Document:

EX-10.2

NONQUALIFIED STOCK OPTION AGREEMENT

The Shaw Group Inc.

2001 Employee Incentive Compensation Plan

This Nonqualified Stock Option Agreement (“Agreement”) dated as of    , 200   (the
date on which the option evidenced hereby was granted) is entered into between The Shaw Group Inc.
(the “Company”) and    (the “Optionee”), pursuant to The Shaw Group Inc. 2001 Employee
Incentive Compensation Plan (the “Plan”).

THE PARTIES HERETO AGREE AS FOLLOWS:

1. Grant of Option. In consideration of the services performed and to be performed by
the Optionee, the Company hereby grants to the Optionee an option (the “Option”) under the Plan to
purchase a total of    shares of the Company’s no par value common stock (the “Common
Stock”), upon the following terms and conditions:

(a) The Option is granted under and pursuant to the Plan, a copy of which is attached hereto
as Exhibit A and incorporated herein by reference, and the Option is subject to all of the
provisions thereof. In case of conflict between one or more provisions of this Agreement and one
or more provisions of the Plan, the provision(s) of the Plan shall govern. Capitalized terms used
herein without definition shall have the same meanings given such terms in the Plan. The Optionee
represents and warrants that he or she has read the Plan and is fully familiar with all the terms
and conditions of the Plan and agrees to be bound thereby.

(b) The Option is a nonqualified stock option or NQSO as defined in the Plan.

(c) The Exercise Price of the Option is $  per share (the fair market value per share on
the date of grant of the Option).

2. Exercise of Option.

(a) With the exception of the Optionee’s death, disability or retirement, the ramifications of
which are expressly provided for in the Plan, and subject to earlier expiration of this Option as
set forth below and in the Plan, the Option shall not be exercisable for more than a percentage of
the aggregate number of shares subject to the Option determined by the number of full years from
the date of this Agreement to the date of exercise in accordance with the following schedule:

	 	 	 	 	 
	On or after each of	 	 
	the following dates:	 	Number of Shares that may be Purchased

(b) Notwithstanding any other provision of this Agreement or the Plan, the Option shall not be
exercised prior to the date on which the shareholders of the Company approve the adoption of the
Plan.The Option may not be exercised unless, at the date of exercise (i) a registration statement
under the Securities Act of 1933, as amended, relating to the Shares covered by the Option shall be
in effect, or (ii) an exemption from registration is applicable to the shares in the opinion of
counsel for the Company.

3. Termination of Option. Except as otherwise provided herein, the Option shall
terminate:

(a) upon the expiration of ten (10) years from the date of this Agreement, or if sooner,

(b) three (3) months after termination of employment of the Optionee, unless employment is
terminated (i) as a result of death, disability or retirement, in which case the Option and the
right of the Optionee or his or her representative to purchase shares of Common Stock shall
terminate on the one (1) year anniversary following such termination of employment, or (ii) for
“Cause” (as defined in the Plan) in which case the Option shall immediately terminate and no longer
be exercisable.

In no case shall the Option continue to vest during the limited period of exercisability following
the Optionee’s termination of employment provided for in (b)(i) above. During such period, the
Option may only be exercised with respect to the number of shares for which it was exercisable at
the time of such termination of employment.

4. Rights Prior to Exercise of Option. The Optionee shall have no rights as a
stockholder with respect to the shares of Common Stock subject to the Option until the exercise of
his or her rights hereunder and the issuance and delivery to Optionee of a certificate or
certificates evidencing such shares.

5. Miscellaneous.

(a) No Representations or Warranties. Neither the Company nor the Committee nor any
of their representatives or agents has made any representations or warranties to the Optionee with
respect to the income tax or other consequences of the transactions contemplated by this Agreement,
and the Optionee is in no manner relying on the Company, the Committee or any of their
representatives or agents for an assessment of such tax or other consequences.

(b) Employment. Nothing in this Agreement nor in the Plan nor in the granting of the
Option shall confer on the Optionee any right to or guarantee of continued employment with the
Company or any of its Affiliates or in any way limit the right of the Company or any of its
Affiliates to terminate the employment of the Optionee at any time.

(c) Investment. The Optionee hereby agrees and represents that the Option and any
purchase of the shares of Common Stock under the Option is for the Optionee’s own account for
investment purposes only and not with a view of resale or distribution unless such shares acquired
pursuant to the Option are registered under the Securities Act of 1933, as amended.

(d) Stock Issuance. The exercise by the Optionee of the Option granted herein will
not become final nor will shares of Common Stock be issued pursuant thereto unless such exercise
fully complies with the requirements of the Plan and all applicable federal, state and local laws.

(e) Necessary Acts. The Optionee and the Company hereby agree to perform any further
acts and to execute and deliver any documents which may be reasonably necessary to carry out the
provisions of this Agreement.

(f) No Transfer. Except as the Committee may otherwise determine in accordance with
Section 5.5 of the Plan, the Option may not be assigned, encumbered or transferred, except by will
or the laws of descent and distribution in the event of death of the Optionee or pursuant to a
qualified domestic relations order pursuant to the Code or the Employee Retirement Security Act of
1974, as amended.

