Document:

<PAGE>
                                                                   Exhibit 10.28

                               WATERS CORPORATION
                           2003 EQUITY INCENTIVE PLAN

                           RESTRICTED STOCK AGREEMENT

         THIS AGREEMENT dated as of <<GRANT DATE>> between Waters Corporation, a
corporation organized under the laws of the State of Delaware (the "Company"),
and <<NAME>> (the "Participant"), a director of Waters Corporation.

         1. ISSUANCE OF COMMON STOCK. Pursuant and subject to the Company's 2003
Equity Incentive Plan (as the same may be amended from time to time, the
"Plan"), the Company hereby agrees to issue to the Participant without cash
consideration, and the Participant agrees to receive from the Company, an
aggregate of <<SHARES>> shares (the "Restricted Shares") of the common stock,
par value $.01 per share, in the Company (the "Stock"). The date of this
Restricted Stock Award (the "Award") is as of <<GRANT DATE>> (the "Award Date").
Upon receipt by the Company of a copy of this Agreement duly executed and
completed by the Participant, the Company shall issue in the name of
Participant, but hold in escrow, a duly executed certificate evidencing the
Restricted Shares endorsed with the legend set forth in Section 7.2(b) of the
Plan

         2. RESTRICTIONS ON TRANSFER. None of the Restricted Shares or any
beneficial interest therein shall be sold, transferred, assigned, pledged,
encumbered or otherwise disposed of in any way at any time (including, without
limitation, by operation of law) other than (i) to the Company or its assignees
or (ii) to any other person on (but only upon) death by will, bequest or
operation of law (a "Permitted Transferee"). All Permitted Transferees of
Restricted Shares or any interest therein shall be required as a condition of
such transfer to agree in writing, in form satisfactory to the Company, that
they shall receive and hold such Restricted Shares or interest subject to the
provisions of this Agreement. Any sale, transfer, assignment, pledge,
encumbrance or other disposition of the Restricted Shares other than in
accordance with this section shall be void. The Company shall not be required
(i) to transfer on its books any Restricted Shares sold, transferred or
otherwise disposed of in violation of this section or (ii) to treat as owner of
any Restricted Shares, or to pay dividends in respect of Restricted Shares to,
any person purporting to have acquired Restricted Shares or any beneficial
interest therein unless such Restricted Shares or interest were acquired in
compliance with the provisions of this section.

         3. FORFEITURE AND VESTING OF RESTRICTED SHARES. In the event of the
termination of employment or other association with the Company of the
Participant by the Company and its affiliates at any time before the <<VESTING
DATE>> anniversary of the Award Date, the Restricted Shares shall be immediately
forfeited by the Participant and each Permitted Transferee and the Company shall
immediately reacquire from the Participant and each Permitted Transferee all of
the Restricted Shares (subject to adjustment as provided in the Plan in the
event of any stock split or other corporate action affecting the Restricted
Shares) for no cash consideration. The Restricted Shares, if not theretofore
forfeited, shall fully vest upon the <<VESTING DATE>> anniversary of the Award
Date and shall not thereafter be subject to forfeiture.
<PAGE>
            4. INCORPORATION OF PLAN TERMS. This Award is granted subject to all
of the applicable terms and provisions of the Plan, including but not limited to
the provision for acceleration of vesting of these Restricted Shares set forth
in Section 8 (Adjustment Provisions) and the limitations on the Company's
obligation to deliver Restricted Shares set forth in Section 9 (Settlement of
Awards).

         5. MISCELLANEOUS. This Agreement shall be construed and enforced in
accordance with the laws of the State of Delaware, without regard to the
conflict of laws principles thereof and shall be binding upon and inure to the
benefit of any successor or assign of the Company and any executor,
administrator, trustee, guardian, or other legal representative of you.
Capitalized terms used but not defined herein shall have the meaning assigned
under the Plan. This Agreement may be executed in one or more counterparts all
of which together shall constitute but one instrument.

         6. TAX CONSEQUENCES. The Company makes no representation or warranty as
to the tax treatment to the Participant or any Permitted Transferee of the
receipt of this Award or upon the sale or other disposition of the Restricted
Shares. The Participant should rely on his/her own tax advisors for such advice.
In the event that the Participant makes an election under Section 83(b) of the
Internal Revenue Code of 1986, the Participant will promptly file a copy of the
election with the Company.

         IN WITNESS WHEREOF, the parties have executed this Agreement as a
sealed instrument as of the date first above written.

