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EXHIBIT 10.1

                          MARINE PRODUCTS CORPORATION

                        INCENTIVE STOCK OPTION AGREEMENT

INCENTIVE STOCK OPTION AGREEMENT made as of the day of __________, 2___ (the
"Grant Date"), between Marine Products Corporation, a Delaware corporation
(hereinafter called the "Company"), and ((FNAME)) ((LNAME)), an employee of the
Company or one or more of its subsidiaries (hereinafter called the "Employee").

WHEREAS, the Company desires to afford the Employee an opportunity to purchase
shares of its Common Stock, par value $0.10 per share (hereinafter called the
"Common Stock"), pursuant to the terms and provisions of the Company's 2004
Employee Stock Incentive Plan (hereinafter called the "Plan"), as hereinafter
provided.

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth
and Employee's employment by the Company, the parties hereto agree as follows:

        THE PLAN. This Option Agreement is made pursuant to and in accordance
with the terms and provisions of the Plan. Anything in this Option Agreement to
the contrary notwithstanding, the terms and provisions of the Plan, all of which
are hereby incorporated herein by reference, shall be controlling in the event
of any inconsistency herewith.

        1.      GRANT OF OPTION. The Company hereby irrevocably grants to the
                Employee the right and option (hereinafter called the "Option"),
                to purchase all or any part of an aggregate of _______ shares of
                Common Stock (subject to adjustment as provided in Paragraph 8
                hereof), on the terms and conditions hereinafter set forth.

        2.      PURCHASE PRICE. The purchase price of the shares of Common Stock
                covered by the Option shall be $______ per share, which amount
                is at least 100% of fair market value of such shares at the date
                hereof, determined in accordance with the Plan, or 110% of such
                value if Employee owns more than 10% of the voting stock of the
                Company, calculated pursuant to applicable IRS regulations.

        3.      VESTING. No portion of the Option shall be exercisable prior to
                _____________; beginning on such date, the Option shall become
                exercisable as follows:

                        With respect to __ shares, on or after ______________;

                        With respect to __ shares, on or after ______________;

                        With respect to __ shares, on or after ______________;

                        With respect to __ shares, on or after ______________;
                        and,

                        With respect to __ shares, on or after ______________.

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        4.      TERM OF OPTION. To the extent vested pursuant to Section 3, each
                portion of the Option shall remain exercisable through the
                period ending ten (10) years after the date of the grant,
                subject to earlier termination as provided in Section 7 hereof.

        5.      ADMINISTRATION. Unless administration of the Plan is assumed by
                the Board of Directors of the Company, the Plan shall be
                administered by a committee of the Board of Directors of the
                Company constituted in accordance with the Plan, (hereinafter
                referred to as the "Committee".) The Committee is authorized and
                empowered to administer and interpret the Plan and this Option
                Agreement. Any interpretations of this Option Agreement or of
                the Plan made by the Committee shall be final and binding upon
                the parties hereto.

        6.      NON-TRANSFERABILITY. The Option shall not be assignable or
                transferable except by will or by the laws of descent and
                distribution and shall not be subject to execution, attachment
                or other process. Except as set forth in the Plan, during the
                lifetime of the Employee, the Option shall be exercisable only
                by the Employee. After the death of the Employee, the Option may
                be exercised prior to its termination as set forth in Section
                7(b) hereof. Employee hereby agrees to retain ownership of, and
                to refrain from transferring, all shares of Common Stock
                obtained upon exercise of the Option for a period of twelve
                months after the date on which such Common Stock is obtained
                pursuant to the exercise of the Option; provided, however, that
                such twelve month transfer restriction shall be rescinded and
                shall no longer have any applicability following Employee's
                death, Normal Retirement (as defined in the Plan) or permanent
                Disability (as defined in the Plan). The Company may, at its
                discretion, place a legend to such effect on the certificates
                representing the shares of Common Stock obtained upon exercise
                of the option and issue appropriate stop transfer instructions
                to the Company's transfer agent.

