Document:

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                                                                   Exhibit 10.18

                               ANGIODYNAMICS, INC.

                       2004 STOCK AND INCENTIVE AWARD PLAN

1. Purposes. The primary purposes of this Plan are (a) to provide competitive
equity incentives that will enable the Company to attract, retain, motivate and
reward persons who render services that benefit the Company or other enterprises
in which the Company has a significant interest, (b) to align the interests of
such persons with the interests of the Company's shareholders generally, and (c)
to enable the Company to fulfill its obligations to grant options to purchase
Common Stock in connection with the spinoff of the Company.

2. Definitions. Unless otherwise required by the context, the following terms,
when used in this Plan, shall have the meanings set forth in this Section 2.

         (a) "Affiliate" means an affiliate as defined in Rule 12b-2 promulgated
 under Section 12 of the Exchange Act.

         (b) "Allied Enterprise" means a business enterprise, other than the
Company or a Subsidiary, in which the Committee determines the Company has a
significant interest, contingent or otherwise. E-Z-EM, Inc. shall be deemed to
be an Allied Enterprise while it is an Affiliate of the Company.

         (c) "Appreciation-Only Award" means (i) Options and Stock Appreciation
Rights the exercise price of which is equal to at least 100% of Fair Market
Value on the date on which the Options or Stock Appreciation Rights are granted,
and (ii) Linked Stock Appreciation Rights that are granted as an alternative to
the related Option after the date of grant of such Option, the exercise price of
which Stock Appreciation Rights is equal to at least 100% of Fair Market Value
on the date on which such Option was granted.

         (d) "Award" means an award granted under this Plan in one of the forms
provided for in Section 3(a).

         (e) "Beneficiary" means a person or entity (including but not limited
to a trust or estate), designated in writing by a Service Provider or other
rightful holder of an Award, on such forms and in accordance with such terms and
conditions as the Committee may prescribe, to whom such Service Provider's or
other rightful holder's rights under the Plan shall pass in the event of the
death of such Service Provider or other rightful holder. In the event that the
person or entity so designated is not living or in existence at the time of the
death of the Service Provider or other rightful holder of the Award, or in the
event that no such person or entity has been so designated, the "Beneficiary"
shall mean the legal representative of the estate of the Service Provider or
other rightful holder, or the person or entity to whom the Service Provider's or
other rightful holder's rights with respect to the Award pass by will or the
laws of descent and distribution.

         (f) "Board" or "Board of Directors" means the Board of Directors of the
Company, as constituted from time to time.

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         (g) "Change in Control" means that any of the following events has
occurred:

             (i) any Person is or becomes the Beneficial Owner, directly or
     indirectly, of securities of the Company (not including in the securities
     beneficially owned by such Person any securities acquired directly from the
     Company or its Affiliates) representing more than 40% of the combined
     voting power of the Company's then outstanding securities, excluding any
     Person who becomes such a Beneficial Owner in connection with a transaction
     described in clause (A) of paragraph (iii) below; or

             (ii) the following individuals cease for any reason to constitute a
     majority of the number of directors serving on the Board: individuals who,
     at the beginning of any period of two consecutive years or less (not
     including any period prior to the Effective Date), constitute the Board and
     any new director (other than a director whose initial assumption of office
     is in connection with an actual or threatened election contest, including
     but not limited to a consent solicitation, relating to the election of
     directors of the Company) whose appointment or election by the Board or
     nomination for election by the Company's shareholders was approved or
     recommended by a vote of at least two-thirds (2/3) of the directors then
     still in office who either were directors at the beginning of such period
     or whose appointment, election or nomination for election was previously so
     approved or recommended; or

             (iii) there is consummated a merger or consolidation of the Company
     or any Subsidiary with any other corporation, other than (A) a merger or
     consolidation which would result in the voting securities of the Company
     outstanding immediately prior to such merger or consolidation continuing to
     represent (either by remaining outstanding or by being converted into
     voting securities of the surviving entity or any parent thereof), in
     combination with the ownership of any trustee or other fiduciary holding
     securities under an employee benefit plan of the Company or any Subsidiary,
     at least 60% of the combined voting power of the securities of the Company
     or such surviving entity or any parent thereof outstanding immediately
     after such merger or consolidation, or (B) a merger or consolidation
     effected to implement a recapitalization of the Company (or similar
     transaction) in which no Person is or becomes the Beneficial Owner,
     directly or indirectly, of securities of the Company (not including in the
     securities beneficially owned by such Person any securities acquired
     directly from the Company or its Affiliates) representing more than 40% or
     more of the combined voting power of the Company's then outstanding
     securities; or

             (iv) the shareholders of the Company approve a plan of complete
     liquidation or dissolution of the Company or there is consummated an
     agreement for the sale or disposition by the Company of all or
     substantially all of the Company's assets, other than a sale or disposition
     by the Company of all or substantially all of the Company's assets to an
     entity, at least 60% of the combined voting power of the voting securities
     of which are owned by shareholders of the Company in substantially the same
     proportions as their ownership of the Company immediately prior to such
     sale.

 For purposes of the foregoing provisions of this Section 2(g),

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             (A) the term "Beneficial Owner" shall have the meaning set forth in
     Rule 13d-3 under under the Exchange Act;

             (B) the term "Effective Date" shall mean the date on which the Plan
     is effective as provided in Section 11 hereof; and

             (C) the term "Person" shall have the meaning given in Section
     3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and
     14(d) thereof, except that such term shall not include (i) the Company or
     any of its subsidiaries, (ii) a trustee or other fiduciary holding
     securities under an employee benefit plan of the Company or any of its
     Affiliates, (iii) an underwriter temporarily holding securities pursuant to
     an offering of such securities, or (iv) a corporation owned, directly or
     indirectly, by the shareholders of the Company in substantially the same
     proportions as their ownership of stock of the Company.

         (h) "Code" means the Internal Revenue Code of 1986, as amended and in
effect from time to time. References to a particular section of the Code shall
include references to any related Treasury Regulations and to successor
provisions of the Code.

         (i) "Committee" means the committee appointed by the Board of Directors
to administer the Plan pursuant to the provisions of Section 12(a) below.

         (j) "Common Stock" means common stock of the Company, par value $.01
per share.

         (k) "Company" means AngioDynamics, Inc., a Delaware corporation, and,
except for purposes of determining under Section 2(g) hereof whether or not a
Change in Control has occurred, shall include its successors.

         (l) "Dollar-Denominated Awards" means Performance Unit Awards and any
other Incentive Award the amount of which is based on a specified amount of
money (other than an amount of money determined by reference to the Fair Market
Value of a specified number of shares of Common Stock). Options and Stock
Appreciation Rights are not Dollar-Denominated Awards.

         (m) "Employee" means any person who is employed by the Company or a
Subsidiary on a full-time or part-time basis, including an officer or director
if he is so employed.

         (n) "Exchange Act" means the Securities Exchange Act of 1934, as
amended from time to time.

         (o) "Fair Market Value" on a particular date means as follows:

             (i) The mean between the high and low sale prices of a share of
     Common Stock on such date , as reported by the National Association of
     Securities Dealers, Inc. Automated Quotation System or such other system
     then in use with regard to the Common Stock or, if on such date the Common
     Stock is publicly traded but not quoted by any such system, the

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     mean of the closing bid and asked prices of a share of Common Stock on
     such date as furnished by a professional market maker making a market
     in the Common Stock; or

             (ii) If in (i) above, there were no sales on such date reported as
     provided above, the respective prices on the most recent prior day on which
     a sale was so reported.

In the case of an Incentive Stock Option, if the foregoing method of determining
fair market value should be inconsistent with Section 422 of the Code, "Fair
Market Value" shall be determined by the Committee in a manner consistent with
Section 422 of the Code and shall mean the value as so determined.

         (p) "General Counsel" means the General Counsel of the Company serving
from time to time.

         (q) "Incentive Award" means an amount of money that is paid or a number
of shares of Common Stock that are issued, or a right to be paid an amount of
money or to be issued a number of shares of Common Stock that is granted,
subject to and in accordance with Section 5 and the other applicable provisions
of the Plan. The term "Incentive Award" does not include Options or Stock
Appreciation Rights.

         (r) "Incentive Stock Option" means an option, including an Option as
the context may require, intended to meet the requirements of Section 422 of the
Code.

