Document:

Exhibit 10.1

          CHANGE IN CONTROL SEVERANCE AGREEMENT BETWEEN
              WILLOW GROVE BANK AND ALLEN L. WAGNER

     THIS CHANGE IN CONTROL SEVERANCE AGREEMENT is dated as of
January 5, 2006 and is between Willow Grove Bank, a federally
chartered savings bank (the "Bank" or the "Employer"), and Allen
L. Wagner (the "Officer").

                            WITNESSETH

     WHEREAS, in order to induce the Officer to be employed by
the Employer and in consideration of the Officer's agreeing to be
employed by the Employer, the parties desire to specify the
severance benefits which shall be due the Officer by the Employer
in the event that his employment with the Employer is terminated
under specified circumstances.

     NOW THEREFORE, in consideration of the mutual agreements
herein contained, and upon the other terms and conditions
hereinafter provided, the parties hereby agree as follows:

     1.   Definitions.  The following words and terms shall have
the meanings set forth below for the purposes of this Agreement:

     (a)  Average Annual Compensation.  The Officer's "Average
Annual Compensation" for purposes of this Agreement shall be
deemed to mean the average amount of Base Salary and cash bonus
paid to the Officer by the Employer or any subsidiary thereof
during the most recent five calendar years preceding the Date of
Termination (or such shorter period as the Officer was employed).

     (b)  Cause.  Termination of the Officer's employment for
"Cause" shall mean termination because of personal dishonesty,
incompetence, willful misconduct, breach of fiduciary duty
involving personal profit, intentional failure to perform stated
duties, willful violation of any law, rule or regulation (other
than traffic violations or similar offenses) or final cease-and-
desist order , willful conduct which is materially detrimental
(monetarily or otherwise) to the Employer or material breach of
any provision of this Agreement.

     (c)  Corporation.  Corporation shall mean Willow Grove
Bancorp, Inc., the parent holding company of the Bank and any
successor thereto.

     (d)  Change in Control of the Corporation.  "Change in
Control of the Corporation" shall mean the occurrence of any of
the following:  (i) the acquisition of control of the Corporation
as defined in 12 C.F.R. Section 574.4, unless a presumption of
control is successfully rebutted or unless the transaction is
exempted by 12 C.F.R. Section 574.3(c)(vii), or any successor to
such sections; (ii) an event that would be required to be reported
in response to Item 5.01 of Form 8-K or Item 6(e) of Schedule 14A
of Regulation 14A pursuant to the Securities Exchange Act of 1934,
as amended ("Exchange Act"), or any successor thereto, whether or
not any class of securities of the Corporation is registered under
the Exchange Act; (iii) any "person" (as such term is used in
Sections 13(d) and 14(d) of the

Exchange Act) is or becomes the "beneficial owner" (as defined in
Rule 13d-3 under the Exchange Act), directly or indirectly, of
securities of the Corporation representing 20% or more of the combined
voting power of the Corporation's then outstanding securities; or (iv)
during any period of three consecutive years, individuals who at the
beginning of such period constitute the Board of Directors of the
Corporation cease for any reason to constitute at least a
majority thereof unless the election, or the nomination for
election by stockholders, of each new director was approved by a
vote of at least two-thirds of the directors then still in office
who were directors at the beginning of the period.

     (e)  Code.  "Code" shall mean the Internal Revenue Code of
1986, as amended.

     (f)  Date of Termination.  "Date of Termination" shall mean
(i) if the Officer's employment is terminated for Cause or for
Disability, the date specified in the Notice of Termination, (ii)
if the Officer's employment is terminated due to his death, the
date of death, and (iii) if the Officer's employment is
terminated for any other reason, the date on which a Notice of
Termination is given or as specified in such Notice.

     (g)  Disability.  Termination by the Employer of the
Officer's employment based on "Disability" shall mean termination
because of any physical or mental impairment which qualifies the
Officer for disability benefits under the applicable long-term
disability plan maintained by the Employer or any subsidiary or,
if no such plan applies, which would qualify the Officer for
disability benefits under the Federal Social Security System.

     (h)  Effective Date.  The Effective Date of this Agreement
shall mean the date first above written.

