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                                                                    EXHIBIT 99.1

                      APPLIED EXTRUSION TECHNOLOGIES, INC.

                        1994 STOCK OPTION PLAN AS AMENDED


                                    1.PURPOSE

     The purpose of this 1994 Stock Option Plan (the "Plan") is to advance the
interests of Applied Extrusion Technologies, Inc. (the "Company") by enhancing
the ability of the Company and its subsidiaries to attract and retain employees,
consultants or advisers who are in a position to make significant contributions
to the success of the Company; to reward such individuals for their
contributions; and to encourage such individuals to take into account the
long-term interests of the Company through interests in shares of the Company's
common stock (the "Stock"). Any employee, consultant or adviser designated to
participate in the Plan is referred to as a "participant".

     Options granted pursuant to the Plan may be incentive stock options as
defined in section 422 of the Internal Revenue Code of 1986 (as from time to
time amended, the "Code") (any option that is intended so to qualify as an
incentive stock option being referred to herein as an "incentive option"), or
options that are not incentive options, or both. Except as otherwise expressly
provided with respect to an option grant, no option granted pursuant to the Plan
shall be an incentive option.

                                2.ADMINISTRATION

     The Plan shall be administered by the Board of Directors (the "Board") of
the Company. The Board shall have authority, not inconsistent with the express
provisions of the Plan, (a) to grant awards consisting of options or stock
appreciation rights ("SARs"), or both, to such participants as the Board may
select; (b) to determine the time or times when awards shall be granted and the
number of shares of Stock subject to each award; (c) to determine which options
are, and which options are not, incentive options; (d) to determine the terms
and conditions of each award; (e) to prescribe the form or forms of any
instruments evidencing awards and any other instruments required under the Plan
and to change such forms from time to time; (f) to adopt, amend and rescind
rules and regulations for the administration of the Plan; and (g) to interpret
the Plan and to decide any questions and settle all controversies and disputes
that may arise in connection with the Plan. Such determinations of the Board
shall be conclusive and shall bind all parties. Subject to Section 8 the Board
shall also have the authority, both generally and in particular instances, to
waive compliance by a participant with any obligation to be performed by him
under an award, to waive any condition or provision of an award, and to amend or
cancel any award (and if an award is canceled, to grant a new award on such
terms as the Board shall specify) except that the Board may not take any action
with respect to an outstanding award that would adversely affect the rights of
the participant under such award without such participant's consent. Nothing in
the preceding sentence shall be construed as limiting the power of the Board to
make adjustments required by Section 4(c) and Section 6(j).

     The Board may, in its discretion, delegate some or all of its powers with
respect to the Plan to a committee (the "Committee"), in which event all
references (as appropriate) to the Board hereunder shall be deemed to refer to
the Committee. The Committee, if one is appointed, shall consist of at least two
directors. A majority of the members of the Committee shall constitute a quorum,
and all determinations of the Committee shall be made by a majority of its
members. Any determination of the Committee under the Plan may be made without
notice or meeting of the Committee by a writing signed by a majority of the
Committee members. On and after registration ofthe Stock under the Securities
Exchange Act of 1934, the Board shall delegate the power to select directors and
officers to receive awards under the Plan and the timing, pricing and amount of
such awards to a committee, all members of which shall be disinterested persons
within the meaning of Rule 16b-3 under that Act and "outside

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      directors" within the meaning of Section 162(m)(4)(C)(i) of the Code.

                        3.EFFECTIVE DATE AND TERM OF PLAN

     The Plan shall become effective on the date on which it is approved by the
shareholders of the Company. Grants of awards under the Plan may be made prior
to that date (but after Board adoption of the Plan), subject to approval of the
Plan by such shareholders.

     No awards shall be granted under the Plan after the completion of ten years
from the date on which the Plan was adopted by the Board, but awards previously
granted may extend beyond that date.

                          4.SHARES SUBJECT TO THE PLAN

     (a)NUMBER OF SHARES. Subject to adjustment as provided in Section 4(c), the
aggregate number of shares of Stock that may be delivered upon the exercise of
awards granted under the Plan shall be 1,850,000. If any award granted under the
Plan terminates without having been exercised in full, or upon exercise is
satisfied other than by delivery of Stock, the number of shares of Stock as to
which such award was not exercised shall be available for future grants within
the limits set forth in this Section 4(a).

