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                                                                   EXHIBIT 10.19

                                PHOTOMEDEX, INC.
                             2000 STOCK OPTION PLAN
                  AMENDED AND RESTATED AS OF SEPTEMBER 24, 2002

            1.    PURPOSE. The purpose of the PhotoMedex, Inc. Amended and
Restated 2000 Stock Option Plan (the "Plan") is to provide an incentive to
officers, directors, employees, independent contractors, and consultants of
PhotoMedex, Inc., a Delaware corporation (the "Company"), and any parent
companies and subsidiaries (together with the Company herein collectively
referred to as "PHMD") to remain in the employ of PHMD or provide services to
PHMD and contribute to its success. This Plan was adopted by the Board of
Directors as of October 16, 2000, and amends and restates the Company's 2000
Stock Option Plan, which was originally adopted by the Board of Directors as of
May 15, 2000 and approved by the stockholders of the Company as of July 18,
2000, and amended by the Board of Directors on May 3, 2002 and approved by the
stockholders of the Company on June 10, 2002.

      As used in the Plan, the term "Code" shall mean the Internal Revenue Code
of 1986, as amended, and any successor statute, and the terms "Parent" and
"Subsidiary" shall have the meanings set forth in Section 424(e) and (f) of the
Code.

            2.    ADMINISTRATION. The Plan shall be administered by a committee
(the "Plan Committee") which shall be established by the Board of Directors of
the Company (the "Board"). The Plan Committee shall be comprised of at least two
individuals, each of whom shall be a "nonemployee director," as defined in Rule
16b-3, as promulgated by the Securities and Exchange Commission ("Rule 16b-3")
under the Securities Exchange Act of 1934, as amended and shall, at such times
as the Company is subject to Section 162(m) of the Code (to the extent relief
from the limitation of Section 162(m) of the Code is sought with respect to
Options), qualify as "outside directors" for purposes of Section 162(m) of the
Code. Members of the Plan Committee shall be appointed, both initially and as
vacancies occur, by the Board. The Board may serve as the Plan Committee if by
the terms of the Plan all members of the Board are otherwise eligible to serve
on the Plan Committee. The Board, at any time it so desires, may increase or
decrease, but not below two, the number of members of the Plan Committee, may
remove from membership on the Plan Committee all or any portion of its members,
and may appoint such person or persons as it desires to fill any vacancy
existing on the Plan Committee, whether by removal, resignation or otherwise.
The provisions of the Plan and all option and ("SAR") agreements executed
pursuant thereto, and its decisions shall be conclusive and binding upon all
interested persons. Subject to the provisions of the Plan, the Plan Committee
shall have the sole authority to:

                  (a)   Determine the persons (hereinafter, "optionees") to whom
options to purchase shares of Common Stock of the Company ("Stock") and SARs
shall be granted;

                  (b)   Determine the number of options and SARs to be granted
to each optionee;

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                  (c)   Determine the price to be paid for each share of Stock
issued (or otherwise sold) upon the exercise of each option and the manner and
condition in which each option may be exercised;

                  (d)   Determine the period within which each option and SAR
may be exercised, any extensions of such period (provided, however, that the
original period and all extensions shall not exceed the maximum period
permissible under the Plan); and

                  (e)   Determine whether to grant incentive stock options, or
non-qualified stock options, or both (to the extent that any option does not
qualify as an incentive stock option, it shall constitute a separate
non-qualified stock option); provided, however, that incentive stock options may
only be granted to employees;

                  (f)   Interpret the Plan and the Award Agreements hereunder,
with such interpretations to be conclusive and binding on all persons and
otherwise accorded the maximum deference permitted by law;

                  (g)   Determine the terms and conditions of each stock option
and/or SAR agreement entered into between the Company and persons to whom the
Company has granted an option or SAR and of any amendments thereto (provided
that the optionee consents to each such amendment).

      The Plan Committee may require that each optionee enter into a written
agreement with the Company, which will set forth all the terms and conditions of
the grant of options or SARs. The award agreement shall contain such other
terms, provisions and conditions not inconsistent herewith, as shall be
determined by the Plan Committee.

      The optionee shall take whatever additional actions and execute whatever
additional documents the Plan Committee may, in its reasonable judgment, deem
necessary or advisable in order to carry out or effect one or more of the
obligations or restrictions imposed on the optionee pursuant to the express
provisions of the Plan and the applicable award agreement. The Plan Committee
shall cause each option to be designated as an incentive stock option or a
non-qualified stock option.

      The Plan Committee shall meet at such times and places as it determines,
including by means of a telephone conference call. A majority of the members
shall constitute a quorum, and a decision of a majority of those present at any
meeting at which a quorum is present shall constitute the decision of the Plan
Committee. A memorandum signed by all of the members of the Plan Committee shall
constitute the decision of the Plan Committee without the necessity, in such
event, for holding an actual meeting.

      If no Committee is designated by the Board to act for these purposes, the
Board shall have the rights and responsibilities of the Committee hereunder and
under the award agreements.

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            3.    ELIGIBILITY. Officers, directors and employees of PHMD
independent contractors, consultants and other persons providing significant
services to PHMD shall be eligible to receive grants of options under the Plan.

            4.    STOCK SUBJECT TO PLAN. There shall be reserved for issue, upon
the exercise of options granted under the Plan, 2,000,000 shares of Stock or the
number of shares of Stock, which, in accordance with the provisions of Section 9
hereof, shall be substituted therefor. Such shares may be treasury shares. If an
option granted under the Plan shall expire or terminate for any reason without
having been exercised in full, unpurchased shares subject thereto shall again be
available for the purposes of the Plan. The maximum number of shares with
respect to which options or SARs may be granted to an optionee who is an
employee of PHMD shall not exceed 250,000 shares in any fiscal year during the
term of the Plan.

      The certificates for Stock issued hereunder may include any legend, which
the Plan Committee deems appropriate to reflect any rights of first refusal or
other restrictions on transfer hereunder or under the award agreement, or as the
Plan Committee may otherwise deem appropriate.