         (s) "Linked Stock Appreciation Rights" means Stock Appreciation Rights
that are linked to all or any part of an Option, subject to and in accordance
with Section 8(a), 8(b) and the other applicable provisions of the Plan.

         (t) "Non-Statutory Stock Option" means an option, including an Option
as the context may require, which is not intended to be an Incentive Stock
Option.

         (u) "Option" means an option granted under this Plan to purchase shares
of Common Stock. Options may be Incentive Stock Options or Non-Statutory Stock
Options.

         (v) "Performance-Based Compensation" means compensation that satisfies
the requirements applicable to "performance-based compensation" under Code
Section 162(m)(4)(C).

         (w) "Performance Share Award" means a right granted subject to and in
accordance with Section 5 and the other applicable provisions of the Plan
(including, without limitation, Section 5.II., 5.II.(d), and 6(e)) to receive a
specified number of shares of Common Stock, and/or an amount of money determined
by reference to the Fair Market Value of a specified number of shares of Common
Stock, at a future time or times if a specified performance goal is attained and
any other terms or conditions specified by the Committee are satisfied.

         (x) "Performance Unit Award" means a right granted subject to and in
accordance with Section 5 and the other applicable provisions of the Plan
(including, without limitation, Section 5.II.,

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5.II.(d), and 6(e)) to receive a specified amount of money (other than an amount
of money determined by reference to the Fair Market Value of a specified number
of shares of Common Stock), or shares of Common Stock having a Fair Market Value
equal to such specified amount of money, at a future time or times if a
specified performance goal is attained and any other terms or conditions
specified by the Committee are attained.

         (y) "Plan" means the AngioDynamics, Inc. Stock and Incentive Award Plan
set forth in these pages, as amended from time to time.

         (z) "Restricted Stock Award" means shares of Common Stock which are
issued to a Service Provider in accordance with Section 5.I. and the other
applicable provisions of the Plan subject to restrictions and/or forfeiture
provisions specified by the Committee that will cease to apply at a future time
or times if continued employment conditions and/or other terms and conditions
specified by the Committee are satisfied.

         (aa) "Restricted Stock Unit Award" means shares of Common Stock that
will be issued to a Service Provider at a future time or times subject to and in
accordance with Section 5.I. below and the other applicable provisions of the
Plan if continued employment conditions and/or other terms and conditions
specified by the Committee are satisfied.

         (bb) "SEC Rule 16b-3" means Rule 16b-3 of the Securities and Exchange
Commission promulgated under the Exchange Act, as such rule or any successor
rule may be in effect from time to time.

         (cc) "Section 16 Person" means a person subject to potential liability
under Section 16(b) of the Exchange Act with respect to transactions involving
equity securities of the Company.

         (dd) "Service Provider" means a person who renders, has rendered or who
the Committee expects to render services that benefit or will benefit the
Company or a Subsidiary or an Allied Enterprise, in the capacity of employee,
director, independent contractor, agent, advisor, consultant, representative or
otherwise, and includes but is not limited to (i) Employees, (ii) personal
service corporations, limited liability companies and similar entities through
which any such person renders, has rendered or is expected to render such
services, and (iii) members of the Board who are not Employees.

         (ee) "Stock Appreciation Right" means a right granted subject to and in
accordance with Section 8 and the other applicable provisions of the Plan.

         (ff) "Subsidiary" means a corporation or other form of business
association of which shares (or other ownership interests) having more than 50%
of the voting power are owned or controlled, directly or indirectly, by the
Company; provided, however, that in the case of an Incentive Stock Option, the
term "Subsidiary" shall mean a Subsidiary (as defined by the preceding clause)
which is also a "subsidiary corporation" as defined in Section 424(f) of the
Code.

3.      Grants of Awards

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         (a) Subject to the provisions of the Plan, the Committee may at any
time, and from time to time, grant the following types of awards to any Service
Provider:

             (i) Incentive Awards, which may but need not be in the form of
     Performance Share Awards, Performance Unit Awards, Restricted Stock Awards,
     or Restricted Stock Unit Awards;

             (ii) Options; and

             (iii) Stock Appreciation Rights.

Any provision above of this Section 3(a) to the contrary notwithstanding, the
Committee may grant Incentive Stock Options only to Service Providers who are
Employees.

         (b) After an Award has been granted,

             (i) the Committee may waive any term or condition thereof that
     could have been excluded from such Award when it was granted, and

             (ii) with the written consent of the affected participant, may
     amend any Award after it has been granted to include (or exclude) any
     provision which could have been included in (or excluded from) such Award
     when it was granted,

and no additional consideration need be received by the Company in exchange for
such waiver or amendment.

         (c) The Committee may (but need not) grant any Award linked to another
Award, including, without limitation, Options linked to Stock Appreciation
Rights. Linked Awards may be granted as either alternatives or supplements to
one another. The terms and conditions of any such linked Awards shall be
determined by the Committee, subject to the provisions of the Plan.

         (d) No Service Provider shall acquire any rights in or to or with
respect to any Award unless and until a written instrument signed by an officer
of the Company and setting forth the terms and conditions of such Award is
delivered to him and returned to the designated Company representative
subscribed by the Service Provider within the time, if any, prescribed therefor
by the Committee or its delegate. Any such instrument shall be consistent with
this Plan and incorporate it by reference. Subscribing such instrument and
returning it to the designated Company representative as aforesaid shall
constitute the Service Provider's irrevocable agreement to and acceptance of the
terms and conditions of the Award set forth in such instrument and of the Plan
applicable to such Award.

         (e) The Committee may grant Awards that qualify as Performance-Based
Compensation, as well as Awards that do not qualify as Performance-Based
Compensation. Any provision of the Plan to the contrary notwithstanding, the
Plan shall be interpreted, administered and construed to

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permit the Committee to grant Awards that qualify as Performance-Based
Compensation as well as Awards that do not so qualify, and any provision of the
Plan that cannot be so interpreted, administered or construed shall to that
extent be disregarded.

         (f) The Plan is intended to enable the Committee to grant Options that
qualify for the tax treatment applicable to incentive stock options under
Section 422 of the Code, as well as Options and other Awards that do not qualify
for such tax treatment. Any provision of the Plan to the contrary
notwithstanding, the Plan shall be interpreted, administered and construed to
enable the Committee to grant Options that qualify for the tax treatment
applicable to incentive stock options under Section 422 of the Code as well as
Options and other Awards that do not qualify for such tax treatment, and any
provision of the Plan that cannot be so interpreted, administered or construed
shall to that extent be disregarded.

4.       Stock Subject to this Plan; Award Limits

         (a) Subject to the provisions below of Sections 4(c) and 4(d) and
Section 10,

             (i) the maximum aggregate number of shares of Common Stock which
     may be issued pursuant to Awards is 1,000,000 shares of Common Stock . Not
     more than 80% of such maximum aggregate number of shares may be issued
     pursuant to Options that are Incentive Stock Options; and

             (ii) the maximum number of shares of Common Stock with respect to
     which Options or Stock Appreciation Rights may be granted during any
     calendar year to any Employee or other Service Provider is 200,000 shares
     of Common Stock; and

             (iii) the maximum number of shares of Common Stock with respect to
     which any and all Awards other than Appreciation-Only Awards and
     Dollar-Denominated Awards may be granted in any one calendar year to any
     Employee or other Service Provider is 100,000 shares of Common Stock; and

             (iv) no Employee or other Service Provider may receive more than
     $400,000 dollars (or the equivalent thereof in shares of Common Stock,
     based on Fair Market Value on the date as of which the number of shares is
     determined) in payment of Dollar-Denominated Awards that are granted to
     such Employee or other Service Provider in any one calendar year.

If, after any Award is earned or exercised, the issuance or transfer of shares
of Common Stock or money is deferred, any amounts equivalent to dividends or
other earnings during the deferral period (including shares which may be
distributed in payment of any such amounts) shall be disregarded in applying the
per Employee or other Service Provider limitations set forth above in clauses
(ii), (iii) and (iv) of this Section 4(a). If, in connection with an acquisition
of another company or all or part of the assets of another company by the
Company or a Subsidiary, or in connection with a merger or other combination of
another company with the Company or a Subsidiary, the Company either (A) assumes
stock options or other stock incentive obligations of such other company, or (B)
grants

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stock options or other stock incentives in substitution for stock options or
other stock incentive obligations of such other company, then none of the shares
of Common Stock that are issuable or transferable pursuant to such stock options
or other stock incentives that are assumed or granted in substitution by the
Company shall be charged against the limitations set forth in this Section 4(a)
above.

