common Stock, subject to the consent of the
               Committee, the Optionee shall automatically be granted a new
               option (the "Reload Option") to purchase a number of shares of
               Common Stock equal to the number of shares of Qualifying Common
               Stock so delivered, at an exercise price per share equal to the
               Fair Market Value of a share of Common Stock on the Reload Grant
               Date. The Reload Option shall be fully vested upon grant and
               shall become exercisable on the six month anniversary of the
               Reload Grant Date unless the Optionee's employment with the
               Company and the Subsidiaries is terminated due to the Optionee's
               death, Disability or Retirement, then such Reload Option shall
               become immediately exercisable and shall thereafter remain
               exercisable for the applicable period provided in Section 4. In
               all other respects, such Reload Option shall be subject to the
               same terms and conditions (including the same Option Period) as
               the Option and all references herein to the "Option" shall be
               deemed to include the Reload Option.

                                       4
<PAGE>

          (c)  Restrictions on Sale upon Public Offering. The Optionee hereby
               agrees that, during the 20 day period prior to and the 180 days
               following the effective date of any registration statement filed
               by the Company under the Securities Act of 1933, as amended, with
               respect to any underwritten public offering of any shares of the
               Company's capital stock, the Optionee will not effect any public
               sale or distribution of shares of Common Stock (other than as
               part of such underwritten public offering).

     4.   TERMINATION. The Option (or the indicated portion thereof) shall
          terminate and be canceled immediately upon the first to occur of any
          of the following events:

          (a)  The date of the expiration of the Option Period.

          (b)  The date of the termination of the Optionee's employment with the
               Company and its Subsidiaries for Cause.

          (c)  The date of the termination of the Optionee's employment with the
               Company and its Subsidiaries for any reason, other than for
               Cause, with respect to any portion of the Option which is not
               subject to a Post-Retirement Vesting Period or has not become
               vested and exercisable in accordance with Section 2 on or prior
               to the date of such termination.

          (d)  In the case of the Optionee's termination of employment with the
               Company and its Subsidiaries for any reason other than for Cause
               or other than by reason of the Optionee's Normal Retirement,
               Early Retirement, Disability or death (as each such term is
               defined below), or as a result of a reduction in force, cessation
               of operations, merger, consolidation or the sale or other
               disposition of the Company or a portion thereof (as set forth
               below) with respect to any portion of the Option which has become
               vested and exercisable in accordance with Section 2 on or prior
               to the date of such termination of employment, the last day of
               the 90 day period immediately following the date of such
               termination of employment.

          (e)  Subject to Section 4(j), in the case of the Optionee's
               termination of employment with the Company and its Subsidiaries
               by reason of the Optionee's Normal Retirement, with respect to
               any portion of the Option which has become vested and exercisable
               on or prior to the date of such termination of employment or is
               subject to a Post-Retirement Vesting Period in accordance with
               Section 2, the last day of the 36 month period immediately
               following the date of such termination of employment.

          (f)  Subject to Section 4(j), in the case of the Optionee's
               termination of employment with the Company and its Subsidiaries
               by reason of the Optionee's Early Retirement, with respect to any
               portion of the Option which has become vested and exercisable in
               accordance with Section 2 on or prior to the date of such
               termination of employment, the last day of the 12 month period
               immediately following the date of such termination of employment,
               and with respect to any Option, a portion of which is subject to
               a Post-Retirement Vesting Period in accordance with Section 2,
               the last day of the 12 month period immediately following the
               last day of the Post-Retirement Vesting Period.

                                       5
<PAGE>

          (g)  Subject to Section 4(j), in the case of the Optionee's
               termination of employment with the Company and its Subsidiaries
               as a result of a reduction in force, cessation of operations,
               merger, consolidation or the sale or other disposition of the
               stock or all or substantially all of the assets of the Company, a
               Subsidiary, or any division, business or other unit or function
               of the Company or any Subsidiary (which is designated as such by
               the Vice President of Human Resources), with respect to any
               portion of the Option which has become vested and exercisable in
               accordance with Section 2 on or prior to the date of such
               termination of employment, (i) the last day of the 24 month
               period immediately following the date of such termination of
               employment, provided that the Optionee has completed five or more
               years of continuous service with the Company or any of its
               Subsidiaries or (ii) the last day of the 12 month period
               immediately following the date of such termination of employment,
               if the Optionee has completed less than five years of continuous
               service with the Company or any of its Subsidiaries, and with
               respect to any Option, a portion of which is subject to a
               Post-Retirement Vesting Period in accordance with Section 2, the
               last day of the 12 month period immediately following the last
               day of the Post-Retirement Vesting Period.

