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                                                                    EXHIBIT 10.2

                         ELECTRO-OPTICAL SCIENCES. INC.
                             1996 STOCK OPTION PLAN

1.    Purpose

      The purpose of the 1996 Stock Option Plan (the "Plan") of Electro-Optical
Sciences, Inc. (the "Company") is to provide an incentive, in the form of a
proprietary interest in the Company, to officers, other key employees, directors
and collaborating scientists of the Company who are in a position to contribute
materially to the successful operation of the business of the Company, to
increase their interest in the Company's welfare, and to assist the Company in
attracting and retaining officers, other key employees, directors and
collaborating scientists of outstanding abilities.

2.    Administration.

      The Plan shall be administered by the Board of Directors of the Company
(the "Board"). From time to time the Board may grant options to such eligible
employees, directors and collaborating scientists with respect to such number of
shares of Class B Common Stock of the Company (the "Common Stock") as the Board
may determine subject to the terms and conditions of the Plan.

      The Board shall have full authority to construe, administer and interpret
the Plan, to prescribe, amend and rescind rules and regulations relating to the
Plan and to make all other determinations in connection with the Plan and the
options granted thereunder as it deems necessary or advisable. All
determinations of the Board in the administration of the Plan shall be final.

3.    Types of Options.

      Options granted under the Plan may be of two types: (a) "incentive stock
options" intended to meet the requirements of Section 422A of the Internal
Revenue Code of 1986, as amended (the "Code") and (b) "non-qualified stock
options". The Board shall have the authority and discretion to grant to an
eligible individual either incentive stock options, non-qualified stock options
or both, but shall clearly designate the nature of each option at the time of
grant.

4.    Shares Subject to the Plan.

      Subject to adjustment as provided in Section 10, a maximum of 50 shares of
Class B Common Stock (the "Option Shares") shall be available for issuance upon
the exercise of options granted under the Plan. Option Shares may be authorized
and unissued shares, treasury shares or both, as the Board may elect. If any
option shall terminate for any reason without having been exercised in full, the
unpurchased Option Shares subject thereto shall be available for future grants
under the Plan.

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5.    Eligibility.

      Only officers, other key employees and directors of the Company or any
subsidiary and key scientists from an institution conducting collaborative
research with the Company ("Collaborating Scientists") shall be eligible for the
grant of options under the Plan; provided, however, that a prospective key
employee of the Company or of any subsidiary shall be eligible for the grant of
options under the Plan if such grant is conditioned upon, and effective not
earlier than, his or her becoming an employee of the Company or any subsidiary;
and, provided further, that a director or a Collaborating Scientist who is not
otherwise an employee of the Company shall not be eligible for the grant of an
"incentive stock option" unless the Code so permits at the time of the option
grant. The term "subsidiary" shall mean any corporation now existing or
hereafter organized or acquired (other than the Company) in an unbroken chain of
corporations beginning with the Company if, at the time of option grant, each of
the corporations (including the Company) other than the last corporation in the
unbroken chain owns stock possessing 50% or more of the total combined voting
power of all classes of stock in one of the other corporations in such chain.

6.    Grant of Options.

      The Board may, from time to time, grant options to eligible individuals.
Except as hereinafter provided, options granted pursuant to the Plan shall be
subject to the following terms and conditions:

      (a) Price. The exercise price per Option Share shall be established by the
Board, provided that the exercise price shall not be less than 100% of the "Fair
Market Value" (as hereinafter defined) of the Common Stock at the time the
option is granted; and provided, further, that the exercise price for incentive
stock options granted to any person who owns, directly or indirectly (within the
meaning of sections 422A(b) (6) and 425(d) of the Code), at the time of option
grant, over 10% of the total combined voting power of all classes of stock of
the Company or of a parent or subsidiary corporation (hereafter a "Control
Person") shall be not less than 110% of the Fair Market Value. The "Fair Market
Value" shall be the per share price of the Common Stock last paid to the Company
by an investor as follows: (i) in a public market, if there has been a public
offering of the Common Stock; or (ii) in a private purchase negotiated in
arms-length bargaining, adjusted from time to time but not less frequently than
annually by the Board acting in good faith, if there has been no public offering
of the Common Stock.

      (b) Amount of Incentive Stock Options. With respect to incentive stock
options granted under the Plan, if the aggregate Fair Market Value (determined
as of the time of grant) of the Common Stock subject to incentive stock options
granted to any eligible employee under this Plan or any other plan of the
Company or any parent or subsidiary corporation which first become exercisable
in any calendar year exceeds $100,000, then such incentive stock options, to the
extent of such excess, shall be treated for all tax purposes as nonqualified
stock options.

