Document:

EXHIBIT 4.2

                              AMENDED AND RESTATED
                                     BY-LAWS
                                       OF
                                WORLDWATER CORP.
                            (a Delaware Corporation)

                               ARTICLE I - OFFICES

      Section  1.  The  principal  office  of  the  corporation  is  located  at
Pennington  Business Park, 55 Route 31 South,  Pennington,  New Jersey 08534 and
the resident  agent is Harvard  Business  Services,  Inc.,  25 Greystone  Manor,
Lewes, Delaware 19958-9776.

      Section 2. The  corporation  may have such other offices within or without
the State of Delaware as the Board of Directors may designate or as the business
of the corporation may require from time to time.

                            ARTICLE II - STOCKHOLDERS

      Section 1. Annual Meeting. The annual meeting of the stockholders shall be
held in  Pennington,  New  Jersey on the 3rd  Tuesday  of August at 10:00  A.M.,
beginning  with the year  1999,  or at such  other time on such other day within
such  month as shall be fixed by the  Board of  Directors,  for the  purpose  of
electing  directors and for the  transaction  of such other business as may come
before the  meeting.  If the day fixed for the annual  meeting  shall be a legal
holiday,  such meeting shall be held on the next succeeding business day. If the
election of  directors  shall not be held on the day  designated  herein for any
annual meeting of the stockholders,  or at any adjournment thereof, the Board of
Directors  shall  cause  the  election  to be held at a special  meeting  of the
stockholders as soon thereafter as conveniently may be.

      Section 2. Special Meetings. Special meetings of the stockholders, for any
purpose or purposes,  unless otherwise  prescribed by statute,  may be called by
the Board of  Directors,  and shall be called by the president at the request of
the holders of not less than ten percent (10%) of all outstanding  shares of the
corporation  entitled to vote at the meeting.  Unless  requested by stockholders
entitled to cast a majority of all the votes entitled to be cast at the meeting,
a  special  meeting  need  not  be  called  to  consider  any  matter  which  is
substantially  the  same as a  matter  voted on at any  special  meeting  of the
stockholders held during the preceding twelve (12) months.

      Section 3. Place of Meeting.  The Board of  Directors  may  designate  any
place,  either within or without the State of Delaware,  as the place of meeting
for any  annual  meeting  or for any  special  meeting  called  by the  Board of
Directors.  A waiver of notice signed by all stockholders  entitled to vote at a
meeting may designate any place, either within or without the State of Delaware,
as the place for the holding of such meeting.

      Section 4. Notice of Meeting.  Written notice  stating the place,  day and
hour of the meeting and, in case of a special  meeting,  the purpose or purposes
for which the meeting is called,  shall, unless otherwise prescribed by statute,
be  delivered  not less than ten (10) nor more than fifty  (50) days  before the
date of the meeting, either personally or by mail, by or at the direction of the
president,  or the  secretary,  or the  officer  or other  persons  calling  the
meeting,  to each  stockholder  of record  entitled to vote at such meeting.  If
mailed, such notice shall be deemed to be delivered when deposited in the United
States mail,  addressed to the  stockholder  at his address as it appears on the
stock transfer books of the corporation, with postage thereon prepaid.

      Section 5.  Closing of Transfer  Books or Fixing of Record  Date.  For the
purpose  of  determining  stockholders  entitled  to notice of or to vote at any
meeting of stockholders or any adjournment thereof, or stockholders  entitled to
receive  payment  of any  dividend,  or in  order  to  make a  determination  of
stockholders  for any  other  proper  purpose,  the  Board of  Directors  of the
corporation  may  provide  that the stock  transfer  books shall be closed for a
stated  period  but not to exceed,  in any case,  twenty  (20) days.  In lieu of
closing the

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stock  transfer  books,  the Board of Directors may fix in advance a date as the
record date for any such determination of stockholders, such date in any case to
be not more than fifty (50) days, and, in case of a meeting of stockholders, not
less  than ten (10)  days  prior to the  date on which  the  particular  action,
requiring  such  determination  of  stockholders,  is to be taken.  If the stock
transfer books are not closed and no record date is fixed for the  determination
of stockholders  entitled to notice of or to vote at a meeting of  stockholders,
or  stockholders  entitled to receive  payment of a dividend,  the date on which
notice of the meeting is mailed or the date on which the resolution of the Board
of Directors  declaring  such dividend is adopted,  as the case may be, shall be
the record date for such determination of stockholders. But payment or allotment
of  dividends  may not be made more than sixty (60) days after the date on which
the resolution is adopted. When a determination of stockholders entitled to vote
at any meeting of stockholders  has been made as provided in this section,  such
determination  shall apply to any adjournment  thereof  regardless of its length
except  where the  determination  has been made through the closing of the stock
transfer books and the stated period of closing has expired.

      Section 6. Books and Accounts. This corporation shall keep and maintain at
its principal  office in this State:  (a) A certified copy of its certificate of
incorporation or articles of incorporation, and all amendments thereto.

      (b) A certified copy of its by-laws and all amendments.

      (c)  A  stock  ledger  or a  duplicate  stock  ledger,  revised  annually,
containing  the  names,   alphabetically   arranged,  of  all  persons  who  are
stockholders of the  corporation,  showing their places of residence,  if known,
and the number of shares held by them respectively; or

      (d) In lieu of the stock ledger or duplication  stock ledger  specified in
paragraph  (c), a statement  setting out the name of the  custodian of the stock
ledger or  duplicate  stock  ledger,  and the present and  complete  post office
address,  including  street and  number,  if any,  where  such  stock  ledger or
duplicate stock ledger specified in this section is kept.

      Any person who has been a stockholder  of record of a  corporation  for at
least six (6) months immediately preceding his demand, or any person holding, or
thereunto authorized in writing by the holders of, at least five percent (5%) of
all its outstanding  shares, upon at least five (5) days' written demand, or any
judgment creditor of the corporation without prior demand,  shall have the right
to inspect in person or by agent or attorney,  during usual business hours,  the
stock ledger or duplicate stock ledger,  whether kept in the principal office of
the  corporation  in this state or elsewhere as provided in paragraph (d) and to
make  extracts  therefrom.  Holders of voting  trust  certificates  representing
shares of the corporation  shall be regarded as stockholders  for the purpose of
this subsection.

      Section 7. Quorum. A majority of the outstanding shares of the corporation
entitled to vote,  represented in person or by proxy,  shall constitute a quorum
at a meeting of stockholders.  If less than a majority of the outstanding shares
are represented at a meeting,  a majority of the shares  represented may adjourn
the meeting from time to time without further notice.  At such adjourned meeting
at  which a  quorum  shall  be  present  or  represented,  any  business  may be
transacted  which  might  have been  transacted  at the  meeting  as  originally
noticed.  The stockholders  present at a duly organized  meeting may continue to
transact business until  adjournment,  notwithstanding  the withdrawal of enough
stockholders to leave less than a quorum.

