Document:

exv10w1

 

EXHIBIT
10.1

EXECUTION COPY

AMENDMENT NO. 4

          AMENDMENT NO. 4 dated as of October 13, 2006 among The Shaw Group Inc. (the
“Borrower”), the subsidiaries of the Borrower listed on the signature pages hereto as
“Guarantors” and BNP Paribas, as administrative agent (in such capacity, the “Agent”)
pursuant to authority granted by all of the Lenders.

          The Borrower, the “Guarantors” party thereto, the “Lenders” party thereto and the Agent are
parties to a Credit Agreement dated as of April 25, 2005 (as amended by Amendment No. 1 dated as of
October 3, 2005, Amendment No. 2 dated as of February 27, 2006 and Amendment No. 3 dated as of June
20, 2006, and as modified and supplemented and in effect from time to time, the “Credit
Agreement”), providing, subject to the terms and conditions thereof, for extensions of credit
(by means of loans and letters of credit) to be made by said lenders to the Borrower.

          The parties hereto wish to amend the Credit Agreement as hereinafter set forth and accordingly
hereby agree as follows:

          Section 1. Definitions. Except as otherwise defined in this Amendment No. 4, terms
defined in the Credit Agreement are used herein as defined therein.

          Section 2. Amendments. Subject to the satisfaction of the conditions precedent
specified in Section 4 below, but effective as of the date hereof, the Credit Agreement shall be
amended as follows:

          2.01. References Generally. References in the Credit Agreement (including references
to the Credit Agreement as amended hereby) to “this Agreement” (and indirect references such as
“hereunder”, “hereby”, “herein” and “hereof”) shall be deemed to be references to the Credit
Agreement as amended hereby.

          2.02. Definitions. Article I of the Credit Agreement shall be amended by amending the
following definitions (to the extent already included in said Article I) and adding the following
definitions in the appropriate alphabetical location (to the extent not already included in said
Article I):

     “Aggregate Commitment” means $750,000,000 (before giving effect to any
increase of the Aggregate Facility LC Commitment on the Amendment No. 4 Effective Date
pursuant to Section 2.21), as reduced or increased from time to time pursuant to the terms
hereof.

 

 

     “Aggregate Facility LC Commitment” means $750,000,000 (before giving effect to
any increase of the Aggregate Facility LC Commitment on the Amendment No. 4 Effective Date pursuant to Section 2.21), as reduced or increased from
time to time pursuant to the terms hereof.

     “Aggregate Revolving Credit and Financial LC Commitment” means (a) through and
including November 30, 2007, $525,000,000 and (b) after November 30, 2007, $425,000,000.

     “Aggregate Revolving Credit Commitment” means (a) through and including
November 30, 2007, $525,000,000 and (b) after November 30, 2007, $425,000,000.

     “Amendment No. 4” means Amendment No. 4, dated as of October ___, 2006, to
this Agreement.

     “Amendment No. 4 Effective Date” means the date that the amendments to this
Agreement set forth in Amendment No. 4 become effective.

     “Consolidated Fixed Charges Ratio” means for any Calculation Period, the ratio
of (a) (i) Shaw EBITDA for such Calculation Period less (ii) Non-Financed Capital
Expenditures plus (iii) the Net Cash Proceeds from the sale of any asset and which is
allocated to any such asset as part of such sale, which would be classified as a fixed or
capital asset on a consolidated balance sheet of the Consolidated Group prepared in
accordance with Agreement Accounting Principles but excluding those expenditures incurred
to replace assets lost due to casualty or condemnation, provided that the proceeds from
insurance or condemnation are used to pay therefor; to (b) the sum of (i) Consolidated
Interest Expense excluding any amortization of financing fees, amortization of discounts
and other interest expenses not paid in cash, (ii) mandatory scheduled principal payments
on any Indebtedness (other than principal due upon the Facility Termination Date and
amounts to be paid in connection with the tender for the Borrower’s notes evidencing its
term debt), (iii) taxes paid in cash and determined, directly or indirectly, by the income
of the Borrower or any Person in the Consolidated Group, and (iv) any reimbursement
payments made in respect of disbursements under the Excluded SPV Letters of Credit (but
without double-counting of any such payments and amounts referred to in any of the
preceding clauses (i), (ii) and (iii)).

     “Consolidated Group” means the Borrower, its Subsidiaries and all other
Persons (other than the Excluded SPV) treated as if they were Subsidiaries of the Borrower
for purposes of preparing consolidated financial statements of the Borrower in accordance
with Agreement Accounting Principles, including those Persons required to be consolidated
by reason of FIN 46.

2

 

     “Consolidated Net Income” means, with reference to any period, the net income
(or loss) of the Consolidated Group calculated according to Agreement Accounting Principles
on a consolidated basis for such period, excluding any such net income attributable to any
Investment in any Person (including the Excluded
SPV) that is not a Subsidiary except to the extent of cash distributions from such
Person (including the Excluded SPV) to the Borrower or its Subsidiaries.

     “Excluded SPV” means Nuclear Energy Holdings, L.L.C., a Delaware limited
liability company, which is a special purpose vehicle created for the sole purpose of
making the Westinghouse Investments and engaging in certain transactions related thereto.

     “Excluded SPV Letters of Credit” has the meaning specified in Section
6.30.

     “Excluded SPV Notes” has the meaning specified in Section 6.30.

     “Lender Addendum” means a Lender Addendum, substantially in the form of
Exhibit 2.21 to Amendment No. 4, pursuant to which an existing Lender at such time shall
have increased its Commitments or a Person shall have become a Lender and undertaken new
Commitments at such time.

     “Performance Letter of Credit” means a Letter of Credit qualifying as a
“performance-based standby letter of credit” under 12 CFR Part 3, Appendix A, Section
3(b)(2)(i) or as a “commercial letter of credit” or other short-term self liquidating
instrument used to finance the movement of goods that are collateralized by the underlying
shipment under 12 CFR Part 3, Appendix A, Section 3(b)(3), or in each case under any
successor U.S. Comptroller of the Currency regulation.

     “Revolving Credit Commitment” means, for each Lender, the obligation of such
Lender to make Revolving Credit Loans, other than Swing Line Loans, to Borrower in an
aggregate amount not exceeding its Facility LC Commitment, as modified from time to time
pursuant to the terms hereof.

     “Subsidiary” of a Person means (i) any corporation (other than the Excluded
SPV) more than 50% of the outstanding securities having ordinary voting power of which
shall at the time be owned or controlled, directly or indirectly, by such Person or by one
or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, or (ii)
any partnership, limited liability company, association, joint venture or similar business
organization (other than the Excluded SPV) more than 50% of the ownership interests having
ordinary voting power of which shall at the time be so owned or controlled. Unless
otherwise expressly provided, all references herein to a “Subsidiary” shall mean a
Subsidiary of the Borrower. Without limiting the foregoing provisions of this definition,
no Person shall be deemed to be a Subsidiary of the Borrower solely by reason of FIN 46.

3

 

     “Supplemental Credit Facility” means any revolving credit facility, term loan
facility, letter of credit facility and/or any combination of any of the foregoing entered
into by the Borrower (other than any such facility entered into as permitted by Section
6.20(b) hereof); provided that (i) no such facility shall
contain any covenant, representation, warranty, event of default, mandatory prepayment
provision or any other measure of financial performance that is not included in this
Agreement or that would be more onerous or restrictive on the Borrower or its Subsidiaries
than the analogous provision contained in this Agreement and (ii) no such facility shall
require the Borrower to make any regularly scheduled prepayment or amortization or require
a reduction of the commitments under such facility prior to the Facility Termination Date.
For purposes hereof, the amount of any Supplemental Credit Facility shall be the higher of
the aggregate amount of extensions thereunder and the aggregate amount of the commitments
to provide extensions thereunder.

     “Westinghouse Entities” means (a) Toshiba Nuclear Holdings (US) Inc., a
Delaware corporation, and (b) Toshiba Nuclear Holdings (UK) Limited, an English company.

     “Westinghouse Investments” means the acquisition of up to 20.0% of the issued
and outstanding capital stock of each Westinghouse Entity.

     “Wholly-Owned Subsidiary” of a Person means (i) any Subsidiary all of the
outstanding voting securities (excluding directors’ qualifying shares) of which shall at
the time be owned or controlled, directly or indirectly, by such Person or one or more
Wholly-Owned Subsidiaries of such Person, or by such Person and one or more Wholly-Owned
Subsidiaries of such Person, or (ii) any partnership, limited liability company,
association, joint venture or similar business organization (other than the Excluded SPV)
100% of the ownership interests having ordinary voting power of which shall at the time be
so owned or controlled.