            5.    TERMS OF OPTIONS AND SARS.

                  (a)   INCENTIVE STOCK OPTIONS. It is intended that options
granted pursuant to this Section 5(a) qualify as incentive stock options as
defined in Section 422 of the Code. Incentive stock options shall be granted
only to employees of PHMD. Each stock option agreement evidencing an incentive
stock option shall provide that the option is subject to the following terms and
conditions and to such other terms and conditions not inconsistent therewith as
the Plan Committee may deem appropriate in each case:

                  (1)   OPTION PRICE. The price to be paid for each share of
Stock upon the exercise of each incentive stock option shall be determined by
the Plan Committee at the time the option is granted, but shall in no event be
less than 100% of the Fair Market Value (as defined below) of the shares on the
date the option is granted, or not less than 110% of the Fair Market Value of
such shares on the date such option is granted in the case of an individual then
owning (for purposes of Sections 422(b)(6) and 424(d) of the Code) 10% or more
of the total combined voting power of all classes of stock of the Company or of
its Parent or Subsidiaries. As used in this Plan, the term "date the option is
granted" means the date on which the Plan Committee authorizes the grant of an
option hereunder or any later date specified by the Plan Committee. For the
purposes of the Plan, "Fair Market Value" of the shares shall be the closing
sales price reported for the Stock on the applicable date, (i) as reported by
the principal national securities exchange in the United States on which it is
then traded, (ii) if not traded on any such national securities exchange, as
quoted on an automated quotation system sponsored by the National Association of
Securities Dealers, or if the sale of the Common Stock shall not have been
reported or quoted on such date, on the first day prior thereto on which the
Common Stock was reported or quoted, or (iii) if the Stock is not traded in any
market, such value as may be determined by the Committee in its discretion or as
may be determined in accordance with such methodologies, procedures or other
rules, (which may provide, without limitation, that determinations of Fair
Market Value shall be made by an independent third party), as may be established
by the Committee in its discretion; provided, however, that, where the shares
are so

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listed or traded, the Committee may make discretionary determinations, or
implement such methodologies, procedures or other rules, where the shares have
not been traded for 10 trading days.

                  (2)   PERIOD OF OPTION AND EXERCISE. The period or periods
within which an option may be exercised shall be determined by the Plan
Committee at the time the option is granted, but in no event shall any option
granted hereunder be exercised more than ten (10) years from the date the option
was granted nor more than five years from the date the option was granted in the
case of an individual then owning (for purposes of Sections 422 (b)(6) and
424(d) of the Code) more than 10% of the total combined voting power of all
classes of stock of the Company or of its Parent or Subsidiaries.

                  (3)   PAYMENT FOR STOCK. The option exercise price for each
share of Stock purchased under an option shall be paid in full at the time of
purchase. The Plan Committee may provide that the option price be payable, at
the election of the holder of the option and with the consent of the Plan
Committee, in whole or in part either in cash or by delivery of Stock in
transferable form, such Stock to be valued for such purpose at its Fair Market
Value on the date on which the option is exercised. No share of Stock shall be
issued upon exercise until full payment therefor has been made, and no optionee
shall have any rights as an owner of Stock until the date of issuance to him of
the stock certificate evidencing such Stock.

                  (4)   LIMITATION ON AMOUNT BECOMING EXERCISABLE IN ANY ONE
CALENDAR YEAR. Subject to the overall limitations of Section 4 hereof (relating
to the aggregate shares subject to the Plan), the aggregate Fair Market Value
(determined as of the time the option is granted) of Stock with respect to which
incentive stock options are exercisable for the first time by the optionee
during any calendar year (under the Plan and all other incentive stock option
plans of the Company, the Parent, and Subsidiaries) shall not exceed $100,000.

                  (5)   DISQUALIFYING DISPOSITIONS OF INCENTIVE STOCK OPTIONS.
If Shares acquired upon exercise of an incentive stock option are disposed of in
a disqualifying disposition, within the meaning of Section 422 of the Code, by
an optionee prior to the expiration of either two years from the date of grant
of such option or one year from the transfer of Shares to the optionee pursuant
to the exercise of such option, or in any other disqualifying disposition within
the meaning of Section 422 of the Code, such optionee shall notify the Company
in writing as soon as practicable thereafter of the date and terms of such
disposition and, if the Company (or any affiliate thereof) thereupon has a
tax-withholding obligation, shall pay to the Company (or such affiliate) an
amount equal to any withholding tax the Company (or affiliate) is required to
pay as a result of the disqualifying disposition.

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                  (b)   NONQUALIFIED STOCK OPTIONS. Nonqualified stock options
may be granted not only to employees but also to directors who are not employees
of PHMD and to consultants, independent contractors and other persons who
provide substantial services to PHMD. Each nonqualified stock option granted
under the Plan shall be evidenced by a stock option agreement between the person
to whom such option is granted and the Company. Such stock option agreement
shall provide that the option is subject to the following terms and conditions
and to such other terms and conditions not inconsistent therewith as the Plan
Committee may deem appropriate in each case:

                  (1)   OPTION PRICE. The price to be paid for each share of
stock upon the exercise of an option shall be determined by the Plan Committee
at the time the option is granted, but in no event shall be less than 85% of the
Fair Market Value of the shares on the date the option is granted. As used in
this Plan, the term "date the option is granted" means the date on which the
Plan Committee authorized the grant of an option hereunder or any later date
specified by the Plan Committee. To the extent that the Fair Market Value of
Stock is relevant to the pricing of the option by the Plan Committee, Fair
Market Value of the Stock shall be determined as set forth in Section 5(a)(1)
hereof.

                  (2)   PERIOD OF OPTION AND EXERCISE. The periods, installments
or intervals during which an option may be exercised shall be determined by the
Plan Committee at the time the option is granted, but in no event shall such
period exceed 10 years from the date the option is granted.

