Document:

EXHIBIT
        10.1

      Incentive
        Stock Option

      Granted
        Under Precision Optics Corporation, Inc. 2006 Equity Incentive
        Plan 

      

      
        	
                1.

              	
                Grant
                  of Option.

              

      

      

      This
        certificate evidences an incentive stock option (this “Stock Option”) granted by
        Precision Optics Corporation, Inc., a
        Massachusetts corporation (the “Company”), on [  ]
        to [________________], an employee of the Company or its subsidiaries (the
        "Participant") pursuant to the Company's 2006 Equity Incentive Plan (as from
        time to time in effect, the "Plan"). Under this Stock Option, the Participant
        or
        the Participant’s permitted transferee may purchase, in whole or in part, on the
        terms herein provided, a total of [___] shares of common stock of the Company
        (the "Shares") at $[_____] per Share, which is not less than the fair market
        value of the Shares on the date of grant. The latest date on which this Stock
        Option, or any part thereof, may be exercised is [_________] (the "Final
        Exercise Date"). The Stock Option evidenced by this certificate is intended
        to
        be an incentive stock option as defined in section 422 of the Internal Revenue
        Code of 1986, as amended from time to time (the "Code").

       

      This
        Stock Option is exercisable in the following cumulative installments prior
        to
        the Final Exercise Date:

      

        
          	 	 	
                  [_______]
                    Shares on and after [___________________, 20__];

                
	
                  an
                    additional 

                	 	
                  [_______]
                    Shares on and after [___________________, 20__]; and

                
	
                  an
                    additional 

                	 	
                  [_______]
                    Shares on and after [___________________,
                    20__].

                

        

      

      

      /etc./

      

      Notwithstanding
        the foregoing, upon termination of the Participant's Employment, any portion
        of
        this Stock Option that is not then exercisable shall immediately expire and
        the
        remainder of this Stock Option shall remain exercisable for three months
        and
        shall then expire; provided,
        that if
        termination of the Participant’s Employment resulted for reasons that in the
        determination of the Administrator cast such discredit on the Participant
        as to
        justify immediate forfeiture of this Stock Option, this entire Stock Option
        shall expire immediately upon termination of Employment and no portion thereof
        shall thereafter remain exercisable; further
        provided,
        that any
        portion of this Stock Option that is outstanding immediately prior to the
        Participant's death, to the extent then exercisable, will remain exercisable
        for
        one year following the Participant's death; and
        further provided,
        that in
        no event shall any portion of this Stock Option be exercisable after the
        Final
        Exercise Date. 

       

      
        
           

        

        
          -1-

          
            

          

        

        
           

        

      

      
 

      
        	
                2.

              	
                Exercise
                  of Stock Option.

              

      

      

      Each
        election to exercise this Stock Option shall be in writing, signed by the
        Participant or the Participant's permitted transferee (the "Option Holder"),
        and
        received by the Company at its principal office, accompanied by this certificate
        and payment in full as provided in the Plan. Subject to the further terms
        and
        conditions provided in the Plan, the purchase price may be paid as follows:
        (i)
        by delivery of cash or check acceptable to the Administrator; (ii) through
        a
        broker-assisted exercise program acceptable to the Administrator; (iii) through
        the delivery of shares of Stock that have been outstanding for at least six
        months (unless the Administrator approves a shorter period) and that have
        a fair
        market value equal to the exercise price; or (iv) through any combination
        of the
        foregoing. In the event that this Stock Option is exercised by an Option
        Holder
        other than the Participant, the Company will be under no obligation to deliver
        Shares hereunder unless and until it is satisfied as to the authority of
        the
        Option Holder to exercise this Stock Option.

      

      
        	
                3.

              	
                Notice
                  of Disposition.

              

      

      

      The
        person exercising this Stock Option shall notify the Company when making
        any
        disposition of the Shares acquired upon exercise of this Stock Option, whether
        by sale, gift or otherwise.

      

      
        	
                4.

              	
                Restrictions
                  on Transfer of Shares.

