Document:

Exhibit 4.(b)

                                                            Executed in 6 Parts
                                                           Counterpart No. (   )

                              NATIONAL EQUITY TRUST

                           LOW FIVE PORTFOLIO SERIES 55

                            REFERENCE TRUST AGREEMENT

     This  Reference  Trust  Agreement  dated October 24, 2003 among  Prudential
Investment Management Services LLC, as Depositor, Prudential Investments LLC, as
Portfolio  Supervisor,  and The Bank of New York, as Trustee, sets forth certain
provisions  in full  and  incorporates  other  provisions  by  reference  to the
document  entitled  "National Equity Trust,  Trust Indenture and Agreement" (the
"Basic  Agreement")  dated February 2, 2000. Such provisions as are set forth in
full herein and such provisions as are  incorporated  by reference  constitute a
single instrument (the "Indenture").

                                WITNESSETH THAT:

     In  consideration  of the  premises  and of the  mutual  agreements  herein
contained, the Depositor and the Trustee agree as follows:

                                     Part I.

                     STANDARD TERMS AND CONDITIONS OF TRUST

     Subject to the provisions of Part II hereof,  all the provisions  contained
in the Basic  Agreement are herein  incorporated  by reference in their entirety
and  shall be deemed  to be a part of this  instrument  as fully and to the same
extent as though said provisions had been set forth in full in this instrument.

A.   Article I, entitled "Definitions," shall be amended as follows:

(i)  Section  1.01-Definitions  shall be amended to add the following definition
     at the end thereof:

<PAGE>

                                      -2-

     "Portfolio  Supervisor" of the Trust shall have the meaning  assigned to it
in Part II of the Reference Trust Agreement.

B.   Article  III,  entitled  "Administration  of  Trust,"  shall be  amended as
     follows:

(i)  The third  paragraph  of  Section  3.05-Distribution  shall be  amended  by
     deleting  any  reference  to  Depositor  and  replacing  it with  Portfolio
     Supervisor.

(ii) Section  3.14-Deferred  Sales Charge shall be amended to add the  following
     sentences at the end thereof:

"References to Deferred Sales Charge in this Trust Indenture and Agreement shall
include any Creation and  Development  Fee  indicated  in the  prospectus  for a
Trust.  The  Creation  and  Development  Fee  shall be  payable  on each date so
designated  and in an amount  determined  as specified in the  prospectus  for a
Trust."

C.   Article VIII, entitled "Depositor," shall be amended as follows:

(i)  Section  8.07-Compensation  shall be amended by deleting  any  reference to
     Depositor and replacing it with Portfolio Supervisor.

D.   Article IX,  entitled  "Additional  Covenants;  Miscellaneous  Provisions,"
     shall be amended as follows:

     (i) The first sentence of Section 9.05 - Written Notice shall be amended by
deleting the language "Prudential Securities  Incorporated at One Seaport Plaza,
New  York,  New  York  10292"  and  replacing  it  with  "Prudential  Investment
Management LLC at 100 Mulberry Street,  Gateway Center Three, Newark, New Jersey
07102".
                                    Part II.

                      SPECIAL TERMS AND CONDITIONS OF TRUST

     The following special terms and conditions are hereby agreed to:

<PAGE>

                                      -3-

A.   The Trust is denominated  National Equity Trust,  Low Five Portfolio Series
     55.

B.   The Units of the Trust shall be subject to a deferred sales charge.

C.   The publicly  traded stocks  listed in  Schedule A  hereto are those which,
     subject to the terms of this Indenture, have been or are to be deposited in
     Trust under this Indenture as of the date hereof.

D.   The term "Depositor" shall mean Prudential  Investment  Management Services
     LLC.

E.   The term "Portfolio Supervisor" shall mean Prudential Investments LLC.

F.   The aggregate number of Units referred to in Sections 2.03  and 9.01 of the
     Basic Agreement is 125,000 as of the date hereof.

G.   A Unit of the Trust is hereby  declared  initially  equal to 1/125,000th of
     the Trust.

H.   The term "First Settlement Date" shall mean October 30, 2003.

I.   The terms  "Computation  Day" and "Record Date" shall mean on the tenth day
     of January 2004, April 2004, July 2004 and October 2004.

J.   The term "Distribution  Date" shall mean on the twenty-fifth day of January
     2004, April 2004, July 2004 and October 2004.