      Section 8. Proxies. At any meeting of stockholders, a stockholder may vote
in person or by proxy  executed  in  writing by the  stockholder  or by his duly
authorized attorney in fact. Such proxy shall be filed with the secretary of the
corporation  before or at the time of the  meeting.  A proxy  shall not be valid
after six (6) months  from the date of its  execution,  unless  coupled  with an
interest or unless the stockholder  specifies in it the length of time for which
it is to continue in force,  which may not exceed  seven (7) years from the date
of its creation,  unless renewed or extended at any time before its  expiration.
Notwithstanding that a valid proxy is outstanding the powers of the proxy holder
are  suspended,  except in the case of a proxy coupled with an interest which is
designated  as  irrevocable,  if the person  executing the proxy is present at a
meeting and elects to vote in person.

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      Section 9. Voting of Shares.  Subject to the  provisions  of Section 13 of
this Article II, each  outstanding  share  entitled to vote shall be entitled to
one vote upon each matter submitted to a vote at a meeting of stockholders.

      Section 10. Voting of Shares by Certain  Holders.  Shares  standing in the
name of another corporation may be voted by such officer,  agent or proxy as the
by-laws  or a  resolution  of the Board of  Directors  of such  corporation  may
prescribe,  and a certified copy of the by-law or resolution is presented at the
meeting. Shares held by an administrator,  executor, guardian or conservator may
be voted by him, either in person or by proxy, without a transfer of shares into
his name. A stockholder  whose shares are pledged shall be entitled to vote such
shares until the shares have been transferred into the name of the pledgee,  and
thereafter  the pledgee  shall be  entitled  to vote the shares so  transferred.
Neither  treasury  shares of its own stock held by the  corporation,  nor shares
held by another corporation if a majority of the shares entitled to vote for the
election of directors  of such other  corporation  are held by the  corporation,
shall be voted at any  meeting  or counted in  determining  the total  number of
outstanding shares at any given time for purposes of any meeting.

      Section 11. Voting  Trusts.  A stockholder,  by agreement in writing,  may
transfer his stock to a voting trustee or trustees for the purpose of conferring
the right to vote thereon for a period not exceeding fifteen (15) years upon the
terms and conditions  therein stated.  The  certificates of stock so transferred
shall be surrendered and canceled and new  certificates  therefor issued to such
trustee or  trustees in which it shall  appear that they are issued  pursuant to
such  agreement,  and in the entry of such ownership in the proper books of such
corporation  that fact  shall  also be noted,  and  thereupon  such  trustee  or
trustees  may  vote  upon the  stock so  transferred  during  the  terms of such
agreement.  A duplicate of every such agreement  shall be filed in the principal
office  of the  corporation  and at all  times  during  such  terms  be  open to
inspection by any stockholder or his attorney.

      Section 12. Informal Action by Stockholders.  Any action,  except election
of directors, required or permitted to be taken at a meeting of the stockholders
may be taken without a meeting if a consent in writing, setting forth the action
so  taken,  shall be  signed by all of the  stockholders  entitled  to vote with
respect to the subject matter thereof.

         Section 13. Removal of Directors. Any director may be removed from
office by the vote or written consent of stockholders representing not less than
two-thirds of the issued and outstanding capital stock entitled to voting power.
All vacancies, including those caused by an increase in the number of directors
may be filled by a majority of the remaining directors though less than a
quorum. When one or more directors shall give notice of his or their resignation
to the Board, effective at a future date, the Board shall have power to fill
such vacancy or vacancies to take effect when such resignation or resignations
shall become effective, each director so appointed to hold office during the
remainder of the term of office of the resigning director or directors.

                             ARTICLE III - DIRECTORS

      Section 1. The business of this corporation shall be managed by a board of
not less than four (4) nor more than seven (7)  directors  or  trustees,  all of
whom  shall  be at  least 18 years  of age.  Unless  otherwise  provided  in the
certificate or articles of incorporation,  or an amendment thereof, it shall not
be necessary for directors to be stockholders.

      Section 2. Regular  Meetings.  A regular meeting of the Board of Directors
shall be held without other notice than this By-Law  immediately  after,  and at
the same place as, the annual  meeting of  stockholders.  The Board of Directors
may provide,  by resolution,  the time and place,  either within or without this
state, for the holding of additional  regular meetings without other notice than
such resolution.

      Section 3. Special  Meetings.  Special  meetings of the Board of Directors
may be called by or at the request of the  president or any two  directors.  The
person or persons  authorized to call special meetings of the Board of Directors
may fix any place,  either within or without the state, as the place for holding
any special meeting of the Board of Directors called by them.

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      Section 4. Notice.  Notice of any special  meeting shall be given at least
ten (10) days  previously  thereto by written  notice  delivered  personally  or
mailed to each director at his business  address,  or by  facsimile.  If mailed,
such notice shall be deemed to be delivered  when deposited in the United States
mail,  so  addressed,  with  postage  thereon  prepaid.  If  notice  be given by
facsimile,  such notice  shall be deemed to be delivered  when the  facsimile is
sent. Any director may waive notice of any meeting. The attendance of a director
at a meeting shall  constitute a waiver of notice of such meeting except where a
director  attends  a  meeting  for  the  express  purpose  of  objecting  to the
transaction  of any  business  because  the  meeting is not  lawfully  called or
convened.  Neither  the  business to be  transacted  at, nor the purpose of, any
regular or special  meeting of the Board of  Directors  need be specified in the
notice or waiver of notice of such meeting.

      Section 5. Quorum.  A majority of the number of directors fixed by Section
1 of this Article III shall  constitute a quorum for the transaction of business
at any  meeting of the Board of  Directors,  but if less than such  majority  is
present at a meeting,  a majority  of the  directors  present  may  adjourn  the
meeting from time to time without further notice.

      Section 6.  Manner of Acting.  The act of the  majority  of the  directors
present at a meeting at which a quorum is present  shall be the act of the Board
of Directors.

      Section 7. Informal or Irregular  Action by Directors or  Committees.  (a)
Action taken by the required majority of the directors or members of a committee
without a meeting is nevertheless  Board or committee  action if written consent
to the  action in  question  is signed by all the  directors  or  members of the
committee,  as the case may be, and filed with the minutes of the proceedings of
the Board or committee, whether done before or after the action so taken.

