Exhibit 10.10

Aegion Corporation
Voluntary Deferred Compensation Plan
(Amended and Restated as of January 1, 2018)

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Aegion Corporation
Voluntary Deferred Compensation Plan
(Amended and Restated as of January 1, 2018)

Article 1 DEFINITIONS
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1
1.1 Beneficiary.
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1
1.2 Board.
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1
1.3 Change in Control.
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1
1.4 Code.
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2
1.5 Committee.
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2
1.6 Company.
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2
1.7 Compensation.
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2
1.8 Deferral Commitment.
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3
1.9 Deferral Period.
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3
1.10 Deferred Compensation Account.
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1.11 Determination Date.
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3
1.12
Disability.............................................................................................................
3
1.13 Discretionary Contribution.
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3
1.14 Initial Eligibility Date.
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3
1.15 In-Service Account.
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3
1.16 Form of Payment Designation.
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1.17 401(k) Plan.
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4
1.18 Matching Contribution.
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4
1.19 Participant.
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4
1.20 Plan.
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4
1.21 Plan Year.
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4
1.22 Retirement.
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4
1.23 Retirement Account.
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4
1.24 Return.
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4
1.25 Separation from Service.
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5
1.26 Specified Employee.
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5
1.27 Sub-account.
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5
1.28 Valuation Funds.
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5
Article 2 ELIGIBILITY AND PARTICIPATION
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2.1 Eligibility and Participation
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6
2.2 Form of Deferral.
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7
2.3 Limitations on Deferral Commitments.
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2.4 Commitment Limited by Termination.
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2.5 Modification of Deferral Commitment.
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2.6 Change in Employment Status.
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Article 3 DEFERRED COMPENSATION ACCOUNT
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3.1 Accounts.
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9
3.2 Timing of Credits.
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9
3.3 Valuation Funds.
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9
3.4 Matching Contributions.
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10
3.5 Discretionary Contributions.
............................................................................ 10
3.6 Determination of Accounts.
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3.7 Vesting of Accounts.
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11
3.8 Statement of Accounts.
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11

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Article 4 PLAN BENEFITS
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12
4.1 Retirement Account.
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12
4.2 In-Service Account.
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12
4.3 Death Benefit.
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13
4.4 Change of Deferral Commitment.
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4.5 Small Account.
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14
4.6 Withholding; Payroll Taxes.
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4.7 Payment to Guardian.
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14
4.8 Effect of Payment.
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14
4.9 Installment Option Treated as Single Payment.
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Article 5 BENEFICIARY DESIGNATION
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5.1 Beneficiary Designation.
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15
5.2 Changing Beneficiary.
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15
5.3 Change in Marital Status.
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15
5.4 No Beneficiary Designation.
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5.5 Effect of Payment.
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16
Article 6 ADMINISTRATION
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17
6.1 Committee; Duties.
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17
6.2 Agents.
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17
6.3 Binding Effect of Decisions.
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6.4 Indemnity of Committee.
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17
6.5 Election of Committee After Change in Control.
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Article 7 CLAIMS PROCEDURE
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7.1 Claim.
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18
7.2 Denial of Claim.
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18
7.3 Review of Claim.
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18
7.4 Final Decision.
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18
7.5 Contest of Decision on Appeal.
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Article 8 AMENDMENT AND TERMINATION OF PLAN
........................................ 20
8.1 Amendment.
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20
8.2 Termination of Plan.
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20
Article 9 MISCELLANEOUS
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21
9.1 Unfunded Plan.
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21
9.2 Company Obligation.
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21
9.3 Unsecured General Creditor.
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9.4 Trust Fund.
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21
9.5 Nonassignability.
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22
9.6 Not a Contract for Employment or Services.
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9.7 Protective Provisions.
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22
9.8 Governing Law.
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22
9.9 Validity.
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22
9.10 Notice.
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23
9.11 Successors.
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23

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Aegion Corporation
Voluntary Deferred Compensation Plan
(Amended and Restated as of January 1, 2018)

WHEREAS, Aegion Corporation (f/k/a Insituform Technologies, Inc.) initially
established the Senior Management Voluntary Deferred Compensation Plan as of
February 1, 1999; and WHEREAS, the Senior Management Voluntary Deferred
Compensation Plan is designed to provide certain executives of Aegion
Corporation and its affiliates with deferred compensation benefits in
recognition of their dedicated and valuable service to Aegion Corporation and
its affiliates; and WHEREAS, the Board has the right to amend the Senior
Management Voluntary
Deferred Compensation Plan in Section 9.1 thereof; and WHEREAS, the Board now
deems it necessary and desirable to amend and restate the Senior Management
Voluntary Deferred Compensation Plan in its entirety to allow non-employee
directors to make deferral elections, to change the name of the Plan to the
Aegion Corporation Voluntary Deferred Compensation Plan and to make certain
other changes to Plan.

AMENDMENT OF PLAN, EFFECTIVE DATE, EFFECT OF RESTATEMENT
NOW, THEREFORE, Aegion Corporation does hereby adopt this amended and restated
plan, which shall be known as the Aegion Corporation Voluntary Deferred
Compensation Plan (Amended and Restated as of January 1, 2018). The restated
Plan shall be effective for amounts deferred with respect to services performed
on or after January 1, 2018 (unless otherwise provided herein) and shall be
governed by the terms contained herein. The rights and benefits of any person
entitled to benefits under the Plan shall be determined in accordance with the
applicable provisions of the Plan in effect at the time the applicable event
occurs, except as otherwise explicitly provided in the Plan. The time and form
of payment of benefits credited to Participant’s accounts pursuant to the terms
of the Plan in effect on December 31, 2013, as adjusted for earnings or losses
thereafter, shall be governed by the terms of the Plan document in effect on
December 31, 2013, without regard to this restatement. For example, whether a
Participant qualifies for “Retirement” shall be determined separately with
respect to amounts deferred for periods after 2013 under this restated Plan
document and amounts deferred for periods before 2014 under the prior Plan
document. Unless the context plainly requires a different meaning, when
capitalized, the words and phrases contained in this Plan shall have the
meanings set forth in this Article 1.

