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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As filed with the
Securities and Exchange Commission on July 30, 2003<BR>
                                                Registration No. 33- </FONT></P>


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<A NAME=A001></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>SECURITIES AND
EXCHANGE COMMISSION<BR>WASHINGTON, D.C. 20549 </FONT></H1>

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<A NAME=A002></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>FORM S-8 </FONT></H1>

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<A NAME=A003></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>REGISTRATION STATEMENT
UNDER<BR>THE SECURITIES ACT OF 1933 </FONT></H1>

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<A NAME=A004></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>IONICS, INCORPORATED<BR>(Exact
name of registrant as specified in its charter) </FONT></H1>


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     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
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     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
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     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
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     <TD WIDTH=53% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Massachusetts</FONT></TD>
     <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=42% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>04-2068530</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(State or other jurisdiction of incorporation</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(IRS employer identification number)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>or organization)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>65 Grove
Street<BR>Watertown, Massachusetts 02472-2882<BR> (Address
and zip code of principal executive offices) </FONT></P>



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<A NAME=A006></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>INDUCEMENT
NON-QUALIFIED STOCK OPTION AGREEMENT <BR>(Full title of the Plan)</FONT></H1>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Stephen Korn, Esq.<BR>Vice
President &amp; General Counsel<BR> Ionics, Incorporated<BR>65
Grove Street <BR>Watertown,
Massachusetts 02472-2882<BR>(Name and address of agent for service)</FONT></P>





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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>617-926-2500<BR> (Telephone
number, including area code, of agent for service) </FONT></P>




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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CALCULATION OF
REGISTRATION FEE </FONT></P>






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     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Title of Securities to be Registered</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Amount to be<BR>
Registered (1)</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Proposed<BR>
Maximum<BR>
Offering Price<BR>
Per Share</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Proposed<BR>
Maximum<BR>
Aggregate<BR>
Offering Price</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Amount of<BR>
Registration Fee</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TH></TR>
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     <TD WIDTH=42% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Common Stock (Par Value $1.00 </FONT></TD>
     <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=11% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=11% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=11% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=11% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Per Share)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>500,000</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$16.16</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$8,080,000</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$653.57</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>500,000</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$16.16</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$8,080,000</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$653.57</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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<BR><BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant
to Rule 416(a) under the Securities Act of 1933, this Registration Statement shall also
cover any additional shares          of Common Stock which become issuable upon exercise
of options granted under the Inducement Non-Qualified Stock Option          Agreement by
reason of any stock dividend, stock split, recapitalization or other similar transaction. </FONT></TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART I </FONT></P>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
   Plan Information </FONT></TD>
</TR>
</TABLE>
<BR>


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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
documents containing the information specified in this Item 1 will be sent or given to
the President and CEO-elect of the Registrant, to whom the Inducement Non-Qualified Stock
Option Agreement was granted on            April 1, 2003, as specified by Rule 428(b)
(1).  In accordance with the rules and regulations of the Securities and
           Exchange Commission (the "Commission") and the instructions to Form S-8, such
documents are not being filed with the            Commission either as part of this
Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
   Registrant Information and Employee Plan Annual Information </FONT></TD>
</TR>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
 documents containing the information specified in this Item 2 will be sent or given to
participants as specified by            Rule 428(b) (1).  In accordance with the rules
and regulations of the Commission and the instructions to Form S-8, such
           documents are not being filed with the Commission either as part of this
Registration Statement or as prospectuses or            prospectus supplements pursuant
to Rule 424.  </FONT></TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART II </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INFORMATION REQUIRED IN
THE REGISTRATION STATEMENT </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
   Incorporation of Documents by Reference </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
following documents filed with the Commission are incorporated by reference in this
Prospectus: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Annual Report of the Registrant on Form 10-K for the fiscal year ended December 31, 2002,
filed with the Commission on                   March 31, 2003 pursuant to the Securities
Exchange Act of 1934, as amended, which contains audited financial
                  statements of the Registrant for the fiscal year ended December 31,
2002, as amended by Form 10-K/A filed with the                   Commission on April 1,
2003. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>           (b)(1)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Quarterly Report of the Registrant on Form 10-Q for the fiscal quarter ended March 31,
2003, filed with the                   Commission on May 15, 2003 pursuant to the
Securities Exchange Act of 1934 as amended, which contains unaudited
                  financial statements of the Registrant for the fiscal quarter ended
March 31, 2003. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Current Report of the Registrant on Form 8-K filed with the Commission on May 6, 2003. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
section entitled "Description of Registrant's Securities to be Registered" contained in
the Registrant's Registration                   Statement on Form 8-A, filed with the
Commission on September 27, 1990 pursuant to Section 12(g) of the Exchange Act. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
All
documents subsequently filed with the Commission by the Registrant pursuant to Sections
13(a), 13(c), 14 and                   15(d) of the Exchange Act, prior to the filing of
a post-effective amendment which indicates that all securities                   offered
herein have been sold or which deregisters all securities then remaining unsold, shall be
deemed to be                   incorporated by reference in this Registration Statement
and to be a part hereof from the date of filing such                   documents. </FONT></TD>
</TR>
</TABLE>
<BR>