K.   The term "Termination Date" shall mean December 1, 2004.

L.   The Trustee's Annual Fee shall be $.90 (per 1,000 Units) for 49,999,999 and
     below  Units  outstanding,   $.84  (per  1,000  Units)  for  50,000,000  to
     99,999,999  Units  outstanding,  $.78 (per 1,000 Units) for  100,000,000 to
     199,999,999  Units  outstanding,  and $.66 (per  1,000  Units) for Units in
     excess of 200,000,000  Units. In calculating the Trustee's  annual fee, the
     fee applicable to the number of units  outstanding shall apply to all units
     outstanding.

M.   The Portfolio  Supervisor's portfolio supervisory service fee shall be $.25
     per 1,000 Units.

               [Signatures and acknowledgments on separate pages]

<PAGE>

                                      -4-

The Schedule of Portfolio  Securities  in Part A of the  prospectus  included in
this Registration Statement for National Equity Trust, Low Five Portfolio Series
55 is hereby incorporated by reference herein as Schedule A hereto.

<PAGE>

                                            PRUDENTIAL INVESTMENT MANAGEMENT
                                            SERVICES LLC,
                                            (Depositor)

                                            By /s/ Richard R. Hoffmann
                                                   Richard R. Hoffmann
                                                   Vice President

                                            PRUDENTIAL INVESTMENTS LLC
                                            (Portfolio Supervisor)

                                            By /s/ Richard R. Hoffmann
                                                   Richard R. Hoffmann
                                                   Vice President

<PAGE>

                                                       THE BANK OF NEW YORK
                                                       Trustee

                                                   By: /s/ Patrick Griffin
                                                           Patrick Griffin
                                                           Title: Vice President

(SEAL)

ATTEST:

By:      /s/ Dorothy Alencastro
             Dorothy Alencastro
             Title: Assistant Vice President

STATE OF NEW YORK          )
                                            : ss.:
COUNTY OF NEW YORK         )

     I, Linda  Bommer,  a Notary  Public in and for the said County in the state
aforesaid,  do hereby  certify  that  Patrick  Griffin  and  Dorothy  Alencastro
personally  known to me to be the same persons whose names are subscribed to the
foregoing  instrument  and  personally  known to me to be a Vice  President  and
Assistant Vice President,  respectively of The Bank of New York, appeared before
me this  day in  person,  and  acknowledged  that  they  signed,  sealed  with a
corporate  seal of The Bank of New York,  and delivered  the said  instrument as
their  free  and  voluntary  act as  such  Vice  President  and  Assistant  Vice
President,  respectively,  and as the free and  voluntary act of The Bank of New
York, for the uses and purposes therein set forth.

     GIVEN, under my hand and notarial seal this 24th day of October, 2003.

                                          /s/      Linda  A. Bommer
                                                   Linda  A. Bommer
                                                   Notary Public

(SEAL)Exhibit 4.2

 

Exhibit 4.2

NETMANAGE, INC.

1993 NON-EMPLOYEE DIRECTORS’ STOCK OPTION PLAN

Adopted by the Board of Directors on July 22, 1993

Approved by Stockholders on August 18, 1993

Amended and Restated as of April 29, 2003

	1.	 	PURPOSE

     (a)  The purpose of the 1993 Non-Employee Directors’ Stock Option Plan (the
“Plan”) is to provide a means by which each director of NetManage, Inc. (the
“Company”) who is not otherwise an employee of the Company or of any Affiliate
of the Company (each such person being hereafter referred to as a “Non-Employee
Director”) will be given an opportunity to purchase stock of the Company.

     (b)  The word “Affiliate” as used in the Plan means any parent corporation
or subsidiary corporation of the Company as those terms are defined in Sections
424(e) and (f), respectively, of the Internal Revenue Code of 1986, as amended
from time to time (the “Code”).

     (c)  The Company, by means of the Plan, seeks to retain the services of
persons now serving as Non-Employee Directors of the Company, to secure and
retain the services of persons capable of serving in such capacity, and to
provide incentives for such persons to exert maximum efforts for the success of
the Company.

	2.	 	ADMINISTRATION

     (a)  The Plan shall be administered by the Board of Directors of the
Company (the “Board”) unless and until the Board delegates administration to a
committee, as provided in subparagraph 2(b).