     (i)  Good Reason.  Termination by the Officer of the
Officer's employment for "Good Reason" shall mean termination by
the Officer within twelve (12) months following a Change in
Control of the Corporation based on:

          (i)  Without the Officer's express written
               consent, the assignment by the Employer to the
               Officer of any duties which are materially
               inconsistent with the Officer's positions, duties,
               responsibilities and status with the Employer
               immediately prior to a Change in Control of the
               Corporation, or a material change in the Officer's
               reporting responsibilities, titles or offices as
               an employee and as in effect immediately prior to
               such a Change in Control of the Corporation, or
               any removal of the Officer from or any failure to
               re-elect the Officer to any of such
               responsibilities, titles or offices, except in
               connection with the termination of the Officer's
               employment for Cause, Disability or Retirement or
               as a result of the Officer's death or by the
               Officer other than for Good Reason;

          (ii) Without the Officer's express written
               consent, a reduction by the Employer in the
               Officer's base salary as in effect immediately
               prior to the date of the Change in Control of the
               Corporation or as the same may be increased from
               time to time thereafter or a material reduction in
               the package of fringe benefits provided to the
               Officer;

                             2

        (iii)  The principal executive office of the
               Employer is relocated by more than 45 miles from
               the current principal executive office of the
               Employer or, without the Officer's express written
               consent, the Employer requires the Officer to be
               based anywhere other than an area within 45 miles
               of the location of the Employer's current
               principal executive office, except for required
               travel on business of the Employer to an extent
               substantially consistent with the Officer's
               present business travel obligations;

          (iv) Any purported termination by the Employer of the
               Officer's employment for Disability which is not
               effected pursuant to a Notice of Termination
               satisfying the requirements of paragraph (j)
               below; or

          (v)  The failure by the Employer to obtain the
               assumption of and agreement to perform this
               Agreement by any successor as contemplated in
               Section 7 hereof.

     (j)  IRS.  IRS shall mean the Internal Revenue Service.

     (k)  Notice of Termination.  Any purported termination of
the Officer's employment by the Employer for any reason,
including without limitation for Cause, Disability or Retirement,
or by the Officer for any reason, including without limitation
for Good Reason, shall be communicated by written "Notice of
Termination" to the other party hereto.  For purposes of this
Agreement, a "Notice of Termination" shall mean a dated notice
which (i) indicates the specific termination provision in this
Agreement relied upon, (ii) sets forth in reasonable detail the
facts and circumstances claimed to provide a basis for
termination of Officer's employment under the provision so
indicated, (iii) specifies a Date of Termination, which shall be
not less than thirty (30) nor more than ninety (90) days after
such Notice of Termination is given, except in the case of the
Employer's termination of the Officer's employment for Cause,
which shall be effective immediately, and except as set forth in
Section 16(a) hereof; and (iv) is given in the manner specified
in Section 8 hereof.

     (l)  Retirement.  "Retirement" shall mean voluntary
termination by the Officer in accordance with the Employer's
retirement policies, including early retirement, generally
applicable to their salaried employees.

     2.   Benefits Upon Termination.

     (a)  General.  The Employer shall have the right, at any
time upon prior Notice of Termination, to terminate the Officer's
employment hereunder for any reason, including without limitation
termination for Cause, Disability or Retirement, and the Officer
shall have the right, upon prior Notice of Termination, to
terminate his employment hereunder for any reason.

     (b)  Non Change in Control Termination.  In the event that
(i) the Officer's employment is terminated due to Cause, Death,
Disability, Retirement, or any other reason unrelated to a Change
in Control of the Corporation, or (ii) the officer elects to
terminate his employment for other than

                             3

Good Reason, then the Officer shall have no right pursuant to this
Agreement to compensation or other benefits for any period after the
applicable Date of Termination.

     (c)  Change in Control Termination.  In the event that (i)
the Officer's employment is terminated concurrently with or
within twelve (12) months following a Change in Control of the
Corporation for other than Cause, Disability, Retirement or the
Officer's death, or (ii) the Officer elects to terminate his
employment for Good Reason, then the Employer shall, subject to
the provisions of Sections 3 and 4 hereof, if applicable,

          (A)  pay to the Officer, in twelve (12) equal monthly
     installments commencing with the first business day of the
     month immediately following the Date of Termination, a cash
     severance amount equal to one (1) times the Officer's
     Average Annual Compensation; and

          (B)  maintain and provide for a period ending at the
     earlier of (i) one year subsequent to the Date of
     Termination or (ii) the date of the Officer's full-time
     employment by another employer (provided that the Officer is
     entitled under the terms of such employment to benefits
     substantially similar to those described in this
     subparagraph (B)), at no cost to the Officer, the Officer's
     continued participation in all group insurance, life
     insurance, health and accident insurance and disability
     insurance in which the Officer was participating in
     immediately prior to the Date of Termination, provided that
     in the event that the Officer's participation in any such
     insurance plan as provided in this subparagraph (B) is
     barred, or during such period any such plan is discontinued
     or the benefits thereunder are materially reduced, the
     Employer shall either arrange to provide the Officer with
     benefits substantially similar to those which the Officer
     was entitled to receive under such plans immediately prior
     to the Date of Termination or pay a cash equivalency amount.