          2.03. Increase of the Commitments. Section 2.21(a) of the Credit Agreement shall be
amended to read as follows:

     “(a) Subject to Section 2.21(b) below, the amount of the Aggregate Facility LC
Commitment may be increased by an amount measured from the Amendment No. 4 Effective Date
not to exceed the difference of (x) $250,000,000 minus (y) the aggregate amount of
all Supplemental Credit Facilities permitted by Section 6.11(p), at the request of
the Borrower from time to time as follows: (i) the Borrower shall designate one or more
financial institutions acceptable to the Administrative Agent (which acceptance will not be
unreasonably withheld), to assume Facility LC Commitments in an aggregate amount equal to
the amount of such increase and (ii) on the date that such increase becomes effective,
Revolving Credit Loans shall be repaid and/or borrowed to the extent necessary such that
they shall be held by the Lenders ratably in proportion to their respective Pro Rata Shares (determined after giving

4

 

effect to such designations). In the event of the designation by
the Borrower of a financial institution pursuant to clause (i) of the preceding sentence
(each financial institution being so designated being referred to herein as an
“Assuming Lender”), and subject to the execution and delivery to the Administrative
Agent by the Borrower and such Assuming Lender of documentation satisfactory to the
Administrative Agent in its reasonable discretion to effect such designation: (x) such
Assuming Lender shall become (or, if such Assuming Lender was theretofore a Lender shall
continue as) a Lender having a Facility LC Commitment equal to the amount of such increase
allocated to such Assuming Lender in such designation (plus, if such Assuming Lender was
theretofore a Lender, the amount of the Facility LC Commitment held by such Assuming Lender
immediately prior to such designation) and (y) the participations in outstanding Letters of
Credit and Reimbursement Obligations shall thereupon automatically and without further
action be re-allocated all to the extent necessary such that the participations in such
Letters of Credit and Reimbursement Obligations shall be held by the Lenders ratably in
proportion to their respective Pro Rata Shares (determined after giving effect to such
designations). In no event shall any Lender be required to become an Assuming Lender.”

          2.04. Indebtedness. A new Section 6.11(p) shall be inserted in the Credit Agreement
reading as follows:

     “(p) Indebtedness under Supplemental Credit Facilities, provided that the aggregate
amount of all Supplemental Credit Facilities shall not exceed the difference of (x)
$250,000,000 minus (y) the aggregate amount by which the Aggregate Facility LC
Commitments have been increased pursuant to Section 2.21 on or following the
Amendment No. 4 Effective Date.”

          2.05. Investments and Acquisitions. A new Section 6.14(l) shall be inserted in the
Credit Agreement reading as follows:

     “(l) Investments in the capital stock of the Excluded SPV, the Excluded SPV Letters of
Credit and any reimbursement payments made in respect of disbursements under the Excluded
SPV Letters of Credit.”

          2.06. Liens. A new Section 6.15(i) shall be inserted in the Credit Agreement reading
as follows:

     “(i) Liens securing obligations under Supplemental Credit Facilities permitted by
Section 6.11(p) on assets constituting collateral security under the Collateral
Documents; provided that (x) such Liens shall rank pari passu in priority with the Liens
created by the Collateral Documents pursuant to an intercreditor agreement reasonably
satisfactory to the Agent (and as to which the Required Lenders have not objected in
writing after having had not less than 10 days to review the same) and (y) (subject to
Section 2.2(c), if no extensions of credit are outstanding under any Supplemental Credit
Facilities secured by Liens

5

 

permitted by this paragraph (i)) the sum of the aggregate
amount of all extensions of credit outstanding under Supplemental Credit Facilities plus
the Aggregate Outstanding Credit Exposure (which for purposes of this paragraph (i) shall
be deemed reduced by 50% of the aggregate undrawn stated amount under all
Performance Letters of Credit at the time of determination) shall not exceed the
Borrowing Base at any time during any Restricted Period.”

          2.07. Letters of Credit. Section 6.20 of the Credit Agreement shall be amended to
read as follows:

     “Section 6.20 Letters of Credit. The Borrower will not, nor will it permit
any Subsidiary to, apply for or become liable upon or in respect of any Letter of Credit
other than (a) Facility LCs, (b) Performance Letters of Credit in an aggregate amount
(excluding Facility LCs) not to exceed $150,000,000 in the aggregate for Borrower and its
Subsidiaries provided that the account party’s reimbursement obligations with respect to
such Letters of Credit (other than Facility LCs issued hereunder) are unsecured and (c)
Letters of Credit issued under Supplemental Credit Facilities.”

          2.08. Financial Covenants. Section 6.22.1 of the Credit Agreement shall be amended to
read as follows:

     “6.22.1 Leverage Ratio. Borrower will not permit the Leverage Ratio to
exceed (i) 2.75 to 1.00 as of the last day of any of its fiscal quarters ending prior to
August 31, 2007; and (ii) 2.50 to 1.00 as of the last day of any of its fiscal quarters
ending on or after August 31, 2007.”

          2.09. Financial Covenants. Section 6.22.2 of the Credit Agreement shall be amended to
read as follows:

     “6.22.2 Consolidated Fixed Charge Coverage Ratio. Borrower will not permit
the Consolidated Fixed Charges Ratio to be less than (i) 2.25 to 1.00 as of the last day of
any of its fiscal quarters ending on or prior to the date 18 months after the Amendment No.
4 Effective Date; and (ii) 2.50 to 1.00 as of the last day of any of its fiscal quarters
ending thereafter.”

          2.10. Name, Fiscal Year and Accounting Method. Section 6.26 of the Credit Agreement
shall be amended to read as follows:

     “6.26 Name, Fiscal Year and Accounting Method. The Borrower shall not, and
shall not permit any of its Subsidiaries to, change its name, fiscal year or method of
accounting except as required by Agreement Accounting Principles; provided, however, that
(a) any of the Borrower and its Subsidiaries may change its name if the Borrower has given
the Agent 30 days prior written notice of such name change and taken such action as Agent
deems reasonably necessary to continue the perfection of the Liens securing payment of the
Secured Obligations

6

 

and(b) the Borrower may change its fiscal year on a single occasion if
the Borrower has given the Agent 30 days prior written notice of such change.”

          2.11. Excluded SPV. A new Section 6.30 shall be inserted in the Credit Agreement
reading as follows:

     “6.30 Excluded SPV.

     (a) Notwithstanding anything to the contrary contained in this Agreement, the
Borrower shall not permit the Excluded SPV to engage in any business or activity, other
than making the Westinghouse Investments and issuing notes, the proceeds of which shall be
used to make the Westinghouse Investments (the “Excluded SPV Notes”).

     (b) Notwithstanding anything to the contrary contained in this Agreement, the
Borrower shall not, and shall not permit any Subsidiary to, make any Investment in the
Excluded SPV or incur any Indebtedness or provide other credit support for the direct or
indirect benefit of the Excluded SPV (including any direct or indirect guarantee or other
credit support of any Indebtedness of the Excluded SPV), other than (i) causing revolving
Financial Letters of Credit to be issued under this Agreement in a maximum amount for the
Excluded SPV at any time not to exceed $175,000,000 to provide for payments of principal of
and interest on the Excluded SPV Notes (the “Excluded SPV Letters of Credit”), (ii)
an equity Investment not to exceed $35,000,000 in the Excluded SPV and (iii) the payment of
certain transaction costs and expenses not to exceed $25,000,000 in the aggregate for the
Excluded SPV, relating to the formation of the Excluded SPV, the issuance of the Excluded
SPV Notes and the making of the Westinghouse Investments.

     (c) The Borrower shall cause to be inserted into the indenture or similar instrument
governing the Excluded SPV Notes no later than the time the same are issued a provision
reasonably satisfactory to the Agent in form and substance substantially to the effect of
Section 15.8 hereof, but with such changes as shall be necessary to constitute such
provision an acknowledgement by the holders of the Excluded SPV Notes that neither the
Borrower nor any of the Guarantors shall have any liability with respect to the Excluded
SPV Notes.”

          2.12. Execution of Collateral Documents. Section 10.15 of the Credit Agreement shall
be amended by inserting at the end thereof a new sentence to read as follows:

     “Notwithstanding anything to the contrary contained in this Agreement, the Agent is hereby
empowered and authorized to execute and deliver, on behalf of the Lenders, any
intercreditor agreement reasonably satisfactory to the Required Lenders pursuant to
Section 6.15(i).”