         (b) Shares which may be issued pursuant to Awards may be authorized but
unissued shares of Common Stock, or shares of Common Stock held in the treasury,
whether acquired by the Company specifically for use under this Plan or
otherwise, as the Committee may from time to time determine, provided, however,
that any shares acquired or held by the Company for the purposes of this Plan
shall, unless and until issued to a Service Provider or other rightful holder of
an Award in accordance with the terms and conditions of such Award, be and at
all times remain treasury shares of the Company, irrespective of whether such
shares are entered in a special account for purposes of this Plan, and shall be
available for any corporate purpose.

         (c) Subject to Section 4(e) below, the maximum aggregate number of
shares set forth in Section 4(a)(i) above shall be charged only for the number
of shares which are actually issued under the Plan; if any shares of Common
Stock subject to an Award shall not be issued to a Service Provider and shall
cease to be issuable to a Service Provider because of the termination,
expiration, forfeiture or cancellation, in whole or in part, of such Award or
the settlement of such Award in cash or for any other reason, or if any such
shares shall, after issuance, be reacquired by the Company because of a Service
Provider's failure to comply with the terms and conditions of an Award, the
shares not so issued, or the shares so reacquired by the Company, as the case
may be, shall no longer be charged against the limitations provided for in
Section 4(a)(i) above and may again be made subject to Awards.

         (d) Subject to Section 4(e) below, if the purchase price of shares
subject to an Option is paid in shares of Common Stock in accordance with the
provisions of clause (iv) of Section 7(b) below, or if shares of Common Stock
that are issued or issuable pursuant to an Award are withheld by the Company in
accordance with Section 13(e) below in full or partial satisfaction of
withholding taxes due in respect of the Award or the grant, exercise, vesting,
distribution or payment of the Award, the number of shares surrendered to the
Company in payment of the purchase price of the shares subject to the Option, or
the number of shares that are withheld by the Company in payment of such
withholding taxes, shall be added back to the maximum aggregate number of shares
which may be issued pursuant to Awards under Section 4(a)(i) above, so that the
maximum aggregate number of shares which may be issued pursuant to Awards under
Section 4(a)(i) above shall have been charged only for the net number of shares
that were issued by the Company pursuant to the Option exercise or the Award.

         (e) If and to the extent that the General Counsel determines that
Section 4(c) or Section 4(d) above or Section 8(f) below shall cause the Company
or the Plan to fail to satisfy any NASDAQ rules or listing standards that apply
to the Company from time to time, or shall prevent Incentive Stock Options
granted under the Plan from qualifying as Incentive Stock Options under Code
Section 422, then to that extent (and only to that extent) Section 4(c), Section
4(d) or Section 8(f) shall be disregarded.

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5.       Incentive Awards

         I. Generally. Incentive Awards shall be subject to the following
provisions:

         (a) Incentive Awards may be granted in lieu of, or as a supplement to,
any other compensation that may have been earned by the Service Provider prior
to the date on which the Incentive Award is granted. The amount of an Incentive
Award may be based upon (i) a specified number of shares of Common Stock or the
Fair Market Value of a specified number of shares of Common Stock, or (ii) an
amount not determined by reference to the Fair Market Value of a specified
number of shares of Common Stock. Any Incentive Award may be paid in the form of
money or shares of Common Stock valued at their Fair Market Value on the payment
date, or a combination of money and such shares, as the Committee may provide.
Performance Share Awards, Performance Unit Awards, Restricted Stock Awards and
Restricted Stock Unit Awards are specific forms of Incentive Awards, but are not
the only forms in which Incentive Awards may be made.

         (b) Any shares of Common Stock that are to be issued pursuant to an
Incentive Award, and any money to be paid in respect of an Incentive Award, may
be issued or paid to the Service Provider at the time such Award is granted, or
at any time subsequent thereto, or in installments from time to time, as the
Committee shall determine. In the event that any such issuance or payment shall
not be made to the Service Provider at the time an Incentive Award is granted,
the Committee may but need not provide that, until such shares are issued or
money is paid in respect of the Award or until the Award is forfeited, and
subject to such terms and conditions as the Committee may impose, the Award
shall earn amounts equivalent to interest, dividends or another investment
return specified by the Committee, which amounts may be paid as earned or
deferred and reinvested, and which amounts may be paid either in money or shares
of Common Stock, all as the Committee may provide.

         (c) Incentive Awards shall be subject to such terms and conditions,
including, without limitation, restrictions on the sale or other disposition of
the shares issued or transferred pursuant to such Award, and conditions calling
for forfeiture of the Award or the shares issued pursuant thereto in designated
circumstances, as the Committee may determine; provided, however, that upon the
issuance of shares pursuant to any such Award, the recipient shall, with respect
to such shares, be and become a shareholder of the Company fully entitled to
receive dividends, to vote and to exercise all other rights of a shareholder
except to the extent otherwise provided in the Award. In the case of a
Restricted Stock Award, the recipient shall pay the par value of the shares to
be issued pursuant to the Award unless such payment is not required by
applicable law.

         II.      Performance Share Awards and Performance Unit Awards

         (a) Subject to the terms and conditions of the Plan, the Committee may
grant any Service Provider a Performance Share Award and/or a Performance Unit
Award. The Committee may but need not provide that a specified portion of the
Performance Share Award or Performance Unit Award will be earned if the
specified performance goal applicable to the Award is partially attained.

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         (b) Subject to Section 6(b) below, the specified performance goal
applicable to a Performance Share Award or Performance Unit Award may but need
not consist, without limitation, of any one or more of the following: completion
of a specified period of employment with or other service that benefits the
Company or a Subsidiary or an Allied Enterprise, achievement of financial or
operational goals, and/or the occurrence of a specified circumstance or event.
The performance goal applicable to Performance Share Awards and Performance Unit
Awards, and the other terms and conditions of such awards, need not be the same
for each award or each Service Provider to whom an award is granted. A Service
Provider may (but need not) be granted Performance Share Awards and Performance
Unit Awards each year, and the performance period applicable to any such Award
may overlap with one or more years included in the performance period applicable
to any earlier- or later-granted Award. Subject to Section 6(d) below, the
Committee may retain discretion to adjust the determinations of the degree of
attainment of the performance objectives applicable to Performance Share Awards
and Performance Unit Awards.

         (c) Subject to Section 6(e) below, the Committee may but need not
provide that, if the Service Provider's death or disability or another
circumstance or event specified by the Committee occurs before the performance
goal applicable to a Performance Share Award or Performance Unit Award is
attained, and irrespective of whether the performance goal is thereafter
attained, the Performance Share Award or Performance Unit Award will be earned
in whole or in part (as the Committee may specify).

         (d) The Committee may but need not provide for a Service Provider's
Performance Share Award or Performance Unit Award to be forfeited in whole or in
part if such Participant's employment by or other service that benefits the
Company, a Subsidiary or an Allied Enterprise terminates for any reason before
shares are issued or money is paid (as applicable) in full settlement of such
Performance Share Award or Performance Unit Award.

         (e) Except as otherwise provided in the instrument evidencing a
Performance Share Award or Performance Unit Award, Performance Share Awards and
Performance Unit Awards may not be sold, transferred, pledged, assigned, or
otherwise alienated or hypothecated, other than by will or by the laws of
descent and distribution or to a Beneficiary.

6.       Performance Measures and Other Provisions Applicable to
Performance-Based Compensation Awards

         (a) Awards that the Committee intends to qualify as Performance-Based
Compensation shall be granted and administered in a manner that will enable such
Awards to qualify as Performance-Based Compensation.