     3.   Limitation of Benefits under Certain Circumstances.  If
the payments and benefits pursuant to Section 2 hereof, either
alone or together with other payments and benefits which the
Officer has the right to receive from the Employer and its
affiliates, would constitute a "parachute payment" under Section
280G of the Code, the payments and benefits payable by the
Employer pursuant to Section 2 hereof shall be reduced, in the
manner determined by the Officer, by the amount, if any, which is
the minimum necessary to result in no portion of the payments and
benefits payable by the Employer under Section 2 being
non-deductible to the Employer pursuant to Section 280G of the
Code and subject to the excise tax imposed under Section 4999 of
the Code.  The determination of any reduction in the payments and
benefits to be made pursuant to Section 2 shall be based upon the
opinion of independent counsel selected by the Employer and paid
by the Employer.  Such counsel shall be reasonably acceptable to
the Employer and the Officer; shall promptly prepare the
foregoing opinion, but in no event later than thirty (30) days
from the Date of Termination; and may use such actuaries as such
counsel deems necessary or advisable for the purpose.  Nothing
contained herein shall result in a reduction of any payments or
benefits to which the Officer may be entitled upon termination of
employment under any circumstances other than as specified in
this Section 3, or a reduction in the payments and benefits
specified in Section 2 below zero.

                             4

     4.   Mitigation; Exclusivity of Benefits.

     (a)  The Officer shall not be required to mitigate the
amount of any benefits hereunder by seeking other employment or
otherwise.  However, the amount of severance compensation payable
by the Employer under Section 2(c)(A) shall be reduced to the
extent the Officer earns compensation from any source for
services rendered by the Officer within one year following the
Date of Termination.

     (b)  The specific arrangements referred to herein are not
intended to exclude any other benefits which may be available to
the Officer upon a termination of employment with the Employer
pursuant to employee benefit plans of the Employer or otherwise.

     5.   Withholding.  All payments required to be made by the
Employer hereunder to the Officer shall be subject to the
withholding of such amounts, if any, relating to tax and other
payroll deductions as the Employer may reasonably determine
should be withheld pursuant to any applicable law or regulation.

     6.   Competitive Activities

     (a)  The Officer agrees and acknowledges that by virtue of
his employment hereunder, she will maintain an intimate knowledge
of the activities and affairs of the Employer, including trade
secrets, plans, business plans, strategies, projections, market
studies, customer information, employee records and other
internal proprietary and confidential information and matters
(collectively "Confidential Information").  As a result, and also
because of the special, unique and extraordinary services that
the Officer is capable of performing for the Employer or one of
its competitors, the Officer recognizes that the services to be
rendered by his hereunder are of a character giving them a
peculiar value, the loss of which cannot be adequately or
reasonably compensated for by damages.

     (b)  Except for the purpose of carrying out his duties
hereunder, the Officer will not remove or retain, or make copies
or reproductions of, any figures, documents, records, discs,
computer records, calculations, letters, papers, or recorded or
documented information of any type or description relating to the
business of the Employer.  The Officer agrees that she will not
divulge to others any information (whether or not documented or
recorded) or data acquired by his while in the Employer's employ
relating to methods, processes or other trade secrets or other
Confidential Information.

     (c)  The Officer agrees that the Employer is, and shall be,
the sole and exclusive owner of all improvements, ideas and
suggestions, whether or not subject to patent or trademark
protection, and all copyrightable materials which are conceived
by the Officer during his employment, which relate to the
business of the Employer, which are confidential, or which are
not readily ascertainable from persons or other sources outside
the Employer.

     (d)  Unless the Officer's employment is terminated in
connection with or following a Change in Control of the
Corporation, then for a period of one year after the termination
of employment, the Officer shall not, directly or indirectly,
solicit, induce, encourage or attempt to

                             5

influence any client, customer or employee of the Employer to
cease to do business with, or to terminate any employee's employment
with, the Employer.

     (e)  The Employer shall be entitled to immediate injunctive
or other equitable relief to restrain the Officer from failing to
comply with any obligation under this Section 6, in addition to
any other remedies to which the Employer may be entitled under
law.  The right to such injunctive or other equitable relief
shall survive the termination by the Employer of the Officer's
employment.

