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                                                                  EXHIBIT 10.2

                               LUMINEX CORPORATION

                           RESTRICTED STOCK AGREEMENT

         THIS RESTRICTED STOCK AGREEMENT (this "Agreement") dated as of May 15,
2004, is entered into between Luminex Corporation, a Delaware corporation (the
"Company"), and Patrick J. Balthrop (the "Stockholder"). The Company and the
Stockholder agree as follows:

         1. DEFINITIONS.

                  1.1 The terms "Cause", "Change in Control", "Termination Other
Than For Cause" and "Termination by Reason of Incapacity" shall have the
respective meanings set forth in that certain Employment Agreement dated to be
effective as of May 15, 2004 between Company and Stockholder (the "Employment
Agreement").

                  1.2 "Person" means any individual, corporation, partnership,
limited liability company, joint venture, association, joint stock company,
trust, unincorporated organization or government or any agency or political
subdivision thereof.

         2. ACQUISITION OF RESTRICTED STOCK. Concurrently with the execution and
delivery hereof, the Company has issued to the Stockholder 200,000 shares of the
Company's common stock ("Common Stock") pursuant to the Company's 2000 Long-Term
Incentive Plan (the "Plan"). The Company and the Stockholder have determined
that it would be in their best interests to impose certain rights and
obligations upon the Company, the Stockholder and his legal representatives, as
the case may be, with respect to such 200,000 shares of Common Stock (as
adjusted for stock splits, dividends and the like, the "Shares").

         3. RESTRICTION PERIOD. During the period (the "Restriction Period")
commencing as of the date of this Agreement (the "Commencement Date") and ending
on the fifth anniversary of the date of this Agreement, the Shares shall be
subject to the restrictions described in Section 4 of this Agreement (the
"Restrictions"). The Shares subject to the Restrictions at any given time are
called the "Restricted Shares."

         4. RESTRICTIONS. The Restricted Shares shall be represented by one or
more stock certificates registered in the name of the Stockholder. The
Stockholder shall have the right to receive dividends on the Restricted Shares,
to vote the Restricted Shares and to enjoy all other stockholder rights with
respect thereto, except that (i) the Stockholder shall not be entitled to
possession of the stock certificate representing the Restricted Shares, (ii) the
Company shall retain custody of the stock certificate(s) representing the
Restricted Shares, (iii) the Stockholder may not, other than as permitted under
Section 9.2, sell, transfer, pledge, exchange, hypothecate or otherwise dispose
of the Restricted Shares and (iv) the Restricted Shares are subject to potential
forfeiture as provided in Section 5 of this Agreement.

         5. FORFEITURE. Any Restricted Shares (and all voting and other rights
associated with such Restricted Shares) shall be automatically forever forfeited
to the Company on the fifth

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anniversary of the date of this Agreement to the extent that the Restrictions
with respect to such Restricted Shares have not lapsed prior to the fifth
anniversary of the date of this Agreement. In addition, any Restricted Shares
(and all voting and other rights associated with such Restricted Shares) shall
be forever forfeited (to the extent that the Restrictions with respect to such
Restricted Shares have not previously lapsed) in the event (i) such Restricted
Shares are transferred by operation of law to any Person other than the Company
or in accordance with Section 9.2 for any reason (including without limitation
the bankruptcy of the Stockholder and seizure and sale by legal process), or
(ii) the Stockholder's employment with the Company is terminated prior to the
end of the Restriction Period. The Company shall not be obligated to pay the
Stockholder any amount for the forfeiture of any Restricted Shares. The
Stockholder shall be entitled to retain all Shares to which the Restrictions
have ceased to apply.

         6. LAPSE OF RESTRICTIONS. The restrictions shall lapse only as follows:

                  (a)      With respect to 33,333 Shares, after such time as the
                           daily closing price of the Common Stock as reported
                           on the Nasdaq National Market System has not been
                           less than $20 per share (as proportionately adjusted
                           to reflect any stock splits, stock dividends,
                           like-kind stock distributions, recapitalizations,
                           mergers or similar events concerning the Common
                           Stock) for at least 60 consecutive calendar days;

                  (b)      With respect to 33,333 Shares, after such time as the
                           daily closing price of the Common Stock as reported
                           on the Nasdaq National Market System has not been
                           less than $25 per share (as proportionately adjusted
                           to reflect any stock splits, stock dividends,
                           like-kind stock distributions, recapitalizations,
                           mergers or similar events concerning the Common
                           Stock) for at least 60 consecutive calendar days;