     The maximum number of shares of Stock for which options may be granted
under the Plan to any individual during any calendar year shall be 250,000. The
maximum number of shares of Stock for which SARs may be granted under the Plan
to any individual during any calendar year shall likewise be 250,000. For
purposes of the preceding two sentences, the regrant of a canceled award or a
change in the exercise price of an outstanding award (other than pursuant to the
first paragraph of Section 4(c) below) shall be considered an additional grant
subject to the 250,000 annual limit.

     (b)SHARES TO BE DELIVERED. Shares delivered under the Plan shall be
authorized but unissued Stock or, if the Board so decides in its sole
discretion, previously issued Stock acquired by the Company and held in its
treasury. No fractional shares of Stock shall be delivered under the Plan.

     (c)CHANGES IN STOCK. In the event of a stock dividend, stock split or
combination of shares, recapitalization or other change in the Company's capital
stock, the number and kind of shares of stock or securities of the Company
subject to awards then outstanding or subsequently granted under the Plan, the
exercise price of such awards, the maximum number of shares or securities that
may be delivered under the Plan, and other relevant provisions shall be
appropriately adjusted by the Board, whose determination shall be binding on all
persons.

     The Board may also adjust the number of shares subject to outstanding
awards, the exercise price of outstanding awards and the terms of outstanding
awards, to take into consideration material changes in accounting practices or
principles, extraordinary dividends, consolidations or mergers (except those
described in Section 6(j)), acquisitions or dispositions of stock or property or
any other event if it is determined by the Board that such adjustment is
appropriate to avoid distortion in the operation of the Plan, provided that no
such adjustment shall be made in the case of an incentive option, without the
consent of the participant, if it would constitute a modification, extension or
renewal of the option within the meaning of section 424(h) of the Code.

                            5.ELIGIBILITY FOR AWARDS

     Persons eligible to receive awards under the Plan shall be those
participants who, in the opinion of the Board, are in a position to make a
significant contribution to the success of the Company and its subsidiaries. A
subsidiary for purposes of the Plan shall be a corporation in which the Company
owns, directly or indirectly, stock possessing 50% or more of the total combined
voting power of all classes of stock.


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     Incentive options shall be granted only to "employees" as defined in the
provisions of the Code or regulations thereunder applicable to incentive stock
options.

                   6.TERMS AND CONDITIONS OF OPTIONS AND SARS

     (a)EXERCISE PRICE OF OPTIONS. The exercise price of each option shall be
determined by the Board but in any case shall not be less than 100% (110%, in
the case of an incentive option granted to a ten-percent shareholder) of the
fair market value of the Stock at the time the option is granted; nor shall the
exercise price be less, in the case of an original issue of authorized stock,
than par value. For this purpose, "fair market value" in the case of incentive
options shall have the same meaning as it does in the provisions of the Code and
the regulations thereunder applicable to incentive options; and "ten-percent
shareholder" shall mean any participant who at the time of grant owns directly,
or by reason of the attribution rules set forth in section 424(d) of the Code is
deemed to own, stock possessing more than 10% of the total combined voting power
of all classes of stock of the Company or of any of its parent or subsidiary
corporations.

     (b)DURATION OF OPTIONS. An option shall be exercisable during such period
or periods as the Board may specify. The latest date on which an option may be
exercised (the "Final Exercise Date") shall be the date which is ten years (five
years, in the case of an incentive option granted to a "ten-percent shareholder"
as defined in (a) above) from the date the option was granted or such earlier
date as may be specified by the Board at the time the option is granted.

                             (c)EXERCISE OF OPTIONS.

     (1)An option shall become exercisable at such time or times and upon such
conditions as the Board shall specify. In the case of an option not immediately
exercisable in full, the Board may at any time accelerate the time at which all
or any part of the option may be exercised.

     (2)Any exercise of an option shall be in writing, signed by the proper
person and furnished to the Company, accompanied by (i) such documents as may be
required by the Board and (ii) payment in full as specified below in Section
6(d) for the number of shares for which the option is exercised.

     (3)In the case of an option that is not an incentive option, the Board
shall have the right to require that the participant exercising the option remit
to the Company an amount sufficient to satisfy any federal, state, or local
withholding tax requirements (or make other arrangements satisfactory to the
Company with regard to such taxes) prior to the delivery of any Stock pursuant
to the exercise of the option. If permitted by the Board, either at the time of
the grant of the option or the time of exercise, the participant may elect, at
such time and in such manner as the Board may prescribe, to satisfy such
withholding obligation by (i) delivering to the Company Stock owned by such
individual having a fair market value equal to such withholding obligation, or
(ii) requesting that the Company withhold from the shares of Stock to be
delivered upon the exercise a number of shares of Stock having a fair market
value equal to such withholding obligation.