1.1 Beneficiary. The person, persons or entity as designated by the Participant,
entitled under Article 5 to receive any Plan benefits payable after the
Participant's death.
1.2 Board. The Board of Directors of Aegion Corporation.
1.3 Change in Control. The occurrence of any of the following events:
(a) the acquisition by one person, or more than one person acting as a group, in
a transaction or series of related transactions, of ownership of stock of the
Aegion Corporation that, together with stock held by such person or group,
constitutes more than 30% of the total fair market value or total voting power
of the stock of the Company; and/or
(b) a majority of the members of the Board is replaced during any 12-month
period by directors whose appointment or election is not endorsed by a majority
of the members of the Board before the date of the appointment or election;
and/or

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(c) the consummation of a merger or consolidation of the Company other than a
merger or consolidation that would result in the voting securities of the
Company outstanding immediately prior to the transaction continuing to represent
(either by remaining outstanding or by being converted into voting securities of
the surviving entity or any parent thereof) at least 50% of the combined voting
power of the securities of Aegion Corporation or such surviving entity or any
parent thereof outstanding immediately after such merger or consolidation;
and/or
(d) the stockholders of Aegion Corporation approve a plan of complete
liquidation or dissolution of the Company or there is a consummated sale or
disposition by Aegion Corporation of all or substantially all of Aegion
Corporation’s assets, other than a sale or disposition by Aegion Corporation of
all or substantially all of Aegion Corporation’s assets to an entity, at least
50% of the combined voting power of the voting securities of which are owned by
stockholders of Aegion Corporation in substantially the same proportions as
their ownership of Aegion Corporation immediately prior to such sale.
For purposes hereof, “person” shall mean any person, entity or “group” within
the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as
amended (the“Exchange Act”), except that such term shall not include (i) Aegion
Corporation or any of its affiliates; (ii) a trustee or other fiduciary holding
securities under an employee benefit plan of Aegion Corporation or any of its
affiliates, (iii) an underwriter temporarily holding securities pursuant to an
offering of such securities, (iv) a corporation owned, directly or indirectly,
by the shareholders of Aegion Corporation in substantially the same proportion
as their ownership of stock of Aegion Corporation, or (v) a person or group as
used in Rule 13d-1(b) under the Exchange Act.
1.4 Code. The Internal Revenue Code of 1986 as amended from time to time.
References to a Code section shall be deemed to refer to that section as it now
exists and to any successor provision.
1.5 Committee. The Committee shall consist of the Chief Financial Officer, the
Senior Vice-President of Global Human Resources and the Chief Administrative
Officer of Aegion Corporation, and such other persons as Aegion Corporation may
from time to time appoint, subject to the provisions of Section 6.5.
1.6 Company. Aegion Corporation, a Delaware corporation, and any directly or
indirectly 100% owned or affiliated U.S.-based subsidiary corporations, any
other affiliate designated by the Board, or any successor to the business of any
of the foregoing if such successor is a U.S.-based entity.
1.7 Compensation. With respect to Participants who are employees, the (1) base
salary and commissions payable to and (2) bonus or cash incentive compensation
(excluding amounts attributable to any quarterly incentive plans) earned by a
Participant with respect to employment services performed for the Company by the
Participant and considered to be "wages" for purposes of federal income tax
withholding. For purposes of this Plan only, Compensation shall be calculated
before reduction for any amounts deferred by the Participant pursuant to the
Company's tax qualified plans which may be maintained under Code Section 401(k)
or Code Section 125 or pursuant to this Plan or any other non-qualified plan
which permits the voluntary deferral of compensation. With respect to
Participants who are non-employee directors, the cash compensation payable to
the Participant with respect to Board and Board committee service.
1.8 Deferral Commitment. A commitment made by a Participant to defer a portion
of Compensation as set forth in Article 2. The Deferral Commitment shall apply
to salary and/or

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bonus payable to an employee Participant, or Compensation with respect to a
non-employee director Participant, and shall specify the Sub-account to which
the Compensation deferred shall be allocated. Such Deferral Commitment shall be
made in whole percentages and shall be made in a form acceptable to the
Committee. A Deferral Commitment shall remain in effect until amended or revoked
as provided under Section 2.2(b).
1.9 Deferral Period. Each calendar year.
1.10 Deferred Compensation Account. The separate account maintained on the books
of the Company used solely to calculate the amount payable to each Participant
under this Plan and shall not constitute a separate fund of assets. A
Participant’s Deferred Compensation Account may include one or more of the
following Sub-accounts:
(a) Retirement Account, and
(b) In-Service Account.
1.11 Determination Date. Any date on which the New York Stock Exchange is open
for business.
1.12 Disability.
(a) The Participant’s inability to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment that can be
expected to result in death or can be expected to last for a continuous period
of not less than twelve (12) months; or
(b) The Participant is, by reason of any medically determinable physical or
mental impairment that can be expected to result in death or can be expected to
last for a continuous period of not less than twelve (12) months, receiving
income replacement benefits for a period of not less than three (3) months under
a long-term disability plan covering employees of the Company.
1.13 Discretionary Contribution. The voluntary Company contribution credited to
an employee Participant's Retirement Account pursuant to Section 3.5.
1.14 Initial Eligibility Date. The first day of the calendar quarter immediately
following notification to such employee or non-employee director by the
Committee of eligibility to participate in the Plan.
1.15 In-Service Account. The Sub-account representing the portion of a
Participant’s Deferred Compensation Account attributable to the Participant’s
deferrals pursuant to Section 2.2.
1.16 Form of Payment Designation. The form prescribed by the Committee and
completed by the Participant, indicating the chosen form of payment for benefits
payable from the applicable Sub-account, as elected by the Participant.
1.17 401(k) Plan. The Aegion Corporation 401(k) Profit Sharing Plan, or any
other successor defined contribution plan maintained by the Company that
qualifies under Code Section 401(a) and satisfies the requirements of Code
Section 401(k), but excluding any defined contribution plan that is not a
successor to such plan (such as a plan maintained for a separate affiliate or
business unit).