      (c) Term of Options. The term during which each option may be exercised
shall be determined by the Board, but in no event shall an option be exercisable
in whole or in part more than ten years from the date it is granted. All rights
to purchase pursuant to an option shall,

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unless sooner terminated, expire at the date designated by the Board. The Board
shall determine the date on which each option shall become exercisable and may
provide that an option shall become exercisable in installments. The shares
comprising each installment may be purchased in whole or in part at any time
after such installment becomes exercisable. The Board may, in its sole
discretion, accelerate the time at which any option may be exercised in whole or
in part.

      (d) Termination of Employment. Except as provided in this Section 6(d), or
as may be determined by the Board of Directors in connection with the grant of
any non-qualified stock option, at such time when an optionee is no longer an
employee, director or Collaborating Scientist of the Company or any subsidiary
for any reason, including, without limitation, death, disability, retirement,
discharge, layoff or any other voluntary or involuntary termination of an
optionee's employment, term as a director or status as a Collaborating Scientist
(a "Termination"), the unexercised portion of any outstanding options granted
hereunder to such optionee shall immediately terminate and be null and void for
all purposes. Upon a Termination as a result of retirement, disability or death,
the period during which the options may be exercised shall not exceed: (i) one
year from the date of Termination in the case of death, and (ii) three months
from the date of Termination in the case of retirement or disability; provided,
however, that in no event shall the period extend beyond the expiration of the
option term. Subject to the foregoing, in the event of death, such options may
be exercised by an optionee's legal representative but only to the extent that
installments had accrued as of the date of death. Transfers of employees among
the Company and any subsidiaries of the Company shall not be deemed to be
Terminations.

7.    Stock Option Agreement.

      Each option granted under the Plan shall be evidenced by an agreement (the
"Stock Option Agreement") which shall be executed by the Company and the
optionee. The Stock Option Agreement shall contain such terms and provisions,
not inconsistent with the terms of the Plan, as shall be determined by the
Board, including (a) a clear designation of whether the option granted thereby
is intended to be an incentive stock option or a non-qualified stock option; (b)
in the case of incentive stock options, such terms as shall be requisite to
cause such options to comply with the provisions of Section 422A of the Code;
and (c) such provisions as the Board, upon advice of counsel to the Company,
shall deem necessary or appropriate to comply with the requirements of
applicable securities laws.

8.    Exercise of Options.

      Options granted under the Plan shall be exercised by the optionee (or by
his or her legal representative, as provided in Section 6(d)) as to all or part
of the Option Shares exercisable thereunder, by executing and delivering to the
Secretary of the Company a stock purchase agreement in substantially the form of
Exhibit A hereto (the "Stock Purchase Agreement"), but subject to the provisions
of Section 6 (c) hereof, specifying the number of Option Shares with respect to
which the option is being exercised, accompanied by a check payable to the
Company in the full amount of the purchase price. The Company shall effect the
transfer of the shares so purchased to the optionee (or such other person
exercising the option pursuant to Section 6(d) hereof) as soon as practicable,
and within a reasonable time thereafter, such transfer shall be

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evidenced on the books of the Company. Whenever under the Plan shares of stock
are to be delivered upon exercise of a nonqualified stock option, the Company
shall be entitled to require as a condition of delivery that the optionee remit
or, in appropriate cases, agree to remit when due an amount sufficient to
satisfy all federal, state and local withholding tax requirements relating
thereto.

      A condition of exercising an option and of the obligation of the Company
to deliver Option Shares shall be the optionee's execution of the Stock Purchase
Agreement, and the "Company's obligation to deliver Option Shares shall be
further subject to all applicable laws, rules and regulations and such approvals
by governmental agencies as may be deemed appropriate by the Board, including,
without limitation, such steps as counsel for the Company shall deem necessary
or appropriate to comply with the requirements of applicable securities laws.

9.    Transferability of Options.

      No option granted under the Plan or any right evidenced thereby shall be
transferable by the optionee except that an option may be exercised by an
optionee's legal representative, as set forth in Section 6(d) hereof.

10.   Certain Corporate Events.

      (a) In the event of any change in capitalization that affects the Common
Stock of the Company, such as a stock dividend, stock split, subdivision or
combination of shares, or in the event that the Company is a party to any
merger, consolidation or corporate reorganization under circumstances where the
Company is the surviving corporation and does not thereby become a wholly-owned
subsidiary of any person, the maximum aggregate number and class of shares
subject to the Plan, and the number and class of shares subject to each
outstanding option and the option price shall be adjusted by the Board in such
manner as the Board in its discretion deems appropriate.

      (b) In the event of the dissolution or liquidation of the Company or in
the event that the Company is a party to any merger, consolidation or corporate
reorganization under circumstances where the Company is not the surviving
corporation or thereby becomes a wholly-owned subsidiary of any person or if all
or substantially all of the assets of the Company shall be sold or exchanged,
all options granted hereunder shall immediately terminate, except to the extent
otherwise provided in any plan of dissolution or liquidation adopted by the
Company, or any plan of merger, consolidation or reorganization or other plan or
agreement to which the Company is a party.