        7.      TERMINATION. The Option may not be exercised by the Employee
                unless he/she, at the time of the exercise, shall have been in
                the continuous employ of the Company or a subsidiary thereof, in
                a position of equivalent or greater responsibility as on the
                Grant Date, except as follows:

                (a)     If, prior to the expiration of the Option, Employee's
                        employment terminates by reason of permanent Disability
                        (as defined in the Plan), Employee or his/her guardian
                        may exercise the Option through the earlier of (i) such
                        date of expiration, or (ii) one year after the date of
                        termination of employment, to the extent that the Option
                        was exercisable at the date of termination of
                        employment.

                (b)     If Employee dies while in the employ of the Company or a
                        subsidiary without having fully exercised the Option,
                        the Option may be exercised prior to its expiration and
                        within six (6) months of the date of death, to the
                        extent the Option was exercisable at the date of death,
                        by the legal

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                        representative of the estate or by the legatee of the
                        Employee under the Employee's will.

                (c)     If, prior to the expiration of the Option, Employee's
                        employment terminates by reason of Normal or Early
                        Retirement (as defined in the Plan), Employee may
                        exercise the Option through the earlier of (i) such date
                        of expiration, or (ii) one day less than three months
                        after the Retirement date, to the extent the Option was
                        exercisable at such Retirement date.

                The termination of employment of an Employee for any reason
                shall not accelerate or otherwise affect the number of shares
                with respect to which the Option may be exercised.

        8.      CHANGE IN CAPITALIZATION. In the event of any merger,
                reorganization, consolidation, recapitalization, stock
                dividends, stock split or other changes in corporate structure
                affecting the Common Stock, such substitution or adjustment
                shall be made in the number and option price of shares subject
                to this Option as may be determined to be appropriate by the
                Committee, in its sole discretion. To the extent that the
                foregoing adjustments relate to stock or securities of the
                Company, such adjustments shall be made by the Board of
                Directors, whose determination in that respect shall be final,
                binding and conclusive. The Committee need not treat other
                optionees and/or options in the same manner as Employee and the
                Option are treated. In no case shall the Company be required to
                sell a fractional share of Common Stock, and the total
                adjustment as set forth above shall be limited accordingly.

        9.      METHOD OF EXERCISING THE OPTION. Subject to the vesting
                provisions of Section 3 hereof, the Employee may exercise the
                Option in full or in part by written notice to the Company,
                delivered in person to the Treasurer of the Company or mailed,
                by registered mail, return receipt requested, to the Company's
                principal office at Atlanta, Georgia, attention of the Treasurer
                of the Company; provided, however, that if exercised in part,
                the Option may not be exercised for fewer than 100 shares,
                unless the remaining balance of the Option is less than 100
                shares, in which case the Option may be exercised for the
                remaining balance. The written notice shall state the Employee's
                intention to exercise the Option and the number of shares in
                respect to which it is being exercised and shall be signed by
                the Employee or a legatee or personal representative of the
                Employee, as applicable. Such notice shall be accompanied by
                payment of the full purchase price of the shares, and
                instructions shall be given as to the address to which the stock
                certificates shall be mailed. The purchase price for the shares
                as to which the Option shall be exercised from time to time
                shall be paid in full in cash and/or unrestricted shares of
                Common Stock already owned by the optionee for a period of at
                least six months, based, in each case, on the Fair Market Value
                (as defined in the Plan) of the shares on the date the Option is
                exercised, unless it

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                shall be determined by the Committee, at any time hereafter, in
                its sole discretion, that unrestricted shares of Common Stock
                are not a permissible form of payment with respect to the
                Option. No shares may be purchased if the Employee is not at the
                time of exercise in the employ of the Company, or a subsidiary,
                except as provided in Section 7.