                  (c)      With respect to 66,667 Shares, upon Stockholder
                           meeting reasonable objective written performance
                           criteria relating to the Company's earnings before
                           interest, taxes, depreciation and amortization
                           (EBITDA) established within 120 days after the date
                           of this Agreement by the Board of Directors of the
                           Company or the Compensation Committee thereof (the
                           "Board"). Before establishing such criteria, the
                           Board shall consult with Stockholder and consider any
                           criteria suggested by Stockholder; and

                  (d)      With respect to 66,667 Shares, upon Stockholder
                           meeting reasonable objective written performance
                           criteria relating to the Company's revenues
                           established within 120 days after the date of this
                           Agreement by the Board. Before establishing such
                           criteria, the Board shall consult with Stockholder
                           and consider any criteria suggested by Stockholder.

Notwithstanding the foregoing, however, the Restrictions shall lapse
automatically with respect to all 200,000 Shares (unless earlier forfeited in
accordance with Section 5) upon the consummation of a Change of Control.

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         7. RESTRICTIONS ON CORRESPONDING SECURITIES AND ASSETS. Any other
securities or assets (other than ordinary cash dividends) that are received by
the Stockholder with respect to any of the Restricted Shares shall be subject to
the Restrictions to the same extent and for so long as such Restricted Shares to
which such securities or other assets are attributable remain subject to the
Restrictions.

         8. DELIVERY OF CERTIFICATES UPON LAPSE OF RESTRICTIONS. Promptly
following the lapse of the Restrictions as to any of the Shares, the Company
will deliver the stock certificate or certificate representing such Shares with
respect to which the Restrictions have lapsed to the Stockholder or his legal
representative.

         9. CERTAIN RESTRICTIONS ON TRANSFERABILITY OF SHARES BY THE
STOCKHOLDER. The following restrictions shall apply to all Restricted Shares,
whether or not issued or outstanding at the date of this Agreement.

                  9.1 Restriction on Transfers in Violation of the Securities
Act. Notwithstanding any provision to the contrary contained herein, in no event
shall the Stockholder make any disposition of the Shares, including a
disposition by pledge, if such disposition might reasonably be expected to
result in a violation of the Securities Act of 1933, as amended (the "Securities
Act"), or any applicable state's securities laws. Unless the Company agrees
otherwise, the Stockholder shall be required to provide an opinion of counsel
acceptable to the Company with regard to such intended disposition.

                  9.2 Permitted Transfers. The Stockholder may transfer all or
any part of the Shares, to (i) the members of the immediate family of the
Stockholder (including lineal descendants) or one or more trusts or partnerships
for the benefit of the Stockholder and/or members of the immediate family of the
Stockholder (including lineal descendants); or (ii) the estate of the
Stockholder or to any heir, executor, administrator or lineal descendant of the
Stockholder; provided that prior to any such transfer either the Stockholder or
the transferee delivers to the Company a written instrument in accordance with
Section 10 and an opinion of counsel reasonably satisfactory to the Company in
accordance with Section 9.1 to the effect that the transfer is exempt from
registration under the Securities Act. In the event of a transfer under this
Section 9.2, such transferee(s) shall be deemed a Stockholder for purposes of
this Agreement.

         10. ADDITIONAL ISSUANCES. It shall be a condition to the transfer of
any Restricted Shares by the Stockholder to any Person that the recipient of
such Restricted Shares shall become a signatory to this Agreement by executing
an Addendum Agreement in the form and substance satisfactory to the Company.

         11. LEGENDS OF CERTIFICATES. The reverse side of each certificate
reflecting ownership of the Restricted Shares subject to the Restrictions under
Section 4 shall bear the following legends:

                  THE SHARES REPRESENTED HEREBY AND THE SALE, ASSIGNMENT,
                  TRANSFER, GIFT, BEQUEST, PLEDGE OR OTHER DISPOSITION THEREOF
                  ARE SUBJECT TO CERTAIN RESTRICTIONS CONTAINED IN A RESTRICTED
                  STOCK AGREEMENT DATED EFFECTIVE AS OF MAY 15,

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                  2004, AMONG THE COMPANY AND THE HOLDER HEREOF. A COPY OF SUCH
                  AGREEMENT AND ALL APPLICABLE AMENDMENTS THERETO WILL BE
                  FURNISHED BY THE COMPANY TO THE HOLDER HEREOF WITHOUT CHARGE
                  UPON WRITTEN REQUEST TO THE COMPANY AT ITS PRINCIPAL PLACE OF
                  BUSINESS OR REGISTERED OFFICE.

