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                                                                   EXHIBIT 10.32

                    INTEGRATED PROCESS EQUIPMENT CORPORATION

                             1992 STOCK OPTION PLAN

     1.   Purposes of the Plan. The purposes of this Stock Plan are:

     -    to attract and retain the best available personnel for positions of
substantial responsibility,

     -    to provide additional incentive to Employees and Consultants, and

     -    to promote the success of the Company's business.

Options granted under the Plan may be Incentive Stock Options or
Nonstatutory Stock Options, as determined by the Administrator at the time of
grant. Stock Purchase Rights may also be granted under the Plan.

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

          (a)  "Administrator" means the Board or any of its Committees as
shall be administering the Plan, in accordance with Section 4 of the Plan.

          (b)  "Applicable Laws" means the legal requirements relating to the
administration of stock option plans under state corporate and state securities
laws and the Code.

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

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

          (e)  "Committee" means a Committee appointed by the Board in
accordance with Section 4 of the Plan.

          (f)  "Common Stock" means the Common Stock of the Company, $.01 par
value per Share.

          (g)  "Company" means Integrated Process Equipment Corporation, a
Delaware corporation.

          (h)  "Consultant" means any person, including an advisor, engaged by
the Company or a Parent or Subsidiary to render services and who is compensated
for such services, and any Director of the Company whether compensated for such
services or not.

          (i)  "Continuous Status as an Employee or Consultant" means that the
employment or consulting relationship with the Company, any Parent, or
Subsidiary, is not interrupted or terminated. Continuous Status as an Employee
or Consultant shall not be considered interrupted in the case of

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(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. A leave of absence approved by the Company shall include sick
leave, military leave, or any other personal leave approved by an authorized
representative of the Company. For purposes of Incentive Stock Options, no such
leave may exceed 90 days, unless reemployment upon expiration of such leave is
guaranteed by statute or contract. If reemployment upon expiration of a leave of
absence approved by the Company is not so guaranteed, on the 181st day of such
leave any Incentive Stock/Option held by the Optionee shall cease to be treated
as an Incentive Stock Option and shall be treated for tax purposes as a
Nonstatutory Stock Option.

          (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.

          (l)  "Employee" means any person, including Officers and Directors,
employed by the Company or any Parent or Subsidiary of the Company. 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:

               (i)   If the Common Stock is listed on any established stock
exchange or a national market system, including without limitation the Nasdaq
National Market of the National Association of Securities Dealers, Inc.
Automated Quotation ("NASDAQ") System, the Fair Market Value of a Share of
Common Stock shall be the closing sales price for such stock (or the closing
bid, if no sales were reported) as quoted on such system or exchange (or the
exchange with the greatest volume of trading in Common Stock) on the last
market trading day prior to the day of determination, as reported in The Wall
Street Journal or such other source as the Administrator deems reliable;

               (ii)  If the Common Stock is quoted on the NASDAQ System (but
not on the Nasdaq National Market thereof) or is regularly quoted by a
recognized securities dealer but selling prices are not reported, the Fair
Market Value of a Share of Common Stock shall be the mean between the high bid
and low asked prices for the Common Stock on the last market trading day prior
to the day of determination, as reported in The Wall Street Journal or such
other source as the Administrator deems reliable;

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

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          (o)  "Incentive Stock Option" means an Option intended to qualify as
an incentive stock option within the meaning of Section 422 of the Code and the
regulations promulgated thereunder.

          (p)  "Nonstatutory Stock Option" means an Option not intended to
qualify as an Incentive Stock Option.

          (q)  "Notice of Grant" means a written notice evidencing certain
terms and conditions of an individual Option or Stock Purchase Right grant. The
Notice of Grant is part of the Option Agreement.

          (r)  "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.

          (s)  "Option" means a stock option granted pursuant to the Plan.

          (t)  "Option Agreement" means a written agreement between the Company
and an Optionee evidencing the terms and conditions of an individual Option
grant. The Option Agreement is subject to the terms and conditions of the Plan.

          (u)  "Option Exchange Program" means a program whereby outstanding
options are surrendered in exchange for options with a lower exercise price.

          (v)  "Optioned Stock" means the Common Stock subject to an Option or
Stock Purchase Right.

          (w)  "Optionee" means an Employee or Consultant who holds an
outstanding Option or Stock Purchase Right.

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

          (y)  "Plan" means this 1992 Stock Option Plan.

          (z)  "Restricted Stock" means shares of Common Stock acquired
pursuant to a grant of Stock Purchase Rights under Section 11 below.

          (aa) "Restricted Stock Purchase Agreement" means a written agreement
between the Company and the Optionee evidencing the terms and restrictions
applying to stock purchased under a Stock Purchase Right. The Restricted Stock
Purchase Agreement is subject to the terms and conditions of the Plan and the
Notice of Grant.

          (bb) "Rule 16b-3" means Rule 16b-3 of the Exchange Act or any
successor to Rule 16b-3, as in effect when discretion is being exercised with
respect to the Plan.

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          (cc) "Section 16(b)" means Section 16(b) of the Securities Exchange
Act of 1934, as amended.

          (dd) "Share" means a share of the Common Stock, as adjusted in
accordance with Section 13 of the Plan.

          (ee) "Stock Purchase Right" means the right to purchase Common Stock
pursuant to Section 11 of the Plan, as evidenced by a Notice of Grant.

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

     3.   Stock Subject to the Plan. Subject to the provisions of Section 13 of
the Plan, the maximum aggregate number of Shares which may be optioned and sold
under the Plan is 4,050,000 Shares. The Shares may be authorized, but unissued,
or reacquired Common Stock.