(g) Severability. The provisions of this Agreement are severable and if any one or
more provisions may be determined to be illegal or otherwise unenforceable, in whole or in part,
the remaining provisions, and any partially enforceable provision to the extent enforceable in any
jurisdiction, shall nevertheless be binding and enforceable.

(h) Waiver. The waiver by the Company of a breach of any provision of this Agreement
by the Optionee shall not operate or be construed as a waiver of any subsequent breach by the
Optionee.

(i) Binding Effect; Applicable Law. This Agreement shall bind and inure to the
benefit of the Company and its successors and assigns, and the Optionee and any heir, legatee,
legal representative or assignee as specified in Section 5(f) above of the Optionee. This
Agreement shall be interpreted under and governed by and constructed in accordance with the laws of
the State of Louisiana.

IN WITNESS WHEREOF, the parties to this Agreement have executed this Agreement effective as of
the date first above written.

THE COMPANY:

THE SHAW GROUP INC.

   

By: Gary P. Graphia

Title: Secretary and General Counsel

THE OPTIONEE:

[Name of Optionee]EX-10.3

RESTRICTED STOCK AGREEMENT

The Shaw Group Inc.

2001 Employee Incentive Compensation Plan

This Restricted Stock Agreement (“Agreement”) dated as of    , 200   (the date as of
which the shares of restricted stock evidenced hereby were awarded) is entered into between The
Shaw Group Inc. (the “Company”) and    (the “Awardee”), pursuant to The Shaw Group
Inc. 2001 Employee Incentive Compensation Plan, as amended and restated (the “Plan”).

THE PARTIES HERETO AGREE AS FOLLOWS:

i) Award of Restricted Stock. In consideration of the services performed
and to be performed by the Awardee, the Company hereby awards (the “Award”) to the Awardee under
the Plan a total of    restricted shares of the Company’s no par value common stock (the
“Restricted Stock”) subject to the following terms and restrictions.

ii) Incorporation of Plan Provisions. The Award evidenced hereby is made
under and pursuant to the Plan, a copy of which is available from the Company’s Secretary and
incorporated herein by reference, and the Award is subject to all of the provisions thereof.
Capitalized terms used herein without definition shall have the same meanings given such terms in
the Plan. The Awardee represents and warrants that he or she has read the Plan and is fully
familiar with all the terms and conditions of the Plan and agrees to be bound thereby.

iii) Restrictions and Conditions. The shares of Restricted Stock awarded
hereby may not be sold, assigned, transferred, pledged or otherwise disposed of, either voluntarily
or involuntarily, until said shares of Restricted Stock are vested according to the following
schedule:

	 	 	 
	On or after each of the following

dates:

	 	Cumulative percentage of shares

vested:

iv) Restricted Stock Certificates. During the Restriction Period, and until
such shares are fully vested in accordance with this Agreement and the terms of the Plan, a stock
certificate(s) evidencing the shares of Restricted Stock shall be registered in the name of the
Awardee, but shall be held by the Company. The Awardee acknowledges that such certificate(s) will
bear a restrictive legend. The Awardee also acknowledges that he or she shall be entitled to
dividend and voting rights for the shares of Restricted Stock even though they are not vested,
provided such rights shall terminate upon forfeiture of the Award.

v) Miscellaneous.

	 	(i)	 	No Representations or Warranties. Neither the Company nor the
Committee or any of their representatives or agents has made any
representations or warranties to the Awardee with respect to the income tax or
other consequences of the transactions contemplated by this Agreement, and the
Awardee is in no manner relying on the Company, the Committee or any of their
representatives or agents for an assessment of such tax or other consequences.

	 	(ii)	 	Employment. Nothing in this Agreement nor in the Plan nor in the
making of the Award shall confer on the Awardee any right to or guarantee of
continued employment with the Company or any of its Subsidiaries or in any way
limit the right of the Company or any of its Subsidiaries to terminate the
employment of the Awardee at any time.

	 	(iii)	 	Investment. The Awardee hereby agrees and represents that the
 shares of Restricted Stock are for the Awardee’s own account for investment
purposes only and not with a view of resale or distribution unless the shares
of Restricted Stock are registered under the Securities Act of 1933, as
amended.

	 	(iv)	 	Necessary Acts. The Awardee and the Company hereby agree to perform
any further acts and to execute and deliver any documents which may be
reasonably necessary to carry out the provisions of this Agreement.

	 	(v)	 	Binding Effect; Applicable Law. This Agreement shall bind and inure
to the benefit of the Company and its successors and assigns, and the Awardee
and any heir, legatee, or legal representative of the Awardee. This Agreement
shall be interpreted under and governed by and constructed in accordance with
the laws of the State of Louisiana.

	 	(f)	 	Administration. The authority to manage and control the
operation and administration of this Agreement shall be vested in the
Committee, and the Committee shall have all powers with respect to this
Agreement as it has with respect to the Plan. Any interpretation of the
Agreement by the Committee and any decision made by it with respect to the
Agreement is final and binding.

	 	(g)	 	Amendment. This Agreement may be amended by written agreement
of the Awardee and the Company, without the consent of any other person.

Executed in duplicate as of the day and year first above written.

THE SHAW GROUP INC.

   

By: Gary Graphia

Title: Secretary and General Counsel

AWARDEE:

[Name of Awardee]

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