     (b)  The Board may delegate administration of the Plan to a committee
composed of not fewer than two (2) members of the Board (the “Committee”). If
administration is delegated to a Committee, the Committee shall have, in
connection with the administration of the Plan, the powers theretofore
possessed by the Board, subject, however, to such resolutions, not inconsistent
with the provisions of the Plan, as may be adopted from time to time by the
Board. The Board may abolish the Committee at any time and revest in the Board
the administration of the Plan. Each member of the Committee shall be eligible
to participate in the Plan if such member is otherwise a Non-Employee Director.

     (c)  Powers of Board or committee. The Board or Committee, as the case
may be, shall have the power, subject to, and within the limitations of, the
express provisions of the Plan:

 

 

	 	(i)	 	To determine the provisions of each Option to the extent
permitted in the Plan.
	 
	 	(ii)	 	To construe and interpret the Plan and Options granted under
it, and to establish, amend and revoke rules and regulations for its
administration. The Board or Committee, in the exercise of this
power, may correct any defect, omission or inconsistency in the
Plan, in a manner and to the extent it shall deem necessary or
expedient to make the Plan fully effective.
	 
	 	(iii)	 	To amend the Plan as provided in Section 11.
	 
	 	(iv)	 	Generally, to exercise such powers and to perform such acts
as the Board or Committee deems necessary or expedient to promote
the best interests of the Company, which are not in conflict with
the provisions of the Plan.

     (d)  Effect of Board’s or Committee’s Decision. All determinations,
interpretations and constructions made by the Board or Committee in good faith
shall not be subject to review by any person and shall be final, binding and
conclusive on all persons.

	3.	 	SHARES SUBJECT TO THE PLAN

     (a)  Subject to the provisions of paragraph 10 relating to adjustments upon
changes in stock, the stock that may be sold pursuant to options granted under
the Plan shall not exceed in the aggregate one-hundred fourteen thousand
two-hundred eighty-six (114,286) shares1 of the Company’s common stock. If any
option granted under the Plan shall for any reason expire or otherwise
terminate without having been exercised in full, the stock not purchased under
such option shall again become available for the Plan.

     (b)  The stock subject to the Plan may be unissued shares or reacquired
shares, bought on the market or otherwise.

	4.	 	ELIGIBILITY

     Options shall be granted only to Non-Employee Directors of the Company.

	5.	 	OPTION GRANTS

     (a)  Initial Grant each person who is elected for the first time to be a
Non-Employee Director shall, upon the date of his initial election to be a
Non-Employee Director by the Board of the Company, be granted an option to
purchase eight thousand

1 Adjusted to reflect the cumulative effect of the following stock splits: 3:1
(September 1993); 2:1 (May 1994), 2:1 (April 1995) and 1:7 (April 2002).

 

 

(8,000) shares of common stock of the Company on the terms and conditions
set forth herein.

     (b)  Immediately following each Annual Meeting held after May 30, 2003,
each person who is then a Non-Employee Director and has been a Non-Employee
Director for at least three (3) months prior to such year’s Annual Meeting
shall be granted an option to purchase one thousand six hundred (1,600) shares
of common stock of the Company on the terms and conditions set forth herein.

     (c)  In addition to the automatic grants provided for in subsection (a)
and (b) above, the Committee shall be authorized to determine from time to time
the Non-Employee Directors to be granted options, the number of shares of
common stock of the Company subject to such options, and the terms and
conditions of the options to be granted. All such options granted under this
subsection (c) must be approved by either the Board or the Committee prior to
grant.

	6.	 	OPTION PROVISIONS

     Options granted under this Plan shall be evidence by agreements in such
form, as the Committee shall from time to time approve (the “Option
Agreements”) Option agreements that relate to options granted pursuant to
Section 5 (a) and 5 (b) above shall comply and be subject to following terms
and conditions:

     (a)  The term of each option commences on the date it is granted and,
unless sooner terminated as set forth herein, expires on the date (“Expiration
Date”) ten (10) years from the date of grant. If the optionee’s service as a
Non-Employee Director of the Company terminates for any reason or for no
reason, the option shall terminate on the earlier of the Expiration Date or the
date one (1) year following the date of termination of service; provided,
however, that if such termination of service is due to the optionee’s death,
the option shall terminate on the earlier of the Expiration Date or one (1)
year following the date of the optionee’s death. In any and all circumstances,
an option may be exercised following termination of the optionee’s service as a
Non-Employee Director of the Company only as to that number of shares as to
which it was exercisable on the date of termination of such service under the
provisions of subparagraph 6(e).

     (b)  Subject to subparagraph 4(b), the exercise price of each option shall
be one hundred percent (100%) of the fair market value of the stock subject to
such option on the date such option is granted.