     In the case of an incentive option, if at the time the option is exercised
the Board determines that under applicable law and regulations the Company could
be liable for the withholding of any federal or state tax with respect to a
disposition of the Stock received upon exercise, the Board may require as a
condition of exercise that the participant exercising the option agree (i) to
inform the Company promptly of any disposition (within the meaning of section
424(c) of the Code and the regulations thereunder) of Stock received upon
exercise, and (ii) to give such security as the Board deems adequate to meet the
potential liability of the Company for the withholding of tax, and to augment
such security from time to time in any amount reasonably deemed necessary by the
Board to preserve the adequacy of such security.

     (4)If an option is exercised by the executor or administrator of a deceased
participant, or by the person or persons

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to whom the option has been transferred by the participant's will or the
applicable laws of descent and distribution, the Company shall be under no
obligation to deliver Stock pursuant to such exercise until the Company is
satisfied as to the authority of the person or persons exercising the option.

     (d)PAYMENT FOR STOCK. Stock purchased upon exercise of an option under the
Plan shall be paid for as follows: (i) in cash or by personal check, certified
check, bank draft or money order payable to the order of the Company or (ii) if
so permitted by the Board (which, in the case of an incentive option, shall
specify such method of payment at the time of grant), (A) through the delivery
of shares of Stock (which, in the case of Stock acquired from the Company, shall
have been held for at least six months) having a fair market value on the last
business day preceding the date of exercise equal to the purchase price or (B)
by delivery of a promissory note of the participant to the Company, such note to
be payable on such terms as are specified by the Board or (C) by delivery of an
unconditional and irrevocable undertaking by a broker to deliver promptly to the
Company sufficient funds to pay the exercise price or (D) by having the Company
hold back from the shares transferred upon exercise Stock having a fair market
value on the last business day preceding the date of the exercise equal to the
purchase price or (E) by any combination of the permissible forms of payment;
PROVIDED, that if the Stock delivered upon exercise of the option is an original
issue of authorized Stock, at least so much of the exercise price as represents
the par value of such Stock shall be paid other than with a personal check or
promissory note of the person exercising the option.

     (e)STOCK APPRECIATION RIGHTS. The Board in its discretion may grant SARs
either in tandem with or independent of options awarded under the Plan. Except
as hereinafter provided, each SAR will entitle the participant to receive upon
exercise, with respect to each share of Stock to which the SAR relates, the
excess of (i) the share's value on the date of exercise, over (ii) the share's
fair market value on the date it was granted. For purposes of clause (i),
"value" shall mean fair market value; PROVIDED, that the Board may adjust such
value to take into account dividends on the Stock and may also grant SARs that
provide, in such limited circumstances following a change in control of the
Company (as determined by the Board) as the Board may specify, that "value" for
purposes of clause (i) is to be determined by reference to an average value for
the Stock during a period immediately preceding the change in control, all as
determined by the Board. The amount payable to a participant upon exercise of an
SAR shall be paid either in cash or in shares of Stock, as the Board determines.
Each SAR shall be exercisable during such period or periods and on such terms as
the Board may specify. No SAR shall be exercisable after the date which is ten
years from the date of grant.

     (f)DELIVERY OF STOCK. A participant shall not have the rights of a
shareholder with regard to awards under the Plan except as to Stock actually
received by him under the Plan.

     The Company shall not be obligated to deliver any shares of Stock (i)
until, in the opinion of the Company's counsel, all applicable federal and state
laws and regulations have been complied with, and (ii) if the outstanding Stock
is at the time listed on any stock exchange, until the shares to be delivered
have been listed or authorized to be listed on such exchange upon official
notice of issuance, and (iii) until all other legal matters in connection with
the issuance and delivery of such shares have been approved by the Company's
counsel. If the sale of Stock has not been registered under the Securities Act
of 1933, as amended, the Company may require, as a condition to exercise of the
award, such representations or agreements as counsel for the Company may
consider appropriate to avoid violation of such Act and may require that the
certificates evidencing such Stock bear an appropriate legend restricting
transfer.

     (g)NONTRANSFERABILITY OF AWARDS. No award may be transferred other than by
will or by the laws of descent and distribution, and during a participant's
lifetime an award may be exercised only by him.

     (h)DEATH. If a participant dies, each award held by the participant
immediately prior to death may be exercised, to the extent it was exercisable
immediately prior to death, by his executor or administrator, or by the person
or persons to whom the award is transferred by will or the applicable laws of
descent and distribution, at any time

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within the period ending with the third anniversary of the participant's death
but in no event beyond the Final Exercise Date. All awards held by a participant
immediately prior to death that are not then exercisable shall terminate on the
date of death.