11.   No Rights of Shareholders.

         The optionee shall not be, and shall not have any of the rights and
privileges of, a shareholder of the Company with respect to any option Shares
unless and until the option with respect thereto has been exercised and a
certificate for such Option Shares has been issued.

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12.   Amendment and Termination: Effective Date.

      Options granted pursuant to this Plan and designated as incentive stock
options are intended to qualify as such under Section 422A of the Code and such
rules and regulations as may be promulgated thereunder. The Plan may be amended
by the Board as it shall deem advisable to ensure such qualification and to
conform to any change in the law or regulations applicable thereto, or in any
other respect that the Board may deem to be in the best interests of the
Company; provided, however, that the Board may not, without the authorization
and approval of the shareholders (i) increase the total number of option Shares
that may be issued under the Plan except pursuant to Section 10, or (ii)
materially modify the eligibility requirements for participation in this Plan.
The Board shall have the power to effect any changes in a Stock Option Agreement
entered into with any optionee under this Plan, provided such optionee consents
to the modification.

      The Board may, in its discretion, terminate, or fix a date for the
termination of, the Plan. Unless previously terminated, the Plan shall terminate
on November 30, 2006, and no options shall be granted under the Plan after such
date. Termination shall not affect any options previously granted under the
Plan.

      The Plan will become effective upon its adoption by the Board; provided,
however, that the Plan, and any and all options granted under it, shall be null
and void unless proved by the Plan is approved by the shareholders of the
Company prior to November 30, 1997.

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                                                                    EXHIBIT 10.3

                         ELECTRO-OPTICAL SCIENCES, INC.

                            2003 STOCK INCENTIVE PLAN

      1. Purpose. The purpose of the Electro-Optical Sciences, Inc. 2003 Stock
Incentive Plan (the "Plan") is to establish a flexible vehicle through which
Electro-Optical Sciences, Inc., a Delaware corporation (the "Company"), may
offer equity-based compensation incentives to key personnel of the Company and
its subsidiaries in order to attract, motivate, reward and retain such personnel
and to further align the interests of such personnel with those of the
stockholders of the Company.

      2. Types of Awards. Awards under the Plan may be in the form of (a)
options to purchase shares of the Company's common stock, no par value per share
(the "Common Stock") granted pursuant to Section 6 below, including options
intended to qualify as "incentive stock options" ("IS Os") within the meaning of
Section 422 of the Internal Revenue Code of 1986, as amended (the "Code") and
options which do not qualify as ISOs, and (b) stock awards granted pursuant to
Section 7 below.

      3. Administration.

            (a) Committee. The Plan shall be administered by the Board of
Directors of the Company (the "Board") or a committee comprised of at least two
members thereof appointed by the Board (the committee or the Board, in such
capacity, are hereinafter referred to as the "Committee"). To the extent that
the Plan is administered by the Board, the Board shall have all of the authority
and responsibility granted to the Committee herein. ,

            (b) Authority of Committee. Subject to the limitations of the Plan,
the Committee, acting in its sole and absolute discretion, shall have full power
and authority to (i) select the persons to whom awards shall be made under the
Plan, (ii) grant awards to such persons and prescribe the terms and conditions
of such awards, (iii) construe, interpret and apply the provisions of the Plan
and of any agreement or other instrument evidencing an award granted under the
Plan, (iv) prescribe, amend and rescind rules and regulations relating to the
Plan, including rules governing its own operations, (v) correct any defect,
supply any omission and reconcile any inconsistency in the Plan, (vi) amend any
outstanding award in any respect, including, without limitation, to accelerate
the time or times at which the award becomes vested or exercisable, (vii) carry
out any responsibility or duty specifically reserved to the Committee under the
Plan, and (viii) make any and all determinations and interpretations and take
such other actions as may be necessary or desirable in order to carry out the
provisions, intent and purposes of the Plan. A majority of the members of the
Committee shall constitute a quorum. The Committee may act by the vote of a
majority of its members present at a meeting at which there is a quorum or by
unanimous written consent.

            (c) Indemnification. The Company shall indemnify and hold harmless
each member of the Committee and any employee or director of the Company to whom
any duty or

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power relating to the administration or interpretation of the Plan is delegated
from and against any loss, cost, liability (including any sum paid in settlement
of a claim with the approval of the Board), damage and expense (including legal
and other expenses incident thereto) arising out of or incurred in connection
with the Plan, unless and except to the extent attributable to such person's
fraud or willful misconduct.