7

 

          2.13. Separateness of Excluded SPV. A new Section 15.8 shall be inserted in the
Credit Agreement reading as follows:

     “15.8 Separateness of Excluded SPV. The Lenders acknowledge (i) the
separateness of the Excluded SPV from other Persons, (ii) that each holder of the Excluded
SPV Notes has likely purchased the Excluded SPV Notes in reliance upon the separateness of
the Excluded SPV from other Persons, (iii) that the Excluded SPV has assets and liabilities
that are separate from those of other Persons, (iv) that the obligations of the Borrower
and the Guarantors under the Loan Documents, and any certificate, notice, instrument or
document delivered pursuant thereto (A) do not constitute a debt or obligation of the
Excluded SPV and (B) have not been guaranteed by the Excluded SPV, and (v) that the
Excluded SPV shall not be personally liable to the Lenders for any amounts payable or any
liability under any Loan Document or and any certificate, notice, instrument or document
delivered pursuant thereto.”

          Section 3. Representations and Warranties. The Borrower represents and warrants to
the Lenders that the representations and warranties set forth in Article V of the Credit Agreement
are true and correct on the date hereof as if made on and as of the date hereof (except to the
extent any such representation or warranty is stated to relate solely to an earlier date, in which
case such representation or warranty shall have been true and correct on and as of such earlier
date) and as if each reference in said Article V to “this Agreement” included reference to this
Amendment No. 4.

          Section 4. Conditions Precedent. The amendments set forth in Section 2 hereof shall
become effective, as of the date hereof, upon:

     (i) the execution and delivery of counterparts of this Amendment No. 4 by the
Borrower, the Guarantors and the Agent pursuant to authority granted by all of the Lenders
(and the Borrower and each Guarantor, by its execution and delivery of this Amendment No.
4, each hereby confirms and ratifies all of its respective obligations under the Guaranty,
the Security Agreement and the Subordination Agreement with respect to the amendments
effected hereby),

     (ii) the Borrower furnishing the following to the Agent each in form and substance
satisfactory to the Agent and with sufficient copies for the Lenders, where appropriate,
executed by the relevant Person:

     (a) a copy, certified by the Secretary or Assistant Secretary of the
Borrower, of its by-laws,

     (b) a copy, certified by the Secretary or Assistant Secretary of the
Borrower, along with a certificate of good standing and existence from the
Secretary of State of the State of Louisiana, of resolutions of its board of
directors authorizing the execution of this Amendment No. 4,

8

 

     (c) an incumbency certificate, executed by the Secretary or Assistant
Secretary of the Borrower which shall identify by name and title and bear the
signatures of the Authorized Officers and any other officers or managers of the
Borrower authorized to sign this Amendment No. 4,
upon which certificates the Agent and the Lenders shall be entitled to rely
until informed of any change in writing by the Borrower, and

     (d) a written opinion or opinions of counsel to the Borrower and the
Guarantors, addressed to the Lenders and covering such matters as may be required
by Agent, in form and substance reasonably satisfactory to the Agent, and a copy of
a written opinion of counsel to the Borrower, addressed to the Borrower, to the
effect the Excluded SPV will not be consolidated with the Borrower or any Guarantor
in a case brought under Title 11 of the United States Code in which the Excluded
Subsidiary, the Borrower or any Guarantor is the subject.

     (iii) the Borrower furnishing to the Agent each in form and substance satisfactory to
the Agent, and with sufficient copies for the Lenders, a bring-down certificate executed by
the Secretary or Assistant Secretary of each Guarantor, certifying that: (a) the
organizational and operative documents of such Guarantor certified and delivered as of
April 25, 2005 have not been amended, rescinded or otherwise changed and remain in full
force and effect, (b) the incumbency certificate of such Guarantor certified and delivered
as of April 25, 2005 has not been amended, rescinded or otherwise changed, and each
signatory thereto remains an Authorized Officer of such Guarantor and is authorized to sign
this Amendment No. 4, (c) to the best knowledge of such Secretary or Assistant Secretary,
the good standing certificates delivered by such Guarantor in connection with the closing
of the Credit Agreement on April 25, 2005 or the closing of Amendment No. 2 on February 27,
2006, as the case may be, remain true, accurate and correct and that such Secretary or
Assistant Secretary has no knowledge to the contrary thereof and (d) that the copies of the
resolutions of the respective boards of directors, members or managers or any other
governing body authorizing the execution of this Amendment No. 4, as attached to such
certificate, are true, accurate and correct and remain in full force and effect,

     (iv) the Borrower furnishing to the Agent (a) copies of the commercial agreements to
be entered into between the Borrower and/or any of its Subsidiaries, on the one hand, and
the Westinghouse Entities (such term and any other capitalized term used in this paragraph
that is not defined herein or in the Credit Agreement having the meanings in this paragraph
assigned to them in the Credit Agreement as contemplated to be amended by this Amendment
No. 4) and/or any of Subsidiaries of either Westinghouse Entity, on the other hand, which
shall be reasonably satisfactory to the Agent, (b) a copy of the offering materials for the
Excluded SPV Notes, which shall be reasonably satisfactory to the Agent and (c) evidence
that the Westinghouse Investments shall have been (or shall be simultaneously) made and the
Excluded SPV Notes shall have been (or shall be simultaneously) issued, in each case
referred to in this clause (c) in

9

 

accordance with definitive documentation in form and
substance reasonably satisfactory to the Administrative Agent, and

     (v) the Agent receiving evidence of the payment by the Borrower of all fees payable to
the Lenders that the Borrower has agreed to pay in connection with this Amendment No. 4
(including a consent fee payable to each Lender equal to 0.125% (12.5 basis points) of such
Lender’s Facility LC Commitment).

          Section 5. Miscellaneous. Except as herein provided, the Credit Agreement shall
remain unchanged and in full force and effect. This Amendment No. 4 may be executed in any number
of counterparts, all of which taken together shall constitute one and the same amendatory
instrument and any of the parties hereto may execute this Amendment No. 4 by signing any such
counterpart. This Amendment No. 4 shall be governed by, and construed in accordance with, the law
of the State of New York.

[Remainder of page intentionally blank]

10

 

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 4 to be duly executed
and delivered as of the day and year first above written.

	 	 	 	 	 
	 	THE SHAW GROUP INC.

 	 
	 	By:  	 	 
	 	 	Robert L. Belk 	 
	 	 	Executive Vice President and

Chief Financial Officer 	 
	 

11

 

	 	 	 	 	 	 	 
	 	 	GUARANTORS:	 	 
	 
	 	 	 	 	 	 
	 	 	WHIPPANY VENTURE I, L.L.C	 	 
	 	 	HYDRO POWER SOLUTIONS LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Robert L. Belk
	 	 
	 

	 	 	 	Executive Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	SHAW CONSTRUCTORS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Ronnie Volentine	 	 
	 

	 	 	 	President	 	 
	 
	 	 	 	 	 	 
	 	 	STONE & WEBSTER MICHIGAN, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Gary P. Graphia	 	 
	 

	 	 	 	Vice President and Secretary	 	 
	 
	 	 	 	 	 	 
	 	 	SO-GLEN GAS CO., LLC	 	 
	 

	 	 	 	by its sole member,	 	 
	 

	 	 	 	EMCON/OWT, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Robert L. Belk	 	 
	 

	 	 	 	Executive Vice President, Assistant Treasurer and
Assistant Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	EMCON/OWT, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Robert L. Belk	 	 
	 

	 	 	 	Executive Vice President, Assistant Treasurer and
Assistant Chief Financial Officer	 	 

12

 

	 	 	 	 	 
	 	 	GUARANTORS (continued)
	 
	 	 	 	 
	 	 	AMERICAN PLASTIC PIPE AND
	 

	 	 	 	SUPPLY, L.L.C.
	 	 	B.F. SHAW, INC.
	 	 	C.B.P. ENGINEERING CORP.
	 	 	EDS EQUIPMENT COMPANY, LLC
	 	 	EDS PUERTO RICO, INC.
	 	 	ENVIROGEN, INC.
	 	 	FIELD SERVICES, INC.
	 	 	LFG SPECIALTIES, L.L.C.
	 	 	MWR, INC.
	 	 	PROSPECT INDUSTRIES (HOLDINGS), INC.
	 

	 	SHAW
	 	ALLOY PIPING PRODUCTS, INC.
	 

	 	SHAW
	 	BENECO, INC.
	 

	 	SHAW
	 	COASTAL, INC.
	 

	 	SHAW
	 	CONNEX, INC.
	 

	 	SHAW
	 	E & I INVESTMENT HOLDINGS, INC.
	 

	 	SHAW
	 	EUROPE, INC.
	 

	 	SHAW
	 	ENERGY DELIVERY SERVICES, INC.
	 

	 	SHAW
	 	ENVIRONMENTAL, INC.
	 

	 	SHAW
	 	ENVIRONMENTAL &
	 

	 	 	 	INFRASTRUCTURE, INC.
	 

	 	SHAW
	 	ENVIRONMENTAL &
	 	 	INFRASTRUCTURE MASSACHUSETTS, INC.
	 	 	SHAW ENVIRONMENTAL
	 

	 	 	 	INTERNATIONAL, INC.
	 