     (f)  The Officer acknowledges that the restrictions
contained in this Section 6 are reasonable and necessary to
protect the legitimate interests of the Employer and that any
violation thereof would result in irreparable injuries to the
Employer.  The Officer acknowledges that, if the Officer violates
any of these restrictions, the Employer is entitled to obtain
from any court of competent jurisdiction, preliminary and
permanent injunctive relief as well as damages, and an equitable
accounting of any earnings, profits and other benefits arising
from such violation, which rights shall be cumulative and in
addition to any other rights or remedies to which the Employer
may be entitled.  The Officer further acknowledges that the
provisions of Sections 6(a), (b), (c), (e) and (f) shall remain
in full force and effect beyond the termination of the Officer's
employment for any reason, including but not limited to
termination in connection with or following a Change in Control
of the Corporation.

     7.   Assignability.  The Employer may assign this Agreement
and its rights and obligations hereunder in whole, but not in
part, to any corporation, bank or other entity with or into which
the Employer may hereafter merge or consolidate or to which the
Employer may transfer all or substantially all of its assets, if
in any such case said corporation, bank or other entity shall by
operation of law or expressly in writing assume all obligations
of the Employer hereunder as fully as if it had been originally
made a party hereto, but may not otherwise assign this Agreement
or its rights and obligations hereunder.  The Officer may not
assign or transfer this Agreement or any rights or obligations
hereunder.

     8.   Notice.  For the purposes of this Agreement, notices
and all other communications provided for in this Agreement shall
be in writing and shall be deemed to have been duly given when
delivered or mailed by first-class certified or registered mail,
return receipt requested, postage prepaid, addressed to the
respective addresses set forth below:

    To the Employer:   Secretary
                       Willow Grove Bank
                       Welsh & Norristown Roads
                       Maple Glen, Pennsylvania  19002-8030

    To the Officer:    Allen Wagner
                       At his last address on file with
                       the Employer

                             6

     9.   Amendment; Waiver.  No provisions of this Agreement may
be modified, waived or discharged unless such waiver,
modification or discharge is agreed to in writing and signed by
the Officer and such officer or officers as may be specifically
designated by the Board of Directors of the Employer to sign on
its behalf; provided, however, that if the Employer determines,
after a review of the final regulations issued under Section 409A
of the Code and all applicable Internal Revenue Service guidance,
that this Agreement should be further amended to avoid triggering
the tax and interest penalties imposed by Section 409A of the
Code, the Employer may amend this Agreement to the extent
necessary to avoid triggering the tax and interest penalties
imposed by Section 409A of the Code.  No waiver by any party
hereto at any time of any breach by any other party hereto of, or
compliance with, any condition or provision of this Agreement to
be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at
any prior or subsequent time.

     10.  Governing Law.  The validity, interpretation,
construction and performance of this Agreement shall be governed
by the laws of the United States where applicable and otherwise
by the substantive laws of the Commonwealth of Pennsylvania.

     11.  Nature of Employment and Obligations.

     (a)  Nothing contained herein shall be deemed to create
other than a terminable at will employment relationship between
the Employer and the Officer, and the Employer may terminate the
Officer's employment at any time, subject to providing any
payments specified herein in accordance with the terms hereof.

     (b)  Nothing contained herein shall create or require the
Employer to create a trust of any kind to fund any benefits which
may be payable hereunder, and to the extent that the Officer
acquires a right to receive benefits from the Employer hereunder,
such right shall be no greater than the right of any unsecured
general creditor of the Employer.

     12.  Term of Agreement.  The term of this Agreement shall
run from the Effective Date through and including June 30, 2007.
Prior to July 1, 2007 and each July 1 thereafter, this Agreement
shall extend for an additional year until such time as the Board
of Directors of the Employer or the Officer gives notice in
accordance with the terms of Section 8 hereof of its or his
election, respectively, not to extend the terms of this
Agreement.  Such written notice of the election not to extend
must be given not less than thirty (30) days prior to any such
July 1.  If any party gives timely notice that the term will not
be extended as of any July 1, then this Agreement shall terminate
at the conclusion of its remaining term.  References herein to
the term of this Agreement shall refer both to the initial term
and successive terms.

     13.  Headings.  The section headings contained in this
Agreement are for reference purposes only and shall not affect in
any way the meaning or interpretation of this Agreement.

     14.  Validity.  The invalidity or unenforceability of any
provision of this Agreement shall not affect the validity or
enforceability of any other provisions of this Agreement, which
shall remain in full force and effect.

                             7

     15.  Counterparts.  This Agreement may be executed in one or
more counterparts, each of which shall be deemed to be an
original but all of which together will constitute one and the
same instrument.