      4. Share Limitations. Subject to adjustment pursuant to Section 9 below,
the maximum number of shares of Common Stock that may be issued under the Plan
is the sum of (1) 450,000, and (2) the number of shares remaining available for
new awards under the Company's 1996 Incentive Stock Option Plan (collectively,
the "Prior Plan") including, without limitation, shares covered by any option
outstanding under the Prior Plan which, by reason of the subsequent expiration
or cancellation of the option, are not issued under the Prior Plan. In
determining the number of shares that remain issuable under the Plan at any time
after the date the Plan is adopted, the following shares will be deemed not to
have been issued (and will be deemed to remain available for issuance) under the
Plan: (i) shares remaining under an award made under this Plan or under an
option granted under the Prior Plan that terminates or is canceled without
having been exercised or earned in full; (ii) shares subject to an award under
this Plan where cash is delivered to the holder of the award in lieu of such
shares; (iii) shares of restricted stock awarded under this Plan that are
forfeited in accordance with the terms of the applicable award; and (iv) shares
that are withheld in order to pay the purchase price of shares acquired upon the
exercise of outstanding options granted under the Prior Plan or of awards
granted under the Plan or to satisfy the tax withholding obligations associated
with such exercise. The number of shares of Common Stock issued in connection
with the exercise of an option under the Prior Plan or an award under the Plan
will be determined net of any previously-owned shares tendered by the holder of
the option or award in payment of the exercise price or of applicable
withholding taxes.

      5. Eligibility. Awards under the Plan may be made to any present or future
directors, officers, employees and other key personnel of the Company or its
subsidiaries as the Committee may select.

      6. Stock Options. Subject to the provisions of the Plan, the Committee may
grant options to eligible personnel upon such terms and conditions as the
Committee deems appropriate. The terms and conditions of any option shall be
evidenced by a written option agreement or other instrument approved for this
purpose by the Committee.

            (a) Exercise Price. The exercise price per share of Common Stock
covered by an option granted under the Plan may not be less than the par value
of the Common Stock, provided that the exercise price per share of Common Stock
covered by an ISO may not be less than the Fair Market Value (as defined below)
per share of the Common Stock at the time of grant (or, in the case of an ISO
granted to an optionee who, at the time the option is granted, owns stock
possessing more than 10% of the total combined voting power of all classes of
stock of the Company or a "subsidiary" of the Company within the meaning of
Section 424 of the Code, 110% of the Fair Market Value per share).

            (b) Option Term. No option granted under the Plan may be exercisable
(if at all) more than ten years after the date the option is granted (or, in the
case of an ISO granted to a ten percent stockholder described in Section 422 of
the Code, five years).

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            (c) Vesting and Exercise of Options. The Committee may establish
such vesting and other conditions and restrictions on the exercise of an option
and/or upon the issuance of Common Stock in connection with the exercise of an
option as it deems appropriate. Subject to satisfaction of applicable
withholding requirements, once vested and exercisable, an option may be
exercised by transmitting to the Company: (i) a notice specifying the number of
shares to be purchased, and (ii) payment of the exercise price. The Committee,
acting in its sole discretion, may permit the exercise price to be paid in whole
or in part in cash or by check, by means of a cashless exercise procedure to the
extent permitted by law, in the form of unrestricted shares of Common Stock (to
the extent of the Fair Market Value thereof) or, subject to applicable law, by
any other form of consideration deemed appropriate. In addition, the Committee
may permit optionees to elect to defer the delivery of shares representing the
profit upon exercise of an option, subject to such terms, conditions and
restrictions as the Committee may specify.

            (d) Rights as a Stockholder. No shares of Common Stock shall be
issued in respect of the exercise of an option until full payment of the
exercise price and the applicable tax withholding obligation with respect to
such exercise has been made or provided for. The holder of an option shall have
no rights as a stockholder with respect to any shares covered by the option
until the option is validly exercised, the exercise price is paid fully and
applicable withholding obligations are satisfied.

            (e) Termination of Employment or other Service. Unless otherwise
determined by the Committee at grant or, if no rights of the optionee are
thereby reduced, thereafter, and subject to earlier termination in accordance
with the provisions hereof, the following rules apply with regard to options
held by an optionee at the time of his or her termination of employment or other
service with the Company and its subsidiaries.

                  (i) Termination by Reason of Death or Disability. If an
optionee's employment or other service terminates by reason of death or
Disability (as defined below), then (1) any portion of an option held by the
optionee which is not then exercisable shall thereupon terminate, and (2) any
portion of an option held by the optionee which is then exercisable shall remain
exercisable by the optionee (or beneficiary) for a period of one year following
such termination of employment or other service or, if sooner, until the
expiration of the term of the option, and, to the extent not exercised within
such period, shall thereupon terminate. For purposes of the Plan, the term
Disability shall mean, unless the Committee determines otherwise at the time of
grant, the inability of a person to perform the essential functions of his or
her position, with or without reasonable accommodation, by reason of a physical
or mental incapacity or illness which is expected to result in death or to be of
indefinite duration.