          (h)  Subject to Section 4(j), in the case of the Optionee's
               termination of employment with the Company and its Subsidiaries
               by reason of the Optionee's Disability, with respect to any
               portion of the Option which has become vested and exercisable in
               accordance with Section 2 on or prior to the date of such
               termination of employment, the last day of the 12 month period
               immediately following the date of such termination of employment,
               and with respect to any Option, a portion of which is subject to
               a Post-Retirement Vesting Period in accordance with Section 2,
               the last day of the 12 month period immediately following the
               last day of the Post-Retirement Vesting Period.

          (i)  In the case of the Optionee's termination of employment with the
               Company and its Subsidiaries by reason of the Optionee's death,
               with respect to the portion of the Option which has become vested
               and exercisable in accordance with Section 2 on or prior to the
               date of such termination of employment, the last day of the 12
               month period immediately following the date of such termination
               of employment, and with respect to any Option, a portion of which
               is subject to a Post-Retirement Vesting Period in accordance with
               Section 2, the last day of the 12 month period immediately
               following the last day of the Post-Retirement Vesting Period.

          (j)  The last day of the 12 month period immediately following the
               date of the Optionee's death during any period in which the
               Optionee was entitled to exercise any portion of the Option
               pursuant to Section 4(e), 4(f), 4(g) or 4(h), and with respect to
               any Option, a portion of which is subject to a Post-Retirement
               Vesting Period in accordance with Section 2, the last day of the
               12 month period immediately following the last day of the
               Post-Retirement Vesting Period.

          (k)  For purposes of this Agreement, the following terms shall have
               the following meanings:

                                       6
<PAGE>

               "Cause" shall mean (A) the willful failure by the Optionee to
               perform substantially his or her duties as an employee of the
               Company or any Subsidiary (other than due to physical or mental
               illness) after reasonable notice to the Optionee of such failure,
               (B) the Optionee's engaging in serious misconduct that is
               injurious to the Company or any Subsidiary, (C) the Optionee's
               having been convicted of, or entered a plea of nolo contendere
               to, a crime that constitutes a felony or (D) the breach by the
               Optionee of any written covenant or agreement with the Company or
               any Subsidiary not to disclose information pertaining to the
               Company or any Subsidiary or not to compete or interfere with the
               Company or any Subsidiary.

               "Disability" shall mean a physical or mental disability or
               infirmity of the Optionee as defined in any disability plan
               sponsored by the Company or any Subsidiary which employs the
               Optionee or, if no such plan is sponsored by the Optionee's
               employer at the relevant time, the Lexmark Long-Term Disability
               Plan.

               "Early Retirement" shall mean the Optionee's retirement at or
               after reaching age 55 and the completion of ten years continuous
               service with the Company or any of its Subsidiaries.

               "Normal Retirement" shall mean the Optionee's retirement (x) at
               or after the later of age 65 and the completion of five years of
               continuous service with the Company or any of its Subsidiaries or
               (y) at or after any earlier retirement age agreed to, in writing,
               by the Company after the date hereof and prior to the Optionee's
               termination of employment with the Company or any Subsidiary
               (other than any such termination with the Company or any
               Subsidiary in connection with the contemporaneous reemployment by
               another Subsidiary or the Company).

     5.   TAX WITHHOLDING. The delivery of any directions to the Company's stock
          transfer agent or any certificates for shares of Common Stock pursuant
          to Section 3 shall not be made until the Optionee, or, if applicable,
          the Optionee's beneficiary or estate, has made appropriate
          arrangements for the payment to the Company of an amount sufficient to
          satisfy any applicable U.S. federal, state and local and non-U.S. tax
          withholding or other tax requirements, as determined by the Company.
          To satisfy the Optionee's applicable withholding and other tax
          requirements, the Company shall be entitled, in its sole discretion,
          to withhold Option Shares having a Fair Market Value on the Option
          Exercise Date equal to the applicable amount of such withholding and
          other tax requirements, subject to any rules adopted by the Committee
          or required to ensure compliance with applicable law, including, but
          not limited to, Section 16(b) of the Securities Exchange Act of 1934,
          as amended. Any cash payment made pursuant to a Change in Control
          shall be made net of any amounts required to be withheld or paid with
          respect thereto (and with respect to any shares of Common Stock
          delivered contemporaneously therewith) under any applicable U.S.
          federal, state and local and non-U.S. tax withholding and other tax
          requirements.