                  THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
                  REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND
                  THUS MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR
                  OTHERWISE DISPOSED OF, UNLESS THEY ARE REGISTERED UNDER THE
                  SECURITIES ACT OF 1933, AS AMENDED, OR UNLESS AN EXEMPTION
                  FROM SUCH REGISTRATION IS AVAILABLE AND AN OPINION IN FORM AND
                  SUBSTANCE AND FROM COUNSEL SATISFACTORY TO THE COMPANY HAS
                  BEEN RECEIVED BY THE COMPANY.

         12. NOTICES. Any notice required or permitted under this Agreement
shall be in writing and shall be deemed to be delivered (i) upon physical
delivery (if hand delivered); (ii) three business days after deposit in the
United States mail (if mailed), postage prepaid, certified or registered mail,
return receipt requested, addressed as set forth below or (iii) the day such
notice is sent via facsimile as set forth below:

         Company:                 Luminex Corporation
                                  12212 Technology Boulevard
                                  Austin, Texas 78727
                                  Attention: General Counsel
                                  Fax: (512) 219-63295

         Stockholder:             Notices to Stockholder shall be given at the
                                  most recent address of Optionee on the
                                  Company records.

Notice given in any other manner shall be effective when received. The address
for notice may be changed by notice given in accordance with this provision. If
notice is required to be delivered to any party to this Agreement, a copy of
such notice shall be delivered to all other parties to this Agreement.

         13. POWER OF ATTORNEY. The Chairman of the Board of the Company, from
time to time, is hereby appointed the attorney-in-fact, with full power of
substitution of the Stockholder for the sole purpose of carrying out the
provisions of this Agreement and taking any action and executing any instrument
which such attorney-in fact may deem necessary or advisable to accomplish the
purposes hereof, which appointment as attorney-in fact is irrevocable and
coupled with an interest. The Chairman of the Board of the Company, as
attorney-in-fact for the Stockholder may, in the name of the Stockholder, make
and execute all conveyances, assignments and transfers of the Restricted Shares,
and the Stockholder hereby ratifies and confirms all that the Chairman of the

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Board of the Company, as said attorney-in-fact, shall do so by virtue hereof,
provided that the foregoing shall be solely for the purpose of carrying out the
provisions of this Agreement. Nevertheless, the Stockholder shall, if so
requested by the Company, execute and deliver to the Company all such
instruments as may, in the reasonable judgment of the Company, be advisable for
the purposes hereof.

         14. WAIVER. No waiver of any provision of this Agreement shall
constitute a waiver of any other provision of this Agreement, nor shall such
waiver constitute a waiver of any subsequent breach of such provision.

         15. BINDING EFFECT. This Agreement shall be binding upon and shall
inure to the benefit of the Stockholder and their heirs, executors,
administrators and legal representatives and upon the Company and its successors
and assigns.

         16. GOVERNING LAW; VENUE. The validity, construction, and enforcement
of this Agreement shall be governed by the laws of the State of Delaware,
without regard for any principles of conflict of laws. Any dispute arising out
of or relating to this Agreement may be brought in a court of competent
jurisdiction located in Austin, Texas, and both of the parties to this Agreement
irrevocably submit to the exclusive jurisdiction of such courts in any such
dispute, waives any objection it may now or hereafter have to venue or to
convenience of forum, agrees that all claims in respect of the dispute shall be
heard and determined only in any such court, and agrees not to bring any dispute
arising out of or relating to this Agreement in any other court. The parties
agree that either or both of them may file a copy of this paragraph with any
court as written evidence of the knowing, voluntary and bargained agreement
among the parties irrevocably to waive any objections to venue or to convenience
of forum. Process in any dispute may be served on any party anywhere in the
world.

         17. SEVERABILITY. If any provision of this Agreement is declared
unenforceable by a court of last resort, such declaration shall not affect the
validity of any other provision of this Agreement.

