NONQUALIFIED STOCK OPTION AGREEMENT
AMERICAN HOMEPATIENT, INC. (the “Corporation”), a Delaware corporation, hereby grants to
____________ (“Holder”) an option to purchase from the Corporation _________ fully paid and nonassessable
shares of the common stock, $0.01 par value, of the Corporation at an exercise price of $______ per share.
This option has been granted pursuant to the 1995 Nonqualified Stock Option Plan for Directors (the “Plan”) of
the Corporation adopted by its Board of Directors and approved by its shareholders on May 17, 1995, as
amended, and is subject to all of the terms, conditions and provisions of the Plan. A copy of the Plan is attached
hereto and made a part of this Option Agreement as if fully set out herein.
This option shall be exercisable by the Holder in whole or in part as set forth in the chart below, but in no case
may the Holder exercise this option for a fraction of a share. No option will be exercisable after the expiration of
ten (10) years from the date of grant.
The Holder may exercise the option granted hereunder, in whole or in part, by giving not less than five
(5) days’ written notice of exercise to the Corporation, specifying the number of shares to be purchased and the
person in whose name the stock certificate or certificates for shares of common stock is to be registered, signed
by the Holder, and accompanied by payment of the full purchase price therefor. The option price shall be payable
immediately upon the exercise of this option in United States dollars, paid in cash or by check, with unrestricted
shares of Common Stock of the Corporation, valued at Fair Market Value on the date of exercise of this option,
or a combination thereof.
The number of shares of common stock covered by this option have already been adjusted to reflect the
three-for-two stock split which occurred on June 28, 1996 and shall be subject to future adjustment in
accordance with the terms of the Plan. To the extent any s