     6.   ASSIGNABILITY. Unless otherwise provided in accordance with the
          provisions of the Plan, this Option may not be sold, transferred,
          pledged, assigned or otherwise alienated or hypothecated by the
          Optionee otherwise than by will or the laws of

                                       7
<PAGE>

          descent and distribution. The term "Optionee" as used in this
          Agreement shall include any permitted transferee of the Option.

     7.   ADJUSTMENT IN CAPITALIZATION.

          (a)  The aggregate number of shares of Common Stock subject to the
               Option and the option exercise price and/or exercisability
               criteria applicable to the Option shall be proportionately
               adjusted to reflect, as deemed equitable and appropriate by the
               Committee, an Adjustment Event. To the extent deemed equitable
               and appropriate by the Committee, subject to any required action
               by stockholders, in any merger, consolidation, reorganization,
               liquidation, dissolution or other similar transaction, the Option
               shall pertain to the securities and other property to which a
               holder of the number of shares of Common Stock then covered by
               the Option would have been entitled to receive in connection with
               such event.

          (b)  Any shares of stock (whether Common Stock, shares of stock into
               which shares of Common Stock are converted or for which shares of
               Common Stock are exchanged or shares of stock distributed with
               respect to Common Stock) or cash or other property received with
               respect to the Option as a result of any Adjustment Event, any
               distribution of property or any merger, consolidation,
               reorganization, liquidation, dissolution or other similar
               transaction shall, except as otherwise provided by the Committee,
               be subject to the same terms and conditions, including
               restrictions on exercisability or transfer, as are applicable to
               the Option with respect to which such shares, cash or other
               property is received and stock certificate(s) representing or
               evidencing any shares of stock or other property so received
               shall be legended as appropriate.

     8.   PREEMPTION BY APPLICABLE LAWS AND REGULATIONS. Notwithstanding
          anything in the Plan or this Agreement to the contrary, the issuance
          of shares of Common Stock hereunder shall be subject to compliance
          with all applicable U.S. federal, state and non-U.S. securities laws.
          Without limiting the foregoing, if any law, regulation or requirement
          of any governmental authority having jurisdiction shall require either
          the Company or the Optionee (or the Optionee's beneficiary or estate)
          to take any action in connection with the issuance of any shares of
          Common Stock hereunder, the issuance of such shares shall be deferred
          until such action shall have been taken to the satisfaction of the
          Company.

     9.   INTERPRETATION; CONSTRUCTION. All of the powers and authority
          conferred upon the Committee pursuant to any term of the Plan or the
          Agreement shall be exercised by the Committee, in its discretion. All
          determinations, interpretations or other actions made or taken by the
          Committee pursuant to the provisions of the Plan or the Agreement
          shall be final, binding and conclusive for all purposes and upon all
          persons and, in the event of any judicial review thereof, shall be
          overturned only if arbitrary and capricious. The Committee may consult
          with legal counsel, who may be counsel to the Company, and shall not
          incur any liability for any action taken in good faith in reliance
          upon the advice of counsel.

     10.  AMENDMENT. The Committee shall have the right, in its sole discretion,
          to alter or amend this Agreement, from time to time, as provided in
          the Plan in any manner for the purpose of promoting the objectives of
          the Plan, provided that no such amendment shall impair the Optionee's
          rights under this Agreement without the

                                       8
<PAGE>

          Optionee's consent. Subject to the preceding sentence, any alteration
          or amendment of this Agreement by the Committee shall, upon adoption
          thereof by the Committee, become and be binding and conclusive on all
          persons affected thereby without requirement for consent or other
          action with respect thereto by any such person. The Company shall give
          written notice to the Optionee of any such alteration or amendment of
          this Agreement as promptly as practicable after the adoption thereof.
          This Agreement may also be amended by a writing signed by both the
          Company and the Optionee.

     11.  NO RIGHTS AS A STOCKHOLDER. The Optionee shall have no voting or other
          rights as a stockholder of the Company with respect to any Option
          Shares until the exercise of the Option and the recording of the
          Optionee's ownership of the Option Shares on the stock transfer
          records for the Common Stock. No adjustment shall be made for
          dividends or other rights issued with respect to the Common Stock for
          which the record date is prior to the recording of such ownership of
          the Option Shares.