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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
   Description of Securities </FONT></TD>
</TR>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Not
applicable.  </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
   Interest of Named Experts and Counsel </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
validity of the shares of Common Stock offered hereby will be passed upon for the
Registrant by Stephen Korn, Esq.,            Vice President and General Counsel of the
Registrant.  Mr. Korn is the beneficial owner of 114,295 shares of Common Stock,
           including 111,500 shares of Common Stock in the form of presently exercisable
stock options and 1,572 shares held in the            Ionics Section 401(k) Stock Savings
Plan (based on June 30, 2003 data). </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
   Indemnification of Directors and Officers </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Registrant is permitted by Massachusetts law and required by its By-laws to indemnify any
director or officer or            former director or officer against all expenses and
liabilities reasonably incurred by him in connection with any legal            action in
which such person is involved by reason of his position with the Registrant unless he
shall have been finally            adjudicated in any action, suit or proceeding not to
have acted in good faith in the reasonable belief that his action was            in the
best interests of the Registrant.  Such indemnification shall include payment by the
Registrant of expenses            incurred in defending a civil or criminal action or
proceeding in advance of the final disposition of such action or            proceeding,
upon the Registrant's receipt of the undertaking of the person indemnified to repay such
payment if such            person shall be adjudicated not entitled to such
indemnification. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Directors
and officers are also insured up to an aggregate amount of $15 million under Directors'
and Officers' Liability            and Company Reimbursement Policies. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Registrant's Restated Articles of Organization include a provision limiting the personal
liability of directors of the            Company to its stockholders for monetary damages
for breaches of their fiduciary duty to the extent permitted by the
           Massachusetts Business Corporation Law. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
   Exemption from Registration Claimed </FONT></TD>
</TR>
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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Not
applicable. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
   Exhibits </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Exhibit No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of Exhibit </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*4.1  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=82%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Renewed
Rights Agreement, dated as of August 19, 1997, between the
                             Registrant and BankBoston N.A. (filed as Exhibit 1 to the
Registrant's                              Current Report on Form 8-K dated August 27,
1997).  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>           *4.2  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=82%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form
of Common Stock Certificate (filed as Exhibit 4.2 to the Registrant's
                             Annual Report on Form 10-K for the year ended December 31,
1995). </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>           4.3  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=82%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Inducement
Non-Qualified Stock Option Agreement between the Registrant
                             and Douglas R. Brown dated April 1, 2003. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>           5.1  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=82%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Opinion
of Stephen Korn, General Counsel. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>           23.1  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=82%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent
of PricewaterhouseCoopers LLP. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TD ALIGN=RIGHT WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>           23.2  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=82%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent
of Stephen Korn, General Counsel (included in Exhibit 5.1). </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>           24.0  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=82%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Power
of Attorney. </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*Incorporated herein by
reference. </FONT></P>