	 	SHAW
	 	FABRICATORS, INC.
	 

	 	SHAW
	 	FACILITIES, INC.
	 

	 	SHAW
	 	FIELD SERVICES, INC.
	 

	 	SHAW
	 	FT. LEONARD WOOD HOUSING, L.L.C.
	 

	 	SHAW
	 	GLOBAL ENERGY SERVICES, INC.
	 

	 	SHAW
	 	GRP OF CALIFORNIA
	 

	 	SHAW
	 	INDUSTRIAL SUPPLY CO., INC.
	 

	 	SHAW
	 	INFRASTRUCTURE, INC.
	 

	 	SHAW
	 	INTELLECTUAL PROPERTY
	 

	 	 	 	HOLDINGS, INC.
	 

	 	SHAW
	 	INTERNATIONAL, INC.
	 

	 	SHAW
	 	JV HOLDINGS, L.L.C.
	 

	 	SHAW
	 	LITTLE ROCK HOUSING, L.L.C.
	 

	 	SHAW
	 	LIQUID SOLUTIONS LLC
	 

	 	SHAW
	 	MAINTENANCE, INC.
	 

	 	SHAW
	 	POWER SERVICES GROUP, L.L.C.
	 

	 	SHAW
	 	PROJECT SERVICES GROUP, INC.
	 

	 	SHAW
	 	TRANSMISSION & DISTRIBUTION
	 

	 	 	 	SERVICES, INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Robert L. Belk
	 

	 	 	 	Executive Vice President and Treasurer

13

 

	 	 	 	 	 	 	 
	 	 	GUARANTORS (continued)	 	 
	 
	 	 	 	 	 	 
	 	 	SHAW WASTE SOLUTIONS, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Robert L. Belk
	 	 
	 

	 	 	 	Executive Vice President and Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	STONE & WEBSTER
— JSC MANAGEMENT CONSULTANTS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Robert L. Belk	 	 
	 

	 	 	 	Executive Vice President, Senior Vice
President and Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	BADGER TECHNOLOGIES, L.L.C.	 	 
	 	 	BADGER TECHNOLOGY HOLDINGS, L.LC.	 	 
	 	 	PIKE PROPERTIES I, INC.	 	 
	 	 	PIKE PROPERTIES II, INC.	 	 
	 	 	SHAW GLOBAL, L.L.C.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Robert L. Belk	 	 
	 

	 	 	 	Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	S C WOODS, L.L.C.	 	 
	 

	 	 	 	by its sole member,	 	 
	 

	 	 	 	Stone & Webster, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Robert L. Belk	 	 
	 

	 	 	 	Executive Vice President and Treasurer	 	 

14

 

	 	 	 	 	 
	 	 	GUARANTORS (continued)
	 
	 	 	 	 
	 	 	INTERNATIONAL CONSULTANTS, L.L.C.
	 

	 	SHAW
	 	BEALE HOUSING, L.L.C.
	 

	 	SHAW
	 	CAPITAL, INC.
	 

	 	SHAW
	 	CAPITAL (NEVADA), INC.
	 

	 	SHAW
	 	CENTCOM SERVICES, L.L.C.
	 

	 	SHAW
	 	HANSCOM HOUSING, L.L.C.
	 

	 	SHAW
	 	HOME LOUISIANA, INC.
	 

	 	SHAW
	 	MANAGED SERVICES, INC.
	 

	 	SHAW
	 	MANAGEMENT SERVICES
	 

	 	 	 	ONE, INC.
	 

	 	SHAW
	 	MORGAN CITY TERMINAL, INC.
	 

	 	SHAW
	 	NAPTECH, INC.
	 

	 	SHAW
	 	POWER DELIVERY SYSTEMS, INC.
	 

	 	SHAW
	 	POWER SERVICES, INC.
	 

	 	SHAW
	 	PROCESS AND INDUSTRIAL
	 

	 	 	 	GROUP, INC.
	 

	 	SHAW
	 	PROCESS FABRICATORS, INC.
	 

	 	SHAW
	 	PROPERTY HOLDINGS, INC.
	 

	 	SHAW
	 	SERVICES, L.L.C.
	 

	 	SHAW
	 	SSS FABRICATORS, INC.
	 

	 	SHAW
	 	SUNLAND FABRICATORS, INC.
	 

	 	SHAW
	 	TULSA FABRICATORS, INC.
	 	 	STONE & WEBSTER ASIA, INC.
	 	 	STONE & WEBSTER HOLDING ONE, INC.
	 	 	STONE & WEBSTER HOLDING TWO, INC.
	 	 	STONE & WEBSTER, INC.
	 	 	STONE & WEBSTER INTERNATIONAL, INC.
	 	 	STONE & WEBSTER INTERNATIONAL HOLDINGS, INC.
	 	 	STONE & WEBSTER MASSACHUSETTS, INC.
	 	 	STONE & WEBSTER PROCESS
	 

	 	 	 	TECHNOLOGY, INC.
	 	 	STONE & WEBSTER MANAGEMENT
	 

	 	 	 	CONSULTANTS, INC.
	 	 	STONE & WEBSTER SERVICES, L.L.C.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Robert L. Belk
	 

	 	 	 	Executive Vice President and Treasurer

15

 

	 	 	 	 	 	 	 
	 	 	GUARANTORS (continued)	 	 
	 
	 	 	 	 	 	 
	 	 	STONE & WEBSTER CONSTRUCTION, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Robert L. Belk	 	 
	 

	 	 	 	President and Executive Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	ARLINGTON AVENUE E VENTURE, LLC	 	 
	 	 	CAMDEN ROAD VENTURE, LLC	 	 
	 	 	GREAT SOUTHWEST PARKWAY	 	 
	 

	 	 	 	VENTURE, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	T.A. Barfield, Jr.	 	 
	 

	 	 	 	President	 	 
	 
	 	 	 	 	 	 
	 	 	STONE & WEBSTER CONSTRUCTION SERVICES, L.L.C.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Robert L. Belk	 	 
	 

	 	 	 	President and Executive Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	SHAW INTERNATIONAL MANAGEMENT SERVICES ONE, INC	 	 
	 	 	SHAW INTERNATIONAL MANAGEMENT SERVICES TWO, INC.	 	 
	 	 	SHAW NORTHEAST HOUSING, L.L.C.	 	 
	 	 	SHAW NORTHWEST HOUSING, L.L.C.	 	 
	 	 	SHAW STONE & WEBSTER PUERTO RICO, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Robert L. Belk
	 	 
	 

	 	 	 	Vice President and Treasurer	 	 

16

 

	 	 	 	 	 	 	 
	 	 	GUARANTORS (continued):	 	 
	 
	 	 	 	 	 	 
	 	 	LANDBANK PROPERTIES, L.L.C.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

T.A. Barfield, Jr.
	 	 
	 

	 	 	 	Chief Executive Officer and Chairman	 	 
	 
	 	 	 	 	 	 
	 	 	SHAW ENVIRONMENTAL LIABILITY SOLUTIONS, L.L.C.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	T.A. Barfield, Jr.	 	 
	 

	 	 	 	Chairman and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	THE LANDBANK GROUP, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	T.A. Barfield, Jr.	 	 
	 

	 	 	 	Chief Executive Officer	 	 

17

 

	 	 	 	 	 
	 	GUARANTORS (continued):

BENICIA NORTH GATEWAY II, L.L.C.

CHIMENTO WETLANDS, L.L.C.

HL NEWHALL II, L.L.C.

JERNEE MILL ROAD, L.L.C.

KATO ROAD II, L.L.C.

KIP I, L.L.C.

LANDBANK BAKER, L.L.C.

MILLSTONE RIVER WETLAND

          SERVICES, L.L.C.

NORWOOD VENTURE I, L.L.C.

OTAY MESA VENTURES II, L.L.C.

PLATTSBURG VENTURE, L.L.C.

RARITAN VENTURE I, L.L.C.

SHAW ALASKA, INC.

SHAW AMERICAS, L.L.C.

SHAW CALIFORNIA, L.L.C.

SHAW CMS, INC.

SHAW MEXICO, L.L.C.

SHAW REMEDIATION SERVICES, L.L.C.

 	 
	 	By:  	
 	 
	 	 	T.A. Barfield, Jr. 	 
	 	 	President 	 
	 

	 	 	 	 	 
	 	INTEGRATED SITE SOLUTIONS, L.L.C.

          by its sole member,

          Shaw Environmental & Infrastructure, Inc.