          If an Option or Stock Purchase Right expires or becomes unexercisable
without having been exercised in full, or is surrendered pursuant to an Option
Exchange Program, the unpurchased Shares which were subject thereto shall
become available for future grant or sale under the Plan (unless the Plan has
terminated); provided, however, that Shares that have actually been issued
under the Plan, whether upon exercise of an Option or Right, shall not be
returned to the Plan and shall not become available for future distribution
under the Plan, except that if Shares of Restricted Stock are repurchased by
the Company at their original purchase price, and the original purchaser of
such Shares did not receive any benefits of ownership of such Shares, such
Shares shall become available for future grant under the Plan. For purposes of
the preceding sentence, voting rights shall not be considered a benefit of
Share ownership.

     4.   Administration of the Plan:

          (a)  Procedure.

               (i)   Multiple Administrative Bodies. The Plan may be
administered by different Committees with respect to different groups of
Optionees.

               (ii)  Section 162(m). To the extent that the Administrator
determines it to be desirable to qualify Options granted hereunder as
"performance-based compensation" within the meaning of Section 162(m) of the
Code, the Plan shall be administered by a Committee of two or more "outside
directors" within the meaning of Section 162(m) of the Code.

               (iii) Rule 16b-3. To the extent desirable to qualify
transactions hereunder as exempt under Rule 16b-3, the transactions
contemplated hereunder shall be structured to satisfy the requirements for
exemption under Rule 16b-3.

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               (iv)   Other Administration. Other than as provided above, the
Plan shall be administered by (A) the Board or (B) a Committee, which committee
shall be constituted to satisfy Applicable Laws.

          (b)  Powers of the Administrator. Subject to the provisions of the
Plan, and in the case of a Committee, subject to the specific duties delegated
by the Board to such Committee, the Administrator shall have the authority, in
its discretion:

               (i)    to determine the Fair Market Value of the Common Stock, in
accordance with Section 2(n) of the Plan;

               (ii)   to select the Consultants and Employees to whom Options
and Stock Purchase Rights may be granted hereunder;

               (iii)  to determine whether and to what extent Options and Stock
Purchase Rights or any combination thereof, are granted hereunder;

               (iv)   to determine the number of shares of Common Stock to be
covered by each Option and Stock Purchase Right granted hereunder;

               (v)    to approve forms of agreement for use under the Plan,
which agreements need not be identical;

               (vi)   to determine the terms and conditions, not inconsistent
with the terms of the Plan, of any award granted hereunder. Such terms and
conditions include, but are not limited to, the exercise price, the time or
times when Options or Stock Purchase Rights may be exercised (which may be based
on performance criteria), any vesting acceleration or waiver of forfeiture
restrictions, and any restriction or limitation regarding any Option or Stock
Purchase Right or the shares of Common Stock relating thereto, based in each
case on such factors as the Administrator, in its sole discretion, shall
determine;

               (vii)  to reduce the exercise price of any Option or Stock
Purchase Right to the then current Fair Market Value if the Fair Market Value of
the Common Stock covered by such Option or Stock Purchase Right shall have
declined since the date the Option or Stock Purchase Right was granted;

               (viii) to construe and interpret the terms of the Plan and
awards granted pursuant to the Plan;

               (ix)   to prescribe, amend and rescind rules and regulations
relating to the Plan, including rules and regulations relating to sub-plans
established for the purpose of qualifying for preferred tax treatment under
foreign tax laws;

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     (x)    to modify or amend each Option or Stock Purchase Right (subject to
Section 15(c) of the Plan), including the discretionary authority to extend the
post-termination ? period of Options longer than is otherwise provided for in
the Plan;

     (xi)   to authorize any person to execute on behalf of the Company any
instrument ? to effect the grant of an Option or Stock Purchase Right previously
granted by the administrator;

     (xii)  to institute an Option Exchange Program;

     (xiii) to determine the terms and restrictions applicable to Options and
Stock Purchase Rights and any Restricted Stock; and

     (xiv)  to make all other determinations deemed necessary or advisable for
administering the Plan.

   (c)    Effect of Administrator's Decision.  The Administrator's decisions,
determinations and interpretations shall be final and binding on all Optionees
and any other holders of Options or Stock Purchase Rights.

5. Eligibility.  Nonstatutory Stock Options and Stock Purchase Rights may be
granted to Employees and Consultants. Incentive Stock Options may be granted
only to Employees. If otherwise eligible, an Employee or Consultant who has been
granted an Option or Stock Purchase Right may be granted additional Options or
Stock Purchase Rights.

6. Limitations

   (a)    Each Option shall be designated in the written option agreement as
either an Incentive Stock Option or a Nonstatutory Stock Option. However,
notwithstanding such designation, to the extent that the aggregate Fair Market
Value of the Shares with respect to which Incentive Stock Options are
exercisable for the first time by the Optionee during any calendar year under
all plans of the Company and any Parent or Subsidiary) exceeds $100,000, such
Options shall be treated as Nonstatutory Stock Options. For purposes of this
Section 6(a), Incentive Stock Options shall be taken into account in the order
in which they were granted. The Fair Market Value of the Shares shall be
determined as of the time the Option with respect to such Shares is granted.

   (b)    Neither the Plan nor any Option or Stock Purchase Right shall confer
upon an Optionee any right with respect to continuing the Optionee's employment
or consulting relationship with the Company, nor shall they interfere in any way
with the Optionee's right or the Company's right to terminate such employment or
consulting relationship at any time, with or without cause.

   (c)    The following limitations shall apply to grants of Options and Stock
Purchase Rights to Employees:

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  No Employee shall be granted, in any fiscal year of the Company, Options ?
Rights to purchase more than 1,000,000 Shares.

  In connection with his or her initial employment, an Employee may be ? Stock
Purchase Rights to purchase up to an additional 1,000,000 Shares which ? the
limit set forth in subsection (i) above.

