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                                                                    EXHIBIT 10.3


                                  NOVAVAX, INC.

                         AMENDMENT TO STOCK OPTION PLAN


       Pursuant to the resolution of the Board of Directors of Novavax, Inc.
adopted on March 7, 2000, and approved by the stockholders of Novavax, Inc. on
May 9, 2000, Section 4 of the Novavax, Inc. 1995 Stock Option Plan is hereby
amended by deleting the number 4,400,000" and inserting in its place the number
"6,000,000" so that the first sentence of Section 4 now reads in its entirety as
follows:

       "Subject to adjustment as provided in Section 15 below, the maximum
       number of shares of Common Stock which may be issued and sold under the
       Plan is 6,000,000 shares."


                                           NOVAVAX, INC.


                                           /s/ David A. White
                                           -------------------------------------
                                           David A. White, Secretary