         18. CONSTRUCTION. The headings contained in this Agreement are for
reference purposes only and shall not affect this Agreement in any manner
whatsoever. Wherever required by the context, any gender shall include any other
gender, the singular shall include the plural, and the plural shall include the
singular.

         19. AMENDMENTS. This Agreement may only be amended or modified by
written agreement of the Company and the Stockholder.

         20. EFFECT OF PLAN AND AUTHORITY OF BOARD. This Agreement and the
Shares granted hereby are subject to the Plan, which is incorporated herein by
reference. The Board is authorized to make all determinations and
interpretations with respect to matters arising under the Plan, this Agreement
and the Shares granted hereunder. Capitalized terms used and not otherwise
defined herein have the respective meanings given them in the Plan, which is
attached hereto and incorporated herein by reference for all purposes.

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         THE PARTIES HAVE EXECUTED THIS AGREEMENT EFFECTIVE AS OF THE DATE FIRST
SET FORTH ABOVE.

LUMINEX CORPORATION

By:  /s/ Harriss T. Currie                        /s/ Patrick J. Balthrop
     ---------------------------                  -----------------------------
Name: Harriss T. Currie, its                      Patrick J. Balthrop
      Chief Financial Officer

         The undersigned, the spouse of the Stockholder, hereby joins in the
execution and delivery of this Agreement to evidence her consent and approval
to, and agreement to be bound by, all the terms and provisions hereof.

/s/ Mariterese Balthrop
-----------------------------------

                                       6<PAGE>

                                                                 EXHIBIT 10.3

                               LUMINEX CORPORATION
                      NON-QUALIFIED STOCK OPTION AGREEMENT

         THIS NON-QUALIFIED STOCK OPTION AGREEMENT (this "Agreement") is made
and entered into as of this 15th day of May, 2004 (the "Grant Date"), by and
between Luminex Corporation, a Delaware corporation (together with its
Subsidiaries and Affiliates, the "Company"), and Patrick Balthrop (the
"Optionee").

         WHEREAS, as an inducement to accept employment the Company desires to
issue a contractual stock option for the purchase of shares of the common stock,
par value $.01 per share, of the Company (the "Shares") in connection with such
Optionee's inducement to enter employment with the Company; and

         WHEREAS, the Company desires to afford the Optionee an opportunity to
purchase Shares as hereinafter provided in accordance with the provisions of
this Agreement;

         WHEREAS, this Agreement and the issuance of the Company's common stock
hereunder have been approved by the Compensation Committee of the Board of
Directors of the Company which consist solely of independent directors who are
independent within the meaning of the listing standards of the Nasdaq National
Market and non-employee directors as defined by Rule 16b-3 under the Securities
Exchange Act of 1934, as amended;

         NOW, THEREFORE, in consideration of the mutual covenants hereinafter
set forth and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to
be legally bound hereby, agree as follows:

         1. Grant of Option.

                  (a) The Company grants as of the date of this Agreement the
right and option (the "Option") to purchase 500,000 Shares, in whole or in part
(the "Option Stock"), at an exercise price of $9.36 per Share (the "Option
Price"), on the terms and conditions set forth in this Agreement. The Optionee,
holder or beneficiary of the Option shall not have any of the rights of a
stockholder with respect to the Option Stock until such person has become a
holder of such Shares by the due exercise of the Option and payment of the
Option Payment (as defined in Section 3 below) in accordance with this
Agreement.

                  (b) The Option shall be a non-qualified stock option. In order
to provide the Company with the opportunity to claim the benefit of any income
tax deduction which may be available to it upon the exercise of the Option, and
in order to comply with all applicable federal or state tax laws or regulations,
the Company may take such action as it deems appropriate to insure that, if
necessary, all applicable federal, state or other taxes are withheld or
collected from the Optionee.

         2. Exercise of Option. The Optionee may exercise the Option with
respect to twenty five percent (25%) (125,000 Shares) on the first anniversary
hereof and 1/36th of the remaining shares subject to option as of the last day
of the calendar month beginning in June of 2005

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(10,417 Shares per month, except for the last month of the Vesting Period
(defined below) equal to 10,405 Shares) until all Shares shall be vested as of
May 31, 2008, provided that Optionee has been an employee of the Company at all
times from the Grant Date (such period being referred to herein as the "Vesting
Period"). Notwithstanding the above, the Option shall vest and become
exercisable upon the occurrence of a "Change in Control" as defined in the
Optionee's Employment Agreement dated May 15, 2004 (the "Employment Agreement").
In the event that the Optionee dies or employment is terminated by reason of
total or permanent disability (with the meaning of Section 22(e)(3) of the
Internal Revenue Code, as amended, ("Disability")), the Option held by Optionee
may be exercised, to the extent then vested as of the termination date, as set
forth below in Section 4 hereof.