  The foregoing limitations shall be adjusted proportionately in connection ?
Company's capitalization as described in Section 13.

  If an Option or Stock Purchase Right is cancelled in the same fiscal year of ?
it was granted (other than in connection with a transaction described in ?
Option or Stock Purchase Right will be counted against the limits set forth ?
(ii) above. For this purpose, if the exercise price of an Option or Stock ?, the
transaction will be treated as a cancellation of the Option or Stock ? grant of
a new Option or Stock Purchase Right.

? Plan. Subject to Section 19 of the Plan, the Plan shall become effective upon
? its adoption by the Board or its approval by the stockholders of the Company ?
of the Plan. It shall continue in effect for a term of ten (10) years unless ?
Section 15 of the Plan.

? Option.  The term of each Option shall be stated in the Notice of Grant; ?
that in the case of an Incentive Stock Option, the term shall be ten (10) years
? or such shorter term as may be provided in the Notice of Grant. Moreover, in ?
Stock Option granted to an Optionee who, at the time the Incentive Stock ? owns
stock representing more than ten percent (10%) of the voting power of all ? the
Company or any Parent or Subsidiary, the term of the Incentive Stock Option ?
from the date of grant or such shorter term as may be provided in the Notice of
?.

? Exercise Price and Consideration.

? Exercise Price.  The per share exercise price for the Shares to be issued
pursuant ? shall be determined by the Administrator, subject to the following:

?)  In the case of an Incentive Stock Option

     (A) granted to an Employee who, at the time the Incentive Stock Option is ?
representing more than ten percent (10%) of the voting power of all classes of ?
or any Parent or Subsidiary, the per Share exercise price shall be no less than
? Value per Share on the date of grant.

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                    (B) granted to any Employee other than an Employee described
in paragraph (A) immediately above, the per Share exercise price shall be no
less than 100% of the Fair Market Value per Share on the date of grant.

               (ii) In the case of a Nonstatutory Stock Option, the per Share
exercise price shall be no less than 100% of the Fair Market Value per Share
on the date or grant.

          (b)  Waiting Period and Exercise Dates. At the time an Option is
granted, the Administrator shall fix the period within which the Option may be
exercised and shall determine any conditions which must be satisfied before the
Option may be exercised. In so doing, the Administrator may specify that an
Option may not be exercised until the completion of a service period.

          (c)  Form of Consideration. The Administrator shall determine the
acceptable form of consideration for exercising an Option, including the method
of payment. In the case of an Incentive Stock Option, the Administrator shall
determine the acceptable form of consideration at the time of grant. Such
consideration may consist entirely of:

               (i)  cash;

              (ii)  check;

             (iii)  promissory note;

              (iv)  other Shares which (A) in the case of Shares acquired upon
exercise of an option, have been owned by the Optionee for more than six months
on the date of surrender, and (B) have a Fair Market Value on the date of
surrender equal to the aggregate exercise price of the Shares as to which said
Option shall be exercised;

               (v)  delivery of a properly executed exercise notice together
with such other documentation as the Administrator and the broker, if
applicable, shall require to effect an exercise of the Option and delivery to
the Company of the sale or loan proceeds required to pay the exercise price;

              (vi)  a reduction in the amount of any Company liability to the
Optionee, including any liability attributable to the Optionee's participation
in any Company-sponsored deferred compensation program or arrangement;

             (vii)  any combination of the foregoing methods of payment; or

            (viii)  such other consideration and method of payment for the
issuance of Shares to the extent permitted by Applicable Laws.

     10.  Exercise of Option.

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     (a)  Procedure for Exercise; Rights as a Stockholder. Any option granted
hereunder shall be exercisable according to the terms of the Plan and at such
times and under such conditions as determined by the Administrator and set
forth in the Option Agreement.

          An Option may not be exercised for a fraction of a Share.

          An Option shall be deemed exercised when the Company receives:
(i) written notice of exercise (in accordance with the Option Agreement) from
the person entitled to exercise the Option, and (ii) full payment for the Shares
with respect to which the Option is exercised. Full payment may consist of any
consideration and method of payment authorized by the Administrator and
permitted by the Option Agreement and the Plan. Shares issued upon exercise of
an Option shall be issued in the name of the Optionee or, if requested by the
Optionee, in the name of the Optionee and his or her spouse. Until the stock
certificate evidencing such Shares is issued (as evidenced by the appropriate
entry on the books of the Company or of a duly authorized transfer agent of the
Company), 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 Company shall issue (or cause to be issued) such
stock certificate promptly after the Option is exercised. No adjustment will be
made for a dividend or other right for which the record date is prior to the
date the stock certificate is issued, except as provided in Section 13 of the
Plan.

          Exercising an Option in any manner shall decrease the number of
Shares thereafter available, both for purposes of the Plan and for sale under
the Option, by the number of Shares as to which the Option is exercised.

     (b)  Termination of Employment or Consulting Relationship. Upon
termination of an Optionee's Continuous Status as an Employee or Consultant,
other than upon the Optionee's death or Disability, the Optionee may exercise
his or her Option, but only within such period of time as is specified in the
Notice of Grant, and only to the extent that the Optionee was entitled to
exercise it at the date of termination (but in no event later than the
expiration of the term of such Option as set forth in the Notice of Grant). In
the absence of a specified time in the Notice of Grant, the Option shall remain
exercisable for three (3) months following the Optionee's termination. In the
case of an Incentive Stock Option, such period of time for exercise shall not
exceed three (3) months from the date of termination. If, on the date of
termination, the Optionee is not entitled to exercise the Optionee's entire
Option, the Shares covered by the unexercisable portion of the Option shall
revert to the Plan. If, after termination, the Optionee does not exercise his
or her Option within the time specified by the Administrator, the Option shall
terminate, and the Shares covered by such Option shall revert to the Plan.