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1.18 Matching Contribution. The Company contribution credited to an employee
Participant's Retirement Account pursuant to Section 3.4.
1.19 Participant. Any employee or non-employee director who is eligible to
participate in this Plan pursuant to Section 2.1 and who has elected to defer
Compensation under this Plan in accordance with Article 2. Such employee or
nonemployee director shall remain a Participant in this Plan for the period of
deferral and until such time as all benefits payable under this Plan have been
paid in accordance with the provisions hereof.
1.20 Plan. This Voluntary Deferred Compensation Plan (Amended and Restated as of
January 1, 2018), as amended from time to time.
1.21 Plan Year. The calendar year except for the first and last years in which
the Plan operates, in which case the Plan Year shall be that portion of the
first and last calendar years in which the Plan operated if less than 12 full
months.
1.22 Retirement. A Participant’s Separation from Service after attaining one of
the following combinations of age and/or service: (a) age 55 with at least 10
years of service; (b) age 60 with at least 5 years of service; or (c) age 65.
With respect to any individual Participant, only one of the foregoing
combinations shall apply, which shall be the earliest possible combination of
age and/or service, determined as of the Participant’s initial hire date by the
Company and assuming that such Participant will continue to perform continuous
service for the Company on and after such date. For purposes of this Section,
service shall mean elapsed-time years of continuous service with the Company,
including periods of continuous employment with a predecessor employer acquired
by the Company via merger or other corporate transaction that immediately
precedes service with the Company.
1.23 Retirement Account. The Sub-account representing the portion of the
Participant’s Deferred Compensation Account attributable to the Discretionary
Contributions pursuant to Section 3.5, Matching Contributions pursuant to
Section 3.4 and/or Participant’s deferrals pursuant to Section 2.2.
1.24 Return. The amount credited to a Participant's Sub-accounts on each
Determination Date, which shall be based on the Valuation Funds chosen by the
Participant as provided in Section 1.28 and in a manner consistent with Section
3.3. Such credits to a Participant's Sub-accounts may be either positive or
negative to reflect the increase or decrease in value of the Sub-accounts in
accordance with the provisions of this Plan.
1.25 Separation from Service. Termination of a Participant’s service as an
employee or non-employee director, as applicable, with the Company for any
reason whatsoever, which termination must constitute a separation from service
within the meaning of Treasury Regulation Section 1.409A-1(h) in order to meet
this definition of Separation from Service.
1.26 Specified Employee. An employee who satisfies the definition of specified
employee within the meaning of Treasury Regulation Section 1.409A-1(i).
1.27 Sub-account. A sub-account of a Participant’s Deferred Compensation Account
representing either the Participant’s In-Service Account or the Participant’s
Retirement Account. The Committee may also establish such additional
Sub-accounts as it deems necessary for the proper administration of the Plan
(e.g., separate accounts within each sub-account to separately account for
amounts deferred under terms of a prior Plan document, as described in the
preamble).

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1.28 Valuation Funds. One or more of the independently established funds or
indices that are identified and listed by the 401(k) Plan Committee. These
Valuation Funds are used solely to calculate the Return that is credited to each
Participant’s applicable Sub-accounts in accordance with Article 3, and do not
represent, nor should it be interpreted to convey any beneficial interest on the
part of the Participant in any asset or other property of the Company.

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Article 2 ELIGIBILITY AND PARTICIPATION
2.1 Eligibility and Participation
(a) Eligibility. Eligibility to participate in the Plan shall be limited to
senior management employees selected by the Committee whose annualized base
salary for the year is at least equal to the amount provided for such year under
Code Section 414(q) ($120,000 for 2018), and non-employee directors selected by
the Committee.
(b) New Participants. An employee’s or non-employee director’s participation in
the Plan may begin on his or her Initial Eligibility Date.
(c) Election Procedure. Except with respect to the Plan Year in which an
employee or non-employee director first becomes a Participant, an election by a
Participant to defer Compensation for services performed in a particular Plan
Year must be made before the close of the Plan Year next preceding the year in
which the services with respect to which such Compensation is earned are
performed. In the case of the first Plan Year in which an employee or
non-employee director becomes a Participant, a Participant may submit a Deferral
Commitment at any time after he or she is notified of eligibility to participate
in the Plan and before his or her Initial Eligibility Date. Any such Deferral
Commitment shall only be effective for Compensation that is paid for services to
be performed in such Plan Year subsequent to the delivery of the initial
Deferral Commitment. In the event an employee or non-employee director does not
submit a Deferral Commitment prior to his or her Initial Eligibility Date, he or
she shall next be entitled to submit such forms with respect to Compensation for
services performed in the Plan Year immediately following the Plan Year in which
the employee or non-employee director first becomes eligible to participate
pursuant to the first sentence of this Section 2.1(c). For purposes of
determining an employee’s or nonemployee director’s first date of eligibility,
all other plans maintained by the Company shall be aggregated with the Plan to
the extent required by Code Section 409A. An employee or non-employee director
who is determined not to meet such requirement, for example, because such
employee or non-employee director was eligible to participate in a deferred
compensation plan maintained by a predecessor employer that is acquired by
Aegion Corporation or an affiliate, whether or not such employee or non-employee
director elected to participate in such plan, shall be entitled to submit such
forms with respect to Compensation for services performed in the Plan Year
immediately following the Plan Year in which the employee or non-employee
director first becomes eligible to participate in this Plan pursuant to the
first sentence of this Section 2.1(c).
2.2 Form of Deferral. A Participant may elect a Deferral Commitment as follows:
(a) Form of Deferral Commitment. Except as provided in Section 2.1(c), a
Deferral Commitment shall be made with respect to Compensation payable by the
Company with respect to services performed by a Participant during the
immediately succeeding Deferral Period, and shall designate the portion of each
deferral that shall be allocated among the Sub-accounts. An employee Participant
shall set forth the amount to be deferred as a full percentage of salary and/or
bonus (an employee Participant may designate a different percentage of salary
and bonus that is to be deferred under this Plan); a non-employee director
Participant shall set forth the amount to be deferred as a full percentage of
Compensation. In addition, the Deferral Commitment shall specify the
Participant’s initial allocation of the amounts deferred into the Sub-accounts
among the various available Valuation funds.