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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
   Undertakings </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
undersigned Registrant hereby undertakes: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To
file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration                   Statement: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(i)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To
include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(ii)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To
reflect in the prospectus any facts or events arising after the effective date of the
Registration Statement (or the most                              recent post-effective
amendment thereof) which, individually or in the aggregate, represents a
                             fundamental change in the information set forth in the
Registration Statement;  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(iii)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To
include any material information with respect to the plan of distribution not previously
disclosed in the Registration                              Statement or any material
change to such information in the Registration Statement;  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Provided,
however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the Registration
Statement is on Form                   S-3 or Form S-8 and the information required to be
included in a post-effective amendment by those paragraphs is                   contained
in periodic reports filed with or furnished to the Commission by the Registrant pursuant
to Section 13 or                   Section 15(d) of the Securities Exchange Act of 1934
that are incorporated by reference in the Registration                   Statement. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>That,
for the purpose of determining any liability under the Securities Act of 1933, each such
post-effective amendment                   shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of
                  such securities at that time shall be deemed to be the initial bona
fide offering thereof. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To
remove from registration by means of a post-effective amendment any of the securities
being registered which remain                   unsold at the termination of the offering. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
undersigned Registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act of            1933, each filing of the Registrant's annual
report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of
           1934 (and, where applicable, each filing of an employee benefit plan's annual
report pursuant to Section 15(d) of the            Securities Exchange Act of 1934) that
is incorporated by reference in the Registration Statement shall be deemed to be a
           new registration statement relating to the securities offered therein, and the
offering of such securities at that time            shall be deemed to be the initial
bona fide offering thereof. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers,            and controlling persons of the Registrant
pursuant to the foregoing provisions, or otherwise, the Registrant has been
           advised that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as            expressed in the Act, and is,
therefore, unenforceable.  In the event that a claim for indemnification against such
           liabilities (other than the payment by the Registrant of expenses incurred or
paid by a director, officer, or controlling            person of the Registrant in the
successful defense of any action, suit, or proceeding) is asserted by such director,
           officer, or controlling person in connection with the securities being
registered, the Registrant will, unless in the            opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction            the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by            the final adjudication
of such issue. </FONT></TD>
</TR>
</TABLE>
<BR>




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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the requirements of the
Securities Act of 1933, the Registrant certifies that it has reasonable grounds to
believe that it meets all of the requirements for filing on Form S-8 and has duly caused
this Registration Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the Town of Watertown and Commonwealth of Massachusetts on the 30th day of
July, 2003. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>IONICS, INCORPORATED </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By: /S/ </FONT></TD>
<TD WIDTH=35% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Douglas R. Brown</U>
<BR></FONT></TD>
<TD WIDTH=35%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Douglas R. Brown<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and<BR></FONT></TD>
<TD WIDTH=25% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer</FONT></TD></TR>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the requirements of the
Securities Act of 1933, this Registration Statement has been signed by the following
persons in the capacities and on the date indicated. </FONT></P>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Signature</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Title</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Date</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=41% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/<U>Douglas R. Brown</U><BR>&nbsp;&nbsp;&nbsp;&nbsp;Douglas R. Brown</FONT></TD>
     <TD WIDTH=2% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=41% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>President and<BR>Chief Executive Officer<BR><BR></FONT></TD>
     <TD WIDTH=2% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=12% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>July 30, 2003</FONT></TD>
     <TD WIDTH=2% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/<U>Daniel M. Kuzmak</U><BR>&nbsp;&nbsp;&nbsp;&nbsp;Daniel M. Kuzmak</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Vice President and<BR>Chief Financial Officer<BR>(Principal Financial Officer)<BR><BR></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>July 30, 2003</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/<U> Anthony Di Paola</U><BR>&nbsp;&nbsp;&nbsp;&nbsp;Anthony Di Paola</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Vice President and<BR>Corporate Controller<BR>(Principal Accounting Officer)</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>July 30, 2003</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>






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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the requirements of the
Securities Act of 1933, this Registration Statement has been signed by the following
persons in the capacities and on the date indicated. </FONT></P>