     (c)  The exercise price of stock acquired pursuant to each option shall be
paid, to the extent permitted by applicable statutes and regulations either (1)
in cash at the time the option is exercised, or (2) by delivery to the Company
of shares of Common Stock of the Company already owned by the optionee, held
for the period required to avoid a charge to the Company’s reported earnings,
and owned free and clear of any liens, claims, encumbrances or security
interest, which common stock shall be valued at fair market

 

 

 value on the date preceding the date of exercise, or (3) payment by a
combination of such methods of payment.

     Notwithstanding the foregoing, this option may be exercised pursuant to a
program developed under Regulation T as promulgated by the Federal Reserve
Board which results in the receipt of cash (or check) by the Company prior to
the issuance of shares of the Company’s common stock.

     (d)  Unless the Option Agreement provides otherwise, an option shall not be
transferable except by will or by the laws of descent and distribution, or
pursuant to a qualified domestic relations order as defined by the Internal
Revenue Code or Title I of ERISA, and shall be exercisable during the lifetime
of the person to whom the option is granted only by such person or by his
guardian or legal representative.

     (e)  The option shall become exercisable in installments over a period of 4
years from the date of grant. Twenty-five percent (25%) of the shares shall
vest on the first anniversary of the date of grant and one forty-eighth (1/48)
of the shares shall vest each month thereafter, provided that the optionee has,
during the entire period prior to such vesting date, continuously served as a
Non-Employee Director or as an employee of or consultant to the Company or any
Affiliate of the Company, whereupon such option shall become fully exercisable
in accordance with its terms with respect to that portion of the shares
represented by that installment.

     (f)  The Company may require any optionee, or any person to whom an option
is transferred under subparagraph 6(d), as a condition of exercising any such
option: (i) to give written assurances satisfactory to the Company as to the
optionee’s knowledge and experience in financial and business matters; and (ii)
to give written assurances satisfactory to the Company stating that such person
is acquiring the stock subject to the option for such person’s own account and
not with any present intention of selling or otherwise distributing the stock.
These requirements, and any assurances given pursuant to such requirements,
shall be inoperative if (i) the issuance of the shares upon the exercise of the
option has been registered under a then-currently-effective registration
statement under the Securities Act, or (ii), as to any particular requirement,
a determination is made by counsel for the Company that such requirement need
not be met in the circumstances under the then-applicable securities laws.

     (g)  Notwithstanding anything to the contrary contained herein, an option
may not be exercised unless the shares issuable upon exercise of such option
are then registered under the Securities Act of 1933, as amended (the
“Securities Act”) or, if such shares are not then so registered, the Company
has determined that such exercise and issuance would be exempt from the
registration requirements of the Securities Act.

     (h)  The Company (or a representative of the underwriters) may, in
connection with the first underwritten registration of the offering of any
securities of the Company under the Securities Act, require that any optionee
not sell or otherwise transfer or

 

 

 dispose of any shares of common stock or other securities of the Company
during such period (not to exceed one hundred eighty (180) days) following the
Effective Date as may be requested by the Company or the representative of the
underwriters.

     (i)  the Option Agreements authorized under the Plan may contain such
other provisions, as the Committee shall deem advisable in its sale discretion.

	7.	 	COVENANTS OF THE COMPANY

     (a)  During the terms of the options granted under the Plan, the Company
shall keep available at all times the number of shares of stock required to
satisfy such options.

     (b)  The Company shall seek to obtain from each regulatory commission or
agency having jurisdiction over the Plan such authority as may be required to
issue and sell shares of stock upon exercise of the options granted under the
Plan; provided, however, that this undertaking shall not require the Company to
register under the Securities Act either the Plan, any option granted under the
Plan, or any stock issued or issuable pursuant to any such option. If the
Company is unable to obtain from any such regulatory commission or agency the
authority which counsel for the Company deems necessary for the lawful issuance
and sale of stock under the Plan, the Company shall be relieved from any
liability for failure to issue and sell stock upon exercise of such options.

	8.	 	USE OF PROCEEDS FROM STOCK

     Proceeds from the sale of stock pursuant to options granted under the Plan
shall constitute general funds of the Company.

	9.	 	MISCELLANEOUS

     (a)  Neither an optionee nor any person to whom an option is transferred
under subparagraph 6(d) shall be deemed to be the holder of, or to have any of
the rights of a holder with respect to, any shares subject to such option
unless and until such person has satisfied all requirements for exercise of the
option pursuant to its terms.