                  (3)   PAYMENT FOR STOCK. The option exercise price for each
share of Stock purchased under an option shall be paid in full at the time of
purchase. The Plan Committee may provide that the option exercise price be
payable at the election of the holder of the option, with the consent of the
Plan Committee, in whole or in part either in cash or by delivery of Stock in
transferable form, such Stock to be valued for such purpose at its Fair Market
Value on the date on which the option is exercised. The Plan Committee may also
provide, in the case of any nonqualified option, that such option may be
exercised on a cashless basis, by Optionee's submitting the original Option
Agreement, together with a statement to such effect on Optionee's election form.
No share of Stock shall be issued until full payment therefor has been made, and
no optionee shall have any rights as an owner of shares of Stock until the date
of issuance to him of the stock certificate evidencing such Stock.

                  (c)   STOCK APPRECIATION RIGHTS. SARs may be granted in
writing under the Plan by the Plan Committee subject to the following terms and
conditions and such other terms and conditions as the Plan Committee may
prescribe.

                  (1)   RIGHT OF OPTIONEE. Each SAR shall entitle the holder
thereof, upon the exercise of the SAR, to receive from the Company in exchange
therefor an amount equal in value to the excess of the Fair Market Value on the
date of exercise of one share of Stock over its Fair Market Value on the date of
grant (or, in the case of an SAR granted in connection with an option, the
excess of the Fair Market Value of one share of Stock at the time of exercise
over the option exercise price per share under the option to which the SAR
relates), multiplied by the number of shares covered by the SAR or the option,
or portion thereof, that is

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surrendered. No SAR shall be exercisable at a time that the amount determined
under this subparagraph is negative. Payment by the Company upon exercise of an
SAR shall be made in Stock valued at the Fair Market Value of the Stock on the
date of exercise.

                  (2)   EXERCISE. An SAR shall be exercisable only at the time
or times established by the Plan Committee. If an SAR is granted in connection
with an option, the following rules shall apply: (i) the SAR shall be
exercisable only to the extent and on the same conditions that the related
option could be exercised; (ii) upon exercise of the SAR, the option or portion
thereof to which the SAR relates terminates; and (iii) upon exercise of the
option, the related SAR or portion thereof terminates.

                  (3)   RULES. The Plan Committee may withdraw any SAR granted
under the Plan at any time and may impose any conditions upon the exercise of an
SAR or adopt rules and regulations from time to time affecting the rights of
holders of SARs granted prior to adoption or amendment of such rules and
regulations as well as SARs granted thereafter.

                  (4)   FRACTIONAL SHARES. No fractional shares shall be issued
upon exercise of an SAR. In lieu thereof, cash may be paid in an amount equal to
the value of the fraction or, if the Plan Committee shall determine, the number
of shares may be rounded downward to the next whole share.

                  (5)   SHARES SUBJECT TO PLAN. Upon the exercise of an SAR for
shares, the number of shares of Stock reserved for issuance under the Plan shall
be reduced by the number of shares issued.

            6.    NONTRANSFERABILITY. The options and SARs granted pursuant to
the Plan shall be nontransferable, except by will or the laws of descent and
distribution of the state or country of the optionee's domicile at the time of
death or for options other than incentive stock options, pursuant to a qualified
domestic relations order as defined in the Code or Title I of the Employee
Retirement Income Security Act of 1974, as amended, and shall be exercisable
during the optionee's lifetime only by him (or, in the case of a transfer
pursuant to a qualified domestic relations order, by the transferee under such
qualified domestic relations order) and after his death, by his personal
representative or by the person entitled thereto under his will or the laws of
intestate succession; provided, that the Plan Committee may permit additional
transfers, on a general or specific basis, and may impose conditions and
limitations on any such transfer.

            7.    TERMINATION OF EMPLOYMENT OR OTHER RELATIONSHIP. Unless
otherwise specified in the applicable option and/or SAR agreement, or unless
otherwise specified by the Plan Committee, upon termination of the optionee's
employment or other relationship with PHMD, his rights to exercise options and
SARs then held by him shall be only as follows (in no case do the time periods
referred to below extend the term specified in any option):

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                  (a)   DEATH OR DISABILITY. Upon the death or disability
(within the meaning of Section 22(e)(3) of the Code) of an optionee, any option
or SAR which he holds may be exercised (to the extent exercisable at his death
or disability), unless it otherwise expires, within such period after the date
of his death (not less than six months nor more than twelve months) as the Plan
Committee shall prescribe in his option agreement or SAR, by the optionee or, in
the event of death, by the optionee's representative or by the person entitled
thereto under his will or the laws of intestate succession.

                  (b)   RETIREMENT. Upon the retirement (either pursuant to an
PHMD retirement plan, if any, or pursuant to the approval of the Board) of an
officer, director or employee, an outstanding option or SAR may be exercised (to
the extent exercisable at the date of such retirement) by him within such period
after the date of his retirement (provided that such period is no less than 30
days and no more than three months) as the Plan Committee shall prescribe in his
option agreement or SAR.

                  (c)   OTHER TERMINATION. In the event an officer, director or
employee ceases to serve as an officer or director or leaves the employ of PHMD
for any reasons other than as set forth in (a) and (b), above, or a nonemployee
ceases to provide services to the Company (each an "Other Termination"), any
option or SAR which he holds shall remain exercisable (to the extent exercisable
as of the date of such Other Termination) within such period after the date of
such Other Termination (provided that such period is no less than 30 days and no
more than three months) as the Plan Committee shall prescribe in his option
agreement or SAR.

                  (d)   PLAN COMMITTEE DISCRETION. The Plan Committee may in its
sole discretion accelerate the exercisability of any or all options or SARs.

            8.    TRANSFER TO RELATED CORPORATION. In the event an employee
leaves the employ of the Company to become an employee of a Parent or a
Subsidiary or any employee leaves the employ of a Parent or a Subsidiary to
become an employee of the Company or another Parent or Subsidiary, such employee
shall be deemed to continue as an employee for purposes of this Plan.