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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>July 30, 2003</FONT></TD>
<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</font></TD>
<TD align=left WIDTH=70%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/Douglas R. Brown</FONT><HR SIZE=1 align=left width=80% NOSHADE>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>Douglas R. Brown, Director<BR><BR><BR></font></TD></TR>

<TR VALIGN=TOP>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>July 30, 2003</FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</font></TD>
<TD align=left WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/Stephen L. Brown</FONT><HR SIZE=1 align=left width=80% NOSHADE>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>Stephen L. Brown, Director<BR><BR><BR></font></TD></TR>

<TR VALIGN=TOP>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>July 30, 2003</FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chairman of the <BR>Board and Director</font></TD>
<TD align=left WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/Arthur L. Goldstein</FONT><HR SIZE=1 align=left width=80% NOSHADE><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                                                              Arthur L. Goldstein, Director<BR><BR><BR></font></TD></TR>

<TR VALIGN=TOP>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>July 30, 2003</FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</font></TD>
<TD align=left WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/Kathleen F. Feldstein</FONT><HR SIZE=1 align=left width=80% NOSHADE><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                                                              Kathleen F. Feldstein, Director<BR><BR><BR></font></TD></TR>

<TR VALIGN=TOP>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>July 30, 2003</FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</font></TD>
<TD align=left WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/William K. Reilly</FONT><HR SIZE=1 align=left width=80% NOSHADE><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                                                              William K. Reilly, Director<BR><BR><BR></font></TD></TR>

<TR VALIGN=TOP>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</font></TD>
<TD align=left WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT><HR SIZE=1 align=left width=80% NOSHADE><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                                                              John J. Shields, Director<BR><BR><BR></font></TD></TR>


<TR VALIGN=TOP>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>July 30, 2003</FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</font></TD>
<TD align=left WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/Daniel I. C. Wang</FONT><HR SIZE=1 align=left width=80% NOSHADE><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                                                              Daniel I. C. Wang, Director<BR><BR><BR></font></TD></TR>

<TR VALIGN=TOP>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>July 30, 2003</FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</font></TD>
<TD align=left WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/Mark S. Wrighton</FONT><HR SIZE=1 align=left width=80% NOSHADE><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                                                              Mark S. Wrighton, Director<BR><BR><BR></font></TD></TR>

<TR VALIGN=TOP>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>July 30, 2003</FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</font></TD>
<TD align=left WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/Allen S. Wyett</FONT><HR SIZE=1 align=left width=80% NOSHADE><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                                                              Allen S. Wyett, Director<BR><BR></font></TD></TR>
</TABLE>