                  (ii) Termination for Cause. If an optionee's employment or
other service is terminated by the Company or any of its subsidiaries for Cause
(as defined below), then any option held by the optionee, whether or not then
exercisable, shall immediately terminate and cease to be exercisable. For
purposes of the Plan, a termination for "Cause" means (1) in the case where
there is no employment, consulting or similar service agreement between the
optionee and the Company or any of its subsidiaries or where such an agreement
exists but does not define "cause" (or words of like import), a termination
classified by the Company or any of its subsidiaries, as a termination due to
the optionee's dishonesty, fraud, insubordination, willful misconduct, refusal
to perform services or materially unsatisfactory performance of duties, or (2)
in the case where there is an employment, consulting or similar service
agreement between the optionee and the Company or any of its subsidiaries that
defines "cause" (or words of like

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import), a termination that is or would be deemed for "cause" (or words of like
import) under such agreement.

                  (iii) Other Termination. If an optionee's employment or other
service terminates for any reason (other than death, Disability or Cause) or no
reason, then (1) any portion of an option held by the optionee which is not then
exercisable shall thereupon terminate, and (2) any portion of an option held by
the optionee which is then exercisable shall remain exercisable during the
ninety (90) day period following such termination or, if sooner, until the
expiration of the term of the option and, to the extent not exercised within
such period, shall thereupon terminate.

            (f) Nontransferability. No option shall be assignable or
transferable except upon the optionee's death to a beneficiary designated by the
optionee in a manner prescribed or approved for this purpose by the Committee
or, if no designated beneficiary shall survive the optionee, pursuant to the
optionee's will or by the laws of descent and distribution. During an optionee's
lifetime, options may be exercised only by the optionee or the optionee's
guardian or legal representative. Notwithstanding the foregoing, the Committee
may permit the inter vivos transfer of an optionee's options (other than options
designated as ISOs) by gift to such persons and on such terms and conditions as
the Committee deems appropriate.

      7. Stock Awards. Subject to the provisions of the Plan, the Committee may
grant stock awards to eligible personnel upon such terms and conditions as the
Committee deems appropriate. The terms and conditions of any stock award shall
be evidenced by a written stock award agreement or other instrument approved for
this purpose by the Committee. A stock award may take the form of the issuance
and transfer to the recipient of shares of Common Stock or a grant of stock
units representing a right to receive shares of Common Stock in the future and,
in either case, may be subject to designated vesting conditions and transfer
restrictions.

            (a) Purchase Price. The purchase price payable for shares of Common
Stock transferred pursuant to a stock award must be at least equal to their par
value, unless other lawful consideration is received by the Company for the
issuance of the shares or treasury shares are delivered in connection with the
award.

            (b) Stock Certificates for Non-Vested Stock. Shares of Common Stock
issued pursuant to a non-vested stock award may be evidenced by book entries on
the Company's stock transfer records pending satisfaction of the applicable
vesting conditions. If a stock certificate for shares is issued before the stock
award vests, the certificate will bear an appropriate legend to reflect the
nature of the conditions and restrictions applicable to the shares, and the
Company may require that any or all such stock certificates be held in custody
by the Company until the applicable conditions are satisfied and other
restrictions lapse. The Committee may establish such other conditions as it
deems appropriate in connection with the issuance of certificates for shares
issued pursuant to non-vested stock awards, including, without limitation, a
requirement that the recipient deliver a duly signed stock power, endorsed in
blank, for the shares covered by the award.

            (c) Stock Certificates for Vested Stock. The recipient of a vested
stock award will be entitled to receive a certificate, free and clear of
conditions and restrictions (except as may be imposed in order to comply with
applicable law or the terms of any stockholders'

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agreement), for vested shares covered by the award, subject, however, to the
payment or satisfaction of withholding tax obligations in accordance with
Section 10. The delivery of vested shares covered by an award of stock units may
be deferred if and to the extent provided by the terms of the award or directed
by the Committee.

            (d) Rights as a Stockholder. Unless otherwise determined by the
Committee, (i) the recipient of a stock award will be entitled to receive
dividend payments, if any (or, in the case of an award of stock units, dividend
equivalent payments), on or with respect to the shares that remain covered by
the award (which the Committee may specify are payable on a deferred basis and
are forfeitable to the same extent as the underlying award), (ii) the recipient
of a non-vested stock award may exercise voting rights if and to the extent that
shares of Common Stock have been issued to him pursuant to the award, and (iii)
the recipient will have no other rights as a stockholder with respect to such
shares unless and until the shares are issued to him free of all conditions and
restrictions under the Plan.