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(b) Period of Commitment. Once a Participant has made a Deferral Commitment,
that Commitment shall remain in effect for the next succeeding Deferral Period
and shall remain in effect for all future Deferral Periods unless revoked or
amended in writing by the Participant and delivered to the Committee no later
than fifteen (15) days prior to the beginning of a subsequent Deferral Period.

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2.3 Limitations on Deferral Commitments. The following limitations shall apply
to a Deferral Commitment, subject to amendment by the Committee upon providing
written notice to all employee Participants:
(a) Maximum. The maximum amount of base salary that may be deferred under this
Plan shall be seventy-five percent (75%) of base salary, and the maximum amount
of bonus or incentive compensation that may be deferred under this Plan shall be
one hundred percent (100%) of bonus or incentive compensation (subject to
required withholdings).
(b) Minimum. The minimum amount of base salary that may be deferred shall be one
percent (1%) of base pay, and the minimum amount of bonus or incentive
compensation that may be deferred shall be one percent (1%) of the bonus or
incentive compensation. A non-employee director Participant may defer a minimum
of one percent (1%) of Compensation and a maximum of one hundred percent (100%)
of Compensation.
2.4 Commitment Limited by Termination. If a Participant incurs a Separation from
Service prior to the end of the Deferral Period, the Deferral Period shall end
as of the date of Separation from Service.
2.5 Modification of Deferral Commitment. A Deferral Commitment shall be
irrevocable by the Participant during a Deferral Period.
2.6 Change in Employment Status. If it is determined that a Participant no
longer meets the eligibility requirements of Section 2.1, the Participant’s
existing Deferral Commitment shall terminate at the end of the Deferral Period
in which such determination is made. No new Deferral Commitment may be made by
such Participant after notice of such determination is given by the Committee
unless the Participant later satisfies the requirements of Section 2.1.

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Article 3 DEFERRED COMPENSATION ACCOUNT
3.1 Accounts. The Compensation deferred by a Participant under the Plan, any
Matching Contributions, Discretionary Contributions and Return shall be credited
to the Participant's Deferred Compensation Account. Separate Sub-accounts shall
be maintained to reflect the different deferral allocations and distribution
dates chosen by the Participant, and the Participant shall designate the portion
of each deferral that will be credited to the applicable Sub-accounts as set
forth in Section 2.2(a). The Deferred Compensation Account shall be used solely
for bookkeeping purposes to calculate the amount payable to each Participant
under this Plan and shall not constitute a separate fund of assets.
3.2 Timing of Credits.
(a) A Participant’s deferred Compensation shall be credited to the applicable
Sub-account as of the date the Compensation deferred would have otherwise been
payable to the Participant.
(b) Any Discretionary Contributions and any Matching Contributions relating to
such deferred Compensation shall be credited to the Retirement Account as
provided by the Committee.
(c) Any withholding of taxes or other amounts with respect to deferred
compensation that is required by local, state or federal law shall be withheld
from the Participant’s corresponding non-deferred portion of the Compensation to
the maximum extent possible. The portion of any remaining amount which is
attributable to the Federal Insurance Contributions Act (FICA) tax imposed under
Code Sections 3101, 3121(a) and 3121(v)(2), with respect to such deferred
compensation, or which is attributable to the income tax at source on wages
imposed under Code Section 3401 or the corresponding withholding provisions of
applicable state, local or foreign tax laws as a result of the payment of the
FICA amount or the additional income tax at source on wages attributable to the
pyramiding Code Section 3401 wages and taxes shall reduce the amount credited to
the Participant’s Deferred Compensation Account in a manner specified by the
Committee; provided, however, the total amount by which the amount credited to a
Participant’s Deferred Compensation Account is reduced must not exceed the
aggregate of the FICA amount, and the income tax withholding related to such
FICA amount.
3.3 Valuation Funds. A Participant shall designate, at a time and in a manner
acceptable to the Committee, one or more Valuation Funds for his or her
Sub-accounts for the sole purpose of determining the amount of Return to be
credited or debited to each Sub-account. Such election shall designate the
portion of each deferral of Compensation made into each Sub-account that shall
be allocated among the available Valuation Fund(s), and such election shall
apply to each succeeding deferral of Compensation until such time as the
Participant shall file a new election with the Committee. Upon notice to the
Committee, the Participant may also reallocate the balance in each Valuation
Fund among the other available Valuation Funds as of the next succeeding
Determination Date, but in no event shall such re-allocation occur more
frequently than daily.
3.4 Matching Contributions. The Company shall credit a Matching Contribution to
an employee Participant’s Retirement Account with respect to the Compensation
deferred by the Participant under this Plan during a Deferral Period, provided
that the Participant is eligible for the 401(k) Plan and contributes to the
401(k) Plan an amount not less than the applicable limitation under Code Section
402(g) for the year. For each Plan Year, such Matching Contributions shall be a
percentage of the Compensation deferred under this Plan equal to:

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(a) The percentage of compensation to which the Participant is eligible to
receive matching contributions under the 401(k) Plan (under the terms of the
Plan in effect on January 1 of the Plan Year), minus
(b) The amount of matching contributions actually received for such Plan Year
under the 401(k) Plan.