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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT INDEX  </FONT></P>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Exhibit No.</U>
                    &nbsp;&nbsp;<U>Description of Exhibits</U>
                                     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sequentially Numbered Page</U></FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.1  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Renewed
Rights Agreement, dated as of August 19, 1997, between the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*<BR>Registrant and
BankBoston N.A.(filed as Exhibit 1 to the Registrant's<BR> Current Report on
Form 8-K dated<BR> August 27, 1997). </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.2  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form
of Common Stock Certificate (filed as Exhibit 4.2 to the
                 Registrant&#146;s &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*<BR>Annual Report on Form 10-K for the year ended
                 December 31, 1995).  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.3  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Inducement
Non-Qualified Stock Option Agreement between the Registrant<BR> and Douglas
R. Brown dated April 1, 2003. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;9</FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.1  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Opinion
of Stephen Korn, General Counsel 23.1 Consent of <BR>                PricewaterhouseCoopers
LLP.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.2  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent
of Stephen Korn, General Counsel (included in Exhibit 5.1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16</FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24.0  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Power
of Attorney.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 </FONT></TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>__________________<BR>*incorporated
herein by reference. </FONT></P>
</BODY>
</HTML>
[{"type": "S-8", "sequence": "1", "filename": "forms8inducement.htm", "secsgml_size_bytes": 52800}]
{"company-data": {"conformed-name": "IONICS INC", "cik": "0000052466", "assigned-sic": "3559", "irs-number": "042068530", "state-of-incorporation": "MA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-107473", "film-number": "03811390"}, "business-address": {"street1": "65 GROVE ST", "city": "WATERTOWN", "state": "MA", "zip": "02172", "phone": "6179262500"}}
As filed with the
Securities and Exchange Commission on July 30, 2003
Registration No. 33-
SECURITIES AND
EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
IONICS, INCORPORATED
(Exact
name of registrant as specified in its charter)
Massachusetts
04-2068530
(State or other jurisdiction of incorporation
(IRS employer identification number)
or organization)
65 Grove
Street
Watertown, Massachusetts 02472-2882
(Address
and zip code of principal executive offices)
INDUCEMENT
NON-QUALIFIED STOCK OPTION AGREEMENT
(Full title of the Plan)
Stephen Korn, Esq.
Vice
President & General Counsel
Ionics, Incorporated
65
Grove Street
Watertown,
Massachusetts 02472-2882
(Name and address of agent for service)
617-926-2500
(Telephone
number, including area code, of agent for service)
CALCULATION OF
REGISTRATION FEE
Title of Securities to be Registered
Amount to be
Registered (1)
Proposed
Maximum
Offering Price
Per Share
Proposed
Maximum
Aggregate
Offering Price
Amount of
Registration Fee
Common Stock (Par Value $1.00
Per Share)
500,000
$16.16
$8,080,000
$653.57
Total
500,000
$16.16
$8,080,000
$653.57
(1)
Pursuant
to Rule 416(a) under the Securities Act of 1933, this Registration Statement shall also
cover any additional shares          of Common Stock which become issuable upon exercise
of options granted under the Inducement Non-Qualified Stock Option          Agreement by
reason of any stock dividend, stock split, recapitalization or other similar transaction.
PART I
Item
1.     
   Plan Information
The
documents containing the information specified in this Item 1 will be sent or given to
the President and CEO-elect of the Registrant, to whom the Inducement Non-Qualified Stock
Option Agreement was granted on            April 1, 2003, as specified by Rule 428(b)
(1).  In accordance with the rules and regulations of the Securities and
           Exchange Commission (the "Commission") and the instructions to Form S-8, such
documents are not being filed with the            Commission either as part of this
Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424.
Item
2.     
   Registrant Information and Employee Plan Annual Information
The
 documents containing the information specified in this Item 2 will be sent or given to
participants as specified by            Rule 428(b) (1).  In accordance with the rules
and regulations of the Commission and the instructions to Form S-8, such
           documents are not being filed with the Commission either as part of this
Registration Statement or as prospectuses or            prospectus supplements pursuant
to Rule 424.
PART II
INFORMATION REQUIRED IN
THE REGISTRATION STATEMENT
Item
3.     
   Incorporation of Documents by Reference
The
following documents filed with the Commission are incorporated by reference in this
Prospectus:
(a)
The
Annual Report of the Registrant on Form 10-K for the fiscal year ended December 31, 2002,