            (e) Termination of Employment or other Service Before Vesting;
Forfeiture. Unless the Committee determines otherwise, a non-vested stock award
will be forfeited upon the termination of a recipient's employment or other
service with the Company and its subsidiaries. If a non-vested stock award is
forfeited, any certificate representing shares subject to such award will be
canceled on the books of the Company and the recipient will be entitled to
receive from the Company an amount equal to any cash purchase price paid by him
for such shares. If an award of stock units is forfeited, the recipient will
have no further right to receive the shares of Common Stock represented by such
units.

            (f) Nontransferability. With respect to any stock award, unless and
until all applicable vesting conditions, if any, are satisfied and vested shares
are issued, neither the stock award nor any shares of Common Stock issued
pursuant to the award may be sold, assigned, transferred, disposed of, pledged
or otherwise hypothecated other than to the Company in accordance with the terms
of the award or the Plan. Any attempt to do any of the foregoing before such
time shall be null and void and, unless the Committee determines otherwise,
shall result in the immediate forfeiture of the shares or the award, as the case
may be.

      8. Fair Market Value. For purposes of the Plan, the Fair Market Value of a
share of Common Stock, as of any date shall mean, unless otherwise required by
other applicable law, the closing sale price per share of Common Stock as
published by the principal national securities exchange on which the Common
Stock is traded on such date or, if there is no sale of Common Stock on such
date, the average of the bid and asked prices on such exchange at the close of
trading on such date, or if shares of the Common Stock are not listed on a
national securities exchange on such date, the closing price or, if none, the
average of the bid and asked prices in the over-the-counter market at the close
of trading on such date, or if the Common Stock is not traded on a national
securities exchange or the over-the-counter market, the value of a share of the
Common Stock on such date as determined in good faith by the Committee.

      9. Capital Changes; Acquisition Events.

            (a) Capital Changes. The maximum number and class of shares that may
be issued under the Plan, the number and class of shares covered by each
outstanding award and, if applicable, the exercise price per share shall all be
adjusted proportionately or as otherwise appropriate to reflect any increase or
decrease in the number of issued shares of Common Stock

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resulting from a split-up or consolidation of shares or any like capital
adjustment, or the payment of any stock dividend, and/or to reflect a change in
the character or class of shares covered by the Plan arising from a readjustment
or recapitalization of the Company's capital stock.

            (b) Acquisition Events. In the event of a merger, consolidation,
mandatory share exchange or other similar business combination of the Company
with or into any other entity ("Successor Entity") or any transaction in which a
Successor Entity acquires all the issued and outstanding capital stock of the
Company, or all or substantially all the assets of the Company (each, an
"Acquisition Event"), outstanding options may be assumed or an equivalent option
may be substituted by the Successor Entity or a parent of the Successor Entity.
If and to the extent that outstanding options are not assumed or replaced with
substantially equivalent options in connection with an Acquisition Event, then
each optionee shall have the right to exercise in full all of his or her
outstanding options, whether or not such options are otherwise vested or
exercisable, but contingent upon the occurrence of the Acquisition Event, for a
period of at least twenty (20) days prior to the consummation of the Acquisition
Event, in which case the Company shall notify the optionee in writing or
electronically that his or her options shall become fully exercisable at least
thirty (30) days prior to the consummation of the Acquisition Event, and any
outstanding options which are not exercised prior to the consummation of the
Acquisition Event shall thereupon terminate. Notwithstanding the preceding
sentence, if and to the extent outstanding options are not assumed or replaced
with substantially equivalent options in connection with an Acquisition Event,
the Committee, acting in its sole discretion and without the consent of any
optionee, may provide for the cancellation of any outstanding options in
exchange for payment in cash or other property of the Fair Market Value of the
shares of Common Stock covered by such options (whether or not otherwise vested
or exercisable), reduced by the exercise price thereof (and any applicable
withholdings thereon). The Committee, acting in its sole discretion, may
accelerate vesting of non-vested stock awards, provide for cash settlement
and/or make such other adjustments to the terms of any outstanding stock award
as it deems appropriate in the context of an Acquisition Event.

            (c) Fractional Shares. In the event of any adjustment in the number
of shares covered by any option pursuant to the provisions hereof, any
fractional shares resulting from such adjustment shall be disregarded, and each
such option shall cover only the number of full shares resulting from the
adjustment.

            (d) Determinations Final. All adjustments under this Section 9 shall
be made by the Committee, and its determination as to what adjustments shall be
made, and the extent thereof, shall be final, binding and conclusive.