        10.     REQUIREMENT OF LAW. If any law, regulation of the Securities and
                Exchange Commission, or any regulation of any other commission
                or agency having jurisdiction shall require the Company or the
                Employee to take any action with respect to the shares of Common
                Stock acquired by the exercise of the Option, then the date upon
                which the Company shall deliver or cause to be delivered the
                certificate or certificates for the shares of Common Stock shall
                be postponed until full compliance has been made with all such
                requirements or law or regulations. Further, at or before the
                time of the delivery of the shares with respect to which
                exercise of the Option has been made, the Employee shall, if
                requested by the Company, deliver to the Company his/her written
                statement that he/she intends to hold the shares so acquired by
                him on exercise of the Option for investment and not with a view
                to resale or other distribution thereof to the public. Further,
                in the event the Company shall determine that, in compliance
                with the Securities Act of 1933, as amended, or other applicable
                statute or regulation, it is necessary to register any of the
                shares of Common Stock with respect to which an exercise of the
                Option has been made, or to qualify any such shares for
                exemption from any of the requirements of the Securities Act of
                1933, as amended, or other applicable statute or regulations,
                then the Company shall take such action at its own expense, but
                not until such action has been completed shall the Option shares
                be delivered to the Employee.

        11.     NO EFFECT ON EMPLOYMENT. Nothing herein shall be construed to
                grant Employee the right to continued employment with the
                Company, to limit or restrict the right of the Company or any of
                its subsidiaries to terminate an Employee's employment at any
                time, with or without cause, or to increase or decrease the
                compensation of the Employee from the rate in existence at the
                date hereof.

        12.     INCENTIVE STOCK OPTION. The Option granted hereunder has been
                designated as an "Incentive Stock Option" pursuant to Section
                422 of the Code (as defined in the Plan); provided, however,
                that to the extent that the Option fails for any reason to
                comply with the provisions of Section 422, it shall be treated
                as a Non-Qualified Stock Option (as defined in the Plan). The
                Company shall have no liability whatsoever to Employee in the
                event the Option fails for any reason to satisfy the
                requirements for Incentive Stock Options set forth in Section
                422.

        13.     GOVERNING LAW. This Agreement and all awards made and actions
                taken hereunder shall be governed by and construed in accordance
                with the Delaware

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                General Corporation Law, to the extent applicable, and in
                accordance with the laws of the State of Georgia in all other
                respects.

IN WITNESS WHEREOF, the Company has caused this Incentive Stock Option Agreement
to be duly executed by an authorized officer, and the Employee has hereunto set
his/her hand, all as of the day and year first above written.

                                         Marine Products Corporation

                                         By:____________________________________
                                         Its: President

                                         _______________________________________
                                         Name

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EXHIBIT 10.2

                           MARINE PRODUCTS CORPORATION

                      TIME-LAPSE RESTRICTED STOCK AGREEMENT

TIME-LAPSE RESTRICTED STOCK AGREEMENT made as of the day of __________, 2___,
between Marine Products Corporation, a Delaware corporation (hereinafter called
the "Company"), and, ((FNAME)) ((LNAME)), an employee of the Company or one or
more of its subsidiaries (hereinafter called the "Employee").

WHEREAS, the Company desires to grant to the Employee, as an incentive for
Employee to promote the interests of the Company and its subsidiaries, shares of
its Common Stock, par value $0.10 per share (hereinafter called the "Common
Stock"), subject to certain continued employment vesting criteria, pursuant to
the terms and provisions of the Company's 2004 Employee Stock Incentive Plan
(hereinafter called the "Plan"), as hereinafter provided.

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth
and Employee's employment by the Company, the parties hereto agree as follows:

        THE PLAN. This Agreement is made pursuant to and in accordance with the
terms and provisions of the Plan. Anything in this Agreement to the contrary
notwithstanding, the terms and provisions of the Plan, all of which are hereby
incorporated herein by reference, shall be controlling in the event of any
inconsistency herewith.