         (b) The performance goal applicable to any Award (other than an
Appreciation-Only Award) that the Committee intends to qualify as
Performance-Based Compensation shall be based on earnings per share, total
shareholder return, or any one or more of the following performance measures on
a consolidated Company, business unit or divisional level, or by product or
product line, as the Committee may specify: net sales, net income, operating
income, return on equity, return

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on capital, or cash flow. The Committee shall select the performance measure or
measures on which the performance goal applicable to any such Award shall be
based and shall establish the levels of performance at which such Award is to be
earned in whole or in part. Any such performance measure or combination of such
performance measures may apply to the Service Provider's Award in its entirety
or to any designated portion or portions of the Award, as the Committee may
specify. The foregoing performance measures shall be determined in accordance
with generally accepted accounting principles ("GAAPs") to the extent that GAAPs
define such performance measures, and otherwise shall be determined in
accordance with any customary and reasonable definition the Committee approves.
However, notwithstanding the preceding sentence, unless the Committee determines
otherwise prior to payment of an Award to which this Section 6(b) applies, and
subject to any exercise of "negative discretion" by the Committee,
extraordinary, unusual or non-recurring items; discontinued operations; effects
of accounting changes; effects of currency fluctuations; effects of financing
activities (by way of example, without limitation, effect on earnings per share
of issuing convertible debt securities); expenses for restructuring or
productivity initiatives; non-operating items; effects of acquisitions and
acquisition expenses; and effects of divestitures and divestiture expenses, any
of which affect any performance goal applicable to such Award (including,
without limitation, earnings per share but excluding total shareholder return)
shall be automatically excluded or included in determining the extent to which
the performance goal has been achieved, whichever will produce the higher Award.

         (c) Any provision of the Plan to the contrary notwithstanding, but
subject to Section 6(e), Section 9 and Section 10 below, Awards to which Section
6(b) above applies shall (i) "be paid solely on account of the attainment of one
or more preestablished, objective performance goals" (within the meaning of
Treasury Regulation 1.162-27(e)(2) or its successor) over a period of one year
or longer, which performance goals shall be based upon one or more of the
performance measures set forth in Section 6(b) above, and (ii) be subject to
such other terms and conditions as the Committee may impose.

         (d) The terms of the performance goal applicable to any Award to which
Section 6(b) above applies shall preclude discretion to increase the amount of
compensation that would otherwise be due upon attainment of the goal.

         (e) An Award to which Section 6(b) above applies may be earned in whole
or in part if the Service Provider's death or disability or a Change in Control
or another circumstance or event specified by the Committee occurs before the
performance goal applicable to the Award is attained, and irrespective of
whether the performance goal applicable to the Award is thereafter attained, but
only if and to the extent that (i) the Committee so provides with respect to
such Award, and (ii) the Award will nevertheless qualify as Performance-Based
Compensation if the performance goal applicable to such Award is attained and
the Service Provider's death or disability, a Change in Control or any such
other circumstance or event specified by the Committee does not occur.

7.      Options.   Options shall be subject to the following provisions and such
other terms and conditions, consistent with the following provisions, as the
Committee may provide in the instrument evidencing the Options:

                                 Page 11 of 20

<PAGE>

         (a) Subject to the provisions of Section 10, the purchase price per
share shall be, in the case of an Incentive Stock Option, not less than 100% of
the Fair Market Value of a share of Common Stock on the date the Incentive Stock
Option is granted (or in the case of any optionee who, at the time such
Incentive Stock Option is granted, owns stock possessing more than 10 percent of
the total combined voting power of all classes of stock of his employer
corporation or of its parent or subsidiary corporation, not less than 110% of
the Fair Market Value of a share of Common Stock on the date the Incentive Stock
Option is granted) and, in the case of a Non-Statutory Stock Option, not less
than the par value of a share of Common Stock on the date the Non-Statutory
Stock Option is granted. Subject to the foregoing limitations, the purchase
price per share may, if the Committee so provides at the time of grant of an
Option, be indexed to the increase or decrease in an index specified by the
Committee.

         (b) The purchase price of shares subject to an Option may be paid in
whole or in part (i) in money, (ii) by bank-certified, cashier's or personal
check subject to collection, (iii) if so provided in the Option and subject to
Section 402 of the Sarbanes-Oxley Act of 2002 as amended from time to time and
subject to such terms and conditions as the Committee may impose, by delivering
to the Company a properly executed exercise notice together with a copy of
irrevocable instructions to a stockbroker to sell immediately some or all of the
shares acquired by exercise of the option and to deliver promptly to the Company
an amount of sale proceeds (or, in lieu of or pending a sale, loan proceeds)
sufficient to pay the purchase price, or (iv) if so provided in the Option and
subject to such terms and conditions as may be specified in the Option, in
shares of Common Stock which have been owned by the optionee for at least six
months or which were acquired on the open market and which are surrendered to
the Company actually or by attestation. Shares of Common Stock thus surrendered
shall be valued at their Fair Market Value on the date of exercise.

         (c) Options may be granted for such lawful consideration, including but
not limited to money or other property, tangible or intangible, or labor or
services received or to be received by the Company, a Subsidiary or an Allied
Enterprise, as the Committee may determine when the Option is granted. The
consideration for the grant of options may consist of the discharge of an
obligation of the Company or an Affiliate. Subject to the foregoing and the
other provisions of this Section 7, each Option may be exercisable in full at
the time of grant or may become exercisable in one or more installments and at
such time or times and subject to such terms and conditions, as the Committee
may determine. Without limiting the foregoing, an Option may (but need not)
provide by its terms that it will become exercisable in whole or in part upon
the completion of specified periods of service or earlier achievement of one or
more performance objectives specified therein, or that it will become
exercisable only if one or more performance goals specified therein are
achieved. The Committee may at any time accelerate the date on which an Option
becomes exercisable, and no additional consideration need be received by the
Company in exchange for such acceleration. Unless otherwise provided in the
instrument evidencing the Option, an Option, to the extent it becomes
exercisable, may be exercised at any time in whole or in part until the
expiration or termination of the Option.

         (d) Subject to Section 13(a) below, each Option shall be exercisable
during the life of the optionee only by him or his guardian or legal
representative, and after death only by his Beneficiary. Notwithstanding any
other provision of this Plan, (i) no Option shall be exercisable after the tenth

                                 Page 12 of 20

<PAGE>

anniversary of the date on which the Option was granted, and (ii) no Incentive
Stock Option which is granted to any optionee who, at the time such Option is
granted, owns stock possessing more than 10 percent of the total combined voting
power of all classes of stock of his employer corporation or of its parent or
subsidiary corporation, shall be exercisable after the expiration of five (5)
years from the date such Option is granted. If an Option is granted for a term
of less than ten years, the Committee may, at any time prior to the expiration
of the Option, extend its term for a period ending not later than on the tenth
anniversary of the date on which the Option was granted, and no additional
consideration need be received by the Company in exchange for such extension.
Subject to the foregoing provisions of this Section 7(d), the Committee may but
need not provide for an Option to be exercisable after termination of the
Service Provider's employment or other service for any period and subject to any
terms and conditions that the Committee may determine.

         (e) An Option may, but need not, be an Incentive Stock Option; provided
that the aggregate Fair Market Value (determined as of the time the option is
granted) of the stock with respect to which Incentive Stock Options may be
exercisable for the first time by any Employee during any calendar year (under
all plans, including this Plan, of his employer corporation and its parent and
subsidiary corporations) shall not exceed $100,000 unless the Code is amended to
allow a higher dollar amount.

         (f) Shares purchased pursuant to the exercise of an Option shall be
issued to the person exercising the Option as soon as practicable after the
Option is properly exercised. However, the Committee may (but need not) permit
the person exercising an Option to elect to defer the issuance of shares
purchased pursuant to the exercise of the Option on such terms and subject to
such conditions and for such periods of time as the Committee may in its
discretion provide. In the event of such deferral, the Committee may (but need
not) pay the person who exercised the Option amounts equivalent to any dividends
paid on or reinvested in such shares during the deferral period. Such amounts
may be paid in cash or shares, as the Committee may provide.

         (g) The Committee shall not have the authority to reduce the exercise
price of outstanding Options, except as permitted by Section 10 below (relating
to adjustments for changes in capitalization and similar adjustments).

         (h) No Employee shall make any elective contribution or employee
contribution to the Plan (within the meaning of Treasury Regulation Section
1.401(k)-1(d)(2)(iv)(B)(4) or a successor thereto) during the six months after
the Employee's receipt of a hardship distribution from a plan of the Company or
a related party within the provisions of Code Sections 414(b), (c), (m) or (o)
containing a cash or deferred arrangement under Section 401(k) of the Code. The
preceding sentence shall not apply if and to the extent that the General Counsel
determines it is not necessary to qualify any such plan as a cash or deferred
arrangement under Section 401(k) of the Code.