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For purposes of this Section, Compensation shall not include Compensation of any
Participant that is in excess of the limitation in effect for the year under
Code Section 401(a)(17) ($275,000 for 2018). For the avoidance of doubt,
non-employee directors shall not be eligible for Matching Contributions.
3.5 Discretionary Contributions. The Company voluntarily may make Discretionary
Contributions to an employee Participant's Retirement Account. Discretionary
Contributions shall be credited at such times and in such amounts as recommended
by the Committee and approved by the Compensation Committee of the Board, or as
the Board in its sole discretion shall determine. For the avoidance of doubt,
non-employee directors shall not be eligible for Discretionary Contributions.
3.6 Determination of Accounts. Each Participant's Deferred Compensation Account
as of each Determination Date shall consist of the balance of the Deferred
Compensation Account as of the immediately preceding Determination Date,
adjusted as follows:
(a) New Deferrals. Each Sub-account shall be increased by any deferred
Compensation credited since such prior Determination Date in the proportion
chosen by the Participant.
(b) Company Contributions. The Retirement Account shall be increased by any
Matching and/or Discretionary Contributions credited since such prior
Determination Date.
(c) Distributions. Each Sub-account shall be reduced by the amount of each
benefit payment made from that Sub-account since the prior Determination Date.
Distributions shall be deemed to have been made proportionally from each of the
Valuation Funds maintained within such Sub-account based on the proportion that
such Valuation Fund bears to the sum of all Valuation Funds maintained within
such Subaccount for that Participant as of the Determination Date immediately
preceding the date of payment.
(d) Return. Each Sub-account shall be increased or decreased by the Return
credited to such Sub-account since such Determination Date as though the balance
of that Sub-account as of the beginning of the current day had been invested in
the applicable Valuation Funds chosen by the Participant.
3.7 Vesting of Accounts. Each Participant shall be vested in the amounts
credited to such Participant's Deferred Compensation Account and Return thereon
as follows:
(a) Amounts Deferred. A Participant shall be one hundred percent (100%) vested
at all times in the amount of Compensation elected to be deferred under this
Plan and Return thereon.
(b) Matching Contributions. A Participant shall be one hundred percent (100%)
vested at all times in the amount of the Matching Contributions credited to the
Participant's Retirement Account and Return thereon.
(c) Discretionary Contributions. A Participant's Discretionary Contributions and
Return thereon shall become vested as determined by the Compensation Committee
of the Board, or the Board. Such determination shall be made in writing no later
than the time that a Participant has a legally binding right to any such
Discretionary Contribution.
3.8 Statement of Accounts. The Committee shall give to each Participant a
statement showing the balances in the Participant's Deferred Compensation
Account on a quarterly basis.

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Article 4 PLAN BENEFITS
4.1 Retirement Account.
(a) Subject to Section 4.4 and the remaining provisions of this Section 4.1, the
vested portion of a Participant’s Retirement Account shall be distributed to the
Participant upon the earliest of: (i) the Participant’s Separation from Service
for reasons other than death or Disability; (ii) the date of the Participant’s
Disability; or (iii) the date of the Participant’s death.
(b) With respect distributions pursuant to Section 4.1(a)(i) to Participants who
are Specified Employees, benefits under this Section 4.1 shall be payable within
ninety (90) days after the first day of the seventh (7th) month after the
Participant’s Separation from Service.
(c) With respect to distributions pursuant to Section 4.1(a) to Participants who
are not Specified Employees, benefits under this Section 4.1 shall be paid
within ninety (90) days after the date of the Participant’s Separation from
Service, Disability or death.
(d) With respect to distributions pursuant to Section 4.1(a)(ii) or 4.1(a)(iii)
to Specified Employees, benefits under this Section 4.1 shall be paid within
ninety (90) days after the date of Disability or death.
(e) The form of benefit payment shall be that form selected by the Participant
pursuant to Section 4.4 unless the Participant experiences a Separation from
Service prior to Retirement, in which event, the Retirement Account shall be
paid in the form of a lump sum payment.
4.2 In-Service Account.
(a) General. Subject to Section 4.4, the vested portion of a Participant’s
In-Service Account shall be distributed to the Participant upon the earlier of
(i) the date chosen by the Participant in the first Deferral Commitment which
designated a portion of the Compensation deferred be allocated to the In-Service
Account (provided that the date specified shall not be prior to the fifth
anniversary of the first Deferral Commitment electing an In-Service
distribution) or (ii) the Participant’s Disability.
(b) Form of Payment for In-Service Account. The permitted forms of payment for
the In-Service Account are:
(i) A lump sum amount which is equal to the vested In-Service Account balance;
and
(ii) Annual installments for a period of five (5) years where the annual payment
shall be equal to the balance of the In-Service Account immediately prior to the
payment, multiplied by a fraction, the numerator of which is one (1) and the
denominator of which commences with five (5) and is reduced by one (1) in each
succeeding year. Return on the unpaid balance shall be based on the most recent
allocation among the available Valuation Funds chosen by the Participant, made
in accordance with Section 3.3. If no election as to the form of payment is
made, the Participant’s In-Service Account will be payable in a single lump sum.
(c) Separation from Service. Notwithstanding anything to the contrary in this
section, if the Participant experiences a Separation from Service for reasons
other than death or Disability prior to the date chosen by the Participant in
accordance with Section 4.2(a)(i), the vested portion of the In-Service Account
shall be added to the Retirement Account as of the date of Separation from
Service and shall be paid in accordance with the provisions of Section 4.1.