            9.    ADJUSTMENT OF SHARES; TERMINATION OF OPTIONS AND SARS.

                  (a)   ADJUSTMENT OF SHARES. In the event of changes in the
outstanding Stock by reason of stock dividends, split-ups, consolidations,
recapitalization, reorganizations or like events (as determined by the Plan
Committee), an appropriate adjustment may be made by the Plan Committee in the
number of shares reserved under the Plan, in the number of shares set forth in
Section 4 hereof, in the number of shares and the option price per share
specified in any stock option agreement, in the number of SARs with respect to
any unexercised shares, and in any other appropriate terms of options or SARs.
The determination of the Plan Committee as to what adjustments shall be made
shall be conclusive. Adjustments for any options to purchase fractional shares
shall also be determined by the Plan Committee. The Plan Committee shall give
prompt notice to all optionees of any adjustment pursuant to this Section.

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                  (b)   TERMINATION OF OPTIONS AND SARS ON MERGER,
REORGANIZATION OR LIQUIDATION OF THE COMPANY. Notwithstanding anything to the
contrary in this Plan, unless otherwise provided by the Plan Committee, in the
event of any merger, consolidation or other reorganization of the Company in
which the Company is not the surviving or continuing corporation (as determined
by the Plan Committee) or in the event of the liquidation or dissolution of the
Company, all options and SARs granted hereunder shall terminate on the effective
date of the merger, consolidation, reorganization, liquidation or dissolution
unless there is an agreement with respect thereto which expressly provides for
the assumption of such options and SARs by the continuing or surviving
corporation.

            10.   SECURITIES LAW REQUIREMENTS. The Company's obligation to issue
shares of its Stock upon exercise of an option or SAR is expressly conditioned
upon the completion by the Company of any registration or other qualification of
such shares under any state and/or federal law or rulings and regulations of any
government regulatory body or the making of such investment representations or
other representations and undertakings by the optionee (or his legal
representative, heir or legatee, as the case may be) in order to comply with the
requirements of any exemption from any such registration or other qualification
of such shares which the Company in its sole discretion shall deem necessary or
advisable. The Company may refuse to permit the sale or other disposition of any
shares acquired pursuant to any such representation until it is satisfied that
such sale or other disposition would not be in contravention of applicable state
or federal securities law.

            11.   TAX WITHHOLDING. As a condition to the exercise of an option
or SAR or otherwise, the Company may require an optionee to pay over to the
Company all applicable federal, state and local taxes which the Company is
required, as determined in the discretion of the Plan Committee, to withhold
with respect to the exercise of an option or SAR granted hereunder. At the
discretion of the Plan Committee and upon the request of an optionee, the
minimum statutory withholding tax requirements may be satisfied by the
withholding of shares of Stock otherwise issuable to the optionee upon the
exercise of an option or SAR.

            12.   AMENDMENT. The Board may amend the Plan at any time, except
that without shareholder approval:

                  (a)   The number of shares of Stock which may be reserved for
issuance under the Plan shall not be increased except as provided in Section
9(a) hereof;

                  (b)   The option price per share of Stock subject to incentive
stock options may not be fixed at less than 100% of the Fair Market Value of a
share of Stock on the date the option is granted;

                  (c)   The maximum period of ten (10) years during which the
options or SARs may be exercised may not be extended;

                  (d)   The class of persons eligible to receive options or SARs
under the Plan as set forth in Section 3 shall not be changed; and

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                  (e)   This Section 12 may not be amended in a manner that
limits or reduces the amendments, which require shareholder approval.

            13.   EFFECTIVE DATE. The Plan shall be effective upon the date of
its adoption by the Board, and subject to the approval of the stockholders of
the Company within the 12 month period following such adoption date.

            14.   TERMINATION. The Plan shall terminate automatically as of the
close of business on the day preceding the 10th anniversary date of its
effectiveness or earlier by resolution of the Board, or upon consummation of any
merger, consolidation or other reorganization in which the options granted
hereunder terminate, all as described in Section 9(b) hereof. Unless otherwise
provided herein, the termination of the Plan shall not affect the validity of
any option agreement outstanding at the date of such termination.

            15.   NO RIGHTS AS STOCKHOLDER. Neither the optionee nor any person
entitled to exercise the optionee's rights in the event of death shall have any
rights of a stockholder with respect to the Shares subject to an option, except
to the extent that a certificate for such Shares shall have been issued upon the
exercise of the option as provided for herein.

            16.   STOCK OPTION AND SAR AGREEMENT. Each option and SAR granted
under the Plan shall be evidenced by a written agreement executed by the Company
and accepted by the optionee, which (i) shall contain each of the provisions and
agreements herein specifically required to be contained therein, (ii) shall
indicate whether an option is to be an incentive stock option or a nonqualified
stock option, and if it is to be an incentive stock option, the stock option
agreement shall contain terms and conditions permitting such option to qualify
for treatment as an incentive stock option under Section 422 of the Code, (iii)
may contain the agreement of the optionee to remain in the employ of, and/or to
render services to, the Company or any Parent or Subsidiary for a period of time
to be determined by the Plan Committee, and (iv) may contain such other terms
and conditions as the Plan Committee deems desirable and which are not
inconsistent with the Plan.

            17.   NO RIGHT TO EMPLOYMENT. Nothing in this Plan or in any option
or SAR granted hereunder shall confer upon any optionee any right to continue in
the employ of PHMD or to continue to perform services for PHMD, or shall
interfere with or restrict in any way the rights of PHMD to discharge or
terminate any officer, director, employee, independent contractor or consultant
at any time for any reason whatsoever, with or without good cause.

            18.   GOVERNING LAW. This Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware.

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      Executed and dated as of the date first written above at Radnor,
Pennsylvania.

                                                     PHOTOMEDEX, INC.

                                                     By: Jeffrey F. O'Donnell
                                                         -----------------------
                                                         Jeffrey F. O'Donnell
                                                         Chief Executive Officer

                                       10<PAGE>
                                                                   EXHIBIT 10.20

                                PHOTOMEDEX, INC.