     Notwithstanding the above, in the event of an Optionee's change in status
from Consultant to Employee or Employee to Consultant, an Optionee's Continuous
Status as an Employee or Consultant shall not automatically terminate solely as
a result of such change in status. However, in such event, an Incentive Stock
Option held by the Optionee shall cease to be treated as an Incentive Stock
Option and shall be treated for tax purposes as a Nonstatutory Stock Option
three months and one day following such change of status.

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          (c) Disability of Optionee. In the event that an Optionee's Continuous
Status as an Employee or Consultant terminates as a result of the Optionee's
Disability, the Optionee may exercise his or her Option at any time within
twelve (12) months from the date of such termination (but in no event later than
the expiration of the term of such Option as set forth in the Notice of Grant),
as to all of the Optioned Stock, including Shares as to which the Option would
not otherwise be exercisable. If, after termination, the Optionee does not
exercise his or her Option within the time specified herein, the Option shall
terminate, and the Shares covered by the Option shall revert to the Plan.

          (d) Death of Optionee. In the event of the death of an Optionee, 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 of the term of such 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, as to
all of the Optioned Stock, including Shares as to which the Option would not
otherwise be exercisable. 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, and the Shares covered by such Option shall revert to the Plan.

     11.  Stock Purchase Rights.

          (a) Rights to Purchase. Stock Purchase Rights may be issued either
alone, in addition to, or in tandem with other awards granted under the Plan
and/or cash awards made outside of the Plan. After the Administrator determines
that it will offer Stock Purchase Rights under the Plan, it shall advise the
offeree in writing, by means of a Notice of Grant, of the terms, conditions and
restrictions related to the offer, including the number of Shares that the
offeree shall be entitled to purchase, the price to be paid, and the time within
which the offeree must accept such offer, which shall in no event exceed six (6)
months from the date upon which the Administrator made the determination to
grant the Stock Purchase Right. The offer shall be accepted by execution of a
Restricted Stock Purchase Agreement in the form determined by the Administrator.

          (b) Repurchase Option. Unless the Administrator determines otherwise,
the Restricted Stock Purchase Agreement shall grant the Company a repurchase
option exercisable upon the voluntary or involuntary termination of the
purchaser's employment with the Company for any reason (including death or
Disability). The purchase price for Shares repurchased pursuant to the
Restricted Stock purchase agreement shall be the original price paid by the
purchaser and may be paid by cancellation of any indebtedness of the purchaser
to the Company. The repurchase option shall lapse at a rate determined by the
Administrator.

          (c) Other Provisions. The Restricted Stock Purchase Agreement shall
contain such other terms, provisions and conditions not inconsistent with the
Plan as may be determined by the Administrator in its sole discretion. In
addition, the provisions of Restricted Stock Purchase Agreements need not be the
same with respect to each purchaser.

          (d) Rights as a Stockholder. Once the Stock Purchase Right is
exercised, the purchaser shall have the rights equivalent to those of a
stockholder, and shall be a stockholder when

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his or her purchase is entered upon the records of the duly authorized transfer
agent of the Company. No adjustment will be made for a dividend or other right
for which the record date is prior to the date the Stock Purchase Right is
exercised, except as provided in Section 13 of the Plan.

     12.  Non-Transferability of Options and Stock Purchase Rights. Unless
determined otherwise by the Administrator, an Option or Stock Purchase Right may
not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any
manner other than by will or by the laws of descent or distribution and may be
exercised, during the lifetime of the Optionee, only by the Optionee. If the
Administrator makes an Option or Stock Purchase Right transferable, such Option
or Stock Purchase Right shall contain such additional terms and conditions as
the Administrator deems appropriate.

     13.  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
each outstanding Option and Stock Purchase Right, and the number of shares of
Common Stock which have been authorized for issuance under the Plan but as to
which no Options or Stock Purchase Rights have yet been granted or which have
been returned to the Plan upon cancellation or expiration of an Option or Stock
Purchase Right, as well as the price per share of Common Stock covered by each
such outstanding Option or Stock Purchase Right, 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 an Option or Stock
Purchase Right.

          (b)  Dissolution or Liquidation. In the event of the proposed
dissolution or liquidation of the Company, to the extent that an Option or
Stock Purchase Right has not been previously exercised, it will terminate
immediately prior to the consummation of such proposed action. The Board may,
in the exercise of its sole discretion in such instances, declare that any
Option or Stock Purchase Right shall terminate as of a date fixed by the Board
and give each Optionee the right to exercise his or her Option or Stock
Purchase Right as to all or any part of the Optioned Stock, including Shares as
to which the Option or Stock Purchase Right would not otherwise be exercisable.

          (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, each outstanding Option and Stock Purchase Right shall
be assumed or an equivalent option or right 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 or Stock Purchase Right, the

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Optionee shall have the right to exercise the Option or Stock Purchase Right as
to all of the Optioned Stock, including Shares as to which it would not
otherwise be exercisable. If an Option or Stock Purchase Right is exercisable in
lieu of assumption or substitution in the event of a merger or sale of assets,
the Administrator shall notify the Optionee that the Option or Stock Purchase
Right shall be fully exercisable for a period of fifteen (15) days from the date
of such notice, and the Option or Stock Purchase Right shall terminate upon the
expiration of such period. For the purposes of this paragraph, the Option or
Stock Purchase Right shall be considered assumed if, following the merger or
sale of assets, the option or right confers the right to purchase or receive,
for each Share of Optioned Stock subject to the Option or Stock Purchase Right
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 was 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 or Stock
Purchase Right, for each Share of Optioned Stock subject to the Option or Stock
Purchase Right, 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.