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4.3 Death Benefit. Upon the death of a Participant prior to the commencement of
benefits under this Plan from any Sub-account, the Company shall pay to the
Participant’s Beneficiary an amount equal to the vested balance in each
Subaccount in the form chosen by the Participant in the Deferral Commitment on
file with the Committee and in effect at the date of his death. If the
Participant fails to select a form of payment with respect to the death benefit
on the Deferral Commitment, the death benefit amount shall be paid in a single
lump sum within ninety (90) days of Participant’s death. In the event of the
death of the Participant after the commencement of benefits under this Plan from
any Sub-account, the benefits from such Sub-account shall be paid to the
Participant’s designated Beneficiary at the same time and in thesame manner as
if the Participant had survived.
4.4 Change of Deferral Commitment. Unless otherwise specified in this Plan, the
benefits payable from any particular Sub-account under this Plan shall be paid
at the time and in the form as specified by the Participant with respect to such
Subaccount in the Deferral Commitment. If no election as to the form of payment
is made, the Participant’s Account will be payable in a single lump sum. A
Participant may change the time or form of payment prior to his or her
Separation from Service an unlimited number of times by submitting to the
Committee a revised Deferral Commitment; provided, however, any such revised
form (i) shall not take effect until at least 12 months after the date on which
such form is submitted to the Committee, (ii) may not be made less than 12
months prior to the date the payment with respect to which the revised Deferral
Commitment is being submitted is scheduled to be made (or if the installment
option had been chosen, 12 months prior to the date the first amount was
scheduled to be paid), and (iii) the payment of any amount with respect to which
such revised Deferral Commitment is being made is deferred for a period of not
less than 5 years from the date such payment would have been paid.
4.5 Small Account. Notwithstanding any election by the Participant to the
contrary, if the total of a Participant's vested, unpaid Deferred Compensation
Account balance as of the Participant's Retirement is not greater than the
applicable limit under Code Section 402(g) in effect at such time ($18,500 for
2018), the remaining unpaid, vested Deferred Compensation Account shall be paid
in a lump sum.
4.6 Withholding; Payroll Taxes. The Company shall withhold from any payment made
pursuant to this Plan any taxes required to be withheld from such payments under
local, state or federal law. A Beneficiary, however, may elect not to have
withholding of federal income tax pursuant to Code Section 3405(a)(2), or any
successor provision thereto.
4.7 Payment to Guardian. If a Plan benefit is payable to a minor or a person
declared incompetent or to a person incapable of handling the disposition of the
property, the Committee may direct payment to the guardian, legal representative
or person having the care and custody of such minor, incompetent or person. The
Committee may require proof of incompetency, minority, incapacity or
guardianship as it may deem appropriate prior to distribution. Such distribution
shall completely discharge the Committee and the Company from all liability with
respect to such benefit.
4.8 Effect of Payment. The full payment of the applicable benefit under this
Article 4 shall completely discharge all obligations on the part of the Company
to the Participant (and the Participant's Beneficiary) with respect to the
operation of this Plan, and the Participant's (and Participant's Beneficiary's)
rights under this Plan shall terminate.

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4.9 Installment Option Treated as Single Payment. For purposes of determining
the time and form of any payment of benefits under the Plan, or any change with
respect thereto, all payments pursuant to any installment option which is
selected hereunder shall be treated as a single payment.

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Article 5 BENEFICIARY DESIGNATION
5.1 Beneficiary Designation. Each Participant shall have the right, at any time,
to designate one (1) or more persons or entity as Beneficiary (both primary as
well as secondary) to whom benefits under this Plan shall be paid in the event
of Participant's death prior to complete distribution of the Participant's
vested balance in his or her Deferred Compensation Account. Each Beneficiary
designation shall be in a written form prescribed by the Committee and shall be
effective only when filed with the Committee during the Participant's lifetime.
Designation by a married Participant to the Participant's spouse of less than a
fifty percent (50%) interest in the benefit due shall not be effective unless
the spouse executes a written consent that acknowledges the effect of the
designation, or it is established that the consent cannot be obtained because
the spouse cannot be located.
5.2 Changing Beneficiary. Any Beneficiary designation may be changed by an
unmarried Participant without the consent of the previously named Beneficiary by
the filing of a new Beneficiary designation with the Committee. A married
Participant’s Beneficiary designation may be changed by a Participant with the
consent of the Participant’s spouse as provided for in Section 5.1 by filing a
new designation, which shall cancel all designations previously filed.
5.3 Change in Marital Status. If the Participant's marital status changes after
the Participant has designated a Beneficiary, the following shall apply:
(a) If the Participant is married at death but was unmarried when the
designation was made, the designation shall be void unless the spouse has
consented to it in the manner prescribed in Section 5.1.
(b) If the Participant is unmarried at death but was married when the
designation was made:
(i) The designation shall be void if the spouse was named as Beneficiary.
(ii) The designation shall remain valid if a non-spouse Beneficiary was named.
(c) If the Participant was married when the designation was made and is married
to a different spouse at death, the designation shall be void unless the new
spouse has consented to it in the manner prescribed in Section 5.1.
5.4 No Beneficiary Designation. If any Participant fails to designate a
Beneficiary in the manner provided above, if the designation is void, or if the
Beneficiary designated by a deceased Participant dies before the Participant or
before complete distribution of the Participant’s benefits, the Participant’s
Beneficiary shall be the person in the first of the following classes in which
there is a survivor:
(a) The Participant’s surviving spouse;
(b) The Participant’s children in equal shares, except that if any of the
children predeceases the Participant or Participant’s spouse but leaves
surviving issue, then such issue shall take by right of representation, in equal
shares, the share the deceased child would have taken if then living; provided,
however, that if there is no surviving issue of the deceased child, the
remaining children of the Participant shall share equally;
(c) The Participant’s estate.
5.5 Effect of Payment. Payment to the Beneficiary shall completely discharge the
Company's obligations under this Plan.