     16.  Regulatory Actions.  The following provisions shall be
applicable to the parties to the extent that they are required to
be included in agreements between a savings association and its
employees pursuant to Section 563.39(b) of the Regulations
Applicable to All Savings Associations, 12 C.F.R. Section 563.39(b),
or any successor thereto, and shall be controlling in the event of a
conflict with any other provision of this Agreement, including
without limitation Section 2 hereof.

     (a)  The Bank's Board of Directors may terminate the
Officer's employment at any time, but any termination by the
Bank's Board of Directors, other than termination for Cause,
shall not prejudice the Officer's right to compensation or other
benefits under this Agreement.

     (b)  If the Officer is suspended from office and/or
temporarily prohibited from participating in the conduct of the
Employer's affairs by a notice served under Section 8(e)(3) or
Section 8(g)(1) of the Federal Deposit Insurance Act ("FDIA") (12
U.S.C. Section 1818(e)(3) and 1818(g)(1)), the Employer's obligations
under this Agreement shall be suspended as of the date of
service, unless stayed by appropriate proceedings.  If the
charges in the notice are dismissed, the Employer may, in its
discretion:  (i) pay the Officer all or part of the compensation
withheld while its obligations under this Agreement were
suspended, and (ii) reinstate (in whole or in part) any of its
obligations which were suspended.

     (c)  If the Officer is removed from office and/or
permanently prohibited from participating in the conduct of the
Employer's affairs by an order issued under Section 8(e)(4) or
Section 8(g)(1) of the FDIA (12 U.S.C. Section 1818(e)(4) and (g)(1)),
all obligations of the Employer under this Agreement shall
terminate as of the effective date of the order, but vested
rights of the Officer and the Employer as of the date of
termination shall not be affected.

     (d)  If the Bank is in default, as defined in Section
3(x)(1) of the FDIA (12 U.S.C. Section 1813(x)(1)), all obligations
under this Agreement shall terminate as of the date of default,
but vested rights of the Officer and the Employer as of the date
of termination shall not be affected.

     (e)  All obligations under this Agreement shall be
terminated pursuant to 12 C.F.R. Section 563.39(b)(5) (except to the
extent that it is determined that continuation of the Agreement
for the continued operation of the Employer is necessary):  (i)
by the Director of the Office of Thrift Supervision ("OTS"), or
his/her designee, at the time the Federal Deposit Insurance
Corporation ("FDIC") enters into an agreement to provide
assistance to or on behalf of the Bank under the authority
contained in Section 13(c) of the FDIA (12 U.S.C. Section 1823(c)); or
(ii) by the Director of the OTS, or his/her designee, at the time
the Director or his/her designee approves a supervisory merger to
resolve problems related to operation of the Bank or when the
Bank is determined by the Director of the OTS to be in an unsafe
or unsound condition, but vested rights of the Officer and the
Employer as of the date of termination shall not be affected.

     17.  Regulatory Prohibition.  Notwithstanding any other
provision of this Agreement to the contrary, any payments made to
the Officer pursuant to this Agreement, or otherwise, are subject

                             8

to and conditioned upon their compliance with Section 18(k) of
the FDIA (12 U.S.C. Section 1828(k)) and the regulations promulgated
thereunder, including 12 C.F.R. Part 359.  In the event of the
Officer's termination of employment with the Bank for Cause, all
employment relationships and managerial duties with the Bank
shall immediately cease regardless of whether the Officer remains
in the employ of the Corporation following such termination.
Furthermore, following such termination for Cause, the Officer
will not, directly or indirectly, influence or participate in the
affairs or the operations of the Bank.

     18.  Entire Agreement.  This Agreement embodies the entire
agreement between the Employer and the Officer with respect to
the matters agreed to herein.  All prior agreements between the
Employer and the Officer with respect to the matters agreed to
herein are hereby superseded and shall have no force or effect.

     IN WITNESS WHEREOF, the parties hereto have duly executed
this Agreement as of the day and year first above written.