              

      

      

      If
        at the
        time this Stock Option is exercised the Company or any of its stockholders
        is a
        party to any agreement restricting the transfer of any outstanding shares
        of the
        Company’s common stock, the Administrator may provide that this Stock Option may
        be exercised only if the Shares so acquired are made subject to the transfer
        restrictions set forth in that agreement (or if more than one such agreement
        is
        then in effect, the agreement or agreements specified by the
        Administrator).

      

      
        	
                5.

              	
                Withholding;
                  Agreement to Provide
                  Security.

              

      

      

      If
        at the
        time this Stock Option is exercised the Company determines that under applicable
        law and regulations it could be liable for the withholding of any federal
        or
        state tax upon exercise or with respect to a disposition of any Shares acquired
        upon exercise of this Stock Option, this Stock Option may not be exercised
        unless the person exercising this Stock Option remits to the Company any
        amounts
        determined by the Company to be required to be withheld (or makes other
        arrangements satisfactory to the Company for the payment of such
        taxes).

       

      
        
           

        

        
          -2-

          
            

          

        

        
           

        

      

       

      
        	
                6.

              	
                Nontransferability
                  of Stock Option.

              

      

      

      This
        Stock Option is not transferable by the Participant otherwise than by will
        or
        the laws of descent and distribution and is exercisable during the Participant's
        lifetime only by the Participant (or in the event of the Participant's
        incapacity, the person or persons legally appointed to act on the Participant's
        behalf).

      

      

      
        	
                7.

              	
                Provisions
                  of the Plan.

              

      

      

      This
        Stock Option is subject to the provisions of the Plan, which are incorporated
        herein by reference. A copy of the Plan as in effect on the date of the grant
        of
        this Stock Option has been furnished to the Participant. By exercising all
        or
        any part of this Stock Option, the Participant agrees to be bound by the
        terms
        of the Plan and this certificate. All initially capitalized terms used herein
        will have the meaning specified in the Plan, unless another meaning is specified
        herein.

       

      
        
           

        

        
          -3-

          
            

          

        

        
           

        

      

       

      IN
        WITNESS WHEREOF, the Company has caused this instrument to be executed by
        its
        duly authorized officer.

       

       

      
        	 	 	 
	 	PRECISION
                OPTICS
                CORPORATION, INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Name:
	 	Title:

      

      

      Dated:  [_________________]

       

       

      
        	 	 	 
	 	 
	 
 	 
        
                	Acknowledged:
 
	 	 	 
	 	
                
[Name
                of Participant]
	 	 

      Dated:  [_________________]

      

      
        
           

        

        
          -4-EXHIBIT
      10.2

    Nonstatutory
      Stock Option

    Granted
      Under Precision Optics Corporation, Inc. 2006 Equity Incentive
      Plan 

    

    
      	
              1.

            	
              Grant
                of Option.

            

    

    

    This
      certificate evidences a nonstatutory stock option (this “Stock Option”) granted
      by Precision Optics Corporation, Inc., a
      Massachusetts corporation (the “Company”), on [_______] to [________] (the
      "Participant") pursuant to the Company's 2006 Equity Incentive Plan (as from
      time to time in effect, the "Plan"). Under this Stock Option, the Participant
      or
      the Participant’s permitted transferee may purchase, in whole or in part, on the
      terms herein provided, a total of [___] shares of common stock of the Company
      (the "Shares") at $[____] per Share, which is not less than the fair market
      value of the Shares on the date of grant. The latest date on which this Stock
      Option, or any part thereof, may be exercised is [_____] (the "Final Exercise
      Date"). The Stock Option evidenced by this certificate is intended to be, and
      is
      hereby designated, a nonstatutory option, that is, an option that does
not
      qualify
      as an incentive stock option as defined in section 422 of the Internal Revenue
      Code of 1986, as amended from time to time (the "Code").

     

    This
      Stock Option is exercisable in the following cumulative installments prior
      to
      the Final Exercise Date:

    

    
      	 	 	
              [_______]
                Shares on and after [___________________, 20__];

            
	
              an
                additional 

            	 	
              [_______]
                Shares on and after [___________________, 20__]; and

            
	
              an
                additional 

            	 	
              [_______]
                Shares on and after [___________________,
                20__].