         3. Manner of Exercise. The Option may be exercised in whole or in part
at any time within the period permitted hereunder for the exercise of the
Option, with respect to whole Shares only, by serving written notice of intent
to exercise the Option delivered to the Company at its principal office (or to
the Company's designated agent), stating the number of Shares to be purchased,
the person or persons in whose name the Shares are to be registered and each
such person's address and social security number. Such notice shall not be
effective unless accompanied by payment in full of the Option Price for the
number of Shares with respect to which the Option is then being exercised (the
"Option Payment") and cash equal to the required withholding taxes as set forth
by Internal Revenue Service and applicable State tax guidelines for the
employer's minimum statutory withholding. The Option Payment shall be made in
cash or cash equivalents or in whole Shares that have been held by the Optionee
for at least six months prior to the date of exercise valued at the Shares' Fair
Market Value on the date of exercise (or next succeeding trading date if the
date of exercise is not a trading date) or the actual sales price of such
Shares, together with any applicable withholding taxes, or by a combination of
such cash (or cash equivalents) and Shares. The Optionee shall not be entitled
to tender Shares pursuant to successive, substantially simultaneous exercises of
the Option or any other stock option of the Company. Subject to applicable
securities laws, the Optionee may also exercise the Option by delivering a
notice of exercise of the Option and by simultaneously selling the Shares of
Option Stock thereby acquired pursuant to a brokerage or similar agreement
approved in advance by proper officers of the Company, using the proceeds of
such sale as payment of the Option Payment, together with any applicable
withholding taxes. For purposes of this Agreement, "Fair Market Value" means the
closing sales price of the Shares on the Nasdaq Stock Market's National Market
System or the actual sales price of such Shares.

         4. Termination of Option. The Option will expire ten years from the
date of grant of the Option (the "Term") with respect to any then unexercised
portion thereof, unless terminated earlier as set forth below:

                  (a) Termination by Death. If the Optionee's employment by the
Company terminates by reason of death, or if the Optionee dies within three
months after termination of such employment for any reason other than Cause (as
defined in the Employment Agreement), this Option may thereafter be exercised by
the legal representative of the estate or by the legatee of the Optionee under
the will of the Optionee, for a period of one year from the date of death or
until the expiration of the Term of the Option, whichever period is the shorter.

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                  (b) Termination by Reason of Disability. If the Optionee's
 employment by the Company terminates by reason of Disability, this Option may
thereafter be exercised by the Optionee or personal representative or guardian
of the Optionee, as applicable, for a period of one year from the date of such
termination of employment or until the expiration of the Term of the Option,
whichever period is the shorter.

                  (c) Termination for Cause or Voluntary Termination. If the
Optionee's employment by the Company is voluntarily terminated or terminated for
Cause, this Option shall terminate immediately and become void and of no effect.

                  (d) Other Termination. If the Optionee's employment by the
Company is involuntarily terminated for any reason other than for Cause, death
or, Disability, this Option may be exercised, to the extent the Option was
exercisable at the time of such termination, by the Optionee for a period of
three months from the date of such termination of employment or the expiration
of the Term of the Option, whichever period is the shorter.

         5. No Right to Continued Employment. The grant of the Option shall not
be construed as giving Optionee the right to be retained in the employ of the
Company, and the Company may at any time dismiss Optionee from employment,
subject to the terms and conditions of the Employment Agreement, if applicable.

         6. Authority of the Compensation Committee. This Agreement shall be
administered by the Compensation Committee, subject to the terms hereof and
applicable law, and in addition to other express powers and authorizations
conferred on the Compensation Committee, the Compensation Committee shall have
the full power and authority in its discretion to: (i) accelerate the time in
which all or any part of a grant hereunder may be settled or exercised; (ii)
interpret and administer the Agreement; (iii) amend or modify the terms of this
Agreement after grant but no such amendment shall impair the rights of the
Optionee without the Optionee's consent; (iv) make any other determination and
take any other action that the Compensation Committee deems necessary or
desirable for the administration of the Agreement. Notwithstanding the
foregoing, the Compensation Committee shall not have the power to reduce the
Option Price or cancel such Option and grant substitute options at a lower
Option Price.