Attest:                        WILLOW GROVE BANK

/s/ Joseph T. Crowley          By: /s/ Donna M. Coughey
-------------------                -----------------------------
Joseph T. Crowley                  Donna M. Coughey
Secretary                          President and Chief Executive Officer

                               OFFICER

                               By: /s/ Allen L. Wagner
                                   ----------------------------
                                   Allen L. Wagner

                             9Exhibit 10.1

    
      

    

    
      Exhibit
        10.1

       

      
        	
                

              	 	 Date of
                Grant:
	 	 	 Employee: 
	 	 	 SSN: 
	 	 	 No. of Shares:  
	 	 	 Option Price:
                     
                $     

      

      

      

       

      2001
        Employee Equity Incentive Plan

      Incentive
        Stock Option Agreement

       

      This
        option
        to purchase shares of Class A common stock, par value $0.01 per share (the
        “Common Stock”), of Insituform Technologies, Inc. (“Insituform”) is granted to
        you pursuant to the 2001 Employee Equity Incentive Plan (the “Plan”) and is
        subject to the terms and conditions in the Plan and those set forth below. 
Any capitalized, but undefined, term used in this Incentive Stock Option
        Agreement shall have the meaning ascribed to it in the Plan.  This option
        is intended to be an incentive stock option as defined in §422 of the Internal
        Revenue Code.  If this option does not comply with the provisions of the
        Internal Revenue Code relating to incentive stock options, this option will
        become a non-qualified stock option.  Your signature below constitutes your
        acceptance of this option and acknowledgement of your agreement to all the
        terms
        and conditions contained herein.  You must return an executed copy of this
        Incentive Stock Option Agreement to the Director of Human Resources or such
        person’s
        designee (the “Director of Human Resources”) within 30 days of the date of grant
        or this Incentive Stock Option Agreement shall be void.  

       

      Accepted
        by
        Employee:                                                                                       
INSITUFORM TECHNOLOGIES, INC.

       

       

      _________________________________________________         
               
_______________________________________________

                                                                                                                                     
        Thomas S. Rooney, Jr., President and CEO

       

      Terms
        and
        Conditions

       

    

    
      
        1.   
          Exercisability.  This option can be exercised only to the extent
          that the shares covered by this option have become exercisable according
          to the
          schedule below.  Except as provided in paragraph 5 below, you must be
          employed by Insituform or a subsidiary of Insituform (the “Company”) on the
          commencement date of the exercise period for the additional shares to become
          exercisable.

        
          
            	
                     

                     

                     

                    Commencement
                      of Exercise Period

                  	
                    Cumulative
                      Maximum 

                    Number
                      of Shares

                    That
                      May
                      Be

                    Purchased

                  
	
                    Date
                      of Grant.....................................

                    1st
                      Year Anniversary of Date of Grant

                    2nd
                      Year
                      Anniversary of Date of Grant

                    3rd
                      Year Anniversary of Date of Grant

                  	
                    ............

                    ............

                    ............

                    ............

                  

          

        

         

         

        2.   
          Exercise in Whole or Part.  To the extent this option has become
          exercisable, you may purchase on any business day prior to the termination
          of
          this option all or any part of the total shares which you are then entitled
          to
          purchase, less any shares previously purchased; however, no fractional
          shares
          may be purchased.

         

        3.   
          Method of Exercise.  You may exercise this option by delivering to
          the Director of Human Resources the purchase price for the shares to be
          purchased along with written notice of:

        
           

          
            
              	 	
                      h

                    	Your
                      name and social security number;

            

            
              	 	
                      h

                    	
                      The
                        number of shares to be purchased;
                        and

                    

            

          

          
            	 	
                    i

                  	
                    The
                      address to which the stock certificate and notices are to be
                      sent.

                  

          

           

        

        4.   
          Payment of Purchase Price.  The purchase price for the
          shares purchased pursuant to this option shall be payable at the time of
          purchase.  The purchase price may be paid by certified check or cashier’s
          check payable to Insituform, in Common Stock beneficially owned by you
          for at
          least 6 months or in any combination of check and such Common Stock;
provided, however, that no portion of the purchase price may be paid in
          Common Stock if you are then subject to a “blackout period” with respect to such
          Common Stock.  If payment is made in shares of such Common Stock, the sum
          of the check amount and the fair market value of such Common Stock must
          be at
          least equal to the purchase price.  The fair market value of such Common
          Stock shall be the closing price per share of the Common Stock as generally
          reported by the Nasdaq Stock Market on the business day before the date
          of
          delivery of such Common Stock to the Director of Human Resources.