            

    

    

    /etc./

    

    [Notwithstanding
      the foregoing, upon termination of the Participant's Employment, any portion
      of
      this Stock Option that is not then exercisable shall immediately expire and
      the
      remainder of this Stock Option shall remain exercisable for three months and
      shall then expire; provided,
      that if
      termination of the Participant’s Employment resulted for reasons that in the
      determination of the Administrator cast such discredit on the Participant as
      to
      justify immediate forfeiture of this Stock Option, this entire Stock Option
      shall expire immediately upon termination of Employment and no portion thereof
      shall thereafter remain exercisable; further
      provided,
      that
      any portion of this Stock Option that is outstanding immediately prior to the
      Participant's death, to the extent then exercisable, will remain exercisable
      for
      one year following the Participant's death; and
      further provided,
      that in
      no event shall any portion of this Stock Option be exercisable after the Final
      Exercise Date.]

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

     

    
      	
              2.

            	
              Exercise
                of Stock Option.

            

    

    

    Each
      election to exercise this Stock Option shall be in writing, signed by the
      Participant or the Participant’s permitted transferee (the "Option Holder"), and
      received by the Company at its principal office, accompanied by this certificate
      and payment in full as provided in the Plan. Subject to the further terms and
      conditions provided in the Plan, the purchase price may be paid as follows:
      (i)
      by delivery of cash or check acceptable to the Administrator; (ii) through
      a
      broker-assisted exercise program acceptable to the Administrator; (iii) through
      the delivery of shares of Stock that have been outstanding for at least six
      months (unless the Administrator approves a shorter period) and that have a
      fair
      market value equal to the exercise price; or (iv) through any combination of
      the
      foregoing. In the event that this Stock Option is exercised by an Option Holder
      other than the Participant, the Company will be under no obligation to deliver
      Shares hereunder unless and until it is satisfied as to the authority of the
      Option Holder to exercise this Stock Option.

    

    
      	
              3.

            	
              Restrictions
                on Transfer of Shares.

            

    

    

    If
      at the
      time this Stock Option is exercised the Company or any of its stockholders
      is a
      party to any agreement restricting the transfer of any outstanding shares of
      the
      Company’s common stock, the Administrator may provide that this Stock Option may
      be exercised only if the Shares so acquired are made subject to the transfer
      restrictions set forth in that agreement (or if more than one such agreement
      is
      then in effect, the agreement or agreements specified by the
      Administrator).

    

    
      	
              4.

            	
              Withholding;
                Agreement to Provide
                Security.

            

    

    

    If
      at the
      time this Stock Option is exercised the Company determines that under applicable
      law and regulations it could be liable for the withholding of any federal or
      state tax upon exercise or with respect to a disposition of any Shares acquired
      upon exercise of this Stock Option, this Stock Option may not be exercised
      unless the person exercising this Stock Option remits to the Company any amounts
      determined by the Company to be required to be withheld (or makes other
      arrangements satisfactory to the Company for the payment of such
      taxes).

    

    
      	
              5.

            	
              Nontransferability
                of Stock Option.

            

    

    

    This
      Stock Option is not transferable by the Participant otherwise than by will
      or
      the laws of descent and distribution, and is exercisable during the
      Participant's lifetime only by the Participant (or in the event of the
      Participant's incapacity, the person or persons legally appointed to act on
      the
      Participant's behalf).

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    
      	
              6.

            	
              Provisions
                of the Plan.

            

    

    

    This
      Stock Option is subject to the provisions of the Plan, which are incorporated
      herein by reference. A copy of the Plan as in effect on the date of the grant
      of
      this Stock Option has been furnished to the Participant. By exercising all
      or
      any part of this Stock Option, the Participant agrees to be bound by the terms
      of the Plan and this certificate. All initially capitalized terms used herein
      will have the meaning specified in the Plan, unless another meaning is specified
      herein.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the Company has caused this instrument to be executed by its
      duly authorized officer.

     

    
      	 	 	 
	 	PRECISION
              OPTICS
              CORPORATION, INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
	 	Title: 

    

     

     

    Dated:  [_________________]

    

    
      	 	 	 
	 	Acknowledged
	 
 	 
 	 
 
	 	       
                  	 
	 	
              
[Name
              of Participant]
	 	 

    

    

    Dated:  [_________________]

    

    

    
      
        
        

      

      
        -4-

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