         (i) No option shall be exercisable unless and until the Company (i)
obtains the approval of all regulatory bodies whose approval the General Counsel
may deem necessary or desirable, and (ii) complies with all legal requirements
deemed applicable by the General Counsel.

         (j) An Option shall be considered exercised if and when written notice,
signed by the

                                 Page 13 of 20

<PAGE>

person exercising the Option and stating the number of shares with respect to
which the Option is being exercised, is received by the designated
representative of the Company on a properly completed form approved for this
purpose by the Committee, accompanied by full payment of the Option exercise
price in one or more of the forms authorized in the instrument evidencing such
Option and described in Section 7(b) above for the number of shares to be
purchased. No Option may at any time be exercised with respect to a fractional
share unless the instrument evidencing such Option expressly provides otherwise.

8.       Stock Appreciation Rights. Stock Appreciation Rights shall be subject
to such terms and conditions, not inconsistent with the Plan, as shall from time
to time be determined by the Committee and to the following terms and
conditions:

         (a) Stock Appreciation Rights that are granted under the Plan may be
linked to all or any part of an Option ("Linked Stock Appreciation Rights"), or
may be granted without any linkage to an Option ("Free-Standing Stock
Appreciation Rights"). Linked Stock Appreciation Rights may be granted on the
date of grant of the related Option or on any date thereafter, as the Committee
may determine.

         (b) Linked Stock Appreciation Rights may be granted either as an
alternative or a supplement to the Option to which they are linked (the
"related" Option). Linked Stock Appreciation Rights that are granted as an
alternative to the related Option may only be exercised when the related Option
is exercisable, and at no time may a number of such Linked Stock Appreciation
Rights be exercised that exceeds the number of shares with respect to which the
related Option is then exercisable. Upon exercise of Linked Stock Appreciation
Rights that are granted as an alternative to an Option, the holder shall be
entitled to receive the amount determined pursuant to Section 8(e) below.
Exercise of each such Linked Stock Appreciation Right shall cancel the related
Option with respect to one share of Common Stock purchaseable under the Option.
Linked Stock Appreciation Rights that are granted as a supplement to the related
Option shall entitle the holder to receive the amount determined pursuant to
Section 8(e) below if and when the holder purchases shares under the related
Option or at any subsequent time specified in the instrument evidencing such
Stock Appreciation Rights.

         (c) Stock Appreciation Rights may be granted for such lawful
consideration, including but not limited to money or other property, tangible or
intangible, or labor or services received or to be received by the Company, a
Subsidiary or an Allied Enterprise, as the Committee may determine when the
Stock Appreciation Rights are granted. The consideration for the grant of Stock
Appreciation Rights may consist of the discharge of an obligation of the Company
or an Affiliate. . Subject to the foregoing and the other provisions of this
Section 8, Stock Appreciation Rights may be exercisable in full at the time of
grant or may become exercisable in one or more installments and at such time or
times and subject to such terms and conditions, as the Committee may determine.
Without limiting the foregoing, Stock Appreciation Rights may (but need not)
provide by their terms that they will become exercisable in whole or in part
upon the completion of specified periods of service or earlier achievement of
one or more specified performance objectives, or that they will become
exercisable only if one or more specified performance goals are achieved. The
Committee may at any time accelerate the date on which Stock Appreciation Rights
become exercisable, and no

                                 Page 14 of 20

<PAGE>

additional consideration need be received by the Company in exchange for such
acceleration. Unless otherwise provided in the Plan or the instrument evidencing
the Stock Appreciation Rights, Stock Appreciation Rights, to the extent they
become exercisable, may be exercised at any time in whole or in part until they
expire or terminate.

         (d) No Free-Standing Stock Appreciation Rights or Linked Stock
Appreciation Rights that are granted as a supplement to the related Option shall
be exercisable after the tenth anniversary of the date on which the Stock
Appreciation Rights were granted, and no Linked Stock Appreciation Rights that
are granted as an alternative to the related Option shall be exercisable after
the related Option ceases to be exercisable. If the Committee grants Stock
Appreciation Rights for a lesser term than that permitted by the preceding
sentence, the Committee may, at any time prior to expiration of the Stock
Appreciation Rights, extend their term to the maximum term permitted by the
preceding sentence, and no additional consideration need be received by the
Company in exchange for such extension. Subject to the foregoing provisions of
this Section 8(d), the Committee may but need not provide for Stock Appreciation
Rights to be exercisable after termination of the Service Provider's employment
or other service for any period and subject to any terms and conditions that the
Committee may determine.

         (e) Upon exercise of Stock Appreciation Rights, the holder thereof
shall be entitled to receive an amount of money, or a number shares of Common
Stock that have a Fair Market Value on the date of exercise of such Stock
Appreciation Rights, or a combination of money and shares valued at Fair Market
Value on such date, as the Committee may determine, equal to the amount by which
the Fair Market Value of a share of Common Stock on the date of such exercise
exceeds the Exercise Price (as hereafter defined) of the Stock Appreciation
Rights, multiplied by the number of Stock Appreciation Rights exercised;
provided that in no event shall a fractional share be issued unless the
instrument evidencing such Stock Appreciation Rights expressly provides
otherwise. In the case of Linked Stock Appreciation Rights that are granted as
an alternative to the related Option, the Exercise Price shall be the price at
which shares may be purchased under the related Option. In the case of Linked
Stock Appreciation Rights that are granted as a supplement to the related
Option, and in the case of Free-Standing Stock Appreciation Rights, the Exercise
Price shall be the Fair Market Value of a share of Common Stock on the date the
Stock Appreciation Rights were granted, unless the Committee specified a
different price when the Stock Appreciation Rights were granted (which shall not
be less than the par value of the Common Stock).

         (f) Subject to Section 4(e) above, (i) the limitations set forth in
Section 4(a)(i) above shall be charged only for the number of shares which are
actually issued in settlement of Stock Appreciation Rights; and (ii) in the case
of an exercise of Linked Stock Appreciation Rights that were granted as an
alternative to the related Option, if the number of shares of Common Stock
previously charged against such limitations on account of the portion of the
Option that is cancelled in connection with such exercise in accordance with
Section 8(b) exceeds the number of shares (if any) actually issued pursuant to
such exercise, the excess may be added back to the maximum aggregate number of
shares available for issuance under the Plan.

         (g) Subject to Section 13(a) below, Stock Appreciation Rights shall be
exercisable during the life of the Service Provider only by him or his guardian
or legal representative, and after death

                                 Page 15 of 20

<PAGE>

only by his Beneficiary.

         (h) The Committee shall not have the authority to reduce the exercise
price of outstanding Stock Appreciation Rights, except as permitted by Section
10 below (relating to adjustments for changes in capitalization and similar
adjustments).

9.       Certain Change in Control, Termination of Service, Death and Disability
 Provisions.

         The Committee may at any time, and subject to such terms and conditions
as it may impose:

         (a) authorize the holder of an Option or Stock Appreciation Rights to
exercise the Option or Stock Appreciation Rights (i) on and after a Change in
Control, or (ii) after the termination of the participant's employment or other
applicable service that benefits the Company or a Subsidiary or an Allied
Enterprise, or (iii) after the participant's death or disability, whether or not
the Option or Stock Appreciation Rights would otherwise be or become exercisable
on or after any such event, provided that in no event may an Option or Stock
Appreciation Rights be exercised after the expiration of their term;

         (b) grant Options and Stock Appreciation Rights which become
exercisable only in the event of a Change in Control;

         (c) provide for Stock Appreciation Rights to be exercised automatically
and only for money in the event of a Change in Control;

         (d) authorize any Award to become non-forfeitable, fully earned and
payable (i) upon a Change in Control, or (ii) after the termination of the
Service Provider's employment with or other applicable service that benefits the
Company or a Subsidiary or an Allied Enterprise, or (iii) after the Service
Provider's death or disability, whether or not the Award would otherwise be or
become non-forfeitable, fully earned and payable upon or after any such event;

         (e) grant Awards which become non-forfeitable, fully earned and payable
only in the event of a Change in Control; and

         (f) provide in advance or at the time of a Change in Control for money
to be paid in settlement of any Award in the event of a Change in Control,
either at the election of the participant or at the election of the Committee.