 
	 	By:  	
 	 
	 	 	Robert L. Belk 	 
	 	 	Executive Vice President and Treasurer 	 

18

 

	 	 	 	 	 

	 	 	 	 	 	 	 
	 	 	GUARANTORS (continued):	 	 
	 
	 	 	 	 	 	 
	 	 	NUCLEAR TECHNOLOGY SOLUTIONS,	 	 
	 

	 	 	 	L.L.C.	 	 
	 

	 	 	 	by its sole member,	 	 
	 	 	S C WOODS, L.L.C.	 	 
	 

	 	 	 	by its sole member,	 	 
	 

	 	 	 	Stone & Webster, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Robert L. Belk
	 	 
	 

	 	 	 	Executive Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	SELS ADMINISTRATIVE SERVICES, L.L.C.

         by its sole member,	 	 
	 

	 	 	 	Shaw Environmental Liability Solutions, L.L.C.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	T.A. Barfield	 	 
	 

	 	 	 	Chairman and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	SHAW ENERGY SERVICES, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	David Cedro	 	 
	 

	 	 	 	President and Treasurer	 	 

19

 

	 	 	 	 	 	 	 	 	 
	 

	 	AGENT:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	BNP PARIBAS, as Agent	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 

Name:
	 	 
	 

	 	 	 	 	 	Title:	 	 

20

 

EXHIBIT 2.21

FORM OF LENDER ADDENDUM

LENDER ADDENDUM

     Reference is made to the Credit Agreement April 25, 2005 (as amended, modified, renewed or
extended from time to time, the “Credit Agreement”) among The Shaw Group Inc., a Louisiana
corporation (the “Borrower”), the lenders party thereto and BNP Paribas, as Agent for the
Lenders and as an Issuer. Terms used but not defined in this Lender Addendum have the meanings
assigned to such terms in the Credit Agreement.

     Upon execution and delivery of this Lender Addendum by the parties hereto as provided in
Section 2.21 and Section 15.17 of the Credit Agreement, the undersigned (i) to the extent not
already a Lender, hereby becomes a Lender under the Credit Agreement and (ii) shall have the
Commitments set forth opposite it signature below, effective as of the date of acceptance specified
below. To the extent that the undersigned is already a Lender under the Credit Agreement, the
Commitments on this Lender Addendum shall supersede its previous Commitments under the Credit
Agreement.

     This Lender Addendum shall be construed in accordance with and governed by the law of the
State of New York. This Lender Addendum may be executed by one or more of the parties hereto on
any number of separate counterparts, and all of said counterparts taken together shall be deemed to
constitute one and the same instrument. Delivery of an executed signature page hereof by facsimile
transmission shall be effective as delivery of a manually executed counterpart hereof.

     IN WITNESS WHEREOF, the parties hereto have caused this Lender Addendum to be duly executed
and delivered by their proper and duly authorized officers as of this
___ day of                     , 20___.

	 	 	 	 	 	 	 
	Commitments:	 	[NAME OF LENDER]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

 

 

Accepted
and agreed this ___ day of                     , 20___:

THE SHAW GROUP INC.

	 	 	 	 	 
	By:
	 	 	 	 
	Name:	 	 	 	 
	Title:
	 	 	 	 
	 
	 	 	 	 
	BNP PARIBAS,	 	 
	as Agent	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	Name:
	 	 	 	 
	Title:
	 	 	 	 

2exv10w2

 

EXHIBIT 10.2

PUT OPTION AGREEMENT

     This PUT OPTION AGREEMENT (this “Agreement”) is made and entered into on October 13, 2006 (the
“Effective Date”), between Nuclear Energy Holdings, L.L.C., a Delaware limited liability company
(“NEH”), and Toshiba Corporation, a Japanese corporation (“Toshiba”). NEH and Toshiba are also
referred to herein together as the “Parties” and individually as a “Party”.

RECITALS

     A. Subject to the terms and conditions set forth in an Investment Agreement, dated as of
October 4, 2006, among Toshiba, NEH and The Shaw Group Inc., NEH has directly agreed to acquire 800
shares of Class A Stock of TOSHIBA NUCLEAR ENERGY HOLDINGS (US) INC., a Delaware corporation (“US
HoldCo”), for a consideration of $800,000,000 and representing, as of the Effective Date, twenty
percent (20.0%) of the outstanding capital stock of US HoldCo (the “Shares”).

     B. On or about the date of this Agreement, NEH proposes to issue up to JPY50,980,000,000
aggregate principal amount of 2.20% Fixed Rate Bonds due 2013 and JPY78,000,000,000 aggregate
principal amount of Floating Rate Bonds due 2013 (the “Bonds”), the proceeds of which will be used
to fund the acquisition of the Shares by NEH. NEH’s obligations with respect to the Notes will be
secured in favor of the holders of the Notes, inter alia, by a security assignment of NEH’s rights,
title and interest under this Agreement and a pledge, charge or other security interest over the
Shares.

     C. It is a condition to NEH’s agreement to directly acquire the Shares that Toshiba provide a
put option with respect to the Shares, on the terms and conditions set forth herein.

     NOW, THEREFORE, the Parties, in consideration of the foregoing premises and the terms,
covenants and conditions set forth below, hereby agree as follows:

AGREEMENT

1. DEFINITIONS; INTERPRETATION.

     1.1. Terms Defined in this Agreement. The following terms when used in this Agreement
shall have the following definitions:

     “Bankruptcy Law” means any Law of any jurisdiction relating to bankruptcy, insolvency,
corporate reorganization, company arrangement, civil rehabilitation, special liquidation,
moratorium, readjustment of debt, appointment of a conservator (hozen kanrinin), trustee
(kanzai nin), supervisor (kantoku i’in), inspector (chousa i’in), or receiver, or similar
debtor relief, including hasan under Hasan Ho (law No. 75, 2004 as amended), minji saisei
under Minji Saisei Ho (law No. 225, 1999 as amended), kaisha kousei under Kaisha Kousei Ho
(law No. 154, 2000 as amended), tokubetsu seisan under Kaisha Ho (law No. 86, 2005 as
amended) and tokutei choutei under Tokuteisaimuto no Chosei no Sokushin no tameno
Tokuteichoutei ni kansuru Houritsu (law No.158, 1999 as amended).

 

 

     “Business Day” means any day other than those that are bank holidays in Tokyo.

     “Competitor” means any Person who by itself or through or together with any of its
Subsidiaries, is substantially engaged in the provision of nuclear power plant technology
and/or nuclear fuel supply.

     “Consolidated Net Worth” means, as of any date, total shareholders’ equity, being the
sum of stated capital, additional paid-in capital, legal reserves and retained earnings less
any treasury stock, which would appear on a consolidated balance sheet of Toshiba and its
consolidated Subsidiaries as of such date in accordance with US GAAP; provided that for the
purpose of calculating Consolidated Net Worth, the effect, if any, of all GAAP Statement of
Financial Accounting Standards No. 87 pension-related non-cash charge shall be excluded;

     “Debt-to-Equity Ratio” means ratio of total Financial Debt to Consolidated Net Worth.

     “Financial Debt” means every obligation for money borrowed or evidenced by notes,
bonds, debentures, security instruments and other similar instruments which incur interest
expense and which would, in accordance with US GAAP, be shown on a consolidated balance
sheet of Toshiba.

     “Government Authority” means any: (a) nation, principality, state, commonwealth,
province, territory, county, municipality, district or other jurisdiction of any nature; (b)
federal, state, local, municipal, foreign or other government; (c) governmental or quasi
governmental authority of any nature (including any governmental division, subdivision,
department, agency, bureau, branch, office, commission, council, board, instrumentality,
officer, official, representative, organization, unit, body or Person and any court or other
tribunal); or (d) individual, Person or body exercising, or entitled to exercise, any
executive, legislative, judicial, administrative, regulatory, police, military or taxing
authority or power of any nature.

     “JPY” means Japanese Yen.

     “Law” means any federal, state, local, municipal, foreign or other law, statute,
legislation, constitution, principle of common law, resolution, ordinance, code, order,
edict, decree, proclamation, treaty, convention, rule, regulation, permit, ruling,
directive, pronouncement, requirement (licensing or otherwise), specification,
determination, decision, opinion or interpretation that is, has been or may in the future be
issued, enacted, adopted, passed, approved, promulgated, made, implemented or otherwise put
into effect by or under the authority of any Government Authority.

     “Person” means any individual, firm, company, corporation, limited liability company,
unincorporated association, partnership, trust, joint venture, governmental authority or
other entity, and shall include any successor (by merger or otherwise) of such entity.

     “Put Price” means, with respect to any exercise of the Put Option, the per Share price,
expressed in Japanese Yen, of any Share subject to any Put Exercise Notice (as defined in
Section 2.3). The Put Price:

2

 

     (a) for each Share subject to the Put Exercise Notice up to and including
sixty-seven percent (67%) of the Shares shall be JPY119,425,926 per Share; and

     (b) for each Share subject to the Put Exercise Notice in excess of sixty-seven
percent (67%) of the Shares shall be the product of (x) JPY119,425,926 per Share,
multiplied by (y) 0.90; provided that, in the event that a Put Exercise
Notice is delivered by NEH following the occurrence of a Toshiba Event, the number
in the foregoing clause (y) shall be 1.00.