                  2000 NON-EMPLOYEE DIRECTOR STOCK OPTION PLAN

                    AMENDED AND RESTATED AS OF JUNE 10, 2002

      1. Purposes of the Plan

      The purposes of this 2000 Non-Employee Director Stock Option Plan (the
"Plan") are to enable PhotoMedex, Inc., a Delaware corporation (the "Company")
to attract, retain and motivate the directors who are important to the success
and growth of the business of the Company and to create a long-term mutuality of
interest between the directors and the stockholders of the Company by granting
the directors options to purchase Common Stock (as defined herein). The Plan was
adopted by the Board of Directors to be effective as of June 1, 2000, approved
by the stockholders on July 18, 2000, amended and restated as of January 1,
2001, amended by the Board of Directors on May 3, 2002 and approved by the
stockholders of the Company on June 10, 2002.

      2. Definitions

      In addition to the terms defined elsewhere herein, for purposes of this
Plan, the following terms will have the following meanings when used herein with
initial capital letters:

      (a) "Act" means the Securities Exchange Act of 1934, as amended.

      (b) "Board" means the Board of Directors of the Company.

      (c) "Cause" means an act or failure to act that constitutes "cause" for
removal of a director under applicable Delaware law.

      (d) "Code" means the Internal Revenue Code of 1986, as amended (or any
successor statute).

      (e) "Committee" means a committee of the Board, appointed from time to
time by the Board, which Committee shall be intended to consist of two or more
directors who are non-employee directors, as defined in Rule 16b-3, or such
other committee of the Board to which the Board has delegated its power and
functions hereunder. If for any reason the appointed Committee does not meet the
requirements of Rule 16b-3, such noncompliance with the requirements of Rule
16b-3 shall not affect the validity of the interpretations or other actions of
the Committee. If and to the extent that no Committee exists which has the
authority to administer the Plan, the functions of the Committee shall be
exercised by the Board.

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      (f) "Common Stock" means the common stock of the Company, par value $0.01
per share, any common stock into which the common stock may be converted and any
common stock resulting from any reclassification of the common stock.

      (g) "Company" means PhotoMedex, Inc., a Delaware corporation, and any
successor thereto.

      (h) "Disability" means a total and permanent disability, as defined in
Section 22(e)(3) of the Code.

      (i) "Eligible Director" means a director of the Company who is not then a
current employee of the Company or any Related Person.

      (j) "Fair Market Value" means, for purposes of this Plan, unless otherwise
required by any applicable provision of the Code or any regulations issued
thereunder, as of any date, the closing sales price reported for the Common
Stock on the applicable date, (i) as reported by the principal national
securities exchange in the United States on which it is then traded, (ii) if not
traded on any such national securities exchange, as quoted on an automated
quotation system sponsored by the National Association of Securities Dealers, or
if the sale of the Common Stock shall not have been reported or quoted on such
date, on the first day prior thereto on which the Common Stock was reported or
quoted, or (iii) if the Common Stock is not traded in any market, such value as
may be determined by the Committee in its discretion or as may be determined in
accordance with such methodologies, procedures or other rules, (which may
provide, without limitation, that determinations of Fair Market Value shall be
made by an independent third party), as may be established by the Committee in
its discretion; provided, however, that, where the shares are so listed or
traded, the Committee may make discretionary determinations, or implement such
methodologies, procedures or other rules, where the shares have not been traded
for 10 trading days.

      (k) "Option" means the right to purchase the number of Shares granted in
the Option agreement at a prescribed purchase price according to the terms
specified in the Plan.

      (l) "Participant" means an Eligible Director who is granted an Option
under the Plan, which Option has not expired.

      (m) "Related Person" means, other than the Company (a) any corporation
that is defined as a subsidiary corporation in Section 424(f) of the Code; or
(b) any corporation that is defined as a parent corporation in Section 424(e) of
the Code. An entity shall be deemed a Related Person only for such periods as
the requisite ownership relationship is maintained.

      (n) "Rule 16b-3" means Rule 16b-3 promulgated under Section 16(b) of the
Act, as then in effect or any successor provisions.

                                       2
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      (o) "Securities Act" means the Securities Act of 1933, as amended.

      (p) "Share" means a share of Common Stock.

      (q) "Termination of Directorship" with respect to an individual means that
individual is no longer acting as a director (whether a non-employee director or
employee director) of the Company.

      3. Effective Date

      The Plan shall be effective as of January 1, 2000 (the "Effective Date"),
subject to its approval by the majority of the votes of the shares of Common
Stock present in person or represented by proxy and entitled to vote on the Plan
at a meeting of stockholders within one (1) year after the Plan is adopted by
the Board, provided that the total vote cast on the Plan represents the majority
in interest of all securities present, or represented, and entitled to vote on
the Plan. Grants of Options under the Plan will be made on or after the
Effective Date of the Plan, provided that, if the Plan is not approved by the
requisite vote of stockholders, all Options which have been granted pursuant to
the terms of the Plan shall be null and void. No Options may be exercised prior
to the approval of the Plan by the majority of the Common Stock, as such
majority is measured at the time of such approval.

      4. Administration

      4.1. Duties of the Committee. The Plan shall be administered by the
Committee. The Committee shall have full authority to interpret the Plan and to
decide any questions and settle all controversies and disputes that may arise in
connection with the Plan; to establish, amend and rescind rules for carrying out
the Plan; to administer the Plan, subject to its provisions; to prescribe the
form or forms of instruments evidencing Options and any other instruments
required under the Plan and to change such forms from time to time; and to make
all other determinations and to take all such steps in connection with the Plan
and the Options as the Committee, in its sole discretion, deems necessary or
desirable. Any determination, action or conclusion of the Committee shall be
final, conclusive and binding on all parties.

      4.2. Advisors. The Committee may employ such legal counsel, consultants
and agents as it may deem desirable for the administration of the Plan, and may
rely upon any advice or opinion received from any such counsel or consultant and
any computation received from any such consultant or agent. Expenses incurred by
the Committee in the engagement of such counsel, consultant or agent shall be
paid by the Company.