filed with the Commission on                   March 31, 2003 pursuant to the Securities
Exchange Act of 1934, as amended, which contains audited financial
                  statements of the Registrant for the fiscal year ended December 31,
2002, as amended by Form 10-K/A filed with the                   Commission on April 1,
2003.
(b)(1)
The
Quarterly Report of the Registrant on Form 10-Q for the fiscal quarter ended March 31,
2003, filed with the                   Commission on May 15, 2003 pursuant to the
Securities Exchange Act of 1934 as amended, which contains unaudited
                  financial statements of the Registrant for the fiscal quarter ended
March 31, 2003.
(2)
The
Current Report of the Registrant on Form 8-K filed with the Commission on May 6, 2003.
(c)
The
section entitled "Description of Registrant's Securities to be Registered" contained in
the Registrant's Registration                   Statement on Form 8-A, filed with the
Commission on September 27, 1990 pursuant to Section 12(g) of the Exchange Act.
All
documents subsequently filed with the Commission by the Registrant pursuant to Sections
13(a), 13(c), 14 and                   15(d) of the Exchange Act, prior to the filing of
a post-effective amendment which indicates that all securities                   offered
herein have been sold or which deregisters all securities then remaining unsold, shall be
deemed to be                   incorporated by reference in this Registration Statement
and to be a part hereof from the date of filing such                   documents.
Item
4.     
   Description of Securities
Not
applicable.
Item
5.     
   Interest of Named Experts and Counsel
The
validity of the shares of Common Stock offered hereby will be passed upon for the
Registrant by Stephen Korn, Esq.,            Vice President and General Counsel of the
Registrant.  Mr. Korn is the beneficial owner of 114,295 shares of Common Stock,
           including 111,500 shares of Common Stock in the form of presently exercisable
stock options and 1,572 shares held in the            Ionics Section 401(k) Stock Savings
Plan (based on June 30, 2003 data).
Item
6.     
   Indemnification of Directors and Officers
The
Registrant is permitted by Massachusetts law and required by its By-laws to indemnify any
director or officer or            former director or officer against all expenses and
liabilities reasonably incurred by him in connection with any legal            action in
which such person is involved by reason of his position with the Registrant unless he
shall have been finally            adjudicated in any action, suit or proceeding not to
have acted in good faith in the reasonable belief that his action was            in the
best interests of the Registrant.  Such indemnification shall include payment by the
Registrant of expenses            incurred in defending a civil or criminal action or
proceeding in advance of the final disposition of such action or            proceeding,
upon the Registrant's receipt of the undertaking of the person indemnified to repay such
payment if such            person shall be adjudicated not entitled to such
indemnification.
Directors
and officers are also insured up to an aggregate amount of $15 million under Directors'
and Officers' Liability            and Company Reimbursement Policies.
The
Registrant's Restated Articles of Organization include a provision limiting the personal
liability of directors of the            Company to its stockholders for monetary damages
for breaches of their fiduciary duty to the extent permitted by the
           Massachusetts Business Corporation Law.
Item
7.     
   Exemption from Registration Claimed
Not
applicable.
Item
8.     
   Exhibits
Exhibit No.     Description of Exhibit
*4.1
Renewed
Rights Agreement, dated as of August 19, 1997, between the
                             Registrant and BankBoston N.A. (filed as Exhibit 1 to the
Registrant's                              Current Report on Form 8-K dated August 27,
1997).
*4.2
Form
of Common Stock Certificate (filed as Exhibit 4.2 to the Registrant's
                             Annual Report on Form 10-K for the year ended December 31,
1995).
4.3
Inducement
Non-Qualified Stock Option Agreement between the Registrant
                             and Douglas R. Brown dated April 1, 2003.
5.1
Opinion
of Stephen Korn, General Counsel.
23.1
Consent
of PricewaterhouseCoopers LLP.
23.2
Consent
of Stephen Korn, General Counsel (included in Exhibit 5.1).
24.0
Power
of Attorney.
*Incorporated herein by
reference.
Item
9.     
   Undertakings
(a)
The
undersigned Registrant hereby undertakes:
(1)
To
file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration                   Statement:
(i)
To
include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(ii)
To
reflect in the prospectus any facts or events arising after the effective date of the
Registration Statement (or the most                              recent post-effective
amendment thereof) which, individually or in the aggregate, represents a
                             fundamental change in the information set forth in the
Registration Statement;
(iii)
To
include any material information with respect to the plan of distribution not previously
disclosed in the Registration                              Statement or any material
change to such information in the Registration Statement;
Provided,
however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the Registration