WATERS CORPORATION

By:   Douglas A. Berthiaume            _________________________________________
Title: Chairman, President and         Electronic Signature of Participant
       Chief Executive Officer         _________________________________________
                                       <<NAME>><PAGE>
                                                                   Exhibit 10.29

                               WATERS CORPORATION
                           2003 EQUITY INCENTIVE PLAN

                             STOCK OPTION AGREEMENT

         THIS AGREEMENT dated as of <<GRANT DATE>> between Waters Corporation, a
corporation organized under the laws of the State of Delaware (the "Company"),
and <<NAME>> (the "Optionee"), an employee of Waters Corporation.

         1. GRANT OF OPTION. Pursuant and subject to the Company's 2003 Equity
Incentive Plan (as the same may be amended from time to time, the "Plan"), the
Company grants to you, the Optionee, an option (the "Option") to purchase from
the Company all or any part of a total of <<OPTIONS GRANTED>> shares (the
"Optioned Shares") of the common stock, par value $.01 per share, in the Company
(the "Stock"), at a price of $<<OPTION PRICE>> per share. The Grant Date of this
Option is as of <<GRANT DATE>>.

         2. CHARACTER OF OPTION. This Option is not intended to be treated as an
"incentive stock option" within the meaning of Section 422 of the Internal
Revenue Code of 1986, as amended.

         3. DURATION OF OPTION. Subject to the following sentence, this Option
shall expire at 5:00 p.m. ET on the 10th anniversary of the Grant Date. However,
if your employment or other association with the Company and its Affiliates ends
before that date, this Option shall expire at 5:00 p.m. ET on the date specified
in the preceding sentence or, if earlier, the date specified in whichever of the
following applies :

                  (a) If the termination of your employment or other association
is on account of your retirement, death or disability, the first anniversary of
the date your employment or other association ends.

                  (b) If the termination of your employment or other association
is due to any other reason, the first anniversary of the date your employment or
other association ends.

         4. EXERCISE OF OPTION.

         No portion of the Option is vested as of the date hereof. Except as
set forth in the Change of Control/Severance Agreement dated as of February
24, 2004 between the Company and the Optionee (the "Change of Control/Severance
Agreement"), for the next five years, on each anniversary of the date hereof,
20% of the Option granted hereunder will vest and such vested portion of the
Option will be exercisable. However, during any period that this Option remains
outstanding after your employment or other association with the Company and its
Affiliates ends, you may exercise it only to the extent it was exercisable
immediately prior to the end of your employment or other association.

                  (b) The procedure for exercising this Option is described in
Section 7.1(g) of the Plan. You may pay the exercise price due on exercise by
(i) cash or check payable to the
<PAGE>
order of the Company in an amount equal to the exercise price of the shares to
be purchased or, (ii) to the extent permitted by applicable law, through and
under the terms and conditions of any formal cashless exercise program
authorized by the Company.

         5. TRANSFER OF OPTION. The Option granted hereunder may be transferred
or assigned by Optionee to such Optionee's family member in accordance with the
provisions of Section 7.1(f). of the Plan.

         6. INCORPORATION OF PLAN TERMS. This Option is granted subject to all
of the applicable terms and provisions of the Plan, including but not limited to
the provision for acceleration of vesting of this Option set forth in Section 8
(Adjustment Provision) and the limitations on the Company's obligation to
deliver Optioned Shares upon exercise set forth in Section 9 (Settlement of
Awards).

         7. MISCELLANEOUS. This Agreement shall be construed and enforced in
accordance with the laws of the State of Delaware, without regard to the
conflict of laws principles thereof and shall be binding upon and inure to the
benefit of any successor or assign of the Company and any executor,
administrator, trustee, guardian, or other legal representative of you.
Capitalized terms used but not defined herein shall have the meaning assigned
under the Plan. This Agreement may be executed in one or more counterparts all
of which together shall constitute but one instrument.

         8. TAX CONSEQUENCES. The Company makes no representation or warranty as
to the tax treatment to you of your receipt or exercise of this Option or upon
your sale or other disposition of the Optioned Shares. You should rely on your
own tax advisors for such advice.

         IN WITNESS WHEREOF, the parties have executed this Agreement as a
sealed instrument as of the date first above written.

WATERS CORPORATION

By:   Douglas A. Berthiaume
Title:  Chairman, President and Chief Executive Officer

EMPLOYEE
Electronic Signature of Optionee

-----------------------------------
<<NAME>>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}]]