         Unless otherwise expressly provided herein, all designations,
determinations, interpretations and other decisions under or with respect to
this Agreement shall be within the sole discretion of the Compensation
Committee, may be made at any time and shall be final, conclusive and binding
upon all parties, including the Company, the Optionee or any beneficiary
thereof. No member of the Compensation Committee shall be liable for any action
taken or determination made in good faith with respect to this Agreement.

         7. Non-Assignability. The Option granted hereunder may not be sold,
transferred, exchanged, hypothecated or otherwise disposed of, other than by
will or pursuant to the applicable laws of descent and distribution. In the case
of the death of Optionee or other person entitled to exercise the Option, the
Company may require, as a condition to the transfer of the Option by will or
pursuant to the laws of descent and distribution or the exercise thereof, that
the person entitled to exercise the Option execute and deliver to the Company
such instruments and documents as may be reasonably requested by the Company to
evidence and confirm such persons right and title to the Option.

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         8. Reservation of Shares. At all times during the term of this Option,
the Company shall reserve and keep available such number of Shares as shall be
sufficient to satisfy the requirements of this Agreement.

         9. Severability. If any provision of this Agreement is, or becomes, or
is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to
any person, such provision shall be construed or deemed amended to conform to
the applicable laws, or if it cannot be construed or deemed amended without, in
the determination of the Compensation Committee, materially altering the intent
of this Agreement, such provision shall be stricken as to such jurisdiction or
person, and the remainder of the Agreement shall remain in full force and
effect.

         10. Notices. All notices required to be given under this Option shall
be deemed to be received if delivered or mailed as provided for herein to the
parties at the following addresses, or to such other address as either party may
provide in writing from time to time.

         To the Company:     Luminex Corporation
                             12212 Technology Blvd.
                             Austin, TX 78727
                             Attn: Chief Financial Officer

         To the Optionee:    The address then maintained with respect to the
                             Optionee in the Company's records.

         11. Governing Law. The validity, construction and effect of this
Agreement shall be determined in accordance with the laws of the State of
Delaware without giving effect to conflicts of laws principles, except as
superceded by applicable federal law.

         12. Successors in Interest. This Agreement shall inure to the benefit
of and be binding upon any successor to the Company. This Agreement shall inure
to the benefit of the Optionee's legal representative and assignees. All
obligations imposed upon the Optionee and all rights granted to the Company
under this Agreement shall be binding upon the Optionee's heirs, executors,
administrators, successors and assignees.

         13. Lock-up Agreement. In connection with any public offering of a
class of the Company's capital stock, if requested by the Company Optionee
agrees to enter into a lock-up agreement (the "Lock-up Agreement") in a form
acceptable to the Company's underwriters and the Company pursuant to which the
undersigned will agree not to, directly or indirectly sell, make any sale or
short sale of, loan, hypothecate, pledge, offer, grant or sell any option or
other contract for the purchase of, purchase any option or other contract for
the sale of, or otherwise dispose of or transfer or agree to engage in any of
the foregoing transactions with respect to any shares acquired or that may be
acquired under this Agreement without the prior written consent of the Company
or its underwriters, for a certain period after the registration filed in
connection with such an offering has been declared effective, such period not to
exceed one hundred eighty (180) days. In the event of the declaration of a stock
dividend, a spin-off, a stock split, an adjustment in conversion ratio, a
recapitalization or a similar transaction affecting the Company's outstanding
securities without receipt of consideration, any new, substituted or additional
securities which are by reason of such transaction distributed with respect to
any

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shares subject to the Lock-up Agreement, or into which such shares thereby
become convertible, shall immediately be subject to the Lock-up Agreement. In
order to enforce the Lock-up Agreement, the Company may impose stop-transfer
instructions with respect to the shares acquired under this Agreement until the
end of the applicable stand-off period. The Company's underwriters shall be
beneficiaries of the agreement set forth in this Section 13. Optionee shall be
subject to this Section 13 only if the directors and officers of the Company are
subject to similar arrangements.