     “Subsidiary” means a Person (other than an individual) (a) more than fifty percent
(50%) of whose outstanding shares or securities (representing the right to vote for the
election of directors or other managing authority) are, now or hereafter, owned or
controlled, directly or indirectly, by another Person; or (b) which does not have
outstanding shares or securities, as may be the case in a partnership, joint venture or
unincorporated association, but more than fifty percent (50%) of whose ownership interest
representing the right to make the decisions for such corporation, company or other entity
is, now or hereafter, owned or controlled, directly or indirectly, by another Person.

     “Toshiba Event” means any of the following:

     (a) Toshiba shall fail to have a minimum Consolidated Net Worth of
JPY800,000,000,000;

     (b) Toshiba’s Debt-to-Equity Ratio (determined quarterly based on Toshiba’s
consolidated quarterly financial statements) shall exceed 2.4 to 1.0;

     (c) Toshiba generally becomes unable to pay its debts as such debts become due
(shiharai funou), admits to a creditor its inability to pay its debts generally as
such debts become due (shiharai teishi) or makes a general assignment or settlement
for the benefit of creditors (nin’i seiri);

     (d) a petition (i) for the commencement of a proceeding against Toshiba under
any applicable Bankruptcy Law or similar law now or hereafter in effect, (ii) for
the appointment of a receiver, liquidator, assignee, custodian, trustee,
sequestrator, conservator (hozen kanrinin), trustee (kanzai nin), supervisor
(kantoku i’in), inspector (chousa i’in) or similar official of all or for any
substantial part of Toshiba’s property, or (iii) for the winding up or liquidation
of Toshiba’s affairs, is filed by any third party other than Toshiba;

     (e) Toshiba files a petition for the commencement of a proceeding under any
applicable Bankruptcy Law or similar law now or hereafter in effect, or consents to
or makes no objection against the filing of or the entry of an order for relief in
an involuntary proceeding under any such law, or applies for, consents to or
otherwise acquiesces in the appointment of or taking possession
by a receiver, liquidator, assignee, custodian, sequestrator, conservator
(hozen kanrinin), trustee (kanzai nin), supervisor (kantoku i’in), inspector (chosa
i’in) or similar official of Toshiba of all or any substantial part of the property
thereof, or makes any general assignment or settlement for the benefit of the
creditors thereof;

3

 

     (f) Toshiba’s assets, such as its bank accounts, are subject to the issuance of
an order or a notice of provisional attachment (kari sashiosae), temporary
attachment order (hozen sashiosae) or permanent attachment (sashiosae), and, with
respect to a provisional attachment and temporary attachment order only, such
attachment or order remains unstayed and in effect for a period of thirty (30)
consecutive days;

     (g) Toshiba ceases, or through an official action of its board of directors
threatens to cease, to carry on all or substantially all of its business;

     (h) the clearing house takes procedures for suspension of Toshiba’s
transactions with banks or other financial institutions (torihiki teishi shobun);

     (i) Toshiba has materially breached any of its covenants herein, and does not
cure such breach within 30 days after notice from NEH advising Toshiba of such
breach; or

     (j) the receipt by NEH of a notice of acceptance or any other similar notice
delivered by Toshiba or any Shareholder(s) (as defined in either Shareholders
Agreement (defined herein)) obligating Toshiba or such Shareholder(s) to purchase,
and obligating NEH to sell, all or any portion of (i) the Shares pursuant to, and in
accordance with, Section 7.06 of the Shareholders Agreement dated October 4, 2006,
among Toshiba, NEH, US HoldCo, and its other shareholders (the “US Shareholders
Agreement”), or (ii) the shares owned by NEH in Toshiba Nuclear Energy Holdings (UK)
Limited, a company incorporated in England (the “UK HoldCo” and, together with US
HoldCo, the “HoldCos”), pursuant to, and in accordance with, Section 7.06 of the
Shareholders Agreement dated October 4, 2006, among Toshiba, NEH, UK HoldCo, and its
other shareholders (the “UK Shareholders Agreement”; and, together with the US
Shareholders Agreement, the “Shareholders Agreements”) (such notice, a “Call Option
Exercise Notice”).

     “US GAAP” means generally accepted accounting principles in the United States as in
effect on the date of application thereof.

1.2. Interpretation.

     (a) Certain Terms. The words “hereof,” “herein,” “hereunder” and similar words refer
to this Agreement as a whole and not to any particular provision of this Agreement. The term
“including” is not limited and means “including without limitation.”

     (b) Section References; Titles and Subtitles. Unless otherwise noted, all references
to Sections herein are to Sections of this Agreement. The titles, captions and headings of this
Agreement are inserted for convenience of reference only and are not intended to be a part of
or to affect the meaning or interpretation of this Agreement.

     (c) Reference to Entities, Agreements, Statutes. Unless otherwise expressly provided
herein, (i) references to a Person include its successors and permitted assigns, (ii) references to
agreements (including this Agreement) and other contractual instruments shall be deemed to include
all subsequent amendments, restatements and other modifications

4

 

thereto or supplements thereof and
(iii) references to any statute or regulation are to be construed as including all statutory and
regulatory provisions consolidating, amending, replacing, supplementing or interpreting such
statute or regulation.

2. PUT RIGHT.

     2.1. Put Right. NEH shall have the right and option to sell to Toshiba or its
permitted assignee, and upon the exercise of such right and option Toshiba or its permitted
assignee shall have the obligation to purchase from NEH, all of the Shares identified in the Put
Exercise Notice (as defined below) (the “Put Right”). NEH and Toshiba hereby agree that the Put
Right may be exercised by NEH on one occasion only.

     2.2. Put Period. The Put Right shall be exercisable by NEH by delivering a Put
Exercise Notice (defined below) at any time during the period (the “Exercise Period”) commencing on
(and including) the earlier of (i) March 31, 2010 and (ii) the occurrence of a Toshiba Event, and
ending on the earlier of (x) the date that is 30 days after receipt by NEH of the consolidated
financial statements (prepared in accordance with US GAAP) of the HoldCos for the period ending
September 30, 2012 and (y) February 28, 2013 (such earlier date, the “Exercise Period End Date”).
For the avoidance of doubt, if the Put Exercise Notice is not delivered on or before the Exercise
Period End Date, the Exercise Period shall automatically expire, and the Put Right shall thereafter
be of no further force or effect, at 11:59:59 p.m. on Exercise Period End Date. Once the Put Right
is exercised, NEH shall have no Put Right on the remaining Shares, if any.

     2.3. Exercise Process. In order to exercise the Put Right during the Exercise Period,
NEH shall deliver to Toshiba a written notice of such exercise substantially in the form attached
hereto as Appendix A (a “Put Exercise Notice”) to such address and marked for such
attention as is specified in Section 5.4. The Put Exercise Notice shall indicate the number of
Shares as to which NEH is then exercising its Put Right, the aggregate Put Price and the closing
date for the purchase (the “Put Closing Date”), which date shall be 90 days after the date on which
the Put Exercise Notice is first delivered by NEH to Toshiba; provided that, in the event that a
Toshiba Event (other than a Toshiba Event described in clause (j) of the definition thereof) has
occurred, such date shall be 30 days after the date on which the Put Exercise Notice is delivered
by NEH, in each case subject to Section 2.5. For the avoidance of doubt, the date of exercise of
the Put Right shall be earlier of (a) the date upon which Toshiba receives such Put Exercise Notice
and (b) two Business Days after NEH sends such Put Exercise Notice by internationally recognized
courier service subject to next-day or second-day delivery. Where the Put Closing Date would
otherwise fall on a day that is not a Business Day, the Put Closing Date shall be the next
following Business Day falling thereafter.

     2.4. Put Price. If the Put Right is exercised pursuant to this Section 2, as payment
for the Shares to be purchased by Toshiba pursuant to the Put Right, on the Put Closing Date
Toshiba shall pay the aggregate Put Price to NEH, or to the order of NEH, by electronic
transfer of immediately available funds to a financial institution and account number
specified by NEH to Toshiba as soon as practicable prior to the Put Closing Date.