      (b) Any one or more directors or members of a committee may participate in
a meeting  of the  Board or  committee  by means of a  conference  telephone  or
similar  communications  device  which allows all persons  participating  in the
meeting to hear each other, and such  participation in a meeting shall be deemed
presence in person at such meeting.

      Section 8. Executive and Other Committees.  (a) The Board of Directors, by
resolution  adopted by a majority of the number of directors  then in office may
designate  from among its members and executive  committee and one or more other
committees,  each consisting of two (2) or more directors, and each of which, to
the extent  provided in the  resolution or in the charter or these By-Laws shall
have and may exercise all of the authority of the Board of Directors  except the
power to:

            (i)   Declare dividends or distributions on stock;
            (ii)  Issue stock other than as provided in  subsection  (b) of this
                  section;
            (iii) Recommend  to  the  stockholders  any  action  which  requires
                  stockholder approval;
            (iv)  Amend the By-Laws; or
            (v)   Approve  any merger or share  exchange  which does not require
                  stockholder approval.

      (b) If the Board of  Directors  has given  general  authorization  for the
issuance  of stock,  a  committee  of the Board,  in  accordance  with a general
formula or method specified by the Board by resolution or by adoption of a stock
option or other plan,  may fix the terms of stock subject to  classification  or
reclassification  and the terms on which any stock may be issued,  including all
terms and  conditions  required or permitted to be  established or authorized by
the Board of Directors under the Delaware General Corporation Law.

      (c) The appointment of any committee, the delegation of authority to it or
action by it under that authority  does not constitute of itself,  compliance by
any  director  not a member of the  committee,  with the  standard  provided  by
statute for the performance of duties of directors.

         Section 9. Compensation. By resolution of the Board of Directors, each
director may be paid his expenses, if any, of attendance at each meeting of the
Board of Directors, and may be paid a stated salary as director or a fixed sum
for attendance at each meeting of the Board of Directors or both. No such
payment shall preclude any director from serving the corporation in any other
capacity and receiving compensation therefor.

         Section 10. Presumption of Assent. A director of the corporation who is
present at a meeting of the Board of Directors at which action on any corporate
matter is taken, unless he shall announce his dissent at

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the meeting and his dissent is entered in the minutes and he shall  forward such
dissent by registered mail to the secretary of the corporation immediately after
the  adjournment of the meeting,  shall be presumed to have given assent to such
action.  Such right to dissent  shall not apply to a director who voted in favor
of such action.

                              ARTICLE IV - OFFICERS

      Section 1. Number.  The corporation shall have a president,  a Chairman of
the Board, a vice president, a secretary, and a treasurer, each of whom shall be
elected by the Board of Directors. Such other officers and assistant officers as
may be deemed  necessary  may be elected or appointed by the Board of Directors.
Any two (2) or more offices may be held by the same person.

      Section 2. Election and Term of Office. The officers of the corporation to
be elected by the Board of Directors  shall be elected  annually by the Board of
Directors at the first meeting of the Board of Directors  held after each annual
meeting of the  stockholders.  If the election of officers  shall not be held at
such meeting, such election shall be held as soon thereafter as conveniently may
be. Each  officer  shall hold office  until his  successor  shall have been duly
elected  and shall have  qualified  or until he shall  resign or shall have been
removed in the manner hereinafter provided.

      Section 3.  Removal.  Any  officer or agent may be removed by the Board of
Directors  whenever in its judgment,  the best interests of the corporation will
be served thereby,  but such removal shall be without  prejudice to the contract
rights, if any, of the person so removed. Election or appointment of any officer
or agent shall not of itself create contract rights.

      Section  4.  Vacancies.   A  vacancy  in  any  office  because  of  death,
resignation,  removal, disqualification or otherwise, may be filled by the Board
of Directors for the unexpired portion of the term.

      Section 5.  President/Chairman of the Board. The president/Chairman of the
Board shall be the principal  executive officer of the corporation,  and subject
to the control of the Board of Directors, shall in general supervise and control
all of the business and affairs of the corporation.  The  president/Chairman  of
the Board shall have authority to institute or defend legal proceedings when the
directors are deadlocked. He shall, when present, preside at all meetings of the
stockholders  and of the Board of Directors.  He may sign, with the secretary or
any other proper officer of the corporation thereunto authorized by the Board of
Directors,  certificates  for shares of the corporation,  any deeds,  mortgages,
bonds,  contracts,  or  other  instruments  which  the  Board of  Directors  has
authorized  to be  executed,  except in cases where the  signing  and  execution
thereof  shall be  expressly  delegated  by the Board of  Directors  or by these
By-Laws to some other officer or agent of the corporation,  or shall be required
by law to be otherwise  signed or  executed;  and in general  shall  perform all
duties  incident to the office of the  president/Chairman  of the Board and such
other duties as may be prescribed by the Board of Directors from time to time.

      Section 6. The Secretary. The secretary shall: (a) keep the minutes of the
proceedings  of the  stockholder  and of the Board of  Directors  in one or more
books  provided  for that  purpose;  (b) see that all  notices are duly given in
accordance  with the  provisions  of these By-Laws or as required by law; (c) be
custodian of the corporate  records and of the seal of the  corporation  and see
that the seal of the  corporation  is affixed to all  documents the execution of
which on behalf of the corporation under its seal is duly authorized; (d) keep a
register of the post office address of each stockholder which shall be furnished
to the secretary by such stockholder; (e) sign with the president,  certificates
for shares of the corporation,  the issuance of which shall have been authorized
by resolution of the Board of  Directors;  (f) have general  charge of the stock
transfer books of the corporation; (g) in general perform all duties incident to
the  office  of  secretary  and such  other  duties  as from time to time may be
assigned to him by the president or by the Board of Directors.

      Section 7. The Treasurer. The treasurer shall: (a) have charge and custody
of and be  responsible  for all funds and  securities  of the  corporation;  (b)
receive and give receipts for moneys due and payable to the corporation from any
source whatsoever, and deposit all such moneys in the name of the corporation in
such  banks,  trust  companies  or other  depositories  as shall be  selected in
accordance  with the  provisions  of  Article  VI of these  By-Laws;  and (c) in
general  perform all of the duties  incident to the office of treasurer and such
other duties as from time to time may be assigned to him by the  president or by
the Board of Directors.

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      Section 8. Salaries. The salaries of the officers shall be fixed from time
to time by the  Board  of  Directors  and no  officer  shall be  prevented  from
receiving  such  salary by reason of the fact that he is also a director  of the
corporation.