         

        5.   
          Term of Option.  To the extent this option has become
          exercisable, it may be exercised by you at any time during the 7-year period
          beginning on the date of grant as long as you are an employee of the Company,
          subject to the special provisions below.  To the extent this option remains
          unexercised at the end of such 7-year period, your right to purchase shares
          pursuant to this option will terminate.  To the extent unexercised, this
          option will terminate before the

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        end of such 7-year period
          as
          follows (in no event will any of the following extend this option beyond
          a
          7-year term):

         

        (a)   If you
          retire from the Company after you attain age 55 (“retire” means voluntarily
          terminating your employment and not working more than 1,000 hours a year),
          this
          option will terminate 5 years after your retirement, except that, if you
          take
          any action constituting cause (as defined below) after your retirement,
          this
          option will terminate immediately; however, if you do not exercise this
          option
          within 90 days after your retirement, this option will become a non-qualified
          stock option;

        (b)   If the
          Company terminates your employment at any time other than for “cause” (as
          defined below) or disability (pursuant to the terms of any employee disability
          benefit plan maintained by the Company), or if you terminate your employment
          voluntarily, this option will terminate 90 days after such termination
          of
          employment;

        (c)   If your
          employment is terminated as a result of your disability (pursuant to the
          terms
          of any employee disability benefit plan maintained by the Company), this
          option
          will terminate 90 days after such termination of employment;

        (d)   If your
          employment is terminated by your death, this option will terminate 1 year
          following your death; and

        (e)   In the event
          of your death during a period in which this option remains exercisable
          in
          accordance with subparagraph (a), (b) or (c) above, this option will terminate
          1
          year following your death.

         

        If this option is terminated
          in accordance with subparagraph (a) or (b) above, you may exercise this
          option
          prior to its termination only to the extent it has become exercisable prior
          to
          the date your employment terminated.  If this option is terminated in
          accordance with subparagraph (c) or (d) above, this option will be exercisable
          in full prior to its termination.  If this option is terminated in
          accordance with subparagraph (e) above, this option will be exercisable
          prior to
          its termination to the same extent that it was exercisable by you prior
          to your
          death.

         

        If your employment
          is
          terminated other than as described in subparagraph (a), (b), (c) or (d)
          above,
          your right to purchase shares pursuant to this option will terminate
          immediately.

         

        For purposes of this
          option,
“cause” shall mean any of:

         

        (i)    
          breaching any employment, confidentiality, noncompete, nonsolicitation
          or other
          agreement with the Company, any written Company policy relating to compliance
          with laws (during employment) or any general undertaking or legal obligation
          to
          the Company;

        (ii)   
          causing, inducing, requesting or advising, or attempting to cause, induce,
          request or advise, any employee, representative, consultant or other similar
          person to terminate his/her relationship, or breach any agreement, with
          the
          Company; 

        (iii) 
          causing, inducing, requesting or advising, or attempting to cause, induce,
          request or advise, any customer, supplier or other Company business contact
          to
          withdraw, curtail or cancel their business with the Company; or

        (iv)  
          failure or refusal to perform any stated duty or assignment, misconduct,
          disloyalty, violation of any Company policy or work rule, engaging in criminal
          conduct in connection with your employment, being indicted or charged with
          any
          crime constituting a felony or involving dishonesty or moral turpitude,
          violation of any term in this Incentive Stock Option Agreement, unsatisfactory
          job performance, or any other reason constituting cause within the meaning
          of
          Missouri common law.

         

        6.   
Change in Control. 
Notwithstanding
          the provisions of paragraph 5
          above, all of the shares covered by this option shall become immediately
          exercisable upon a Change in Control.

         

        For purposes of this
          Incentive Stock Option Agreement, a “Change in Control” shall mean:

         

        (a)   the
          acquisition by any “person” or “group” (as defined pursuant to Section 13(d)
          under the Securities Exchange Act of 1934) of “beneficial ownership” (as defined
          in Rule 13d-3 under said Act) of in excess of 30% of the combined voting
          power
          of the outstanding voting securities (the “Voting Securities”) of Insituform
          entitled to vote generally in the election of directors; and/or

        (b)   the
          replacement of 50% or more of the members of Insituform’s Board of Directors
          (excluding, for purposes of such calculation, the Chairman of the Board)
          over
          a  1-year period from the directors who constituted such Board at the
          beginning of such period, where such replacement shall not have been approved
          by
          a vote including at least a majority of the directors who were members
          of the
          Board at the beginning of such 1-year period or whose election as members
          of the
          Board was previously so approved; and/or

        (c)  
consummation of a merger,
          statutory share exchange or consolidation involving
          Insituform or sale or other disposition of all or substantially all of
          the
          assets of Insituform, unless following such transaction: (i) all or
          substantially all of the individuals and entities who were the “beneficial
          owners” (as hereinabove defined), respectively, of the outstanding Voting
          Securities immediately prior to such transaction “beneficially owned,” directly
          or indirectly, more than 30% of the combined voting power of the then
          outstanding Voting Securities of the corporation resulting from such transaction
          in substantially the same proportion as their ownership immediately prior
          to
          such transaction of the outstanding Voting Securities of Insituform, (ii)
          no
“person” or “group” (as hereinabove defined) “beneficially owns,” directly or
          indirectly, 30% or more of the combined voting power of the then outstanding
          Voting Securities of such corporation except to the extent that such ownership
          existed prior to such transaction and (iii) at least a majority of the
          members
          of the board of directors resulting from such

