<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"><Version>2.4.0.8</Version><ReportLongName>126 - Disclosure - EQUITY INCENTIVE PLAN</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column FlagID="0"><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

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</LabelSeparator><Level>1</Level><ElementName>bwmgd_EquityIncentivePlanAbstract</ElementName><ElementPrefix>bwmgd_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Equity Incentive Plan [Abstract]</Label></Row><Row FlagID="0"><Id>2</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>bwmgd_EquityIncentivePlanTextBlock</ElementName><ElementPrefix>bwmgd_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="P01_01_2013To06_30_2013" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>              &lt;table border="0" style="clear:both;width:100%; table-layout:fixed;"&gt;  &lt;tr&gt;  &lt;td&gt;&lt;/td&gt;  &lt;/tr&gt;  &lt;/table&gt;    &lt;div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt;  &lt;div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt;  &lt;table style="clear:both;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt"   cellspacing="0" cellpadding="0" width="100%"&gt;  &lt;tr style="VERTICAL-ALIGN: top"&gt;  &lt;td style="WIDTH: 0.25in"&gt;  &lt;div&gt;20.&lt;/div&gt;  &lt;/td&gt;  &lt;td style="TEXT-ALIGN: justify"&gt;  &lt;div&gt;&lt;u&gt;EQUITY INCENTIVE PLAN&lt;/u&gt;&lt;/div&gt;  &lt;/td&gt;  &lt;/tr&gt;  &lt;/table&gt;  &lt;/div&gt;    &lt;div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;  &amp;#160;&lt;/div&gt;    &lt;div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;  On August 22, 2007 the Company adopted an Equity Incentive Plan  (the &amp;#8220;Plan&amp;#8221;). Under the Plan, Stock Options may be  granted to Employees, Directors, and Consultants in the form of  Incentive Stock Options or Nonstatutory Stock Options. Stock  Purchase Rights, time vested and/performance invested Restricted  Stock, and Stock Appreciation Rights and Unrestricted Shares may  also be granted under the Plan. The initial maximum number of  shares that may be issued under the Plan shall be &lt;font style=" FONT-SIZE: 10pt"&gt;297&lt;/font&gt; shares, and no more than &lt;font style=" FONT-SIZE: 10pt"&gt;15&lt;/font&gt; Shares of Common Stock may be granted  to any one Participant with respect to Options, Stock Purchase  Rights and Stock Appreciation Rights during any one calendar year  period. Common Stock to be issued under the Plan may be either  authorized and unissued or shares held in treasury by the Company.  The term of the Plan shall be&lt;font style=" FONT-SIZE: 10pt"&gt;ten&lt;/font&gt; years. The Board of Directors may  amend, alter, suspend, or terminate the Plan at any time. All &lt;font  style=" FONT-SIZE: 10pt"&gt;400,000&lt;/font&gt; options were issued under  the plan prior to January 1, 2010, and to-date all remain  outstanding.&lt;/div&gt;  &lt;/div&gt;        </NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>The entire disclosure equity-based incentive plan. Under the Plan, Stock Options may be granted to Employees, Directors, and Consultants in the form of Incentive Stock Options or Non-statutory Stock Options. Stock Purchase Rights, time vested and/performance invested Restricted Stock, and Stock Appreciation Rights and Unrestricted Shares may also be granted under the Plan.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Equity Incentive Plan [Text Block]</Label></Row></Rows><Footnotes /><IsEquityReport>false</IsEquityReport><ReportName>EQUITY INCENTIVE PLAN</ReportName><MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>true</HasCustomUnits><IsEmbedReport>false</IsEmbedReport><IsMultiCurrency>false</IsMultiCurrency><ReportType>Sheet</ReportType><RoleURI>http://www.browniesmarinegroup.com/role/EquityIncentivePlan</RoleURI><NumberOfCols>1</NumberOfCols><NumberOfRows>2</NumberOfRows></InstanceReport>