1.      ADMINISTRATION. Unless administration of the Plan is assumed by the
        Board of Directors of the Company, the Plan shall be administered by a
        committee of the Board of Directors of the Company constituted in
        accordance with the Plan, (hereinafter referred to as the "Committee".)
        The Committee is authorized and empowered to administer and interpret
        the Plan and this Agreement. Any interpretations of this Agreement or of
        the Plan made by the Committee shall be final and binding upon the
        parties hereto.

2.      GRANT OF TIME-LAPSE RESTRICTED STOCK. Effective as of __________, 2___
        (the "Grant Date"), the Company hereby irrevocably grants to the
        Employee ______ shares of Common Stock, which shares are subject to
        satisfaction of the vesting requirements and the terms and conditions
        hereinafter set forth (such shares of Common Stock being hereinafter
        referred to in the aggregate as the "Time-Lapse Restricted Stock").

3.      SERVICE/EMPLOYMENT. The shares of Time-Lapse Restricted Stock shall vest
        __ percent effective ___________, then __ percent annually thereafter,
        and will be fully vested by ____________ but only if, through each date,
        Employee shall have been in the continuous employ of the Company or a
        subsidiary thereof, in a position of equivalent or greater
        responsibility as on the Grant Date. If Employee's employment with the
        Company terminates at any time prior to the vesting pursuant to this
        Section 3 of the Time-Lapse Restricted Stock issued hereunder, he or she
        shall forfeit all remaining Time-Lapse Restricted Stock, unless the
        Employee's employment terminates due to his or her death, Normal
        Retirement (as defined in

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        the Plan) or permanent Disability (as defined in the Plan), in which
        case a pro rata portion of such unvested Time-Lapse Restricted Stock
        (determined by dividing the total number of months elapsed from the
        Grant Date to the date of death, Normal Retirement or permanent
        Disability, as applicable, by 72 and multiplying the result by the
        aggregate amount of Time-Lapse Restricted Stock) shall vest immediately.
        The transfer of employment by Employee between the Company and a
        subsidiary thereof shall not be deemed a termination of employment under
        the Plan or this Agreement.

4.      ESCROW; DIVIDENDS AND VOTING RIGHTS. Prior to the completion of the
        vesting periods referenced in Section 3 above, all shares of Time-Lapse
        Restricted Stock shall be held in escrow by the Company for the benefit
        of Employee. During such period, prior to any forfeiture of the shares,
        Employee shall receive all cash dividends declared with respect to the
        shares and shall have the right to exercise all voting rights with
        respect to the shares. At the discretion of the Company, any share
        certificates so held in escrow shall be inscribed with a legend
        referencing the transfer restrictions contained in this Agreement and
        any other applicable transfer restrictions. Any share certificates
        issued pursuant to a stock split or as dividends with respect to the
        Time-Lapse Restricted Stock held in escrow shall also be held in escrow
        on the same terms as the Time-Lapse Restricted Stock and shall be
        released at the same time as, and subject to the same risk of forfeiture
        as, the shares with respect to which they were issued. Any issued
        Time-Lapse Restricted Stock which the Employee does not forfeit pursuant
        to Section 3 above shall be transferred to the Employee free of any
        forfeiture conditions under the Plan or this Agreement as soon as
        practicable after the service vesting conditions under Section 3 above
        has been satisfied or no longer applies; provided, however, that if the
        Committee at any time before such transfer reasonably determines that
        the Employee might have violated any applicable criminal law, the
        Committee shall have the right to cause all of Employee's Time-Lapse
        Restricted Stock then held in escrow to be forfeited, without regard to
        whether (i) Employee has satisfied the service vesting condition set
        forth in Section 3 before the date the Committee makes such
        determination, or (ii) Employee's employment is (or might have been)
        terminated as a result of such conduct.

