Document:

Prepared by MerrillDirect

Exhibit 10.3(h)

NON-QUALIFIED STOCK OPTION AGREEMENT

FOR NON-EMPLOYEE DIRECTORS

UNDER THE STOCKERYALE, INC.

2000 STOCK OPTION AND INCENTIVE PLAN

 

Name of
Optionee:__________________________

No. of Option Shares: __________

Option Exercise Price per Share:_______________

                                                                   [FMV]

Grant Date:_________________________________

             [fifth business day after
each annual meeting]

Expiration
Date:____________________

                                        [10
years]

 

             Pursuant to the StockerYale, Inc.
2000 Stock Option and Incentive Plan (the “Plan”) as amended through the date
hereof, StockerYale, Inc. (the “Company”) hereby grants to the Optionee named
above, who is a Director of the Company but is not an employee of the Company,
an option (the “Stock Option”) to purchase on or prior to the Expiration Date
specified above all or part of the number of shares of Common Stock, par value
$.001 per share (the “Stock”) of the Company specified above at the Option
Exercise Price per Share specified above subject to the terms and conditions
set forth herein and in the Plan.

             1.          Vesting.  No portion of this Stock Option may be
exercised until this Stock Option shall have vested.  Except as set forth below, this Stock Option shall be fully
vested and exercisable on the [__________] anniversary of the Grant Date.

             In the event of (i) the
termination of the Optionee’s service as a director of the Company because of
Disability or death, or (ii) a Change of Control of the Company as defined
in Section 17 of the Plan, this Stock Option shall become immediately vested and
exercisable in full, whether or not vested and exercisable at such time.  Once vested, this Stock Option shall
continue to be exercisable at any time or times prior to the close of business
on the Expiration Date, subject to the provisions hereof and of the Plan.

             2.          Exercise
of Stock Option.

             (a)         The
Optionee may exercise this Option only in the following manner:  from time to time on or prior to the
Expiration Date of this Option, the Optionee may give written notice to the
Committee of his or her election to purchase some or all of the vested Option
Shares purchasable at the time of such notice. 
This notice shall specify the number of Option Shares to be purchased.

             Payment of the purchase price for
the Option Shares may be made by one or more of the following methods:  (i) in cash, by certified or bank check
or other instrument acceptable to the Committee; (ii) in the form of
shares of Stock that are not then subject to restrictions under any Company
plan and that have been held by the Optionee for at least six months;
(iii) by the Optionee delivering to the Company a properly executed
exercise notice together with irrevocable instructions to a broker to promptly
deliver to the Company cash or a check payable and acceptable to the Company to
pay the option purchase price, provided that in the event the Optionee chooses
to pay the option purchase price as so provided, the Optionee and the broker
shall comply with such procedures and enter into such agreements of indemnity
and other agreements as the Committee shall prescribe as a condition of such
payment procedure; or (iv) a combination of (i), (ii) and (iii)
above.  Payment instruments will be
received subject to collection.

             

The delivery of certificates representing the Option Shares will be contingent
upon the Company’s receipt from the Optionee of full payment for the Option
Shares, as set forth above and any agreement, statement or other evidence that
the Company may require to satisfy itself that the issuance of Stock to be
purchased pursuant to the exercise of Options under the Plan and any subsequent
resale of the shares of Stock will be in compliance with applicable laws and
regulations.

                           (b)        Certificates for shares of Stock
purchased upon exercise of this Stock Option shall be issued and delivered to
the Optionee upon compliance to the satisfaction of the Committee with all
requirements under applicable laws or regulations in connection with such
issuance and with the requirements hereof and of the Plan.  The determination of the Committee as to
such compliance shall be final and binding on the Optionee.  The Optionee shall not be deemed to be the
holder of the shares subject to this Stock Option, or to have any of the rights
of a holder, unless and until this Stock Option shall have been exercised
pursuant to the terms hereof, the Company shall have issued and delivered the
shares to the Optionee, and the Optionee’s name shall have been entered as the
stockholder of record on the books of the Company.  Thereupon, the Optionee shall have full voting, dividend and
other ownership rights with respect to such shares of Stock.