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Article 6 ADMINISTRATION
6.1 Committee; Duties. This Plan shall be administered by the Committee except
as provided in Section 6.5. The Committee shall have the authority to make,
amend, interpret and enforce all appropriate rules and regulations for the
administration of the Plan and decide or resolve any and all questions,
including interpretations of the Plan, as may arise in such administration. A
majority vote of the Committee members shall control any decision. Members of
the Committee may be Participants under this Plan.
6.2 Agents. The Committee may, from time to time, employ agents and delegate to
them such administrative duties as it sees fit, and may from time to time
consult with counsel who may be counsel to the Company.
6.3 Binding Effect of Decisions. The decision or action of the Committee with
respect to any question arising out of or in connection with the administration,
interpretation and application of the Plan and the rules and regulations
promulgated hereunder shall be final, conclusive and binding upon all persons
having any interest in the Plan.
6.4 Indemnity of Committee. The Company shall indemnify and hold harmless the
members of the Committee against any and all claims, loss, damage, expense or
liability arising from any action or failure to act with respect to this Plan on
account of such member's service on the Committee, except in the case of gross
negligence or willful misconduct.
6.5 Election of Committee After Change in Control. After a Change in Control,
vacancies on the Committee shall be filled by majority vote of the remaining
Committee members and Committee members may be removed only by such a vote. If
no Committee members remain, a new Committee shall be elected by majority vote
of the Participants in the Plan immediately preceding such Change in Control. No
amendment shall be made to this Article 6 or other Plan provisions regarding
Committee authority with respect to the Plan without prior approval by the
Committee.

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Article 7 CLAIMS PROCEDURE
7.1 Claim. Any person or entity claiming a benefit, requesting an interpretation
or ruling under the Plan ("Claimant"), or requesting information under the Plan
shall present the request in writing to the Committee, which shall respond in
writing as soon as practicable.
7.2 Denial of Claim. If the claim or request is denied, the written notice of
denial shall state:
(a) The reasons for denial, with specific reference to the Plan provisions on
which the denial is based;
(b) A description of any additional material or information required and an
explanation of why it is necessary; and
(c) An explanation of the Plan's claim review procedure.
7.3 Review of Claim. Any Claimant whose claim or request is denied or who has
not received a response within sixty (60) days may request a review by notice
given in writing to the Committee. Such request must be made within sixty (60)
days after receipt by the Claimant of the written notice of denial, or in the
event Claimant has not received a response sixty (60) days after receipt by the
Committee of Claimant's claim or request. The claim or request shall be reviewed
by the Committee which may, but shall not be required to, grant the Claimant a
hearing. On review, the Claimant may have representation, examine pertinent
documents, and submit issues and comments in writing.
7.4 Final Decision. The decision on review shall normally be made within sixty
(60) days after the Committee's receipt of Claimant's claim or request. If an
extension of time is required for a hearing or other special circumstances, the
Claimant shall be notified and the time limit shall be one hundred twenty (120)
days. The decision shall be in writing and shall state the reasons and the
relevant Plan provisions. All decisions on review shall be final and bind all
parties concerned.
7.5 Contest of Decision on Appeal. No action shall be brought against the Plan
or the Committee in any court unless the claims and review procedures described
above have been fully exhausted. No action may be brought more than one year
after administrative remedies have been exhausted or the Plan has tendered
payment of the disputed amount, whichever is earlier. Any claim or action filed
in court or any other tribunal in connection with the Plan by or on behalf of a
Claimant (as defined in Section 7.1) shall only be brought or filed in the
United States District Court for the Eastern District of Missouri, effective for
claims and actions filed after March 1, 2016.

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Article 8 AMENDMENT AND TERMINATION OF PLAN
8.1 Amendment. The Board may at any time amend the Plan by written instrument,
notice of which is given to all Participants and to Beneficiary receiving
installment payments, subject to the following:
(a) Preservation of Account Balance. No amendment shall reduce the amount
accrued in any Deferred Compensation Account as of the date such notice of the
amendment is given.
(b) Changes in Return Rate. No amendment shall reduce, either prospectively or
retroactively, the rate of Return to be credited to the amount already accrued
in any of the Participant's Deferred Compensation Account and any amounts
credited to the Deferred Compensation Account under Deferral Commitments already
in effect on that date, except as may be provided in Section 1.28 as a result of
a selection or deletion of available Valuation Funds. Future Deferred
Compensation Account balances will depend on the Valuation Fund performance.
(c) Section 409A Restrictions. Notwithstanding anything contained herein to the
contrary, no amendment shall be adopted to the extent that such amendment will
cause the Plan to violate Code Section 409A or the regulations promulgated
thereunder.
8.2 Termination of Plan.
(a) Prospective Termination. The Company expects the Plan to be permanent, but
necessarily must, and does, reserve the right to terminate the Plan at any time;
provided, however, except as provided in Section 8.2(b),any termination of the
Plan shall apply prospectively only and any amounts already deferred under the
Plan shall not be paid to Participant’s as a result of such termination, but
shall be paid as otherwise provided in the Plan.
(b) Termination and Liquidation. Notwithstanding anything in the Plan to the
contrary, under any of the circumstances specified in Treasury Regulation
Section 1.409A-3(j)(4)(ix), the Board reserves the right to terminate the Plan
and cause a distribution of all Deferred Compensation Accounts to Participants
(“Termination and Liquidation”); provided, however, that (i) any such
Termination and Liquidation can only be effected under the circumstances
specified in Treasury Regulation Section 1.409A- 3(j)(4)(ix), (ii) all
distributions to Participants shall be made at the times specified in Treasury
Regulation Section 1.409A-3(j)(4)(ix), and (iii) such Termination and
Liquidation will otherwise be effected in compliance with all the requirements
and conditions specified in Treasury Regulation Section 1.409A-3(j)(4)(ix).