                    ARTICLE V - INDEMNIFICATION OF OFFICERS,
                         DIRECTORS, EMPLOYEES AND AGENTS

      Section 1. Right to  Indemnification.  The corporation  shall indemnify to
the fullest extent  permitted by applicable law any person who was or is a party
or is  threatened  to be made a party to any  threatened,  pending or  completed
action,  suit  or  proceeding,   whether  civil,  criminal,   administrative  or
investigative (a "Proceeding"), by reason of the fact that such person is or was
a director or officer of the corporation, or is or was serving at the request of
the  corporation  as a  director  or  officer  of  another  corporation  or of a
partnership,  joint venture, trust or other enterprise or entity, whether or not
for profit,  whether domestic or foreign,  including  service with respect to an
employee benefit plan, its participants or beneficiaries, against all liability,
loss and expense  (including  attorneys'  fees and amounts  paid in  settlement)
actually  and  reasonably  incurred  by such  person  in  connection  with  such
Proceeding,  whether or not the indemnified  liability  arises or arose from any
Proceeding by or in the right of the corporation.

      Section 2. Advance of Expenses. Expenses incurred by a director or officer
in defending a  Proceeding  shall be paid by the  corporation  in advance of the
final  disposition of such  Proceeding,  subject to the provisions of applicable
law, upon receipt of an  undertaking  by or on behalf of the director or officer
to repay such amount if it shall  ultimately be  determined  that such person is
not entitled to be indemnified by the corporation under applicable law.

      Section 3. Procedure for Determining Permissibility.  To determine whether
any  indemnification or advance of expenses under this Article V is permissible,
the Board of Directors by a majority  vote of a quorum  consisting  of directors
who are not parties to such Proceeding may, and on request of any person seeking
indemnification or advance of expenses shall, determine in each case whether the
standards  under  applicable law have been met, or such  determination  shall be
made by independent legal counsel if such quorum is not obtainable,  or, even if
obtainable,  a majority vote of a quorum of disinterested  directors so directs,
provided that, if there has been a change in control of the corporation  between
the  time  of the  action  or  failure  to act  giving  rise  to the  claim  for
indemnification  or advance of expenses and the time such claim is made,  at the
option of the  person  seeking  indemnification  or  advance  of  expenses,  the
permissibility of  indemnification or advance of expenses shall be determined by
independent legal counsel. The reasonable expenses of any director or officer in
prosecuting a successful claim for indemnification, and the fees and expenses of
any   independent   legal  counsel  engaged  to  determine   permissibility   of
indemnification or advance of expenses, shall be borne by the corporation.

      Section 4. Contractual  Obligation.  The obligations of the corporation to
indemnify  a director or officer  under this  Article V,  including  the duty to
advance  expenses,  shall be considered a contract  between the  corporation and
such director or officer, and no modification or repeal of any provision of this
Article V shall  affect,  to the  detriment  of the  director or  officer,  such
obligations of the  corporation  in connection  with a claim based on any act or
failure to act occurring before such modification or repeal.

      Section  5.  Indemnification  Not  Exclusive;   Inuring  of  Benefit.  The
indemnification and advancement of expenses provided by this Article V shall not
be deemed  exclusive of any other right to which one indemnified may be entitled
under any statute,  agreement,  vote of  shareholders  or otherwise,  both as to
action in such person's  official  capacity and as to action in another capacity
while  holding such office,  and shall inure to the benefit of the heirs,  legal
representatives and estate of any such person. The Board of Directors shall have
the  power  to give  other  indemnification  to the  extent  not  prohibited  by
applicable law.

               ARTICLE VI - CONTRACTS, LOANS, CHECKS AND DEPOSITS

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      Section 1. Contracts.  The Board of Directors may authorize any officer or
officers, agent or agents, to enter into any contract or execute and deliver any
instrument in the name of or on behalf of the  corporation,  and such  authority
may be general or confined to specific instances.

      Section  2.  Loans.  No  loans  shall  be  contracted  on  behalf  of  the
corporation and no evidences of indebtedness  shall be issued in its name unless
authorized  by a resolution  of the Board of  Directors.  Such  authority may be
general or confined to specific instances.

      Section 3. Checks,  Drafts,  etc. All checks,  drafts, or other orders for
the payment of money,  notes or other  evidences of  indebtedness  issued in the
name of the corporation,  shall be signed by such officer or officers,  agent or
agents  of the  corporation  and in such  manner  as shall  from time to time be
determined by resolution of the Board of Directors.

      Section 4. Deposits.  All funds of the corporation not otherwise  employed
shall be deposited  from time to time to the credit of the  corporation  in such
banks,  trust  companies or other  depositories  as the Board of  Directors  may
select.

            ARTICLE VII - CERTIFICATES FOR SHARES AND THEIR TRANSFER

      Section 1. Certificates for Shares.  Certificates  representing  shares of
the  corporation  shall be in such form as shall be  determined  by the Board of
Directors.   Such   certificates   shall  be  signed  by  the   president  or  a
vice-president and countersigned by the secretary or an assistant  secretary and
sealed with the corporation seal or a facsimile thereof.  The signatures of such
officers upon a certificate  may be facsimile  signatures if the  certificate is
manually  signed on behalf of a  transfer  agent or a  registrar  other than the
corporation or an employee of the corporation. Each certificate for shares shall
be consecutively  numbered or otherwise identified.  The name and address of the
person to whom the shares  represented  thereby are  issued,  with the number of
shares and date of issue,  shall be entered on the stock  transfer  books of the
corporation.  All certificates surrendered to the corporation for transfer shall
be  canceled  and  no  new  certificates   shall  be  issued  until  the  former
certificates  for a like  number  of shares  shall  have  been  surrendered  and
canceled,  except that in case of a lost,  destroyed or mutilated  certificate a
new one may be issued  therefor upon such terms and indemnity to the corporation
as the Board of Directors may prescribe.

      Section 2. Transfer of Shares. Transfer of shares of the corporation shall
be made only on the stock  transfer  books of the  corporation  by the holder of
record thereof or by his legal representative, who shall furnish proper evidence
of authority to transfer,  or by his attorney  thereunto  authorized by power of
attorney duly executed and filed with the secretary of the  corporation,  and on
surrender for  cancellation of the  certificate  for such shares.  The person in
whose name shares stand on the books of the  corporation  shall be deemed by the
corporation to be the owner thereof for all purposes.

                           ARTICLE VIII - FISCAL YEAR

      Section 1. The fiscal year of the corporation shall begin on the first day
of January.

                             ARTICLE IX - DIVIDENDS

      Section 1. The Board of Directors may, from time to time,  declare and the
corporation may pay dividends on its outstanding  shares in the manner, and upon
the terms and conditions provided by law and its Articles of Incorporation.

                           ARTICLE X - CORPORATE SEAL

      Section 1. The Board of  Directors  shall  provide a corporate  seal which
shall be  circular  in form and shall  have  inscribed  thereon  the name of the
corporation,  the year of its  incorporation  and the  words,  "Corporate  Seal,
Delaware".