                           (c)         The minimum number of shares with
respect to which this Stock Option may be exercised at any one time shall be
100 shares, unless the number of shares with respect to which this Stock Option
is being exercised is the total number of shares subject to exercise under this
Stock Option at the time.

                           (d)        Notwithstanding any other provision
hereof or of the Plan, no portion of this Stock Option shall be exercisable
after the Expiration Date hereof.

             3.          Termination
as Director. If the Optionee ceases to be a Director of the Company, the
period within which to exercise the Stock Option may be subject to earlier
termination as set forth below.

 

                           (a)         Termination For Cause.  If the Optionee ceases to be a Director for
Cause (as defined in the Plan), any Stock Option held by the Optionee shall
immediately terminate and be of no further force and effect.

                           (b)        Termination by Reason of Death.  If the Optionee ceases to be a Director by
reason of death, any Stock Option held by the Optionee may be exercised by his
or her legal representative or legatee for a period of  twelve months from the date of death or
until the Expiration Date, if earlier.

                           (c)         Other Termination.  If the Optionee ceases to be a Director for
any reason other than Cause or death, any Stock Option held by the Optionee may
be exercised, to the extent exercisable on the date of termination, for a
period of three years from the date of termination or until the Expiration
Date, if earlier.  Any Option that is
not exercisable at such time shall terminate immediately and be of no further
force or effect.

             4.          Incorporation
of Plan.  Notwithstanding anything
herein to the contrary, this Stock Option shall be subject to and governed by
all the terms and conditions of the Plan. 
Capitalized terms in this Agreement shall have the meaning specified in
the Plan, unless a different meaning is specified herein.

             5.          Transferability.  This Agreement is personal to the Optionee,
is non-assignable and is not transferable in any manner, by operation of law or
otherwise, other than by will or the laws of descent and distribution.  This Stock Option is exercisable, during the
Optionee’s lifetime, only by the Optionee, and thereafter, only by the
Optionee’s legal representative or legatee.

             6.          Miscellaneous.

                           (a)         Notice hereunder shall be given to the
Company at its principal place of business, and shall be given to the Optionee
at the address set forth below, or in either case at such other address as one
party may subsequently furnish to the other party in writing.

                           (b)        This Stock Option does not confer upon
the Optionee any rights with respect to continuance as a Director.

                           (c)         Pursuant to Section 15 of the Plan, the
Committee may at any time amend or cancel any outstanding portion of this Stock
Option, but no such action may be taken which adversely affects the Optionee’s
rights under this Agreement without the Optionee’s consent.

 

	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 	 	Title:	 	 	 	 	 

 

The foregoing
Agreement is hereby accepted and the terms and conditions thereof hereby agreed
to by the undersigned.

 

	Dated:	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	

	 	 	 	 	 	

	 	 	 	 	 	 	 	Optionee’s Signature	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Optionee’s name and address:Prepared by MerrillDirect

Exhibit 10.4(b)

STOCKERYALE, INC.

AMENDMENT NO. 1 TO THE

2000 EMPLOYEE STOCK PURCHASE PLAN

 

             This AMENDMENT NO. 1 dated as of
June 26, 2001 (this “Amendment”) to the StockerYale, Inc. 2000 Employee Stock
Purchase Plan (the “Plan”), is adopted by the Board of Directors on the date
hereof.  All capitalized terms used and
not defined herein shall have the meanings ascribed to such terms in the Plan.

             Pursuant to Section 18 of the Plan,
the Board of Directors hereby amends Section 3 of the Plan by deleting it in
its entirety and replacing it with the following:

 

	 	3.	Eligibility. All employees of the
  Company (including employees who are also directors of the Company) and all
  employees of each Designated Subsidiary (as defined in Section 11) are
  eligible to participate in any one or more of the Offerings under the Plan,
  provided that they are customarily employed by the Company or a Designated
  Subsidiary for more than twenty (20) hours a week and they are employed by
  the Company prior to the first day of the relevant Offering Period.

             Except as so amended, the Plan in
all other respects is confirmed and ratified and shall remain and continue in
full force and effect.

Adopted by the
Board of Directors: June 26, 2001

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