      10. Tax Withholding. As a condition to the exercise of any award or the
delivery of any shares of Common Stock pursuant to any award or the lapse of
restrictions on any award, or in connection with any other event that gives rise
to a federal or other governmental tax withholding obligation on the part of the
Company or any of its subsidiaries relating to an award (including, without
limitation, an income tax deferral arrangement pursuant to which employment tax
is payable currently), the Company and/or the subsidiary may (a) deduct or
withhold (or cause to be deducted or withheld) from any payment or distribution
to an award recipient whether or not pursuant to the Plan or (b) require the
recipient to remit cash (through payroll deduction or otherwise), in each case
in an amount sufficient in the opinion of the Company to satisfy such
withholding obligation. If the event giving rise to the withholding obligation
involves a transfer of shares of Common Stock, then, at the sole discretion of
the

                                       6
<PAGE>

Committee, the recipient may satisfy the withholding obligation described under
this Section by electing to have the Company withhold shares of Common Stock or
by tendering previously-owned shares of Common Stock, in each case having a fair
market value equal to the amount of tax to be withheld (or by any other
mechanism as may be required or appropriate to conform with local tax and other
rules); provided, however, that no shares may be withheld if and to the extent
that such withholding would result in the recognition of additional accounting
expense by the Company.

      11. Amendment and Termination. The Board may amend or terminate the Plan,
provided, however, that no such action may adversely affect the rights of the
holder of any outstanding award in a material way without the consent of the
holder. Except as otherwise provided in Section 9, any amendment which would
increase the number of shares of Common Stock which may be issued under the Plan
or modify the class of persons eligible to receive awards under the Plan shall
be subject to the approval of the Company's stockholders if and to the extent
that such approval is necessary or desirable to comply with applicable law or
exchange or listing requirements. The Committee may amend the terms of any
agreement or certificate made or issued hereunder at any time and from time to
time, provided, however, that any amendment which would adversely affect the
rights of the holder in a material way may not be made without his or her
consent.

      12. No Rights Conferred. Nothing contained in the Plan or in any award
agreement shall confer upon any recipient of an award any right with respect to
the continuation of his employment or other service with the Company or its
subsidiaries or interfere in any way with the right of the Company and its
subsidiaries at any time to terminate such employment or other service or to
increase or decrease, or otherwise adjust, the other terms and conditions of the
recipient's employment or other service.

      13. Compliance with Law. The Company will not be obligated to issue or
deliver shares of Common Stock pursuant to the Plan unless the issuance and
delivery of such shares complies with applicable law, including, without
limitation, the Securities Act of 1933, as amended, the Securities Exchange Act
of 1934, as amended, and the requirements of any stock exchange or market upon
which the Common Stock may then be listed, and shall be further subject to the
approval of counsel for the Company with respect to such compliance.

      14. Transfer Orders; Placement of Legends. All certificates for shares of
Common Stock delivered under the Plan shall be subject to such stock-transfer
orders and other restrictions as the Company may deem advisable under the rules,
regulations, and other requirements of the Securities and Exchange Commission,
any stock exchange or market upon which the Common Stock may then be listed, and
any applicable federal or state securities law. The Company may cause a legend
or legends to be placed on any such certificates to make appropriate reference
to such restrictions.

      15. Decisions and Determinations to be Final. All decisions and
determinations made by the Board pursuant to the provisions hereof and, except
to the extent rights or powers under the Plan are reserved specifically to the
discretion of the Board, all decisions and determinations of the Committee shall
be final, binding and conclusive.

      16. Governing Law. All rights and obligations under the Plan and each
award agreement or instrument shall be governed by and construed in accordance
with the laws of the State of New York, without regard to its principles of
conflict of laws.

                                       7
<PAGE>

      17. Term of the Plan. The Plan shall become effective on the date of its
adoption by the Board, subject to the approval of the Company's stockholders
within 12 months of such date. Unless sooner terminated by the Board, the Plan
shall terminate on the tenth anniversary of the date of its adoption by the
Board. The rights of any person with respect to an award granted under the Plan
that is outstanding at the time of the termination of the Plan shall not be
affected solely by reason of the termination of the Plan and shall continue in
accordance with the terms of the award (as then in effect or thereafter amended)
and the Plan.

      18. Related Agreements: Lock-Up.

            (a) As a condition to the issuance of shares of Common Stock
pursuant to a stock award or upon exercise of an option granted pursuant to the
Plan, the recipient shall, at the request of the Board, be required to become a
party to any stockholders' or similar agreement(s) to which the Company and some
or all of its stockholders may from time to time be party.