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        transaction were members
          of
          Insituform’s Board of Directors immediately prior to such transaction or were
          nominated by at least a majority of the members of Insituform’s Board of
          Directors at the time of the execution of the initial agreement for such
          transaction, or by the action of Insituform’s Board of Directors providing for
          such transaction; and/or 

        (d)   approval by
          the stockholders of Insituform of a complete liquidation or dissolution
          of
          Insituform.

         

        7.   
Taxes. 
The
          Plan Administrator may withhold delivery of
          certificates for purchased shares until you make satisfactory arrangements
          to
          pay any withholding, transfer or other taxes due as a result of your exercise
          of
          this option.  You are responsible for all taxes applicable to any income
          realized upon the exercise of this option.

         

        8.   
Securities Laws. 
This
          option shall not be exercisable if such
          exercise would violate any federal or state securities law.  Insituform may
          take any appropriate action to achieve compliance with those laws in connection
          with any exercise of this option or your resale of the Common Stock.

         

        9.   
          Transferability.  Unless the Plan Administrator agrees to amend
          this Incentive Stock Option Agreement to convert it into a Non-Qualified
          Stock
          Option Agreement and to the terms of the transfer, this option is not
          transferable other than by will or the laws of descent and distribution
          and is
          exercisable only by you or your guardian or legal representative.  You may
          designate a beneficiary(ies) to exercise your rights under this option
          in the
          event of your death.  Such designation must be on a form approved by the
          Director of Human Resources and will be effective upon receipt thereof
          by the
          Director of Human Resources while you are alive.  Any designation form so
          delivered will revoke all prior designations.

         

        10. 
Adjustments. 
The
          Plan Administrator may make such adjustments in
          the option price and in the number or kind of shares of Common Stock covered
          by
          this option as may be required to prevent dilution or enlargement of your
          rights
          that would otherwise result from any stock split, stock dividend,
          reorganization, recapitalization, sale, consolidation, issuance of stock
          rights
          or warrants or any similar event.

         

        11. 
Interpretations
          Binding. Plan Administrator interpretations and
          determinations are binding and conclusive.

         

        12.  No
          Ownership Interests.  You will not, by reason of holding this
          option, have any right to vote or to receive dividends or other distributions,
          or have any other rights of a stockholder, with respect to the shares of
          Common
          Stock covered by this option.

         

        13.  No Right to
          Continue as an Employee; No Right to Further Option Grants.  This
          option does not give you any right to continue as an employee of the Company
          for
          any period of time or at any rate of compensation, nor does it interfere
          with
          the Company’s right to determine the terms of your employment.  An option
          grant is within the discretion of the Plan Administrator, and does not
          entitle
          you to any further option grants.

         

        14.  Termination
          for Cause.  If your employment is terminated for cause (as defined
          above), or if you engage in any activity constituting cause (as defined
          above)
          during the 2-year period following termination of employment, in addition
          to any
          other legal or equitable remedies, all of which are expressly reserved:
          (i)
          Insituform shall have the right to purchase from you any and all Common
          Stock
          acquired pursuant to this option after the date 2 years prior to your
          termination and then owned by you for a purchase price per share equal
          to the
          option price set forth above, and (ii) you shall be required to pay to
          Insituform, upon demand, an amount equal to the profit you realized on
          the sale
          of any Common Stock acquired pursuant to this option after the date 2 years
          prior to your termination and sold by you at any time (such profit per
          share
          being equal to the excess, if any, of the sale price per share over the
          option
          price set forth above).

         

        15.  Notice of
          Sale; Notices.  If you sell or otherwise dispose of any shares of
          Common Stock subject to this option on or before (i) 2 years from the date
          of
          the grant of this option, or (ii) 1 year from the date you received such
          shares
          of Common Stock pursuant to the exercise of this option, you will promptly
          (I)
          give notice thereof to the Director of Human Resources, with full details
          and
          such other information as may reasonably be requested and (II) upon request,
          pay
          to Insituform the amount of any taxes which Insituform may be required
          to
          withhold.  Notices to Insituform or the Director of Human Resources shall
          be sent to Insituform’s Corporate Headquarters, Attn:  “Director of Human
          Resources.”

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