         14. Restrictions on Purchase and Sale of Shares. The Company shall be
obligated to sell or issue Shares pursuant to the exercise of this Option only
in the event that the shares are at that time effectively registered or
otherwise exempt from registration under the Securities Act of 1933, as amended
(the "1933 Act"). The Company shall use its commercially reasonable efforts to
file a registration statement on Form S-8 (or such successor form) with the
Securities and Exchange Commission and seek to have it declared effective and
remain effective during the period the Shares are subject to exercise and
resale. In the event that the shares are not registered under the 1933 Act, the
Optionee hereby agrees that, as a further condition to the exercise of this
Option, the Optionee (or his successor), if the Company so requests, will
execute an agreement in form satisfactory to the Company in which the Optionee
represents that he or she is purchasing the shares for investment purposes, and
not with a view to resale or distribution. The Optionee further agrees that if
the shares of Common Stock to be issued upon the exercise of this Option are not
subject to an effective registration statement filed with the Securities and
Exchange Commission pursuant to the requirements of the 1933 Act, such shares
shall bear an appropriate restrictive legend.

         15. Rights Prior to Exercise. Optionee will have no rights as a
stockholder with respect to the Shares except to the extent that Optionee has
exercised the Option and has become the holder of record.

         16. Capitalization Adjustments. In the event of any dividend or other
distribution (whether in the form of cash, common stock, other securities or
other property), recapitalization, reclassification, stock split, reverse stock
split, reorganization, merger, consolidation, split-up, spin-off, combination,
repurchase, liquidation, dissolution, or sale, transfer, exchange or other
disposition of all or substantially all of the assets or stock of the Company,
or exchange of common stock or other securities of the Company, issuance of
warrants or other rights to purchase common stock or other securities of the
Company, or other similar corporate transaction or event, and in the Company's
opinion, such event affects the common stock such that an adjustment is
determined by the Company to be appropriate in order to prevent dilution or
enlargement of the benefits or potential benefits intended to be made available
under this Agreement, then the Company shall, in such manner as it may deem
equitable, including, without limitation, adjust any or all of the following:
(i) the number and kind of shares of common stock (or other securities or
property) subject to this Option; and (ii) the Option Price with respect to this
Option. The Company's determination under this Section 16 shall be made in its
sole discretion.

         Upon the occurrence of an event (as set forth in the above paragraph)
or similar corporate event or transaction in which the Option granted hereby is
not to be assumed or otherwise continued following such an event, the Company
may provide that this Option shall be

                                      -5-
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exercisable (whether or not vested) as to all shares covered thereby for at
least ten (10) days prior to such event or transaction and shall thereafter
terminate.

         17. Representations and Warranties of Optionee. Optionee represents and
warrants to the Company that:

                  (a) Optionee has received a copy of, and has read and
understands, the terms of this Agreement, and agrees to be bound by its terms
and conditions. Optionee acknowledges that there may be adverse tax consequences
upon the exercise of the Option or disposition of the Shares once exercised, and
that Optionee should consult a tax advisor prior to such time.

                  (b) Optionee has had access to all information regarding the
Company and its present and prospective business, assets, liabilities and
financial condition that Optionee reasonably considers important in making the
decision to purchase the underlying Shares. Optionee is capable of evaluating
the merits and risks of this investment, has the ability to protect Optionee's
own interest in this transaction and is financially capable of bearing a total
loss of this investment.

         18. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed n original, but all of which
together shall constitute one and the same instrument.

                  (remainder of page left blank intentionally)

                                      -6-
<PAGE>

         IN WITNESS WHEREOF, the parties have caused this Non-Qualified Stock
Option Agreement to be duly executed effective as of the day and year first
above written.

                                         LUMINEX CORPORATION

                                         By: /s/ Harriss T. Currie
                                             -----------------------------------
                                             Chief Financial Officer

                                         Optionee:

                                         Patrick J. Balthrop
                                         ---------------------------------------
                                         Please Print

                                         Optionee:

                                         /s/ Patrick J. Balthrop
                                         ---------------------------------------
                                         Signature

                                      -7-

<PAGE>

                          CONSENT OF OPTIONEE'S SPOUSE

         I have reviewed the Agreement and agree to and accept all of the terms
set forth therein to the extent of any interests I may now have, or may have in
the future, pursuant to the grant of the Option described therein to my spouse.

                                            OPTIONEE'S SPOUSE:

                                            Mariterese Balthrop
                                            -----------------------------------

                                      -8-

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