The script snippet in question is:
        @echo "Installing DB utilities: $(DESTDIR)$(bindir) ..."
        @test -d $(DESTDIR)$(bindir) || \
            ($(mkdir) -p $(DESTDIR)$(bindir) && $(chmod) $(dmode) $(DESTDIR)$(bindir))
        @list='$(PROGS)'; for p in $$list; do \
        p1=`echo $$p|sed 's/$(EXEEXT)$$//'`; \
        if test -f $$p \
            || test -f $$p1 \
          ; then \
            p1=`echo "$$p1" | sed -e 's,^.*/,,'`; \
            f=`echo $$p1|sed '$(transform);s/$$/$(EXEEXT)/'`; \
            echo " $(INSTALLER) $$p $(DESTDIR)$(bindir)/$$f"; \
            (cd $(DESTDIR)$(bindir) && $(rm) -f $$f); \
            $(INSTALLER) $$p $(DESTDIR)$(bindir)/$$f && \
            (cd $(DESTDIR)$(bindir) && $(chmod) $(emode) $$f) && \
            (cd $(DESTDIR)$(bindir) && (test ! -f $(strip) || $(strip) $$f)); \
          else :; fi; \
        done


When running "make -n install" this is how that script translates:

echo "Installing DB utilities: /usr/src/v1/db-3.1.17/.inst/usr/bin ..."
test -d /usr/src/v1/db-3.1.17/.inst/usr/bin || \
    (/usr/bin/mkdir -p /usr/src/v1/db-3.1.17/.inst/usr/bin && /usr/bin/chmod 755 /usr/src/v1/db-3.1.17/.inst/usr/bin)
list='db_archive.exe db_checkpoint.exe db_deadlock.exe db_dump.exe db_load.exe db_printlog.exe db_recover.exe db_stat.exe db_upgrade.exe db_verify.exe'; for p in $list; do \
p1=`echo $p|sed 's/.exe$//'`; \
if test -f $p \
    || test -f $p1 \
  ; then \
    p1=`echo "$p1" | sed -e 's,^.*/,,'`; \
    f=`echo $p1|sed 's,^db_,db3.1_,;s/$/.exe/'`; \  
echo " /usr/bin/sh ./libtool --mode=install /usr/bin/install -c $p /usr/src/v1/db-3.1.17/.inst/usr/bin/$f"; \
    (cd /usr/src/v1/db-3.1.17/.inst/usr/bin && /usr/bin/rm -f $f); \
    /usr/bin/sh ./libtool --mode=install /usr/bin/install -c $p /usr/src/v1/db-3.1.17/.inst/usr/bin/$f && \
    (cd /usr/src/v1/db-3.1.17/.inst/usr/bin && /usr/bin/chmod 755 $f) && \
    (cd /usr/src/v1/db-3.1.17/.inst/usr/bin && (test ! -f /usr/bin/strip || /usr/bin/strip $f)); \
  else :; fi; \
done