     14.  Date of Grant. The date of grant of an Option or Stock Purchase Right
shall be, for all purposes, the date on which the Administrator makes the
determination granting such Option or Stock Purchase Right, or such other later
date as is determined by the Administrator. Notice of the determination shall
be provided to each Optionee within a reasonable time after the date of such
grant.

     15.  Amendment and Termination of the Plan.

          (a)  Amendment and Termination. The Board may at any time amend,
alter, suspend or terminate the Plan.

          (b)  Stockholder Approval. The Company shall obtain stockholder
approval of any Plan amendment to the extent necessary and desirable to comply
with Rule 16b-3 or with Section 422 of the Code (or any successor rule or
statute or other applicable law, rule or regulation, including the requirements
of any exchange or quotation system on which the Common Stock is listed or
quoted). Such stockholder approval, if required, shall be obtained in such a
manner and to such a degree as is required by the applicable law, rule or
regulation.

          (c)  Effect of Amendment or Termination. No amendment, alteration,
suspension or termination of the Plan shall impair the rights of any Optionee,
unless mutually agreed otherwise between the Optionee and the Administrator,
which agreement must be in writing and signed by the Optionee and the Company.

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     16.  Conditions Upon Issuance of Shares.

          (a)  Legal Compliance. Shares shall not be issued pursuant to the
exercise of an Option of Stock Purchase Right unless the exercise of such Option
or Stock Purchase Right and the issuance and delivery of such Shares shall
comply with all relevant provisions of law, including, without limitation, the
Securities Act of 1933, as amended, the Exchange Act, the rules and regulations
promulgated thereunder, Applicable Laws, and the requirements of any stock
exchange or quotation system upon which the Shares may then be listed or quoted,
and shall be further subject to the approval of counsel for the Company with
respect to such compliance.

          (b)  Investment Representations. As a condition to the exercise of an
Option or Stock Purchase Right, the Company may require the person exercising
such Option or Stock Purchase Right to represent and warrant at the time of any
such exercise that the Shares are being purchased only for investment and
without any present intention to sell or distribute such Shares if, in the
opinion of counsel for the Company, such a representation is required.

     17.  Liability of Company.

          (a)  Inability to Obtain Authority. The inability of the Company to
obtain authority from any regulatory body having jurisdiction, which authority
is deemed by the Company's counsel to be necessary to the lawful issuance and
sale of any Shares hereunder, shall relieve the Company of any liability in
respect of the failure to issue or sell such Shares as to which such requisite
authority shall not have been obtained.

          (b)  Grants Exceeding Allotted Shares. If the Optioned Stock covered
by an Option or Stock Purchase Right exceeds, as of the date of grant, the
number of Shares which may be issued under the Plan without additional
stockholder approval, such Option or Stock Purchase Right shall be void with
respect to such excess Optioned Stock, unless stockholder approval of an
amendment sufficiently increasing the number of Shares subject to the Plan is
timely obtained in accordance with Section 15(b) of the Plan.

     18.  Reservation of Shares. The Company, during the term of this Plan, will
at all times reserve and keep available such number of Shares as shall be
sufficient to satisfy the requirements of the Plan.

     19.  Stockholder Approval. Continuance of the Plan shall be subject to
approval by the stockholders of the Company within twelve (12) months before or
after the date the Plan is adopted. Such stockholder approval shall be obtained
in the manner and to the degree required under applicable federal and state law.

                                      -13-<PAGE>
                                                                   EXHIBIT 10.33

                                                               SEPTEMBER 1, 1997

                          SPEEDFAM INTERNATIONAL, INC.

                   1991 EMPLOYEE INCENTIVE STOCK OPTION PLAN
                     AS AMENDED AND RESTATED JULY 27, 1995
                 AND AS FURTHER AMENDED AS OF SEPTEMBER 1, 1997

                 THIS DOCUMENT CONSTITUTES PART OF A PROSPECTUS
                 COVERING SECURITIES THAT HAVE BEEN REGISTERED
                     UNDER THE U.S. SECURITIES ACT OF 1933

     The SpeedFam International, Inc. 1991 Employee Incentive Stock Option Plan
(the "Plan") was approved by the Board of Directors of SpeedFam International,
Inc. on July 27, 1995 and by shareholders of SpeedFam International, Inc. on
July 27, 1995. This Plan is being provided to potential Plan participants, as
required by certain federal securities provision. Additional information
regarding the Plan may be obtained by contacting Addo C. Barrows III, 305 North
54th Street, Chandler, Arizona, 85226, phone (602) 705-2100. No reports are
sent out detailing options above and exercised, but this information may be
obtained by contacting Addo C. Barrows III at the phone number and address
above.

     Currently, SpeedFam International, Inc. intends to provide stock for the
exercise of options from authorized but unissued shares of common stock.
However, in order to prevent dilution, SpeedFam International, Inc. may in the
future decide to satisfy options through shares of common stock purchased on
the open market. The Compensation Committee of SpeedFam International, Inc.
consists of three non-employee Directors who each serve for a one year term.

     The purpose of the Plan is to strengthen the ability of SpeedFam
International, Inc. (formerly FamTec International, Inc.), an Illinois
corporation (the "Company"), to reward valued employees by furnishing them with
additional incentives to continue in its service and to use their maximum
efforts on its behalf.

     This purpose will be effected by the granting of stock options under the
Plan to purchase shares of Common Stock of the Company which will qualify as
"incentive stock options" under the provisions of Section 422A of the Internal
Revenue Code of 1986, as amended (the "Code").

     As used herein "Board of Directors" means the Board of Directors of the
Company.

     (1) Shares of Stock Subject to the Plan. The total number of shares of
Common Stock of the Company which may be issued and sold pursuant to options
granted hereunder shall not exceed One Million Five Hundred Thousand (post July
27, 1995 stock split shares) (1,500,000) shares. Options granted hereunder
shall apply to the Company's no-par value Common Stock.