     (b)  Throughout the term of any option granted pursuant to the Plan, the
Company shall make available to the holder of such option, not later than one
hundred twenty (120) days after the close of each of the Company’s fiscal years
during the option term, upon request, such financial and other information
regarding the Company as comprises the annual report to the stockholders of the
Company provided for in the Bylaws of the Company and such other information
regarding the Company as the holder of such option may reasonably request.

     (c)  Nothing in the Plan or in any instrument executed pursuant thereto
shall confer upon any Non-Employee Director any right to continue in the
service of the Company or

 

 

 any Affiliate or shall affect any right of the Company, its Board or
stockholders or any Affiliate to terminate the service of any Non-Employee
Director with or without cause.

     (d)  No Non-Employee Director, individually or as a member of a group, and
no beneficiary or other person claiming under or through him, shall have any
right, title or interest in or to any option reserved for the purposes of the
Plan except as to such shares of common stock, if any, as shall have been
reserved for him pursuant to an option granted to him.

     (e)  In connection with each option made pursuant to the Plan, it shall be
a condition precedent to the Company’s obligation to issue or transfer shares
to a Non-Employee Director, or to evidence the removal of any restrictions on
transfer, that such Non-Employee Director make arrangements satisfactory to the
Company to insure that the amount of any federal or other withholding tax
required to be withheld with respect to such sale or transfer, or such removal
or lapse, is made available to the Company for timely payment of such tax.

	10.	 	ADJUSTMENTS UPON CHANGES IN STOCK

     (a)  If any change is made in the stock subject to the Plan, or subject to
any option granted under the Plan (through merger, consolidation,
reorganization, recapitalization, stock dividend, dividend in property other
than cash, stock split, liquidating dividend, combination of shares, exchange
of shares, change in corporate structure or otherwise), the Plan and
outstanding options will be appropriately adjusted in the class(es) and maximum
number of shares subject to the Plan and the class(es) and number of shares and
price per share of stock subject to outstanding options.

     (b)  In the event of: (1) a merger or consolidation in which the Company is
not the surviving corporation; (2) a reverse merger in which the Company is the
surviving corporation but the shares of the Company’s common stock outstanding
immediately preceding the merger are converted by virtue of the merger into
other property, whether in the form of securities, cash or otherwise; or (3)
any other capital reorganization in which more than fifty percent (50%) of the
shares of the Company entitled to vote are exchanged the time during which such
option may be exercised shall be accelerated and the options terminated if not
exercised prior to such event. In the event of a dissolution or liquidation of
the Company, any outstanding options shall terminate if not exercised prior to
such event.

	11.	 	AMENDMENT OF THE PLAN

     (a)  The Board at any time, and from time to time, may amend the Plan.
Except as provided in paragraph 10 relating to adjustments upon changes in
stock, no amendment shall be effective unless approved by the stockholders of
the Company to the extent stockholder approval is necessary to satisfy the
requirements of Rule 16b-3 or any Nasdaq

 

 

 or other applicable securities exchange listings requirement. The Board
may, in its sole discretion submit any other amendment to the Plan for
stockholder approval.

     (b)  Rights and obligations under any option granted before any amendment
of the Plan shall not be altered or impaired by such amendment unless (i) the
Company requests the consent of the person to whom the option was granted and
(ii) such person consents in writing.

	12.	 	TERMINATION OR SUSPENSION OF THE PLAN

     (a)  The Board may suspend or terminate the Plan at any time. Unless sooner
terminated, the Plan shall terminate on July 22, 2013. No options may be
granted under the Plan while the Plan is suspended or after it is terminated.

     (b)  Rights and obligations under any option granted while the Plan is in
effect shall not be altered or impaired by suspension or termination of the
Plan, except with the consent of the person to whom the option was granted.

     (c)  The Plan shall terminate upon the occurrence of any of the events
described in Section 10(b) above.

	13.	 	EFFECTIVE DATE OF PLAN: CONDITIONS OF EXERCISE

     (a)  The Plan shall become effective upon adoption by the Board of
Directors, subject to the condition subsequent that the Plan is approved by the
stockholders of the Company.

     (b)  No option granted under the Plan shall be exercised or exercisable
unless and until the condition of subparagraph 13(a) above has been met.

	14.	 	CHOICE OF LAW:

     The law of the State of California shall govern questions concerning the
construction, validity in interpretation of this plan without regard to such
state’s conflict of law rules.

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