      4.3. Indemnification. To the maximum extent permitted by applicable law,
no officer or former officer of the Company or member or former member of the
Committee or of the Board shall be liable for any action or determination made
in good faith with respect to the Plan or any Option granted under it. To the
maximum extent permitted by applicable law and the Certificate of Incorporation
and Bylaws of the Company and to

                                       3
<PAGE>
the extent not covered by insurance, each officer or former officer and member
or former member of the Committee or of the Board shall be indemnified and held
harmless by the Company against any cost or expense (including reasonable fees
of counsel reasonably acceptable to the Company) or liability (including any sum
paid in settlement of a claim with the approval of the Company), and advanced
amounts necessary to pay the foregoing at the earliest time and to the fullest
extent permitted, arising out of any act or omission to act in connection with
the Plan, except to the extent arising out of such officer's or former
officer's, member's or former member's own fraud or bad faith. Such
indemnification shall be in addition to any rights of indemnification the
officers, directors or members or former officers, directors or members may have
under applicable law or under the Certificate of Incorporation or Bylaws of the
Company.

      4.4. Meetings of the Committee. The Committee shall adopt such rules and
regulations as it shall deem appropriate concerning the holding of its meetings
and the transaction of its business. All determinations by the Committee shall
be made by the affirmative vote of a majority of its members. Any such
determination may be made at a meeting duly called and held at which a majority
of the members of the Committee are in attendance in person or through
telephonic communication. Any determination set forth in writing and signed by
all the members of the Committee shall be as fully effective as if it had been
made by a majority vote of the members at a meeting duly called and held.

      4.5. Determinations. Each determination, interpretation or other action
made or taken pursuant to the provisions of this Plan by the Committee shall be
final, conclusive and binding for all purposes and upon all persons, including,
without limitation, the Participants, the Company, directors, officers and other
employees of the Company, and the respective heirs, executors, administrators,
personal representatives and other successors in interest of each of the
foregoing.

      5. Shares, Adjustments Upon Certain Events

      5.1. Shares to be Delivered. Shares to be issued under the Plan shall be
made available, at the sole discretion of the Board; either from authorized but
unissued Shares or from issued Shares reacquired by Company and held in
treasury. No fractional Shares will be issued or transferred upon the exercise
of any Option nor will any compensation be paid with regard to fractional
shares.

      5.2. Number of Shares. Subject to adjustment as provided in this Article
5, the maximum aggregate number of Shares authorized for issuance under the Plan
shall be 650,000. Where an Option is for any reason canceled, or expires or
terminates unexercised, the Shares covered by such Option shall again be
available for the grant of Options, within the limits provided by the preceding
sentence. The certificates for Shares issued hereunder may include any legend,
which the Committee deems appropriate to reflect any rights of first refusal or
other restrictions on transfer hereunder or under the award agreement, or as the
Committee may otherwise deem appropriate.

                                       4
<PAGE>
      5.3 Adjustment of Shares. In the event of changes in the outstanding
Common Stock by reason of stock dividends, split-ups, consolidations,
recapitalization, reorganizations or like events (as determined by the
Committee), an appropriate adjustment may be made by the Committee in the number
of shares reserved under the Plan, in the number of shares set forth in Section
5.2 hereof, in the number of shares and the option price per share specified in
any stock option agreement. The determination of the Committee as to what
adjustments shall be made shall be conclusive. Adjustments for any options to
purchase fractional shares shall also be determined by the Committee. The
Committee shall give prompt notice to all optionees of any adjustment pursuant
to this Section.

      5.4. Termination of Options on Merger, Reorganization or Liquidation of
the Company. Notwithstanding anything to the contrary in this Plan, unless
otherwise provided by the Committee, in the event of any merger, consolidation
or other reorganization of the Company in which the Company is not the surviving
or continuing corporation (as determined by the Committee) or in the event of
the liquidation or dissolution of the Company, all options granted hereunder
shall terminate on the effective date of the merger, consolidation,
reorganization, liquidation or dissolution unless there is an agreement with
respect thereto which expressly provides for the assumption of such options by
the continuing or surviving corporation.

      6. Securities Law Requirements. The Company's obligation to issue shares
of its Common Stock upon exercise of an option is expressly conditioned upon the
completion by the Company of any registration or other qualification of such
shares under any state and/or federal law or rulings and regulations of any
government regulatory body or the making of such investment representations or
other representations and undertakings by the optionee (or his legal
representative, heir or legatee, as the case may be) in order to comply with the
requirements of any exemption from any such registration or other qualification
of such shares which the Company in its sole discretion shall deem necessary or
advisable. The Company may refuse to permit the sale or other disposition of any
shares acquired pursuant to any such representation until it is satisfied that
such sale or other disposition would not be in contravention of applicable state
or federal securities law.

      7. Grants and Terms of Options

      7.1. Grant. Effective as of January 1, 2003, each Eligible Director shall
be automatically granted an Option to purchase a number of Shares equal to the
product of (i) 8,750 and (ii) the number of fiscal quarters remaining in the
Company's then current fiscal year (including the quarter in which the Initial
Grant Date falls), subject to the terms of the Plan. Notwithstanding anything to
the contrary herein, any Eligible Director who is first elected to the Board
after the Effective Date, but prior to the Initial Grant Date, shall
automatically be granted, as of the effective date of his election ("First Grant
Date"), an Option to purchase a number of Shares equal to the product of (i)
8,750 and (ii) the number of fiscal quarters remaining in the Company's then
current fiscal year (including the quarter in which such director was elected),
subject to the terms of the

                                       5
<PAGE>
Plan. As of January 1 of each year following the Initial Grant Date or the First
Grant Date, as the case may be, each Eligible Director shall be automatically
granted an Option to purchase 35,000 Shares ("Annual Grant").

      7.2. Date of Grant. If a grant of Options is to be made on a day on which
the principal national exchange or automated quotation system sponsored by the
National Association of Securities Dealers with respect to which Shares are
traded is not open for trading, the grant shall be made on the first day
thereafter on which such exchange or system is open for trading.

      7.3. Option Agreement. Options shall be evidenced by Option agreements in
such form as the Committee shall approve from time to time.