Statement is on Form                   S-3 or Form S-8 and the information required to be
included in a post-effective amendment by those paragraphs is                   contained
in periodic reports filed with or furnished to the Commission by the Registrant pursuant
to Section 13 or                   Section 15(d) of the Securities Exchange Act of 1934
that are incorporated by reference in the Registration                   Statement.
(2)
That,
for the purpose of determining any liability under the Securities Act of 1933, each such
post-effective amendment                   shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of
                  such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(3)
To
remove from registration by means of a post-effective amendment any of the securities
being registered which remain                   unsold at the termination of the offering.
(b)
The
undersigned Registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act of            1933, each filing of the Registrant's annual
report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of
           1934 (and, where applicable, each filing of an employee benefit plan's annual
report pursuant to Section 15(d) of the            Securities Exchange Act of 1934) that
is incorporated by reference in the Registration Statement shall be deemed to be a
           new registration statement relating to the securities offered therein, and the
offering of such securities at that time            shall be deemed to be the initial
bona fide offering thereof.
(c)
Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers,            and controlling persons of the Registrant
pursuant to the foregoing provisions, or otherwise, the Registrant has been
           advised that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as            expressed in the Act, and is,
therefore, unenforceable.  In the event that a claim for indemnification against such
           liabilities (other than the payment by the Registrant of expenses incurred or
paid by a director, officer, or controlling            person of the Registrant in the
successful defense of any action, suit, or proceeding) is asserted by such director,
           officer, or controlling person in connection with the securities being
registered, the Registrant will, unless in the            opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction            the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by            the final adjudication
of such issue.
SIGNATURES
Pursuant to the requirements of the
Securities Act of 1933, the Registrant certifies that it has reasonable grounds to
believe that it meets all of the requirements for filing on Form S-8 and has duly caused
this Registration Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the Town of Watertown and Commonwealth of Massachusetts on the 30th day of
July, 2003.
IONICS, INCORPORATED
By: /S/
Douglas R. Brown
Douglas R. Brown
President and
Chief Executive Officer
Pursuant to the requirements of the
Securities Act of 1933, this Registration Statement has been signed by the following
persons in the capacities and on the date indicated.
Signature
Title
Date
/s/
Douglas R. Brown
Douglas R. Brown
President and
Chief Executive Officer
July 30, 2003
/s/
Daniel M. Kuzmak
Daniel M. Kuzmak
Vice President and
Chief Financial Officer
(Principal Financial Officer)
July 30, 2003
/s/
Anthony Di Paola
Anthony Di Paola
Vice President and
Corporate Controller
(Principal Accounting Officer)
July 30, 2003
Pursuant to the requirements of the
Securities Act of 1933, this Registration Statement has been signed by the following
persons in the capacities and on the date indicated.
July 30, 2003
Director
/s/Douglas R. Brown
Douglas R. Brown, Director
July 30, 2003
Director
/s/Stephen L. Brown
Stephen L. Brown, Director
July 30, 2003
Chairman of the
Board and Director
/s/Arthur L. Goldstein
Arthur L. Goldstein, Director
July 30, 2003
Director
/s/Kathleen F. Feldstein
Kathleen F. Feldstein, Director
July 30, 2003
Director
/s/William K. Reilly
William K. Reilly, Director
Director
John J. Shields, Director
July 30, 2003
Director
/s/Daniel I. C. Wang
Daniel I. C. Wang, Director
July 30, 2003
Director
/s/Mark S. Wrighton
Mark S. Wrighton, Director
July 30, 2003
Director
/s/Allen S. Wyett
Allen S. Wyett, Director
EXHIBIT INDEX
Exhibit No.
Description of Exhibits
Sequentially Numbered Page
4.1
Renewed
Rights Agreement, dated as of August 19, 1997, between the               
             *
Registrant and
BankBoston N.A.(filed as Exhibit 1 to the Registrant's
Current Report on
Form 8-K dated
August 27, 1997).
4.2
Form
of Common Stock Certificate (filed as Exhibit 4.2 to the
                 Registrant's                         *
Annual Report on Form 10-K for the year ended
                 December 31, 1995).
4.3
Inducement
Non-Qualified Stock Option Agreement between the Registrant
and Douglas
R. Brown dated April 1, 2003.                        
                        
                         
    9
5.1
Opinion
of Stephen Korn, General Counsel 23.1 Consent of
PricewaterhouseCoopers
LLP.                       
                        
                         
                        15
23.2
Consent
of Stephen Korn, General Counsel (included in Exhibit 5.1)                       
          16
24.0
Power
of Attorney.                       
                        
                         
                         
                  17
__________________
*incorporated
herein by reference.