                          ARTICLE XI - WAIVER OF NOTICE

                                       7
<PAGE>

      Section 1. Whenever any notice is required to be given to any  stockholder
or director of the  corporation  under the  provisions of these By-Laws or under
the provisions of the Articles of  Incorporation  or under the provisions of the
general  corporation  law of the State of Delaware,  a waiver thereof in writing
signed by any person or persons entitled to such notice, whether before or after
the time  stated  therein,  shall be  deemed  equivalent  to the  giving of such
notice.

                            ARTICLE XII - AMENDMENTS

      Section 1. The Board of Directors shall have the power to make,  alter and
repeal By-Laws, but By-Laws made by the Board may be altered or repealed and new
By-Laws made by the stockholders.

                                       8EXHIBIT 4.3

                            AMENDED WORLDWATER CORP.
                        1999 INCENTIVE STOCK OPTION PLAN

                                    ARTICLE I
                      Establishment, Purpose, and Duration

      1.1 Establishment of the Plan. WorldWater Corp., a Delaware corporation
(the "Company"), hereby establishes an incentive compensation plan for the
Company and its subsidiaries to be known as the "1999 Incentive Stock Plan", as
set forth in this document. Unless otherwise defined herein, all capitalized
terms shall have the meanings set forth in Section 2.1 herein. The Plan permits
the grant of Incentive Stock Options, Non-qualified Stock Options and Restricted
Stock.

      The Plan was adopted by the Board of Directors of the Company on April 30,
1999, and became effective on June 17, 1999 (the "Effective Date"), upon the
approval by vote of shareholders of the Company in accordance with applicable
laws. The Plan was amended, effective June 14, 2001, upon the approval by vote
of shareholders of the Company.

      1.2 Purpose of the Plan. The purpose of the Plan is to promote the success
of the Company and its subsidiaries by providing incentives to Key Employees,
directors of the Company and consultants to the Company and that will promote
the identification of their personal interest with the long-term financial
success of the Company and with growth in shareholder value. The Plan is
designed to provide flexibility to the Company including its subsidiaries, in
its ability to motivate, attract, and retain the services of Key Employees upon
whose judgment, interest, and special effort the successful conduct of its
operation is largely dependent.

      1.3 Duration of the Plan. The Plan shall commence on the Effective Date,
as described in Section 1.1 herein, and shall remain in effect, subject to the
right of the Board of Directors to terminate the Plan at any time pursuant to
Article XI herein, until June 16, 2009, at which time it shall terminate except
with respect to Awards made prior to, and outstanding on, that date which shall
remain valid in accordance with their terms.

                                   ARTICLE II
                                   Definitions

      2.1 Definitions. Except as otherwise defined in the Plan, the following
terms shall have the meanings set forth below:

            a. "Affiliate" and "Associate" shall have the respective meanings
ascribed to such terms in Rule 12b-2 under the Securities Exchange Act of 1934,
as amended (the "Exchange Act").

            b. "Agreement" means a written agreement implementing the grant of
each Award signed by an authorized officer of the Company and by the
Participant.

            c. "Award" means, individually or collectively, a grant under this
Plan of Incentive Stock Options, Non-qualified Stock Options and Restricted
Stock.

            d. "Award Date" or "Grant Date" means the date on which an Award is
made by the Committee under this Plan.

            e. "Beneficial Owner" shall have the meaning ascribed to such term
in Rule 13d-3 under the Exchange Act.

                                       1
<PAGE>

            f. "Board" or "Board of Directors" means the Board of Directors of
the Company, unless otherwise indicated.

            g. "Change in Control" shall be deemed to have occurred if the
conditions set forth in any one of the following paragraphs shall have been
satisfied:

                  (i) any Person (other than the Company, any Subsidiary, a
trustee or other fiduciary holding securities under any employee benefit plan of
the Company, or its Subsidiaries), who or which, together with all Affiliates
and Associates of such Person, is or becomes the Beneficial Owner, directly or
indirectly, of securities of the Company representing 20% or more of the
combined voting power of the Company's then outstanding securities; or (ii) if,
at any time after the Effective Date, the composition of the Board of Directors
of the Company shall change such that a majority of the Board of the Company
shall no longer consist of Continuing Directors; or (iii) if at any time, (1)
the Company shall consolidate with, or merge with, any other Person and the
Company shall not be the continuing or surviving corporation, (2) any Person
shall consolidate with or merge with the Company, and the Company shall be the
continuing or surviving corporation and, in connection therewith, all or part of
the outstanding Stock shall be changed into or exchanged for stock or other
securities of any other Person or cash or any other property, (3) the Company
shall be a party to a statutory share exchange with any other Person after which
the Company is a subsidiary of any other Person, or (4) the Company shall sell
or otherwise transfer 50% or more of the assets or earning power of the Company
and its Subsidiaries (taken as a whole) to any Person or Persons.

            h. "Code" means the Internal Revenue Code of 1986, as amended from
time to time.

            i. "Committee" means the Board of Directors of the Company or
committee established by the Board to administer the Plan pursuant to Article
III herein, all of the members of which shall be "non-employee directors" as
defined in Rule 16b-3, as amended, under the Exchange Act or any similar or
successor rule. There shall be no fewer than three, nor more than 5, members on
the Committee. Unless otherwise determined by the Board of Directors of the
Company, the wholly-owned subsidiary of the Company, shall constitute the
Committee.

            j. "Company" means WorldWater Corp., or any successor thereto as
provided in Article XIII herein.

            k. "Continuing Director" means an individual who was a member of the
Board of Directors of the Company on the Effective Date or whose subsequent
nomination for election or re-election to the Board of Directors of the Company
was recommended or approved by the affirmative vote of two-thirds of the
Continuing Directors then in office.

            l. "Exchange Act" means the Securities Exchange Act of 1934, as
amended.

            m. "Fair Market Value" of a Share means the fair market value as
determined pursuant to a reasonable method adopted by the Committee in good
faith for such purpose.

            n. "Incentive Stock Option" or "ISO" means an option to purchase
Stock, granted under Article VI herein, which is designated as an incentive
stock option and is intended to meet the requirements of Section 422A of the
Code.

            o. "Key Employee" means an officer or other key employee of the
Company or its Subsidiaries, who, in the opinion of the Committee, can
contribute significantly to the growth and profitability of, or perform services
of major importance to, the Company and its Subsidiaries.

            p. "Non-qualified Stock Option" or "NQSO" means an option to
purchase Stock, granted under Article VI herein, which is not intended to be an
Incentive Stock Option.

            q. "Option" means an Incentive Stock Option or a Non-qualified Stock
Option.