<PAGE>
     (2)   Eligibility. Options may be granted hereunder only to persons who are
employees of the Company or of any subsidiary (as defined in Section 425 of the
Code) of the Company. No person may be granted an option hereunder who possesses
more than ten percent (10%) of the total combined voting power of all classes of
stock of the Company at the time the option is granted unless the terms of the
option comply with the special provisions of sections (3) and (4)(b) of this
Plan relating to employees who own more than such percentage of stock. The Board
of Directors shall determine the employee or employees to be granted options
under the Plan, the number of shares subject to each option, and the period and
terms and conditions of each option in accordance with the provisions of the
Plan. An option granted to an employee is exercisable, during the employee's
lifetime, only by the employee, and following the employee's death, only in
conformance with Section (6) of the Plan.

     (3)  Option Price. The purchase price of the Common Stock covered by each
option awarded to an Employee shall be determined by the Compensation
Committee; provided, however, that the purchase price shall not be less than
100% of the fair market value of the Common Stock on the date the option is
granted. Fair market value shall mean,

          (a)  if the Common Stock is duly listed on a national securities
     exchange or on the National Association of Securities Dealers Automatic
     Quotation System/National Market System ("NASDAQ"") ("Duly Listed"), the
     closing price of the Common Stock for the date on which the option is
     granted, or, if there are no sales on such date, on the next preceding day
     on which there were sales, or

          (b)  if the Common Stock is not Duly Listed, the fair market value of
     the Common Stock for the date on which the option is granted, as
     determined by the Compensation Committee in good faith.

     (4)  Restrictions.

          (a)  No option may be granted under the Plan after May 31, 2001.

          (b)  No option granted under the Plan may be exercised more than Ten
     (10) years after the date on which it is granted; provided, however, when
     the employee to whom an option is being granted owns, at the time the
     option is granted, more than ten percent (10%) of the total combined
     voting power of all classes of stock of the Company, in no event may such
     option, by its terms, be exercised more than five (5) years after the date
     on which it is granted.

          (c)  The aggregate fair market value (determined as of the time the
     option is granted) of the stock with respect to which incentive stock
     options are exercisable for the first time by an optionee during any
     calendar year shall not exceed One Hundred Thousand Dollars ($100,000).

          (d)  Whenever the Board of Directors shall designate an employee to
     receive an option under the Plan, the employee shall be notified and given
     the opportunity to

                                      -2-
<PAGE>
     enter into an option agreement with, the Company setting forth the terms
     and conditions of the option in accordance with the Plan.

          (e)  Any option awarded hereunder to an Officer of the Company, or
     the shares of Common Stock into which any such option is exercised, may
     not be transferred or disposed of for at least six (6) months following
     the date of acquisition by the Officer of such option. The Compensation
     Committee shall take no action the effect of which would cause an Officer
     of the Company to be in violation of the foregoing.

     (5)  Non-Transferability. The right to purchase shares under any option
granted under the Plan may not be sold, pledged, assigned, transferred or
otherwise disposed of in any manner whatsoever; provided, however, that an
option granted to an employee may be transferred upon the death of the employee
by will or by the laws of descent and distribution. Upon any attempt to sell,
pledge, assign, transfer (other than at death) or otherwise dispose of such
right to purchase shares, or upon the levy of any attachment or similar process
upon such right, such right shall immediately cease and terminate.

     (6)  Termination of Employment. Except as provided in Section (12), no
shares may be purchased under any option granted under the Plan unless at the
time of exercise thereof the optionee is an employee of the Company or a
subsidiary of the company, or the optionee's employment by the Company or a
subsidiary of the Company terminated no more than three (3) months prior to the
purchase of shares under the option. In the event that the employment of an
employee to whom an option has been granted under the Plan shall be terminated
for any reason other than as set forth in Section (12), such option may, subject
to the provisions of the Plan, be exercised (but only to the extent that the
employee was entitled to do so at the termination of his employment) at any time
within three (3) months after such termination, but in no event later than the
date on which the option or right terminates.

     (7)  Administration and Amendment of the Plan. The ISO Plan shall be
administered in all regards by the Compensation Committee or any successor
thereto of the Board of Directors of the Corporation or by such other committee
(the "Committee") as shall be determined by the Board of Directors. The
Committee shall consist of not less than two members of the Board of Directors,
each of whom shall qualify as a "disinterested person" to administer the Plan as
contemplated by Rule 16b-3, as amended, or other applicable rules under Section
16(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act").
The Compensation Committee may adopt rules and regulations and establish forms
for carrying out the Plan. The determination, or the interpretation and
construction of any provision of the Plan by the Board of Directors shall be
final and conclusive. The Board of Directors may make such modifications to the
Plan as it may deem proper and in the best interests of the Company; provided,
however, that no such modification shall affect or impair any right to purchase
shares heretofore granted under the Plan; and provided, further, that without
the approval of stockholders (1) the total number of shares which may be
purchased under the Plan shall not be increased (except pursuant to Section 10),
(2) the purchase price shall not be changed, and (3) the period during which
shares may be purchased under any option shall not be extended. Notwithstanding
the

                                      -3-
<PAGE>
foregoing, the Board of Directors of the Company may amend the Plan, without
stockholder approval to the extent necessary to cause Incentive Stock Options
granted under the Plan to meet the requirements of Section 422A of the Code. Any
provision in this Plan to the contrary notwithstanding, if any amendment to the
Plan requires shareholder approval to meet the requirements of the then
applicable rules under Section 16(b) of the Exchange Act, then such amendment
shall be subject to the approval of the Corporation's shareholders; provided,
further any action taken by the Committee or the Board of Directors pursuant to
the Plan, and any provision of the Plan, is null and void if it does not comply
with the requirements of Rule 16(b)-3 under the Exchange Act and would otherwise
result in liability under Section 16(b) of that Act.