     (i)OTHER TERMINATION OF SERVICE. If an employee's employment with the
Company and its subsidiaries terminates for any reason, other than death, all
awards held by the employee that are not then exercisable shall terminate.
Awards that are exercisable on the date employment terminates shall continue to
be exercisable for a period of three months (or such longer period as the Board
may determine, but in no event beyond the Final Exercise Date) unless the
employee was discharged for cause which in the opinion of the Board casts such
discredit on him as to justify termination of his awards. After completion of
that three-month period such awards shall terminate to the extent not previously
exercised, expired or terminated. For purposes of this Section 6(i), employment
shall not be considered terminated (i) in the case of sick leave or other bona
fide leave of absence approved for purposes of the Plan by the Board, so long as
the employee's right to reemployment is guaranteed either by statute or by
contract, or (ii) in the case of a transfer of employment between the Company
and a subsidiary or between subsidiaries, or to the employment of a corporation
(or a parent or subsidiary corporation of such corporation) issuing or assuming
an award in a transaction to which section 424(a) of the Code applies.

     In the case of a participant who is not an employee, provisions relating to
the exercisability of awards following termination of service shall be specified
in the award. If not so specified, all awards held by such participant that are
not then exercisable shall terminate upon termination of service. Awards that
are exercisable on the date the participant's service as a consultant terminates
shall continue to be exercisable for a period of three months (or such longer
period as the Board may determine, but in no event beyond the Final Exercise
Date) unless the participant was terminated for cause which in the opinion of
the Board casts such discredit on him as to justify termination of his awards.
After completion of that three-month period such awards shall terminate to the
extent not previously exercised, expired or terminated.

     (j)MERGERS, ETC. In the event of a consolidation or merger in which the
Company is not the surviving corporation or which results in the acquisition of
substantially all the Company's outstanding Stock by a single person or entity
or by a group of persons and/or entities acting in concert, or in the event of
the sale or transfer of substantially all the Company's assets, all outstanding
awards shall thereupon terminate, provided that at least 20 days prior to the
effective date of any such merger, consolidation or sale of assets, the Board
shall either (i) make all outstanding awards exercisable immediately prior to
consummation of such merger, consolidation or sale of assets or (ii) if there is
a surviving or acquiring corporation, arrange, subject to consummation of the
merger, consolidation or sale of assets, to have that corporation or an
affiliate of that corporation grant to participants replacement awards which in
the case of incentive awards satisfy, in the determination of the Board, the
requirements of section 424(a) of the Code.

     The Board may grant awards under the Plan in substitution for awards held
by employees, consultants or advisers of another corporation who concurrently
become employees, consultants or advisers of the Company or a subsidiary of the
Company as the result of a merger or consolidation of that corporation with the
Company or a subsidiary of the Company, or as the result of the acquisition by
the Company or a subsidiary of the Company of property or stock of that
corporation. The Company may direct that substitute awards be granted on such
terms and conditions as the Board considers appropriate in the circumstances.

                               7.EMPLOYMENT RIGHTS

     Neither the adoption of the Plan nor the grant of awards shall confer upon
any participant any right to continue as an employee of, or consultant or
adviser to, the Company or any parent or subsidiary or affect in any way the
right of the Company or parent or subsidiary to terminate them at any time.
Except as specifically provided by the Board in any particular case, the loss of
existing or potential profit in awards granted under this Plan shall not
constitute an element of damages in the event of termination of the relationship
of a participant even if the

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termination is in violation of an obligation of the Company to the participant
by contract or otherwise.

        8.EFFECT, DISCONTINUANCE, CANCELLATION, AMENDMENT AND TERMINATION

     Neither adoption of the Plan nor the grant of awards to a participant shall
affect the Company's right to make awards to such participant that are not
subject to the Plan, to issue to such participant Stock as a bonus or otherwise,
or to adopt other plans or arrangements under which Stock may be issued.

     The Board may at any time discontinue granting awards under the Plan. With
the consent of the participant, the Board may at any time cancel an existing
award in whole or in part and grant another award for such number of shares as
the Board specifies. The Board may at any time or times amend the Plan or any
outstanding award for the purpose of satisfying the requirements of section 422
of the Code or of any changes in applicable laws or regulations or for any other
purpose that may at the time be permitted by law, or may at any time terminate
the Plan as to any further grants of awards, no such amendment shall adversely
affect the rights of any participant (without his consent) under any award
previously granted.

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