                                       2
<PAGE>

            r. "Participant" means a Key Employee who is granted an Award under
the Plan.

            s. "Period of Restriction" means the period during which the
transfer of Shares of Restricted Stock is restricted, pursuant to Article VIII
herein.

            t. "Person" shall have the meaning ascribed to such term in Section
3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof,
including a "group" as defined in Section 13(d).

            u. "Plan" means the Amended WorldWater Corp. 1999 Incentive Stock
Plan, as described and as hereafter from time to time amended.

            v. "Related Option" means an Option with respect to which a Stock
Appreciation Right has been granted.

            w. "Restricted Stock" means an Award of Stock granted to a
Participant pursuant to Article VII herein.

            x. "Stock" or "Shares" means the common stock of the Company.

            y. "Subsidiary" shall mean a corporation at least 50% of the total
combined voting power of all classes of stock of which is owned by the Company,
either directly or through one or more of its Subsidiaries.

                                   ARTICLE III
                                 Administration

      3.1 The Committee. Except as otherwise reserved for consideration and
approval by the Board of Directors, the Plan shall be administered by the
Committee which shall have all powers necessary or desirable for such
administration.

            (a) Subject to the provisions of the Plan, the Committee shall have
the following plenary powers: (i) to establish, amend or waive rules or
regulations for the Plan's administration; (ii) except in those instances in
which a dispute arises, to construe and interpret the Agreements and the Plan;
and (iii) to make all other determinations and take all other actions necessary
or advisable for the administration of the Plan.

            (b) (1) Subject to the provisions of the Plan, the Committee shall
have the following qualified powers that shall be subject to approval, amendment
and modification by the Board of Directors: (i) to determine the terms and
conditions upon which the Awards may be made and exercised; (ii) to determine
all terms and provisions of each Agreement, which need not be identical; (iii)
to construe and interpret the Agreements and the Plan in the event of a dispute
between the Participant and the Committee; and (iv) to accelerate the
exercisability of any Award or the termination of any Period of Restriction.

                  (2) In approving the Committee's determinations or other
recommendations under (b)(1), the Board of Directors may make such amendments,
modifications or qualifications as it deems in the best interest of the Company,
and the Board shall provide specific instructions to the Committee for
implementation of the same.

                  (3) In its sole discretion, the Board of Directors may waive
by resolution one or more of its approval rights under (b)(1) and authorize the
Committee to proceed without seeking further approvals either on a case by case
basis or permanently until further notice from the Board. Such waiver shall be
communicated in writing to the Committee which shall maintain a permanent record
of such waiver(s).

            (c) The express grant in this Plan of any specific power to the
Committee shall not be construed as limiting any power or authority of the
Committee, except as otherwise stated in paragraph 3.1(b).

                                       3
<PAGE>

      3.2 Selection of Participants. The Committee shall have the authority to
grant Awards under the Plan, from time to time, to such Key Employees, directors
and consultants as may be selected by it. Each Award shall be evidenced by an
Agreement.

      3.3 Decisions Binding. All determinations and decisions made by the Board
or the Committee pursuant to the provisions of the Plan shall be final,
conclusive and binding.

      3.4 Rule 16b-3 Requirements. Notwithstanding any other provision of the
Plan, the Board or the Committee may impose such conditions on any Award, and
amend the Plan in any such respects, as may be required to satisfy the
requirements of Rule 16b-3, as amended (or any successor or similar rule), under
the Exchange Act.

      3.5 Indemnification of Committee. In addition to such other rights of
indemnification as they may have as directors or as members of the Committee,
the members of the Committee shall be indemnified by the Company against
reasonable expenses, including attorneys' fees, actually and reasonably incurred
in connection with the defense of any action, suit or proceeding, or in
connection with any appeal therein, to which they or any of them may be a party
by reason of any action taken or failure to act under or in connection with the
Plan or any Award granted or made hereunder, and against all amounts reasonably
paid by them in settlement thereof or paid by them in satisfaction of a judgment
in any such action, suit or proceeding, if such members acted in good faith and
in a manner which they believed to be in, and not opposed to, the best interests
of the Company and its Subsidiaries.

      3.6 Certain Determinations. In connection with the Committee's good faith
determination of "Fair Market Value" as required herein, the Committee may, as
guidance, take into consideration the book value of the Common Stock of the
Company, the relationship between the traded price and book value of shares for
financial institutions of similar size and similar operating results to the
Company and its subsidiary bank, any reasonably recent trades of the Common
Stock of the Company brought to the attention of the Committee and such
additional relevant information as the Committee in its judgment deems
necessary. In its sole discretion, the Committee may, but is not obligated to,
consult with and/or engage an investment banker or other appropriate advisor to
advise the Committee in connection with its good faith determination of "Fair
Market Value" herein.

                                   ARTICLE IV
                            Stock Subject to the Plan

      4.1 Number of Shares. Subject to adjustment as provided in Section 4.3
herein, the maximum aggregate number of Shares that may be issued pursuant to
Awards made under the Plan shall not exceed 7,000,000. No more than one-third of
the aggregate number of such Shares shall be issued in connection with
Restricted Stock Awards. Except as provided in Sections 4.2 herein, the issuance
of Shares in connection with the exercise of, or as other payment for Awards,
under the Plan shall reduce the number of Shares available for future Awards
under the Plan.

      4.2 Lapsed Awards or Forfeited Shares. If any Award granted under this
Plan (for which no material benefits of ownership have been received, including
dividends) terminates, expires, or lapses for any reason other than by virtue of
exercise of the Award, or if Shares issued pursuant to Awards (for which no
material benefits of ownership have been received, including dividends) are
forfeited, any Stock subject to such Award again shall be available for the
grant of an Award under the Plan.

      4.3 Capital Adjustments. The number and class of Shares subject to each
outstanding Award, the Option Price and the aggregate number and class of Shares
for which Awards thereafter may be made shall be subject to such adjustment, if
any, as the Committee in its sole discretion deems appropriate to reflect such
events as stock dividends, stock splits, recapitalizations, mergers,
consolidations or reorganizations of or by the Company.

                                       4
<PAGE>

                                    ARTICLE V
                                   Eligibility

      Persons eligible to participate in the Plan include all employees of the
Company and its Subsidiaries who, in the opinion of the Committee, are Key
Employees, and directors and consultants.

                                   ARTICLE VI
                                  Stock Options

      6.1 Grant of Options. Subject to the terms and provisions of the Plan,
Options may be granted to Key Employees, directors and consultants at any time
and from time to time as shall be determined by the Committee. The Committee
shall have complete discretion in determining the number of Shares subject to
Options granted to each Participant, provided, however, that the aggregate Fair
Market Value (determined at the time the Award is made) of Shares with respect
to which any Participant may first exercise ISOs granted under the Plan during
any calendar year may not exceed $100,000 or such amount as shall be specified
in Section 422A of the Code and rules and regulation thereunder.