     (8)  Effective Date of the Plan. The Plan shall become effective upon its
adoption by the Board of Directors, subject to ratification by the stockholders
of the Company within twelve (12) months thereafter.

     (9)  Notification Requirement. At such time as stock is transferred
pursuant to an exercise of an Incentive Stock Option hereunder the Company shall
provide such optionee with a written statement containing (1) the name, address
and employer identification number of the Company, (2) the date the option was
granted and the stock transferred, (3) the fair market value of shares of stock
at the exercise date, (4) the number of shares transferred and (5) the option
price.

     (10) Effect of Stock Dividends, Etc. The Board of Directors shall make
appropriate adjustments in the price of the shares and the number allotted or
subject to allotment if there are any changes in the Common Stock of the Company
by reason of stock dividends, stock splits, reverse stock splits,
recapitalizations, mergers or consolidations.

     (11) Stock Restriction and Redemption Agreement. All shares of the Common
Stock of the Company transferred to an optionee upon exercise of an option
granted hereunder shall be subject to the terms of the SpeedFam Corporation (now
known as FamTec International, Inc.) Master Stock Restriction and Redemption
Agreement (Employee Shareholder), or Master Stock Restriction and Redemption
Agreement (Non-Employee Shareholder) in the case of a transfer of an option upon
the death of the optionee.

     (12) Eligible Retirement, Death, Disability or Change in Control Followed
by Involuntary Termination. Notwithstanding anything in the Plan to the
contrary, if any employee to whom an option has been granted under the Plan
shall die or suffer a disability (as defined in Section 22(e)(3) of the Internal
Revenue Code of 1986, as amended) while employed by the Company, if any employee
terminates his employment pursuant to an Eligible Retirement, or at the
discretion of the Compensation Committee and only if provided in the option
agreement (or any supplement thereto), if within three (3) years following a
Change in Control an employee's employment is terminated by an Involuntary
Termination, such option may be exercised in full as set forth herein, whether
or not the employee was otherwise entitled at such time to exercise such option.
Subject to the restrictions otherwise set forth in the Plan, such option shall
be exercisable by the employee, a legatee or legatees of the employee under the
employee's last will, or by the employee's

                                      -4-

<PAGE>
personal representatives or distributees, whichever is applicable, from the
date of such death, disability or termination of employment and until the first
to occur of:

          (a)  the date on which the option terminates in accordance with the
     terms of grant;

          (b)  the date three (3) months after the date of such employee's
     Eligible Retirement, his termination due to disability, or the Involuntary
     Termination of the employee within three (3) years of a Change in Control;
     or

          (c)  the date one (1) year after the date of such employee's death.

     For purposes of this Plan, the term "Eligible Retirement" shall mean the
date upon which an employee, having attained an age of not less than sixty-two,
terminates his employment with the Company and its subsidiaries, provided that
such employee has been employed by the Company or any of its subsidiaries or
any company of which the Company or any of its subsidiaries is the successor
for a period of not less than five (5) years prior to such termination.
Notwithstanding the preceding sentence, with respect to options granted on or
after September 1, 1997, the term "Eligible Retirement" shall mean the date
upon which an employee, having attained an age of note less than sixty-five,
terminates his employment with the Company and its subsidiaries, provided that
such employee has been employed by the Company or any of its subsidiaries or
any company of which the Company or any of its subsidiaries is the successor
for a period of not less than five (5) years prior to such termination;
provided, further, that, at the discretion of the Committee, a lesser age (but
not less than age sixty) may be substituted for age sixty-five.

     A "Change in Control" shall be deemed to have occurred upon:

          (a)  a business combination, including a merger or consolidation, of
     the Company and the shareholders of the Company prior to the combination do
     not continue to own, directly or indirectly, more than fifty-one percent
     (51%) of the equity of the combined entity;

          (b)  a sale, transfer, or other disposition in one or more
     transactions (other than in transactions in the ordinary course of business
     or in the nature of a financing) of the assets or earning power aggregating
     more than forty-five percent (45%) of the assets or operating revenues of
     the Company to any person or affiliated or associated group of persons (as
     defined by Rule 12b-2 of the Exchange Act in effect as of the date hereof);

          (c)  the liquidation of the Company;

          (d)  one or more transactions which result in the acquisition by any
     person or associated group of persons (other than the Company, any employee
     benefit plan whose beneficiaries are employees of the Company or any of its
     subsidiaries) of the beneficial ownership (as defined in Rule 13d-3 of the
     Exchange Act, in effect as of the

                                      -5-

<PAGE>
     date hereof) of forty percent (40%) or more of the Common Stock of the
     Company, securities representing forty percent (40%) or more of the
     combined voting power of the voting securities of the Company which
     affiliated persons owned less than forty percent (40%) prior to such
     transaction or transactions; or

          (e)  the election or appointment, within a twelve (12) month period,
     of any person or affiliated or associated group, or its or their nominees,
     to the Board of Directors of the Company, such that such persons or
     nominees, when elected or appointed, constitute a majority of the Board of
     Directors of the Company and whose appointment or election was not approved
     by a majority of those persons who were directors at the beginning of such
     period or whose election or appointment was made at the request of an
     Acquiring Person.

     An "Acquiring Person" is any person who, or which, together with all
affiliates or associates of such person, is the beneficial owner of twenty
percent (20%) or more of the Common Stock of the Company then outstanding,
except that an Acquiring Person does not include the Company or any employee
benefit plan of the Company or any of its subsidiaries or any person holding
Common Stock of the Company for or pursuant to such plan. For the purpose of
determining who is an Acquiring Person, the percentage of the outstanding
shares of the Common Stock of which a person is a beneficial owner shall be
calculated in accordance with Rule 13d-e of the Exchange Act.