10.     Adjustment Provisions. In the event that any recapitalization, or
reclassification, split-up, reverse split, or consolidation of shares of Common
Stock shall be effected, or the outstanding shares of Common Stock shall be, in
connection with a merger or consolidation of the Company or a sale by the
Company of all or a part of its assets, exchanged for a different number or
class of shares of stock or other securities or property of the Company or any
other entity or person, or a spin-off or a record date for determination of
holders of Common Stock entitled to receive a dividend or other distribution
payable in Common Stock or other property (other than normal cash dividends)
shall occur, (a) the maximum aggregate number and the class of shares or other
securities or property that

                                 Page 16 of 20

<PAGE>

may be issued in accordance with Section 4(a)(i) above pursuant to Awards
thereafter granted, (b) the maximum number and the class of shares or other
securities or property with respect to which Options or Stock Appreciation
Rights, or Awards other than Appreciation-Only Awards and Dollar-Denominated
Awards, may be granted during any calendar year to any Employee or other Service
Provider pursuant to Section 4(a)(ii) or 4(a)(iii) above, (c) the number and the
class of shares or other securities or property that may be issued or
transferred under outstanding Awards, (d) the purchase price to be paid per
share under outstanding and future Awards, and (e) the price to be paid per
share by the Company or a Subsidiary for shares or other securities or property
issued pursuant to Awards which are subject to a right of the Company or a
Subsidiary to reacquire such shares or other securities or property, shall in
each case be equitably adjusted; provided that with respect to Incentive Stock
Options any such adjustments shall comply with Sections 422 and 424 of the Code.

11.     Effective Date and Duration of Plan. The Plan shall be effective on the
date on which the shareholders of the Company approve it either (a) at a duly
held stockholders' meeting, or (b) by the written consent of the holders of a
majority of the securities of the Company entitled to vote, in accordance with
any applicable provisions of the Delaware General Corporation Law. If the Plan
is not so approved by shareholders, the Plan shall be null, void and of no force
or effect. If so approved, Awards may be granted within ten years after the date
of such approval by shareholders, but not thereafter. In no event shall an
Incentive Stock Option be granted under the Plan more than ten (10) years from
the date the Plan is adopted by the Board, or the date the Plan is approved by
the shareholders of the Company, whichever is earlier.

12.     Administration.

         (a) The Plan shall be administered by a committee of the Board
consisting of two or more directors appointed from time to time by the Board. No
person shall be appointed to or shall serve as a member of such committee unless
at the time of such appointment and service he shall shall satisfy any director
independence requirements then applicable to service on such committee under any
NASDAQ rules or listing standards that apply to the Company at such time. Unless
the Board determines otherwise, such committee shall also be comprised solely of
"outside directors" within the meaning of Section 162(m)(4)(C)(i) of the Code
and Treasury Regulation Section 1.162-27(e)(3), and "non-employee directors" as
defined in SEC Rule 16b-3.

         (b) The Committee may establish such rules and regulations, not
inconsistent with the provisions of the Plan, as it may deem necessary for the
proper administration of the Plan, and may amend or revoke any rule or
regulation so established. The Committee shall, subject to the provisions of the
Plan, have full power and discretion to interpret, administer and construe the
Plan and full authority to make all determinations and decisions thereunder
including without limitation the authority and discretion to (i) determine the
persons who are Service Providers and select the Service Providers who are to
participate in the Plan, (ii) determine when Awards shall be granted, (iii)
determine the number of shares and/or amount of money to be made subject to each
Award, (iv) determine the type of Award to grant, (v) determine the terms and
conditions of each Award, including the exercise price, in the case of an Option
or Stock Appreciation Rights, and whether specific Awards shall be linked to one
another and if so whether they shall be alternative to or supplement one
another, (vi) make any adjustments pursuant to Section 10 of the Plan, and (vii)

                                 Page 17 of 20

<PAGE>

determine whether or not a specific Award is intended to qualify as
Performance-Based Compensation. Without limiting the generality of the
foregoing, the Committee shall have the authority to establish and administer
performance goals applicable to Awards, and the authority to certify that such
performance goals are attained, within the meaning of Treasury Regulation
Section 1.162-27(c)(4). The interpretation by the Committee of the terms and
provisions of the Plan and any instrument issued thereunder, and its
administration thereof, and all action taken by the Committee, shall be final,
binding and conclusive on the Company, its stockholders, Subsidiaries, Allied
Enterprises, all participants and Service Providers, and upon their respective
Beneficiaries, successors and assigns, and upon all other persons claiming under
or through any of them.

         (c) Members of the Board of Directors and members of the Committee
acting under this Plan shall be fully protected in relying in good faith upon
the advice of counsel and shall incur no liability except for gross or willful
misconduct in the performance of their duties.

13.      General Provisions.

         (a) No Award, including without limitation any Option or Stock
Appreciation Rights, shall be transferable by the Service Provider or other
rightful holder of such Award other than by will or the laws of descent and
distribution or to a Beneficiary. The preceding sentence and any other provision
of the Plan to the contrary notwithstanding, the Committee may (but need not)
permit a Service Provider to transfer any Award, other than an Incentive Stock
Option or any other Award that is linked to an Incentive Stock Option, during
his lifetime to such other persons and such entities and on such terms and
subject to such conditions as the Committee may provide in the instrument
evidencing such Award.

         (b) Nothing in this Plan or in any instrument executed pursuant hereto
shall confer upon any person any right to continue in the employment or other
service of the Company or a Subsidiary or an Allied Enterprise, or shall affect
the right of the Company or a Subsidiary or any Allied Enterprise to terminate
the employment or other service of any person at any time with or without cause.

         (c) No shares of Common Stock shall be issued or transferred pursuant
to an Award unless and until all legal requirements applicable to the issuance
or transfer of such shares have, in the opinion of the General Counsel, been
satisfied. Any such issuance or transfer shall be contingent upon the person
acquiring the shares giving the Company any assurances the General Counsel may
deem necessary or desirable to assure compliance with all applicable legal
requirements.

         (d) No person (individually or as a member of a group) and no
Beneficiary or other person claiming under or through him, shall have any right,
title or interest in or to any shares of Common Stock (i) allocated, or (ii)
reserved for the purposes of this Plan, or (iii) subject to any Award, except as
to such shares of Common Stock, if any, as shall have been issued to him.

         (e) The Company and its Subsidiaries and any Allied Enterprises may
make such provisions as they may deem appropriate for the withholding of any
taxes which they determine they are required to withhold in connection with any
Award. Without limiting the foregoing, the

                                 Page 18 of 20

<PAGE>

Committee may, subject to such terms and conditions as it may impose, permit or
require any withholding tax obligation arising in connection with any Award or
the grant, exercise, vesting, distribution or payment of any Award, up to the
minimum required federal, state and local withholding taxes, including payroll
taxes, to be satisfied in whole or in part, with or without the consent of the
Service Provider or other rightful holder of the Award, by having the Company
withhold all or any part of the shares of Common Stock that vest or would
otherwise be issued or distributed at such time. Any shares so withheld shall be
valued at their Fair Market Value on the date of such withholding.

         (f) Nothing in this Plan is intended to be a substitute for, or shall
preclude or limit the establishment or continuation of, any other plan, practice
or arrangement for the payment of compensation or fringe benefits to directors,
officers, employees, consultants or Service Providers generally, or to any class
or group of such persons, which the Company or any Subsidiary now has or may
hereafter lawfully put into effect, including, without limitation, any incentive
compensation, retirement, pension, group insurance, stock purchase, stock bonus
or stock option plan. A Service Provider may be granted an Award whether or not
he is eligible to receive similar or dissimilar incentive compensation under any
other plan or arrangement of the Company.

         (g) The Company's obligation to issue shares of Common Stock or to pay
money in respect of any Award shall be subject to the condition that such
issuance or payment would not impair the Company's capital or constitute a
breach of or cause the Company to be in violation of any covenant, warranty or
representation made by the Company in any credit agreement to which the Company
is a party before the date of grant of such Award.

         (h) By accepting any benefits under the Plan, each Service Provider,
and each person claiming under or through him, shall be conclusively deemed to
have indicated his acceptance and ratification of, and consent to, all
provisions of the Plan and any action or decision under the Plan by the Company,
its agents and employees, and the Board of Directors and the Committee.