      6.2 Option Agreement. Each Option grant shall be evidenced by an Agreement
that shall specify the type of Option granted, the Option Price (as hereinafter
defined), the duration of the Option, the number of Shares to which the Option
pertains, any conditions imposed upon the exercisability of Options in the event
of retirement, death, disability or other termination of employment, and such
other provisions as the Committee shall determine. The Agreement shall specify
whether the Option is intended to be an Incentive Stock Option within the
meaning of Section 422A of the Code, or Nonqualified Stock Option not intended
to be within the provisions of Section 422A of the Code.

      6.3 Option Price. The exercise price per share of Stock covered by an
Option ("Option Price") shall be determined by the Committee subject to the
following limitations. The Option Price shall not be less than 100% of the Fair
Market Value of such Stock on the Grant Date. An ISO granted to an employee who,
at the time of grant, owns (within the meaning of Section 425(d) of the Code)
Stock possessing more than 10% of the total combined voting power of all classes
of Stock of the Company, shall have an Option Price which is at least equal to
110% of the Fair Market Value of the Stock.

      6.4 Duration of Options. Each Option shall expire at such time as the
Committee shall determine at the time of grant provided, however, that no ISO
shall be exercisable later than the tenth (10th) anniversary date of its Award
Date.

      6.5 Exercisability. Options granted under the Plan shall be exercisable at
such times and be subject to such restrictions and conditions as the Committee
shall determine, which need not be the same for all Participants. No Option,
however, shall be exercisable until the expiration of at least six months after
the Award Date, except that such limitation shall not apply in the case of death
or disability of the Participant.

      6.6 Method of Exercise. Options shall be exercised by the delivery of a
written notice to the Company in the form prescribed by the Committee setting
forth the number of Shares with respect to which the Option is to be exercised,
accompanied by full payment for the Shares. The Option Price shall be payable to
the Company in full either in cash, by delivery of Shares of Stock valued at
Fair Market Value at the time of exercise, delivery of a promissory note (in the
Committee's discretion) or by a combination of the foregoing. As soon as
practicable, after receipt of written notice and payment, the Company shall
deliver to the Participant, stock certificates in an appropriate amount based
upon the number of Options exercised, issued in the Participant's name. No
Participant who is awarded Options shall have rights as a shareholder until the
date of exercise of the Options.

      6.7 Restrictions on Stock Transferability. The Committee shall impose such
restrictions on any Shares acquired pursuant to the exercise of an Option under
the Plan as it may deem advisable, including, without limitation, restrictions
under the applicable Federal securities law, under the requirements of the
National Association of Securities Dealers, Inc. or any stock exchange upon
which such Shares are then listed and under any blue sky or state

                                       5
<PAGE>

securities laws applicable to such Shares.

      6.8 Nontransferability of Options. No Option granted under the Plan may be
sold, transferred, pledged, assigned, or otherwise alienated or hypothecated,
otherwise than by will or by the laws of descent and distribution. Further, all
Options granted to a Participant under the Plan shall be exercisable during his
lifetime only by such Participant or his guardian or legal representative.

                                   ARTICLE VII
                                Restricted Stock

      7.1 Grant of Restricted Stock. Subject to the terms and provisions of the
Plan, the Committee, at any time and from time to time, may grant shares of
Restricted Stock under the Plan to such Participants and in such amounts as it
shall determine. Participants receiving Restricted Stock Awards are not required
to pay the Company therefor (except for applicable tax withholding) other than
the rendering of services.

      7.2 Restricted Stock Agreement. Each Restricted Stock grant shall be
evidenced by an Agreement that shall specify the Period of Restriction, the
number of Restricted Stock Shares granted, and such other provisions as the
Committee shall determine.

      7.3 Transferability. Except as provided in this Article VII and subject to
the limitation in the next sentence, the Shares of Restricted Stock granted
hereunder may not be sold, transferred, pledged, assigned, or otherwise
alienated or hypothecated until the termination of the applicable Period of
Restriction or upon earlier satisfaction of other conditions as specified by the
Committee in its sole discretion and set forth in the Agreement. No shares of
Restricted Stock shall be sold until the expiration of at least six months after
the Award Date, except that such limitation shall not apply in the case of death
or disability of the Participant. All rights with respect to the Restricted
Stock granted to a Participant under the Plan shall be exercisable during his
lifetime only by such Participant or his guardian or legal representative.

      7.4 Other Restrictions. The Committee shall impose such other restrictions
on any Shares of Restricted Stock granted pursuant to the Plan as it may deem
advisable including, without limitation, restrictions under applicable Federal
or state securities laws, and may legend the certificates representing
Restricted Stock to give appropriate notice of such restrictions.

      7.5 Certificate Legend. In addition to any legends placed on certificates
pursuant to Section 7.4 herein, each certificate representing shares of
Restricted Stock granted pursuant to the Plan shall bear the following legend:

      "The sale or other transfer of the Shares of Stock represented by this
      certificate, whether voluntary, involuntary, or by operation of law, is
      subject to certain restrictions on transfer set forth in the 1999
      Incentive Stock Plan of WorldWater Corp., in the rules and administrative
      procedures adopted pursuant to such Plan, and in an Agreement dated June
      16, 1999. A copy of the Plan, such rules and procedures, and such
      Restricted Stock Agreement may be obtained from the Secretary of
      WorldWater Corp."

      7.6 Removal of Restrictions. Except as otherwise provided in this Article,
Shares of Restricted Stock covered by each Restricted Stock Award made under the
Plan shall become freely transferable by the Participant after the last day of
the Period of Restriction. Once the Shares are released from the restrictions,
the Participant shall be entitled to have the legend required by Section 7.5
herein removed from his Stock certificate.

      7.7 Voting Rights. During the Period of Restriction, Participants holding
Shares of Restricted Stock granted hereunder may exercise full voting rights
with respect to those Shares.

      7.8 Dividends and Other Distributions. During the Period of Restriction,
Participants holding shares of Restricted Stock granted hereunder shall be
entitled to receive all dividends and other distributions paid with respect to
those shares while they are so held. If any such dividends or distributions are
paid in Shares, the Shares shall be subject to the same restrictions on
transferability as the Shares of Restricted Stock with respect to which they
were distributed.