      7.4. Option Terms:

      (a) Exercise Price. The purchase price per share ("Purchase Price")
deliverable upon the exercise of an Option shall be 100% of the Fair Market
Value of such Share as follows:

      (i)   For Options issued on the Initial Grant Date, the Fair Market Value
shall be measured as of the last trading date of the fiscal quarter prior to the
Initial Grant Date;

      (ii)  For Options issued on the First Grant Date, the Fair Market Value
shall be measured as of the First Grant Date;

      (iii) For Annual Grants of Options issued as of January 1 of any fiscal
year, the Fair Market Value shall be measured as of the last trading date of the
prior year;

      7.5. Vesting of Options. Except as otherwise provided herein, Options
granted to Eligible Directors shall vest and become exercisable to the extent of
8,750 Shares for each fiscal quarter in which the Eligible Director shall have
served at least one day as a director of the Company.

      7.6. Procedure for Exercise. A Participant electing to exercise one or
more Options shall give written notice to the Company of such election and of
the number of Options he has elected to exercise. Shares purchased pursuant to
the exercise of Options shall be paid for at the time of exercise in cash. The
Plan Committee may also provide, in the case of any nonqualified option, that
such option may be exercised on a cashless basis, by Optionee's submitting the
original Option Agreement, together with a statement to such effect on
Optionee's election form. No share of Stock shall be issued until full payment
therefor has been made, and no optionee shall have any rights as an owner of
shares of Stock until the date of issuance to him of the stock certificate
evidencing such Stock.

      7.7. Expiration. Except as otherwise provided herein, if not previously
exercised each Option shall expire upon the tenth anniversary of the date of the
grant thereof.

                                       6
<PAGE>
      8. Effect of Termination of Directorship

      8.1. General. Unless provided otherwise in the Option agreement, upon a
Participant's Termination of Directorship for any reason except death,
Disability or Cause, prior to the complete exercise of an Option (or deemed
exercise thereof), then such Option shall thereafter be exercisable to the
extent such Option is vested and shall remain exercisable until the earlier of
(i) the expiration of the ninety (90) day period following the Participant's
Termination of Directorship or (ii) the remaining term of the Option.

      8.2. Death or Disability. Unless provided otherwise in the Option
agreement, upon Termination of Directorship on account of Disability or death,
all outstanding Options then exercisable and not exercised by the Participant
prior to such Termination of Directorship shall remain exercisable by the
Participant or, in the case of death, by the Participant's estate or by the
person given authority to exercise such Options by his or her will or by
operation of law, until the earlier of (i) first anniversary of the
Participant's Termination of Directorship or (ii) the remaining term of the
Option.

      8.3. Termination by Company for Cause. Upon removal, failure to stand for
reelection or failure to be renominated for Cause, or if the Company obtains or
discovers information after Termination of Directorship that such Participant
had engaged in conduct during such directorship that would have justified a
removal for Cause during such directorship, all outstanding Options of such
Participant shall immediately terminate and shall be null and void.

      8.4. Cancellation of Options. Options that were not exercisable during the
period a Participant serves as a director shall not become exercisable upon a
Termination of Directorship for any reason whatsoever, and such Options shall
terminate and become null and void upon a Termination of Directorship.

      9. Nontransferability of Options

      No Option shall be transferable by any Participant otherwise than (i) by
will, other instrument of testamentary distribution, or under applicable laws of
descent and distribution, or (ii) to such Participant's retirement plan or
grantor trust to the extent that such transferability does not disqualify the
Shares underlying such options from qualification for registration by the
Company on Form S-8. Except as provided above, no Option shall be assigned,
negotiated, pledged or hypothecated in any way (whether by operation of law or
otherwise), and no Option shall be subject to execution, attachment or similar
process. Upon any attempt to transfer, assign, negotiate, pledge or hypothecate
any Option, or in the event of any levy upon any Option by reason of any
execution, attachment or similar process contrary to the provisions hereof, such
Option shall immediately terminate and become null and void. Notwithstanding the
foregoing, the Committee may determine at the time of grant or thereafter that
an Option that is otherwise not transferable pursuant to this Article 9 is
transferable in whole or in part and in such circumstances, and under such
conditions, as specified by the Committee.

                                       7
<PAGE>
      10. Rights as a Stockholder

      A Participant (or a permitted transferee of an Option) shall have no
rights as a stockholder with respect to any Shares covered by such Participant's
Option until such Participant (or permitted transferee) shall have become the
holder of record of such Shares, and no adjustments shall be made for dividends
in cash or other property or distributions or other rights in respect to any
such Shares, except as otherwise specifically provided in this Plan.

      11. Securities Law Requirements

      The Company's obligation to issue Shares upon exercise of an option is
expressly conditioned upon the completion by the Company of any registration or
other qualification of such shares under any state and/or federal law or rulings
and regulations of any government regulatory body or the making of such
investment representations or other representations and undertakings by the
optionee (or his legal representative, heir or legatee, as the case may be) in
order to comply with the requirements of any exemption from any such
registration or other qualification of such shares which the Company in its sole
discretion shall deem necessary or advisable. The Company may refuse to permit
the sale or other disposition of any shares acquired pursuant to any such
representation until it is satisfied that such sale or other disposition would
not be in contravention of applicable state or federal securities law.

      12. Termination, Amendment and Modification

      Subject to the number of Shares authorized for issuance under the Plan as
provided in Section 5.2, the Plan shall continue in effect without limit unless
and until the Board otherwise determines. The termination of the Plan shall not
terminate any outstanding Options that by their terms continue beyond such
termination date. The Committee or the Board at any time or from time to time
may amend this Plan to effect (i) amendments necessary or desirable in order
that this Plan and the Options shall conform to all applicable laws and
regulations, and (ii) any other amendments deemed appropriate. Notwithstanding
the foregoing, solely to the extent required by law, the Committee or the Board
may not effect any amendment that would require the approval of the stockholders
of the Company under applicable law or under any regulation of a principal
national securities exchange or automated quotation system sponsored by the
National Association of Securities Dealers unless such approval is obtained.
This Plan may be amended or terminated at any time by the stockholders of the
Company.