     2.5. Sale of Shares.

5

 

          (a) Against payment of the Put Price by Toshiba, and as soon as practicable thereafter, NEH
shall sell and deliver to Toshiba (or its designee), and Toshiba (or its designee) shall receive
and purchase from NEH, the Shares as to which NEH is exercising the Put Right. In connection
therewith, NEH shall (i) deliver to Toshiba or its designee certificates representing the Shares,
duly endorsed for transfer to Toshiba (or its designee), (ii) deliver to Toshiba (or its designee)
evidence that NEH’s lenders have released all liens or other security interests in or on such
Shares and (iii) represent and warrant to Toshiba that the Shares transferred pursuant thereto are
transferred free from all liens, charges or encumbrances, but shall not be required to make any
other representations and warranties in respect of the relevant Shares. Other than as expressly
provided herein, there shall be no conditions upon NEH’s exercise of the Put Right or the purchase
and sale of the Shares subject thereto.

          (b) In the event that Toshiba is restricted, prohibited or disqualified from purchasing or
accepting all or any portion of the Shares from NEH under applicable law or regulation or any
agreement, instrument or other document to which Toshiba or its affiliates is a party, Toshiba may
assign its rights and obligations to purchase the Shares to an entity that is financially and
legally capable of purchasing and accepting delivery of the Shares for the aggregate Put Price;
provided that (i) the Put Closing Date shall be extended to the date (the “Extended Put Closing
Date”) that is the earlier of (x) 150 days after the Put Exercise Notice is first delivered by NEH
to Toshiba and (y) the date on which the requirements of the Hart-Scott-Rodino Antitrust
Improvements Act, the Exon-Florio Amendment (defined below) and any other applicable regulatory
requirements have been satisfied for the purpose of delivery of the Shares to Toshiba or such
entity, (ii) Toshiba shall ensure that such assignee has sufficient funds to purchase the Shares
and (iii) Toshiba shall remain obligated to pay the aggregate Put Price (together with all other
amounts due under this Agreement) to NEH in the event that such entity fails to perform such
assigned obligations on or before the Extended Put Closing Date. Notwithstanding the foregoing, in
the event that (A) the Put Closing Date is required to be extended pursuant to clause (i) in the
preceding sentence and (B) a Toshiba Event (other than a Toshiba Event described in clause (j) of
the definition thereof) has occurred, Toshiba shall (x) promptly, and in any event not later than
25 days after the receipt by Toshiba of the Put Exercise Notice, provide credit support for
Toshiba’s obligation in clause (iii) of the preceding sentence in form and substance reasonably
satisfactory to NEH and its lenders from a third party having a credit rating of A2 or higher from
Moody’s Investors Service Inc. or A or higher from Rating and Investment Information, Inc., which
credit support will provide that it may be drawn upon or exercised if Toshiba or such entity has
not performed its obligations in full on or before the Extended Put Closing Date, or (y) if Toshiba
fails or is unable to provide such credit support, pay the aggregate Put Price on the original Put
Closing Date. In the event that Toshiba has paid the Put Price under this Section 2.5(b) prior to
the delivery by NEH of all or any portion of the Shares to Toshiba or its designee, NEH shall hold
such Shares (and any proceeds thereof (other than the Put Price)) in trust for and on behalf of,
and to the order of, Toshiba and, subject to applicable law, shall take such actions in respect of
the Shares as Toshiba shall direct.

     2.6. Recapitalizations; Reorganizations. In the event of any stock dividend, split,
reverse split, combination or recapitalization (each, a “Recapitalization”), (a) the term “Shares”
shall automatically be deemed to include all securities issued in exchange for or in connection
with the Shares outstanding immediately prior to such Recapitalization, and (b) the Put Price shall
be multiplied by a ratio, (i) the numerator of which is the number of Shares of US HoldCo
outstanding immediately prior to the Recapitalization and (ii) the

6

 

denominator of which is the
number of Shares of US HoldCo outstanding immediately after to the Recapitalization. In the event
of any liquidation, reclassification, merger or consolidation (each, a “Reorganization”), (a) the
term “Shares” shall automatically be amended to refer to all securities issued or assets
distributed in connection with such Reorganization in exchange for the Shares outstanding
immediately prior to such Reorganization and (b) the Put Price shall automatically be adjusted to
preserve the economic status quo between the parties immediately prior to such Reorganization;
provided that, in the event of a liquidation in which no securities or other assets are
distributed, Toshiba acknowledges and agrees that it shall remain obligated to pay the aggregate
Put Price in accordance with the terms of this Agreement based upon the total number of Shares held
by NEH immediately prior to such liquidation and NEH shall, upon commencement of the Exercise
Period, be entitled to exercise a Put Exercise Notice in respect thereof.

     2.7. Dividends. For the avoidance of doubt, with respect to any Shares sold by NEH to
Toshiba (or its designee) upon exercise of the Put Right in accordance with the terms hereof, as
between NEH and Toshiba (or its designee), NEH shall be entitled to any and all dividends,
distributions or similar items that are resolved or declared to be paid or made by US HoldCo by
reference to a record date that is prior to the date of the Put Closing Date, and Toshiba (or its
designee) shall be entitled to any and all dividends, distributions or similar items that are
resolved or declared to be paid or made by the US HoldCo by reference to a record date that is on
or after the date of the Put Closing Date.

     2.8. Related Matters. Nothing in this Agreement shall be construed as imposing any
obligations on NEH either to exercise or to refrain from exercising any rights or powers conferred
on it by or deriving from the Shares.

     2.9. Superiority of Put Right. Toshiba acknowledges and agrees that (i) the call
rights set forth in Section 7.06 of the US Shareholders Agreement with respect to the Shares
designated in the Put Exercise Notice are subordinate in right to the Put Right (when exercised),
and (ii) the delivery by NEH (or its designee) of a Put Exercise Notice, whether or not a Call
Option Exercise Notice has been delivered by Toshiba, shall obligate Toshiba to purchase the Shares
described in such Put Exercise Notice on the terms, and subject to the conditions, set forth in
this Agreement notwithstanding any other rights or obligations in respect of such Shares under the
Shareholders Agreement or any other similar document.

     2.10. Time. Any reference to time in this Agreement should be Tokyo time.

     2.11. Additional Covenants. Toshiba agrees that it will fully comply with the Special
Security Agreement between Toshiba and the U.S. Department of Energy. Toshiba also agrees that
until (a) if a Put Exercise Notice has been delivered by NEH, the Put Closing Date, and (b)
otherwise, the Exercise Period End Date, it shall not, and shall cause US HoldCo and its
Subsidiaries and affiliates and any holding company of US HoldCo not to commit or fail to commit
any act that would prevent or disqualify Toshiba from purchasing, or make it illegal
for Toshiba to purchase, the Shares under applicable law, or cause the purchase of the Shares
by Toshiba to be set aside under Section 721 of the U.S. Defense Production Act of 1950, 50 U.S.C.
App. 2171, as amended (the “Exon-Florio Amendment”), or any similar law of any other applicable
jurisdiction.

7

 

     2.12. Toshiba Event Notification. Toshiba agrees that upon the occurrence of a
Toshiba Event, Toshiba shall immediately, but in any event no later than five (5) Business Days
after the occurrence of such Toshiba Event, notify NEH thereof.

3. RANKING, PAYMENTS AND SET-OFF.

     3.1. Ranking. The payment obligations of Toshiba under this Agreement shall, save for
such exceptions as may be provided Bankruptcy Laws, at all times rank pari passu with all of
Toshiba’s other present and future unsecured and unsubordinated obligations.

     3.2. Withholding. All payments made by or on behalf of Toshiba under this Agreement
shall be made free and clear of, and without withholding or deduction for, any taxes, duties,
assessments or governmental charges of whatever nature imposed, levied, collected, withheld or
assessed by or within Japan or any authority therein or thereof having power to tax, unless such
withholding or deduction is required by law. If such withholding or deduction is required by law,
Toshiba shall pay such additional amounts as will result in receipt by NEH of such amounts as would
have been received by NEH had no such withholding or deduction been required.

     3.3. Set-off. Subject to Section 2.5, (a) NEH shall be absolutely entitled to receive
all amounts payable in respect of this Agreement, and (b) for the purposes of this Agreement,
Toshiba hereby waives, as against NEH, all rights of set-off or counterclaim that would or might
otherwise be available to Toshiba.

4. REPRESENTATIONS AND WARRANTIES.

     4.1. Toshiba. Toshiba represents and warrants to NEH, as of the Effective Date, that:

     (a) Due Authorization. The execution and delivery of this Agreement and the
consummation of the transactions contemplated hereunder to be carried out by it have been
duly authorized by all necessary corporate action on the part of Toshiba. This Agreement,
and all agreements and documents executed and delivered pursuant to this Agreement,
constitute valid and binding obligations of Toshiba, enforceable against Toshiba in
accordance with its terms, subject to applicable Bankruptcy Laws and other laws or equitable
principles of general application affecting the rights of creditors generally.