                                       6
<PAGE>

      7.9 Termination of Employment Due to Retirement. Unless otherwise provided
in the Agreement, in the event that a Participant terminates his employment with
the Company or one of its Subsidiaries because of normal retirement (as defined
in the rules of the Company in effect at the time), any remaining Period of
Restriction applicable to the Restricted Stock Shares pursuant to Section 7.3
herein shall automatically terminate and, except as otherwise provided in
Section 7.4 herein the Shares of Restricted Stock shall thereby be free of
restrictions and freely transferable. Unless otherwise provided in the
Agreement, in the event that a Participant terminates his employment with the
Company because of early retirement (as defined in the rules of the Company in
effect at the time), the Committee, in its sole discretion, may waive the
restrictions remaining on any or all Shares of Restricted Stock pursuant to
Section 7.3 herein and add such new restrictions to those Shares of Restricted
Stock as it deems appropriate.

      7.10 Termination of Employment Due to Death or Disability. In the event a
Participant's employment is terminated because of death or disability during the
Period of Restriction, any remaining Period of Restriction applicable to the
Restricted Stock pursuant to Section 7.3 herein shall automatically terminate
and, except as otherwise provided in Section 7.4 herein the shares of Restricted
Stock shall thereby be free of restrictions and fully transferable.

      7.11 Termination of Employment for Other Reasons. Unless otherwise
provided in the Agreement, in the event that a Participant terminates his
employment with the Company for any reason other than for death, disability, or
retirement, as set forth in Sections 7.9 and 7.10 herein, during the Period of
Restriction, then any shares of Restricted Stock still subject to restrictions
as of the date of such termination shall automatically be forfeited and returned
to the Company.

                                  ARTICLE VIII
                                Change in Control

      In the event of a Change in Control of the Company, the Committee, as
constituted before such Change in Control, in its sole discretion may, as to any
outstanding Award, either at the time the Award is made or any time thereafter,
take any one or more of the following actions: (i) provide for the acceleration
of any time periods relating to the exercise or realization of any such Award so
that such Award may be exercised or realized in full on or before a date
initially fixed by the Committee; (ii) provide for the purchase or settlement of
any such Award by the Company, upon a Participant's request, for an amount of
cash equal to the amount which could have been obtained upon the exercise of
such Award or realization of such Participant's rights had such Award been
currently exercisable or payable; (iii) make such adjustment to any such Award
then outstanding as the Committee deems appropriate to reflect such Change in
Control; or (iv) cause any such Award then outstanding to be assumed, or new
rights substituted therefor, by the acquiring or surviving corporation in such
Change in Control.

                                   ARTICLE IX
                 Modification, Extension and Renewals of Awards

      Subject to the terms and conditions and within the limitations of the
Plan, the Committee may modify, extend or renew outstanding Awards, or, if
authorized by the Board, accept the surrender of outstanding Awards (to the
extent not yet exercised) granted under the Plan and authorize the granting of
new Awards pursuant to the Plan in substitution therefor, and the substituted
Awards may specify a lower exercise price than the surrendered Awards, a longer
term than the surrendered Awards or may contain any other provisions that are
authorized by the Plan. The Committee may also modify the terms of any
outstanding Agreement. Notwithstanding the foregoing, however, no modification
of an Award, shall, without the consent of the Participant, adversely affect the
rights or obligations of the Participant.

                                    ARTICLE X
               Amendment, Modification and Termination of the Plan

                                       7
<PAGE>

      10.1 Amendment, Modification and Termination. At any time and from time to
time, the Board may terminate, amend, or modify the Plan. Such amendment or
modification may be without shareholder approval except to the extent that such
approval is required by the Code, pursuant to the rules under Section 16 of the
Exchange Act, by any national securities exchange or system on which the Stock
is then listed or reported, by any regulatory body having jurisdiction with
respect thereto or under any other applicable laws, rules or regulations.

      10.2 Awards Previously Granted. No termination, amendment or modification
of the Plan other than pursuant to Section 4.3 herein shall in any manner
adversely affect any Award theretofore granted under the Plan, without the
written consent of the Participant.

                                   ARTICLE XI
                                   Withholding

      11.1 Tax Withholding. The Company shall have the power and the right to
deduct or withhold, or require a Participant to remit to the Company, an amount
sufficient to satisfy Federal, State and local taxes (including the
Participant's FICA obligation) required by law to be withheld with respect to
any grant, exercise, or payment made under or as a result of this Plan.

      11.2 Stock Withholding. With respect to withholding required upon the
exercise of Nonqualified Stock Options, or upon the lapse of restrictions on
Restricted Stock, or upon the occurrence of any other similar taxable event,
Participants may elect, subject to the approval of the Committee, to satisfy the
withholding requirement, in whole or in part, by having the Company withhold
Shares of Stock having a Fair Market Value equal to the amount required to be
withheld. The value of the Shares to be withheld shall be based on Fair Market
Value of the Shares on the date that the amount of tax to be withheld is to be
determined. All elections shall be irrevocable and be made in writing, signed by
the Participant on forms approved by the Committee in advance of the day that
the transaction becomes taxable.

                                   ARTICLE XII

                                   Successors

      All obligations of the Company under the Plan, with respect to Awards
granted hereunder, shall be binding on any successor to the Company, whether the
existence of such successor is the result of a direct or indirect purchase,
merger, consolidation or otherwise, of all or substantially all of the business
and/or assets of the Company.

                                  ARTICLE XIII
                                     General

      13.1 Requirements of Law. The granting of Awards and the issuance of
Shares of Stock under this Plan shall be subject to all applicable laws, rules,
and regulations, and to such approvals by any governmental agencies or self
regulatory organizations (i.e., exchanges) as may be required.

      13.2 Effect of Plan. The establishment of the Plan shall not confer upon
any Key Employee, director or consultant any legal or equitable right against
the Company, a Subsidiary or the Committee, except as expressly provided in the
Plan. The Plan does not constitute an inducement or consideration for the
employment of any Key Employee, director or consultant, nor is it a contract
between the Company or any of its Subsidiaries and any Key Employee, director or
consultant. Participation in the Plan shall not give any Key Employee any right
to be retained in the service of the Company or any of its Subsidiaries.

      13.3 Creditors. The interests of any Participant under the Plan or any
Agreement are not subject to the claims of creditors and may not, in any way, be
assigned, alienated or encumbered.

      13.4 Governing Law. The Plan, and all Agreements hereunder, shall be
governed, construed and administered in accordance with and governed by the laws
of the State of Delaware and the intention of the Company is that ISOs granted
under the Plan qualify as such under Section 422A of the Code.

                                       8
<PAGE>

      13.5 Severability. In the event any provision of the Plan shall be held
illegal or invalid for any reason, the illegality or invalidity shall not affect
the remaining parts of the Plan, and the Plan shall be construed and enforced as
if the illegal or invalid provision had not been included.

                                       9

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