      Except as otherwise required by law, no termination, amendment or
modification of this Plan may, without the consent of the Participant or the
permitted transferee of his Option, alter or impair the rights and obligations
arising under any then outstanding Option.

      13. Use of Proceeds

                                       8
<PAGE>
      The proceeds of the sale of Shares subject to Options under the Plan are
to be added to the general funds of the Company and used for its general
corporate purposes as the Board shall determine.

      14. General Provisions

      14.1. Right to Terminate Directorship. This Plan shall not impose any
obligations on the Company to retain any Participant as a director nor shall it
impose any obligation on the part of any Participant to remain as a director of
the Company.

      14.2. Trusts, etc. Nothing contained in the Plan and no action taken
pursuant to the Plan (including, without limitation, the grant of any Option
thereunder) shall create or be construed to create a trust of any kind, or a
fiduciary relationship, between the Company and any Participant or the executor,
administrator or other personal representative or designated beneficiary of such
Participant, or any other persons. If and to the extent that any Participant or
such Participant's executor, administrator or other personal representative, as
the case may be, acquires a right to receive any payment from the Company
pursuant to the Plan, such right shall be no greater than the right of an
unsecured general creditor of the Company.

      14.3. Notices. Any notice to the Company required by or in respect of this
Plan will be addressed to the Company at Five Radnor Corporate Center, Suite
470, Radnor, Pennsylvania 19087, fax: 610-971-9303, Attention: Chief Financial
Officer, or such other place of business as shall become the Company's principal
executive offices from time to time. Each Participant shall be responsible for
furnishing the Committee with the current and proper address for the mailing to
such Participant of notices and the delivery to such Participant of agreements,
Shares and payments. Any such notice to the Participant will, if the Company has
received notice that the Participant is then deceased, be given to the
Participant's personal representative if such representative has previously
informed the Company of his or her status and address (and has provided such
reasonable substantiating information as the Company may request) by written
notice under this Section. Any notice required by or in respect of this Plan
will be deemed to have been duly given when delivered in person or when
dispatched by telecopy and deposited in the United States mail by first class
delivery within one business day following dispatch by telecopy, or, in the case
of notice to the Company, by facsimile as described above, or one business day
after having been dispatched by a nationally recognized overnight courier
service or three business days after having been mailed by United States
registered or certified mail, return receipt requested, postage prepaid. The
Company assumes no responsibility or obligation to deliver any item mailed to
such address that is returned as undeliverable to the addressee and any further
mailings will be suspended until the Participant furnishes the proper address.

      14.4. Severability of Provisions. If any provisions of the Plan shall be
held invalid or unenforceable, such invalidity or unenforceability shall not
affect any other provisions of the Plan, and the Plan shall be construed and
enforced as if such provisions had not been included.

                                       9
<PAGE>
      14.5. Payment to Minors, etc. Any benefit payable to or for the benefit of
a minor, an incompetent person or other person incapable of receipt thereof
shall be deemed paid when paid to such person's guardian or to the party
providing or reasonably appearing to provide for the care of such person, and
such payment shall fully discharge the Committee, the Company and their
employees, agents and representatives with respect thereto.

      14.6. Headings and Captions. The headings and captions herein are provided
for reference and convenience only. They shall not be considered part of the
Plan and shall not be employed in the construction of the Plan.

      14.7. Costs. The Company shall bear all expenses included in administering
this Plan, including expenses of issuing Common Stock pursuant to any Options
hereunder.

      14.8. Controlling Law. The Plan shall be construed and enforced according
to the laws of the State of Delaware, without giving effect to rules governing
the conflict of laws.

      14.9. Section 16(b) of the Act. All elections and transactions under the
Plan by persons subject to Section 16 of the Act involving shares of Common
Stock are intended to comply with any applicable condition under Rule 16b-3. To
the extent any provision of the Plan or action by the Committee fails to so
comply, it shall be deemed null and void. The Committee may establish and adopt
written administrative guidelines, designed to facilitate compliance with
Section 16(b) of the Act, as it may deem necessary or proper for the
administration and operation of the Plan and the transaction of business
thereunder.

      15. Issuance of Stock Certificates, Legends, Payment of Expenses

      15.1. Stock Certificates. Upon any exercise of an Option and payment of
the exercise price as provided in such Option, a certificate or certificates for
the Shares as to which such Option has been exercised shall be issued by the
Company in the name of the person or persons exercising such Option and shall be
delivered to or upon the order of such person or persons.

      15.2. Legends. Certificates for Shares issued upon exercise of an Option
shall bear such legend or legends as the Committee, in its sole discretion,
determines to be necessary or appropriate to prevent a violation of, or to
perfect an exemption from, the registration requirements of the Securities Act
or to implement the provisions of any agreements between the Company and the
Participant with respect to such Shares.

      15.3. Payment of Expenses. The Company shall pay all issue or transfer
taxes with respect to the issuance or transfer of Shares, as well as all fees
and expenses necessarily incurred by the Company in connection with such
issuance or transfer and with the administration of the Plan.

                                       10
<PAGE>
      16. Listing of Shares and Related Matters

      If at any time the Board or the Committee shall determine in its sole
discretion that the listing, registration or qualification of the Shares covered
by the Plan upon any national securities exchange or under any state or federal
law, or the consent or approval of any governmental regulatory body, is
necessary or desirable as a condition of, or in connection with, the grant of
Options or the award or sale of Shares under the Plan, no Option grant shall be
effective and no Shares will be delivered, as the case may be, unless and until
such listing, registration, qualification, consent or approval shall have been
effected or obtained, or otherwise provided for, free of any conditions not
acceptable to the Board.

      17. Withholding Taxes

      The Company shall have the right to require, prior to the issuance or
delivery of any shares of Common Stock, payment by the Participant of any
federal, state or local taxes required by law to be withheld.

      Executed and dated as of the date first written above at Radnor,
Pennsylvania.

                                                    PHOTOMEDEX, INC.

                                                    By: /s/ Jeffrey F. O'Donnell
                                                        _______________________
                                                        Jeffrey F. O'Donnell
                                                        Chief Executive Officer

                                       11

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