         (i) The validity, construction, interpretation and administration of
the Plan and of any determinations or decisions made thereunder, and the rights
of all persons having or claiming to have any interest therein or thereunder,
shall be governed by, and determined exclusively in accordance with, the laws of
the State of Delaware, but without giving effect to the principles of conflicts
of laws thereof. Without limiting the generality of the foregoing, the period
within which any action arising under or in connection with the Plan must be
commenced, shall be governed by the laws of the State of Delaware, without
giving effect to the principles of conflicts of laws thereof, irrespective of
the place where the act or omission complained of took place and of the
residence of any party to such action and irrespective of the place where the
action may be brought. A Service Provider's acceptance of any Award shall
constitute his irrevocable and unconditional waiver of the right to a jury trial
in any action or proceeding concerning the Award, the Plan or any rights or
obligations of the Service Provider or the Company under or with respect to the
Award or the Plan.

         (j) The use of the masculine gender shall also include within its
meaning the feminine. The use of the singular shall include within its meaning
the plural and vice versa.

                                 Page 19 of 20

<PAGE>

14.     Amendment and Termination. Subject to any applicable shareholder
approval requirements of Delaware or federal law, NASDAQ rules or listing
standards, or the Code, the Plan may be amended by the Board of Directors at any
time and in any respect, including without limitation to permit or facilitate
qualification of Options theretofore or thereafter granted (a) as Incentive
Stock Options under the Code, or (b) for such other special tax treatment as may
be enacted on or after the date on which the Plan is approved by the Board,
provided that, without stockholder approval, no amendment shall increase the
aggregate number of shares which may be issued under the Plan, or shall permit
the exercise price of outstanding Options or Stock Appreciation Rights to be
reduced, except as permitted by Section 10 hereof. The Plan may also be
terminated at any time by the Board of Directors. No amendment or termination of
this Plan shall adversely affect any Award granted prior to the date of such
amendment or termination without the written consent of the holder of such
Award.

                                       ***

                                 Page 20 of 20<PAGE>
                                                                   Exhibit 10.22

                               ANGIODYNAMICS, INC.

           SPIN-OFF ADJUSTMENT STOCK OPTION PLAN FOR E-Z-EM EMPLOYEES

1.       PURPOSE OF PLAN
         ---------------

         The purpose of the Plan is to enable Angio to fulfill its obligation to
grant options to purchase Shares to employees and former employees of the
Company in connection with the adjustment of their options that are outstanding
under the Parent Company's 1983 Stock Option Plan on the record date of the
Spin-Off.

2.       DEFINITIONS
         -----------

         (a) "Angio" means AngioDynamics, Inc., a Delaware corporation.

         (b) "Beneficiary" means a person or entity (including but not limited
to a trust or estate), designated in writing by the Optionee, on such forms and
in accordance with such terms and conditions as the Committee may prescribe, to
whom such Optionee's Option shall pass in the event of the death of the
Optionee. In the event that the person or entity so designated is not living or
in existence at the time of the death of the Optionee, or in the event that no
such person or entity has been so designated, the "Beneficiary" shall mean the
person or entity to whom the Optionee's Option shall have passed by will or the
laws of descent and distribution.

         (c) "Board" means the board of directors of Angio.

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

         (e) "Committee" means the Board or the Compensation Committee of the
Board, whichever is administering the Plan, as described in Paragraph 5.

         (f) "Company" means E-Z-EM, Inc. and each of its Subsidiary Companies.

         (g) "Date of Grant" means the date on which an Option is granted.

         (h) "Non-Qualified Option" shall mean an option that is not intended to
be treated for federal income tax purposes as an "incentive stock option" within
the meaning of Section 422(b) of the Code.

         (i) "Option" means a stock option granted under the Plan.

         (j) "Optionee" means a person to whom an Option has been granted under
the Plan, which Option has not been exercised and has not expired or terminated.

         (k) "Parent Company" means E-Z-EM, Inc.

         (l) "Plan" means the AngioDynamics, Inc. Spin-Off Adjustment Stock
Option Plan for E-Z-EM Employees set forth in these pages.

                                  Page 1 of 7

<PAGE>

         (m) "Shares" means shares of common stock of Angio.

         (n) "Spin-Off" means the distribution by the Parent Company, on or
before December 31, 2005, of all Shares owned on the date in question by the
Parent Company to stockholders of the Parent Company, by whatever means
effected.

         (o) "Subsidiary Companies" means all corporations that, at the time in
question, are subsidiary corporations of the Parent Company within the meaning
of Section 424(f) of the Code.

         (p) "Value" means on any given date, the closing price of the Shares as
reported by NASDAQ, or if listed on a national exchange, the closing price of
the Shares on the principal national securities exchange on which the Shares are
listed on such date or, if there are no such sales on such date, the
corresponding price on the last date on which such sales took place.

3.       RIGHTS TO BE GRANTED
         --------------------

         Rights that may be granted under the Plan are Non-Qualified Options,
that give the Optionee the right for a specified time period to purchase a
specified number of Shares for a price not less than their par value.

4.       STOCK SUBJECT TO PLAN
         ---------------------

         Not more than 565,000 Shares in the aggregate may be issued pursuant to
the Plan upon exercise of Options. If an Option terminates without having been
exercised in whole or part, other Options may be granted covering the Shares as
to which the Option was not exercised.

5.       ADMINISTRATION OF PLAN
         ----------------------

         The Plan shall be administered by the Board or by the Compensation
Committee of the Board, which shall be composed of at least two directors of
Angio appointed by the Board.

6.       GRANT OF RIGHTS
         ---------------

         The Committee may grant Options to eligible employees and former
employees of the Company.

7.       ELIGIBILITY
         -----------

         Options may be granted only to employees and former employees of the
Company, including any such employees or former employees who are also directors
of the Parent Company or employees of Angio, who, as of the record date of the
Spin-Off, have options (whether or not then exercisable) to purchase shares of
common stock of the Parent Company that were granted under the Parent Company's
1983 Stock Option Plan (as amended and in effect from time to time) and that
have not terminated, expired or been exercised.

                                  Page 2 of 7

<PAGE>

8.       OPTION AGREEMENTS AND TERMS
         ---------------------------

         All Options shall be granted on or before December 31, 2005 and be
evidenced by option agreements that shall be executed on behalf of Angio and by
the respective Optionees. The terms of each such agreement shall be determined
from time to time by the Committee consistent, however, with the following:

         (a) Option Price. The option price per Share shall be determined by the
             ------------
Committee but shall not be less than the par value of the Shares.

         (b) Restriction on Transferability. An Option shall not be transferable
             ------------------------------
otherwise than by will or the laws of descent and distribution or to a
Beneficiary and, during the lifetime of the Optionee, shall be exercisable only
by him or her. Upon the death of an Optionee, the Beneficiary may exercise any
Options in accordance with the provisions of Paragraph 8(e).

         (c) Payment. Full payment for Shares purchased upon the exercise of an
             -------
Option shall be made in cash or, at the election of the Optionee and subject to
such terms and conditions as the Committee may provide in the option agreement,
by surrendering Shares (by actual delivery or by constructive delivery effected
by attesting upon proof satisfactory to Angio of ownership of Shares) with an
aggregate Value equal to the aggregate option price or by a combination of cash
and surrendering Shares. Subject to Section 402 of the Sarbanes-Oxley Act of
2002 as amended from time to time and such terms and conditions as the Committee
may impose in the option agreement, payment for Shares purchased upon exercise
of an Option may also be paid in whole or in part by a "cashless exercise" that
satisfies the provisions of section 220.3(e)(4) (or a successor or similar
provision) of Regulation T promulgated by the Board of Governors of the Federal
Reserve System (12 C.F.R. ss.220.3(e)(4)) pursuant to which the Optionee
instructs a third party to sell immediately some or all of the Shares acquired
by exercise of the Option and to deliver to Angio an amount of sale proceeds
(or, in lieu of or pending a sale, loan proceeds) equal to the purchase price
and any taxes required to be withheld in connection with such exercise. Payment
for Shares purchased upon the exercise of an Option may not be made by surrender
of Shares or a cashless exercise at any time at which Angio determines that the
Optionee is in possession of material inside information that may impair the
Value of Shares or determines that such payment would otherwise be unlawful.