            (b) As a condition to the issuance of shares of Common Stock
pursuant to a stock award or upon exercise of an option granted pursuant to the
Plan, the recipient shall, at the request of the Board, agree that he or she
will not, without the prior written consent of the managing underwriter, if any,
for any public offering of the Company's securities, during the period
commencing. on the date of the final prospectus relating to such public offering
and ending on the date specified by the Company and the managing underwriter
(such period not to exceed one hundred eighty (180) days), (i) lend, offer,
pledge, sell, contract to sell, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option, right or warrant to
purchase, or otherwise transfer or dispose of, directly or indirectly, any
shares of Common Stock or any securities convertible into or exercisable or
exchangeable for Common Stock (whether such shares or any such securities are
then owned by the recipient or are thereafter acquired), or (ii) enter into any
swap or other arrangement that transfers to another, in whole or in part, any of
the economic consequences of ownership of the Common Stock, whether any such
transaction described in clause (i) or (ii) above is to be settled by delivery
of Common Stock or such other securities, in cash or otherwise. In order to
enforce the foregoing covenant, the Company may impose stop-transfer
instructions with respect to the securities of the recipient (and the shares or
securities of every other person subject to the foregoing restriction) until the
end of such period.

                                       8
<PAGE>

                                                                    Exhibit 10.3

                                                                  EXECUTION COPY

                                    AMENDMENT
                                       TO
                         ELECTRO-OPTICAL SCIENCES, INC.
                            2003 STOCK INCENTIVE PLAN

      This Amendment to Electro-Optical Sciences, Inc. 2003 Stock Incentive Plan
(the "Existing 2003 Plan") is dated this 10 of February 2004.

                                    RECITALS

      WHEREAS, the Executive Committee of the Board of Directors (the "Executive
Committee") of Electro-Optical Sciences, Inc. (the "Company") has adopted and
approved this Amendment (the "Amendment") to the Existing 2003 Plan;

      WHEREAS, the Executive Committee has determined that it is in the best
interests of the Company and stockholders of the Company to adopt and approve
the Amendment; and

      WHEREAS, the Executive Committee has recommended that the stockholders of
the Company adopt and approve the Amendment.

      NOW, THEREFORE, the Existing 2003 Plan is hereby amended as follows:

      1.    Section 1 of the Existing 2003 Plan is hereby deleted in its
            entirety and replaced with the following:

            "1. Purpose. The purpose of the Electro-Optical Sciences, Inc. 2003
      Stock Incentive Plan (the "Plan") is to establish a flexible vehicle
      through which Electro-Optical Sciences, Inc. (the "Company"), may offer
      equity-based compensation incentives to key employees and other persons
      (including, without limitation, directors, officers, consultants and
      scientific collaborators) employed or engaged by the Company and/or its
      subsidiaries (collectively, "Eligible Persons") to attract, motivate,
      reward and retain such Eligible Persons and to further align the interests
      of such Eligible Persons with those of the stockholders of the Company."

      2.    Section 3(b) of the Existing 2003 Plan is hereby amended by:

            (a)   Deleting the phrase "full power and authority to" and
                  replacing it with "full power and authority to administer the
                  Plan, including, without limitation, the power to."

            (b)   Deleting clause (v) thereof in its entirety and replacing with
                  it the following: "(v) amend the Plan in any respect,
                  including,

<PAGE>

                                                                    Exhibit 10.3

                                                                  EXECUTION COPY

                  without limitation, to correct any defect, supply any omission
                  and reconcile any inconsistency in the Plan,".

      3.    Section 4 of the Existing 2003 Plan is hereby deleted in its
entirety and replaced with the following:

"4.   Share Limitations. Subject to the adjustment pursuant to Section 9 below,
the maximum number of shares of Common Stock that may be issued under the Plan
is 1,500,000. In determining the number of shares that remain issuable under the
Plan at any time after the date the Plan is adopted, the following shares will
be deemed not to have been issued (and will be deemed to remain available for
issuance) under the Plan: (i) shares remaining under an award made under the
Plan that terminates or is canceled without having been exercised or earned in
full; (ii) shares subject to an award under the Plan where cash is delivered to
the holder of the award in lieu of such shares; (iii) shares of restricted stock
awarded under the Plan that are forfeited in accordance with the terms of the
applicable award; and (iv) shares that are withheld in order to pay the purchase
price of shares acquired upon the exercise of awards granted under the Plan or
to satisfy the tax withholding obligations associated with such exercise. The
number of shares of Common Stock issued in connection with an award under the
Plan will be determined net of any previously-owned shares tendered by the
holder of the award in payment of the exercise price or of applicable
withholding taxes."

      4.    Section 5 of the Existing 2003 Plan is hereby deleted in its
entirety and replaced with the following: "5. Eligibility. Awards under the Plan
may be made to any Eligible Person as the Board or Committee may select."

      The undersigned, in his capacity as Secretary of the Company, hereby
certifies that the Amendment was adopted by the Executive Committee by a
Unanimous Written Consent in Lieu of a Meeting dated February 10, 2004.

                                                   -----------------------------
                                                   Name: /s/ William R. Bronner
                                                   Title: Secretary
                                                   Date: February 10, 2004.

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