Lois gets a tip from Lex's ex-wife concerning where his body is. She investigates the lead to look at the graveyard with Clark. During their visit, Clark hears an older man talking to his mother's grave about killing himself. Superman stops him before the man is able to shoot himself, but both of them are struck by lightning at the same time. When they both recover, Superman leaves to return to Lois as Clark. William Wallace Webster Waldecker goes to kick the gun away, and when it flies off into space, he realizes he has Superman's powers. Dr. Gretchen Kelly, the woman keeping Lex's body alive, witnesses this from the mausoleum where she is keeping Lex.
Lois and Clark are discussing how the graveyard was a bust when Lois is almost run over by a car. Clark goes to save her, but William Wallace Webster Waldecker, now in his own costume, pulls her out of the way first. As Lois, Perry, Jimmy, and Clark try to figure out who this new hero is, Lois is given a bill from the man who saved her life. She is appalled as Clark leaves to help put out a building on fire. William Wallace Webster Waldecker is already there, but is refusing to help until he is paid. After the fire is put out, Superman insists that they talk. Superman tries to explain to the man that he cannot charge for saving lives after they realize the lightning transferred Superman's powers. William Wallace Webster Waldecker doesn't listen to him and flies away.
Gretchen Kelly returns to Lex's body and reveals her plan to capture William Wallace Webster Waldecker and then transfer his powers to her. Clark visits his parents to ask for advice because he is worried people will find out his powers can be transferred. At the same time, Lois is visited by the new hero carrying flowers. She tries to get an interview with him, but his answers are fairly vague. He only gives her his price list for different types of ways he can help people. Clark shows up in the middle of their interview and helps Lois get rid of the unwanted visitor. They decide to go check out a tattoo parlor the next day because William Wallace Webster Waldecker had a tattoo on his hand. They find out the name of the older man is William Wallace Webster Walldecker.
The next day William visits his sister at a mental institution. She apparently believes that she is Mrs. Lincoln, so when he reveals he has Superman's powers, he doesn't have to worry about her telling anyone his secret. As he is leaving, Gretchen Kelly catches up with him and offers him money (and herself) for his powers. He declines, to her surprise, and flies off.
Lois and Clark tell Perry what they know when Jimmy interrupts them when a commercial for the "Resplendent Man" is aired on tv. Clark runs off as Superman and tries again to confront William. William refuses once more, so Superman heads back to talk to Lois. She asks him how William got his powers, but Superman decides not to tell her.
Lois and Clark visit William's sister the next day to get more information, but she is too far gone to make any sense. A nurse shows up to take her away, and we discover it is Gretchen Kelly in disguise. Clark is able to cause a distraction to make Gretchen go away as Wandamae, William's sister, divulges that William got his powers from Superman. Lois later sees Wandamae being kidnapped by Gretchen Kelly, and decides to follow them on her own.
Superman confronts William again, and they end up fighting in the middle of the street. At the same time, Lois watches as Gretchen and Wandamae go into the mausoleum. She follows them inside, and finds the secret passageway that leads to Lex's body. Gretchen locks the passage behind her, and then goes to inform Resplendent Man that Wandamae has been captured. He agrees to go with her as she attempts to re-create the conditions for the transfer of his powers. He tries to save Lois and Wandamae from the cage they are imprisoned in, but the bars have motion sensors connected to dynamite.
Clark realizes Lois is missing and flies off to find her. Gretchen Kelly tries to perfect her experiment while Lois tries to figure out the combination to the cage. As Gretchen finally gets the experiment to work successfully, she prepares to take the powers from William. Superman barges in after she gets the abilities, and teams up with William to defeat Gretchen. They manage to transfer the abilities back to Superman, and Gretchen retaliates by arming the explosives on the cage. In the last second, Lois figures out that the combination was the date of her wedding with Lex Luthor, and disarms the dynamite. They go to capture Gretchen, but she has already escaped and figured out a way to retrieve Lex's body.
Lois and Clark bid farewell to the now normal William, and Lois decides not to publish that Superman's powers are transferable. The two agree that Lex must be dead, unaware that Gretchen has resumed her mission to revive him.