         (d) Issuance of Certificates; Payment of Cash. Only whole Shares shall
             -----------------------------------------
be issuable upon exercise of Options. Any right to a fractional Share shall be
satisfied in cash. Upon payment of the option price, a certificate for the
number of whole Shares and a check for the Value on the date of exercise of the
fractional share to which the Optionee is entitled shall be delivered to such
Optionee by Angio. If listed on NASDAQ or a national exchange, Angio shall not
be obligated to deliver any certificates for Shares until such Shares have been
listed (or authorized for listing upon official notice of issuance) upon NASDAQ
or, if applicable, each stock exchange upon which outstanding Shares of such
class at the time are listed nor until there has been compliance with such laws
or regulations as Angio may deem

                                  Page 3 of 7

<PAGE>

applicable. Angio shall use its best efforts to effect such listing and
compliance.

         (e) Periods of Exercise of Options. Except as provided below, an Option
             ------------------------------
shall be exercisable in whole or in part at such time as may be determined by
the Committee and stated in the option agreement, provided that an Option shall
not be exercisable after ten years from the Date of Grant:

                  (i) In the event that an Optionee ceases to be employed by the
Company for any reason other than death, an Option shall not be exercisable
after 3 months from the date the Optionee ceases to be employed by the Company;
provided that if such cessation of employment is due to the disability or the
retirement of the Optionee he or she shall have the right to exercise his or her
Options to the extent determined by the Committee in its discretion and set
forth in the option agreement, provided, however, that in no event shall an
                               -----------------
Option be exercisable after ten years from the Date of Grant; and

                  (ii) In the event that an Optionee ceases to be employed by
the Company by reason of his or her death, an Option shall not be exercisable
after one year from the date of death; provided that in such event, the
Beneficiary may exercise any of the decedent's Options to the extent determined
by the Committee in its discretion and set forth in the option agreement,
provided that an Option shall not be exercisable after ten years from the Date
of Grant.

         (f) Date of Exercise. The date of exercise of an Option shall be the
             ----------------
date on which written notice of exercise, addressed to Angio at its main office
to the attention of its Treasurer, is hand delivered, telecopied or mailed,
first class postage prepaid; provided that Angio shall not be obliged to deliver
any certificates for Shares pursuant to the exercise of an Option until the
Optionee shall have made payment in full of the option price for such Shares.
Each such exercise shall be irrevocable when given. Each notice of exercise must
state the number of Shares with respect to which the Optionee is exercising the
Option and must include a statement of preference or election as to the manner
in which payment to Angio shall be made (Shares or cash or a combination of
Shares and cash). Upon the exercise of an Option, Angio shall have the right to
require the Optionee to remit to Angio, in cash and/or through the retention of
Shares acquired upon the exercise, an amount sufficient to satisfy all federal,
state and local withholding tax requirements prior to the delivery by Angio of
any certificate for Shares. Upon the exercise of the Option, the Optionee may
elect to have Angio satisfy all or part of "the employer's minimum statutory
withholding" obligation (within the meaning of Question 15(c) of FASB
Interpretation No. 44), or such higher withholding obligation as the option
agreement may permit, through the retention of whole Shares acquired upon the
exercise of such Option having a Value on the exercise date equal to the
withholding obligation or part thereof in question; provided that no such
election shall be permitted at any time at which Angio determines that the
Optionee is in possession of material inside information that may impair the
Value of Shares or determines that the making of or giving effect to such
election would otherwise be unlawful.

                                  Page 4 of 7

<PAGE>

9.       RIGHTS AS STOCKHOLDERS
         ----------------------

         An Optionee shall have no rights as a stockholder with respect to any
Shares covered by his or her Options until the date of issuance of a stock
certificate to him or her for such Shares.

10.      CHANGES IN CAPITALIZATION
         -------------------------

         In the event of a stock dividend, stock split, recapitalization,
reclassification of shares, combination, subdivision, issuance of rights to all
stockholders, or other similar corporate change (including, without limitation,
a spin-off by Angio), the Board shall make an appropriate adjustment in the
aggregate number and class of shares that may be subject to Options, and the
number and class of shares subject to, and the option price of, each
then-outstanding Option. In the event of a spin-off by Angio, the Board may also
arrange for the holder of each then-outstanding Option to be granted, on such
terms and subject to such conditions as it may deem to be appropriate, options
to purchase securities of the spun-off entity at a price and in a quantity such
that the aggregate intrinsic value (fair market value less option price) of such
options and the Option immediately after the spin-off will be equal to (or less
than) the intrinsic value of the Option immediately before the spin-off.

11.      MERGERS, DISPOSITIONS AND CERTAIN OTHER TRANSACTIONS
         ----------------------------------------------------

         If during the term of any Option Angio or any subsidiary of Angio shall
be merged into or consolidated with or otherwise combined with or acquired by
another person or entity, or there is a divisive reorganization or a liquidation
or partial liquidation of Angio, Angio may choose to take no action with regard
to the Options outstanding or to take any of the following courses of action:

         (a) Not less than 15 days nor more than 60 days prior to any such
transaction all Optionees shall be notified that their Options shall expire on
the 15th day after the date of such notice, in which event all Optionees shall
have the right to exercise all of their Options prior to such new expiration
date;

         (b) Angio shall provide in any agreement with respect to any such
merger, consolidation, combination or acquisition that the surviving, new or
acquiring corporation shall grant options to the Optionees to acquire shares in
such corporation with respect to which the excess of the fair market value of
the shares of such corporation immediately after the consummation of such
merger, consolidation, combination or acquisition over the option price, shall
not be greater than the excess of the Value of the Shares over the option price
of Options, immediately prior to the consummation of such merger, consolidation,
combination or acquisition; or

         (c) Angio shall take such other action as the Board shall determine to
be reasonable under the circumstances in order to permit Optionees to realize
the value of rights granted to them under the Plan.

                                  Page 5 of 7

<PAGE>

12.      PLAN NOT TO AFFECT EMPLOYMENT
         -----------------------------

         Neither the Plan nor any Option shall confer upon any Optionee or any
other person any right to continue in the employment of the Company, or any
right to enter into or continue in the employment of Angio.

13.      INTERPRETATION
         --------------

         The Committee shall have the power to interpret the Plan and to make
and amend rules for putting it into effect and administering it. It is intended
that Options shall be subject to federal income tax pursuant to the provisions
of Section 83 of the Code and, in the case of any Optionee whose transactions in
equity securities of Angio are subject to Section 16 of the Securities Exchange
Act of 1934 as amended, that transactions under the Plan with respect to such
Optionee shall qualify for an exemption available under Rule 16b-3(or any
similar rule) of the Securities and Exchange Commission. The Plan and the
Options are also intended to be administered, interpreted and construed, to the
maximum extent practicable, in the same way that the Parent Company's 1983 Stock
Option Plan and options outstanding thereunder on the record date of the
Spin-Off are administered, interpreted and construed. The provisions of the Plan
and the Options shall be interpreted and applied insofar as possible to carry
out such intent.

14.      AMENDMENTS
         ----------

         The Plan may be amended by the Board, but any amendment that increases
the aggregate number of Shares that may be issued pursuant to the Plan upon
exercise of Options (otherwise than pursuant to Paragraph 10), that changes the
class of eligible persons, or that otherwise requires the approval of the
shareholders of Angio in order to maintain the exemption available under Rule
16b-3 (or any similar rule) of the Securities and Exchange Commission, or that
otherwise requires the approval of the shareholders of Angio, shall require the
approval of the holders of such portion of the shares of the capital stock of
Angio present and entitled to vote on such amendment as is required by
applicable state law and the terms of Angio's capital stock to make the
amendment effective. No outstanding Option shall be adversely affected by any
such amendment without the written consent of the Optionee or other person then
entitled to exercise such Option.

15.      SECURITIES LAWS
         ---------------

         The Committee shall have the power to make each grant under the Plan
subject to such conditions as it deems necessary or appropriate to comply with
the then existing requirements of Rule 16b-3 (or any similar rule) of the
Securities and Exchange Commission.

16.      EFFECTIVE DATE AND TERM OF PLAN
         -------------------------------

         The Plan shall become effective on the date on which it is adopted by
the Board and shall expire on December 31, 2005 unless sooner terminated by the
Board. No Options may be granted under the Plan after the date on which it
expires or is terminated, but the Plan shall continue in effect after that date
with respect to any Options

                                  Page 6 of 7

<PAGE>

that were granted under the Plan before that date and that remain outstanding
after that date, until such Options are exercised, terminate or expire.

                                       ***

                                  Page 7 of 7

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