     "Involuntary Termination" shall mean any termination of the employee prior
to the employee attaining age 65, which does not result from either a
Termination for Cause, death or disability, and which:

          (a)  does not result from a resignation by the employee (other than a
     resignation pursuant to clause (b) of this paragraph); or

          (b)  results from a resignation following any Change in Duties.

     "Termination for Cause" shall mean only a termination as a result of
fraud, misappropriation of or intentional material damage to the property or
business of the Company (including its subsidiaries), or commission of a felony
by the employee.

     "Change in Duties" shall mean any one or more of the following:

          (a)  a significant change in the nature or scope of the employee's
     authorities or duties from those applicable to him immediately prior to the
     date on which a Change in Control occurs;

          (b)  a material reduction in the employee's annual salary, including a
     material reduction in the scope of the employee's eligibility for
     participation in any bonus or other special incentive programs from that
     provided or available to him immediately prior to the date on which a
     Change in Control occurs;

                                      -6-

<PAGE>
          (c)  a diminution in the employee's eligibility to participate in
     bonus, stock option, incentive award and other compensation plans which
     provide opportunities to receive compensation, from the greater of:

               (i)  the opportunities provided by the Company (including its
          subsidiaries) for executives with comparable duties; or

               (ii) the employee benefits and perquisites to which he was
          entitled immediately prior to that date on which a Change in Control
          occurs;

          (d)  a change in the location of the Employee's principal place of
     employment by the Company (including its subsidiaries) by more than fifty
     miles from the location where he was principally employed immediately
     prior to the date on which a Change in Control occurs; or

          (e)  a reasonable determination by the Board of Directors of the
     Company, that as a result of a Change in Control and a change in
     circumstances thereafter significantly affecting employee's position, he
     is unable to exercise the authorities, powers, function or duties attached
     to his position immediately prior to the date on which a Change in Control
     occurs.

Tax Effects

     The following is a general discussion of certain of the federal income tax
consequences of the grant and exercise of options and the subsequent sale or
exchange of the related Common Stock.

     It is intended that options issued pursuant to the Plan will qualify as
"incentive stock options" under Section 422 of the Internal Revenue Code of
1986, as amended (the "Code"). If an option is an incentive stock option, an
individual who is an employee for purposes of Section 3401(c) of the Code (the
"participant") will not recognize income upon the grant or exercise of the
option; however, an participant subject to the alternative minimum tax (the
"AMT") must include in AMT income the difference between the exercise price of
the option and the fair market value of the Common Stock at the time the option
is exercised (the "bargain purchase element"). The sale or exchange of any
Common Stock by the participant will be treated as a long-term capital gain
only if such sale or exchange occurs at least two years after the grant of the
option and one year after the receipt of the Common Stock by the participant
pursuant to the participant's exercise of the option. If either of these
holding periods prior to the disposition of the Common Stock acquired pursuant
to an exercise of the option are not satisfied (a "disqualifying disposition")
the participant will recognize ordinary income equal to the difference between
the exercise price of the option and the lower of the fair market value of such
Common Stock on the date the option is exercised or the sales price of such
Common Stock. Any gain recognized by an participant on a disqualifying
disposition above the ordinary income computed in the previous sentence will be
a long-term capital gain. Net capital gains on the sale of assets held more
than 18 months are currently subject to a maximum marginal stated tax rate of
twenty percent

                                      -7-

<PAGE>
(20%). However, it should be noted that legislative proposals are introduced
from time to time that affect tax rates and could affect differences at which
ordinary and capital gains are taxed. It is important to note that an incentive
stock option may not be granted to a participant who, at the time such option
is granted, is a ten percent (10%) shareholder of the Company unless certain
more stringent qualification rules are satisfied.

     The Company may not take a deduction for federal income tax purposes upon
the grant or exercise of an incentive stock option. The Company may take a
deduction in the year of such disqualifying disposition for the amount that the
participant recognizes as ordinary income due to such disqualifying
disposition. The Company must generally furnish a statement containing
specified information to the participant who exercises an incentive stock
option on or before January 31 of the year following the exercise of such
option.

     If the option does not qualify as an incentive stock "nonstatutory option"
the participant will not recognize income upon the grant of such option;
however, such participant will recognize ordinary income upon the exercise of
such option by the amount of the bargain purchase element. In certain
circumstances, in cases in which the Common Stock are subject to a substantial
risk of forfeiture when acquired or if the participant is an officer, director
or 10% shareholder of the Company, the date of taxation may be deferred unless
the participant files an election with the Internal Revenue Service under
Section 83(b) of the Code. Upon the later sale or exchange of the Common Stock
by the participant, any difference between the sales price and the exercise
price will be treated as capital gain or loss to the extent not recognized as
ordinary income as provided above, and will be long-term if the Common Stock
have been held for more than one year.

     The federal income tax consequences to the Company regarding whether, and
to what extent, it will obtain any deduction from the grant or exercise of a
nonstatutory option as well as whether any gain or loss will be triggered
depends upon complex rules beyond the scope of this discussion. Income
recognized by an participant of a nonstatutory option will be subject to
withholding by the Company.

     The foregoing discussion relates only to federal income taxes; the Company
and participants may be subject to state and local taxation. The Company and
participants should consult their tax advisers regarding potential state and
local taxation with respect to their participation in the Plan.

Further Information

     All Employees are advised that certain documents which are filed with the
Securities and Exchange Commission are incorporated by reference herein and in
the registration statement that has been filed pursuant to the Securities Act
of 1933 which covers the Plan. Such documents are available, without charge,
upon oral or written request to Addo C. Barrows III, at the address and phone
number above.

                                      -8-

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