5.      NON-TRANSFERABILITY. No Time-Lapse Restricted Stock granted pursuant to
        this Agreement shall be assignable or transferable, and such Time-Lapse
        Restricted Stock shall not be subject to execution, attachment or other
        process, until that date on which the Time-Lapse Restricted Stock vests
        pursuant to Section 3 above. Any attempt by the Employee to alienate,
        assign, pledge, hypothecate or otherwise dispose of the Employee's
        interest in this Agreement or any Restricted Stock prior to its becoming
        fully vested shall be ineffective and shall permit the Company to
        terminate this Agreement and cause the forfeiture of any unvested
        shares. The Company may, at its discretion, place a legend to such
        effect on the certificates representing the shares of Time-Lapse
        Restricted Stock and issue appropriate stop transfer instructions to the
        Company's transfer agent.

6.      CHANGE IN CAPITALIZATION. In the event of any merger, reorganization,
        consolidation, or similar event, such substitution or adjustment shall
        be made in the shares subject to this Time-Lapse Restricted Stock award
        as may be determined to be

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        appropriate by the Committee, in its sole discretion, provided that the
        number of shares subject to any Award shall always be a whole number. To
        the extent that the foregoing adjustments relate to stock or securities
        of the Company, such adjustments shall be made by the Board of
        Directors, whose determination in that respect shall be final, binding
        and conclusive. The Committee need not treat other holders of Time-Lapse
        Restricted Stock in the same manner as Employee is treated.

7.      REQUIREMENT OF LAW. If any law, regulation of the Securities and
        Exchange Commission, or any regulation of any other commission or agency
        having jurisdiction shall require the Company or the Employee to take
        any action prior to the issuance or release from escrow of any shares of
        Time-Lapse Restricted Stock, then the date upon which the Company shall
        deliver or cause to be issued or released from escrow the certificate or
        certificates for such shares of Time-Lapse Restricted Stock shall be
        postponed until full compliance has been made with all such requirements
        or law or regulations. Further, at or before the time of issuance of any
        shares of Time-Lapse Restricted Stock, the Employee shall, if requested
        by the Company, deliver to the Company his/her written statement that
        he/she intends to hold such shares for investment and not with a view to
        resale or other distribution thereof to the public. Further, in the
        event the Company shall determine that, in compliance with the
        Securities Act of 1933, as amended, or other applicable statute or
        regulation, it is necessary to register any of the shares of Time-Lapse
        Restricted Stock, or to qualify any such shares for exemption from any
        of the requirements of the Securities Act of 1933, as amended, or other
        applicable statute or regulations, then the Company shall take such
        action at its own expense, but not until such action has been completed
        shall the shares be issued in the name of the Employee.

8.      WITHHOLDING. Employee shall have the right (absent any contrary action
        by the Committee) to elect that the minimum tax withholding requirements
        applicable to the receipt of any award pursuant to this Agreement be
        satisfied through a reduction in the number of shares of Time-Lapse
        Restricted Stock issued or transferred to him or her, and if the
        Employee so elects, the Committee shall have the right to reduce the
        number of shares of Time-Lapse Restricted Stock issued or transferred to
        the Employee in order to satisfy such minimum applicable tax withholding
        requirements.

9.      NO EFFECT ON EMPLOYMENT. Nothing herein shall be construed to grant
        Employee the right to continued employment with the Company or to limit
        or restrict the right of the Company or any of its subsidiaries to
        terminate an Employee's employment at any time, with or without cause,
        or to increase or decrease the compensation of the Employee from the
        rate in existence at the date hereof.

10.     GOVERNING LAW. This Agreement and all awards made and actions taken
        hereunder shall be governed by and construed in accordance with the
        Delaware General Corporation Law, to the extent applicable, and in
        accordance with the laws of the State of Georgia in all other respects.

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IN WITNESS WHEREOF, the Company has caused this Time-Lapse Restricted Stock
Agreement to be duly executed by an authorized officer, and the Employee has
hereunto set his/her hand, all as of the day and year first above written.

                                    Marine Products Corporation

                                    By:_________________________________________
                                    Its: President

                                    ____________________________________________
                                    Name

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