     12.  NO GUARANTEE OF EMPLOYMENT OR FUTURE INCENTIVE AWARDS. Nothing in the
          Plan or this Agreement shall be deemed to:

          (a)  interfere with or limit in any way the right of the Company or
               any Subsidiary to terminate Optionee's employment at any time and
               for any reason;

          (b)  confer upon Optionee any right to continue in the employ of the
               Company or any Subsidiary; and

          (c)  provide Optionee the right to receive any Incentive Awards under
               the Plan in the future.

     13.  MISCELLANEOUS.

          (a)  Notices. All notices and other communications required or
               permitted to be given under this Agreement shall be in writing
               and shall be deemed to have been given if delivered personally or
               sent by certified or express mail, return receipt requested,
               postage prepaid, or by any recognized international equivalent of
               such delivery, to the Company or the Optionee, as the case may
               be, at the following addresses or to such other address as the
               Company or the Optionee, as the case may be, shall specify by
               notice to the others delivered in accordance with this Section
               13(a):

               (i)  if to the Company, to it at:
                        One Lexmark Centre Drive
                        740 West New Circle Road
                        Lexington, Kentucky 40550
                        Attention:  Secretary

               (ii) if to the Optionee, to the Optionee at the address set
                    forth on the signature page hereof.

               All such notices and communications shall be deemed to have been
               received on the date of delivery or on the third business day
               after the mailing thereof.

          (b)  Binding Effect; Benefits. This Agreement shall be binding upon
               and inure to the benefit of the parties to this Agreement and
               their respective successors and

                                       9
<PAGE>

               assigns. Nothing in this Agreement, express or implied, is
               intended or shall be construed to give any person other than the
               parties to this Agreement or their respective successors or
               assigns any legal or equitable right, remedy or claim under or in
               respect of any agreement or any provision contained herein.

          (c)  Waiver. Any party hereto may by written notice to the other party
               (i) extend the time for the performance of any of the obligations
               or other actions of the other party under this Agreement, (ii)
               waive compliance with any of the conditions or covenants of the
               other party contained in this Agreement and (iii) waive or modify
               performance of any of the obligations of the other party under
               this Agreement. Except as provided in the preceding sentence, no
               action taken pursuant to this Agreement, including, without
               limitation, any investigation by or on behalf of any party, shall
               be deemed to constitute a waiver by the party taking such action
               of compliance with any representations, warranties, covenants or
               agreements contained herein. The waiver by any party hereto of a
               breach of any provision of this Agreement shall not operate or be
               construed as a waiver of any preceding or succeeding breach and
               no failure by a party to exercise any right or privilege
               hereunder shall be deemed a waiver of such party's rights or
               privileges hereunder or shall be deemed a waiver of such party's
               rights to exercise the same at any subsequent time or times
               hereunder.

          (d)  Assignability. Neither this Agreement nor any right, remedy,
               obligation or liability arising hereunder or by reason hereof
               shall be assignable by the Company or the Optionee without the
               prior written consent of the other party.

          (e)  Applicable Law. This Agreement shall be governed by and construed
               in accordance with the laws of the State of Delaware, regardless
               of the law that might be applied under principles of conflict of
               laws and excluding any conflict or choice of law rule or
               principle that may otherwise refer construction or interpretation
               of this Agreement to the substantive law of another jurisdiction.

          (f)  Section and Other Headings, Etc. The section and other headings
               contained in this Agreement are for reference purposes only and
               shall not affect the meaning or interpretation of this Agreement.
               In this Agreement all references to "dollars" or "$" are to
               United States dollars.

          (g)  Counterparts. This Agreement may be executed in any number of
               counterparts, each of which shall be deemed to be an original and
               all of which together shall constitute one and the same
               instrument.

                                       10
<PAGE>

IN WITNESS WHEREOF, the Company and the Optionee have executed this Agreement as
of the date first above written.

                                        LEXMARK INTERNATIONAL, INC.

                                        By:

                                        Name:  Kathleen J. Affeldt

                                        Title: Vice President of Human Resources

                                        OPTIONEE:

                                        By:

                                        ---------------------------   ----------
                                        (Sign your name)              (Date)

                                        ----------------------------------------
                                        Beneficiary Name

                                       11

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