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Article 9 MISCELLANEOUS
9.1 Unfunded Plan. The portion of this Plan benefiting employees is an unfunded
plan maintained primarily to provide deferred compensation benefits for a select
group of “management or highly compensated employees” within the meaning of
Sections 201, 301, and 401 of the Employee Retirement Income Security Act of
1974, as amended (“ERISA”), and therefore is exempt from the provision of Parts
2, 3 and 4 of Title 1 of ERISA. Accordingly, subject to Section 8.2, the Board
may terminate the Plan and make no further benefit payments or remove certain
employees as Participants if it is determined by the United States Department of
Labor, a court of competent jurisdiction, or an opinion of counsel that the Plan
constitutes an employee pension benefit plan within the meaning of Section 3(2)
of ERISA (as currently in effect or hereafter amended) which is not so exempt.
9.2 Company Obligation. The obligation to make benefit payments to any
Participant under the Plan shall be an obligation solely of the entity with
respect to the deferred Compensation receivable from, and contributions by, that
entity and shall not be an obligation of another entity.
9.3 Unsecured General Creditor. Notwithstanding any other provision of this
Plan, Participants and Participants' Beneficiary shall be unsecured general
creditors, with no secured or preferential rights to any assets of the employee
Participant’s common law employer (or Aegion Corporation with respect to a
non-employee director) or any other party for payment of benefits under this
Plan. Any property held by the applicable entity for the purpose of generating
the cash flow for benefit payments shall remain its general, unpledged and
unrestricted assets. The obligation under the Plan shall be an unfunded and
unsecured promise by the employee Participant’s common law employer (or Aegion
Corporation with respect to a non-employee director) to pay money in the future.
9.4 Trust Fund. Benefits attributable to an account established with respect to
an entity that is an employer under this Plan shall be paid by such entity out
of its general assets. At its discretion, such entity may establish one (1) or
more trusts, with such trustees as the Board may approve, for the purpose of
assisting in the payment of such benefits. Although such a trust shall be
irrevocable, its assets shall be held for payment of such entity’s general
creditors in the event of insolvency. To the extent any benefits provided under
the Plan are paid from any such trust, such entity shall have no further
obligation to pay them. If not paid from the trust, such benefits shall remain
the obligation of such entity.
9.5 Nonassignability. Neither a Participant nor any other person shall have any
right to commute, sell, assign, transfer, pledge, anticipate, mortgage or
otherwise encumber, transfer, hypothecate or convey in advance of actual receipt
the amounts, if any, payable hereunder, or any part thereof, which are, and all
rights to which are, expressly declared to be unassignable and non-transferable.
No part of the amounts payable shall, prior to actual payment pursuant to the
terms of this Plan be subject to seizure or sequestration for the payment of any
debts, judgments, alimony or separate maintenance owed by a Participant or any
other person, nor be transferable by operation of law in the event of a
Participant's or any other person's bankruptcy or insolvency. All amounts
credited under this Plan to any Participant's Deferred Compensation Account
constitute property of the applicable entity until payment is in fact made to
the Participant pursuant to the terms hereof.
9.6 Not a Contract for Employment or Services. This Plan shall not constitute a
contract of employment between the employer and an employee Participant. Nothing
in this Plan shall give a Participant the right to be retained in the service of
the employer (as an employee or

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director, as applicable), or to interfere with the right of the employer to
discipline or discharge an employee Participant at any time.
9.7 Protective Provisions. A Participant will cooperate with the Company by
furnishing any and all information requested by the Company, in order to
facilitate the payment of benefits hereunder, and by taking such physical
examinations as the Company may deem necessary and taking such other action as
may be requested by the Company.
9.8 Governing Law. The terms and provisions of this Plan shall be construed
according to the principles, and in the priority, as follows: first, in
accordance with the meaning under, and which will bring the Plan into conformity
with, Code Section 409A; and secondly, in accordance with the laws of the State
of Missouri. The Plan shall be deemed to contain the provisions necessary to
comply with such laws.
9.9 Validity. If any provision of this Plan shall be held illegal or invalid for
any reason, said illegality or invalidity shall not affect the remaining parts
hereof, but this Plan shall be construed and enforced as if such illegal and
invalid provision had never been inserted herein.
9.10 Notice. Any notice required or permitted under the Plan shall be sufficient
if in writing and hand delivered or sent by registered or certified mail. Such
notice shall be deemed given as of the date of delivery or, if delivery is made
by mail, as of the date shown on the postmark on the receipt for registration or
certification. Mailed notice to the Committee shall be directed to Aegion
Corporation’s address. Mailed notice to a Participant or Beneficiary shall be
directed to the individual's last known address in the Company's records.
9.11 Successors. The provisions of this Plan shall bind and inure to the benefit
of the Company and its successors and assigns. The term successors as used
herein shall include any corporate or other business entity which shall, whether
by merger, consolidation, purchase or otherwise acquire all or substantially all
of the business and assets of the Company, and successors of any such
corporation or other business entity.

IN WITNESS WHEREOF, Aegion Corporation has executed this Plan as of the 13th day
of December, 2017.

Aegion Corporation
By: /s/ David F. Morris
Title: Executive Vice President & Chief Administrative Officer