     (b) No Conflicts. Neither the acquisition of the shares of common stock of US
HoldCo by NEH (the “Share Acquisition”) nor the execution or delivery of this Agreement by
Toshiba nor the fulfillment or compliance by Toshiba with any of the terms hereof shall,
with or without the giving of notice and/or the passage of time, (i) conflict with, or
result in a breach of the terms, conditions or provisions of, or constitute a default under,
(A) the organizational or charter documents of Toshiba or US HoldCo or (B) any contract or
any judgment, decree or order to which Toshiba or US HoldCo is subject or by which Toshiba or US HoldCo is bound, or (ii) require any
consent, license, permit, authorization, approval or other action by any Person or
Government Authority which has not yet been obtained or received including any such consent,
license, permit, authorization, approval or other action required under the Exon-Florio
Amendment. Neither the Share Acquisition nor the execution, delivery and performance of
this Agreement by Toshiba or compliance with the

8

 

provisions hereof by Toshiba shall violate
any provision of any Law to which Toshiba or US HoldCo is subject or by which it is bound.

     (c) No Actions. There are no lawsuits, actions (or to the best knowledge of
Toshiba, investigations), claims or demands or other proceedings pending or, to the best of
the knowledge of Toshiba, threatened against Toshiba or any of its Subsidiaries which, if
resolved in a manner adverse to Toshiba or such Subsidiaries, would adversely affect the
right or ability of Toshiba to carry out its obligations set forth in this Agreement.

     (d) Toshiba Event. As of the Effective Date, there is no Toshiba Event nor are
there any events, circumstances or conditions that could reasonably be expected to lead to a
Toshiba Event.

4.2. NEH. NEH represents and warrants to Toshiba, as of the Effective Date, that:

     (a) Due Authorization. The execution and delivery of this Agreement and the
consummation of the transactions contemplated hereunder to be carried out by it have been
duly authorized by all necessary corporate action on the part of NEH. This Agreement, and
all agreements and documents executed and delivered pursuant to this Agreement, constitute
valid and binding obligations of NEH, enforceable against NEH in accordance with its terms,
subject to applicable Bankruptcy Laws and other laws or equitable principles of general
application affecting the rights of creditors generally.

     (b) No Conflicts. Neither the execution or delivery of this Agreement by NEH
nor the fulfillment or compliance by NEH with any of the terms hereof shall, with or without
the giving of notice and/or the passage of time, (i) conflict with, or result in a breach of
the terms, conditions or provisions of, or constitute a default under, (A) the
organizational or charter documents of NEH or (B) any contract or any judgment, decree or
order to which NEH is subject or by which it is bound, or (ii) require any consent, license,
permit, authorization, approval or other action by any Person or Government Authority which
has not yet been obtained or received. The execution, delivery and performance of this
Agreement by NEH and compliance with the provisions hereof by NEH shall not violate any
provision of any Law to which NEH is subject or by which it is bound.

     (c) No Actions. There are no lawsuits, actions (or to the best knowledge of
NEH, investigations), claims or demands or other proceedings pending or, to the best of the
knowledge of NEH, threatened against NEH or any of its Subsidiaries which, if resolved in a
manner adverse to NEH or such Subsidiaries, would adversely affect the right or ability of
NEH to carry out its obligations set forth in this Agreement.

5. MISCELLANEOUS.

     5.1. Governing Law. This Agreement, as to which time is of the essence, shall be
construed according to, and the rights of the Parties shall be governed by, the laws of the State
of New York, without reference to any conflict of laws principle that would cause the application
of the laws of any jurisdiction other than the State of New York. In the event of any dispute
between the Parties arising out of or in connection with this Agreement, the

9

 

Parties shall use good
faith efforts to resolve such dispute amicably. If the Parties cannot resolve such dispute
amicably within sixty (60) days, such dispute shall be finally settled by arbitration in London,
England in accordance with the Rules of Arbitration of the International Chamber of Commerce
(“ICC”) by three arbitrators. One arbitrator shall be appointed by Toshiba, one arbitrator shall
be appointed by NEH and the third arbitrator, who shall serve as the Chair of the tribunal, shall
be selected by the first two. If the third arbitrator is not chosen and nominated to the ICC for
appointment within 30 days of the date of confirmation by the ICC of the latter of the two
party-appointed arbitrators to be confirmed, such arbitrator shall be chosen by the ICC. Any award
rendered thereby shall be final and binding on the Parties and fully enforceable. The award may
include an award of costs, including reasonable attorneys’ fees and disbursements.

     5.2. Successors and Assigns. NEH shall have the right to assign, transfer, delegate,
pledge or grant a security interest in any of its rights hereunder without the consent of Toshiba,
(i) to any wholly-owned Subsidiary through which it holds any Shares and which shall become a party
to the Shareholders Agreement, and/or (ii) to any lender or financing party or group of lenders or
financing parties in connection with any financing provided by such lender(s) to NEH for the
purpose of acquiring the Shares, provided, however, that such lender or financing party shall not
be a Competitor of Toshiba. Toshiba shall have the right to assign this Agreement to its wholly
owned Subsidiary or pursuant to Section 2.5, provided that Toshiba shall not be released of its
obligations hereunder. Subject to the foregoing, the rights and obligations hereunder may not be
assigned or delegated by either Party without the other’s prior written consent. The provisions
hereof shall inure to the benefit of, and be binding upon, the successors and permitted assigns of
the Parties.

     5.3. Entire Agreement; Amendment. This Agreement constitutes the full and entire
understanding and agreement between the Parties with regard to the subject matter hereof. Any term
of this Agreement may be amended only with the written consent of each Party.

     5.4. Notices and Other Communications. Any and all notices, requests, demands and
other communications required or otherwise contemplated to be made under this Agreement shall be in
writing and in English and shall be provided by one or more of the following means and shall be
deemed to have been duly given (a) if delivered personally, when received, (b) if transmitted by
facsimile, on the date of transmission with receipt of a transmittal confirmation, or (c) if by a
nationally or internationally recognized courier service, on the third (3rd) day following the date
of deposit with such courier service, or such earlier delivery date as may be confirmed in writing
to the sender by such courier service. All such notices, requests, demands and other
communications shall be addressed as follows:

To NEH at:

4171 Essen Lane

Baton Rouge, Louisiana 70809

Attention: Secretary and General Counsel

Facsimile: + 1-225-925-9146

with a copy to:

Vinson & Elkins L.L.P.

10

 

1001 Fannin, Suite 2500

Houston, Texas 77002

Attention: Clifton S. Rankin, Partner

Facsimile: +1-713-615-5162

To Toshiba at:

Toshiba Building 31B

1-1, Shibaura, 1 Chome, Minato-ku, Tokyo 105-8001, Japan

Attention: General Manager, Legal Affairs Department, Power Systems Company

Telephone: +81-3-3457-3706

Facsimile: +81-3-5444-9183

or to such other address or facsimile number as a Party may have specified to the other Party in
writing delivered in accordance with this Section 5.4.

     5.5. Delays or Omissions. No delay or omission to exercise any right, power or remedy
accruing to any Person hereunder, upon any breach or default under this Agreement, shall impair any
such right, power or remedy nor shall it be construed to be a waiver of any such breach or default,
or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor
shall any waiver of any single breach or default be deemed a waiver of any other breach or default
theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or
character on the part of any Person hereunder of any breach or default under this Agreement, or any
waiver on the part of any Person of any provisions or conditions of this Agreement, must be in
writing and shall be effective only to the extent specifically set forth in such writing and signed
by the waiving or consenting Person.

     5.6. Severability. If any provision of this Agreement is found to be invalid or
unenforceable, then such provision shall be construed, to the extent feasible, so as to render the
provision enforceable and to provide for the consummation of the transactions contemplated hereby
on substantially the same terms as originally set forth herein, and if no feasible interpretation
would save such provision, it shall be severed from the remainder of this Agreement, which shall
remain in full force and effect unless the severed provision is essential to the rights or benefits
intended by the Parties. In such event, the Parties shall use best efforts to negotiate, in good
faith, a substitute, valid and enforceable provision or agreement which most nearly effects the
Parties’ intent in entering into this Agreement.

     5.7. Further Assurances. The Parties shall perform such acts, execute and deliver
such instruments and documents and do all other such things as may be reasonably necessary to
effect the transactions contemplated hereby, including in the case of Toshiba causing the US HoldCo
to perform such acts, execute and deliver such instruments and documents and do all other such
things as may be reasonably necessary to effect the transactions contemplated hereby.

     5.8. Costs and Expenses. The Parties shall each bear their own legal and other costs
and out-of-pocket expenses arising out of the negotiation, preparation and execution of, and
consummation of the transactions contemplated by, this Agreement.

11

 

     5.9. Tax. Subject to Section 3.2, Shaw acknowledges and agrees that Toshiba shall not
be responsible for any tax that might be imposed on Shaw in connection with the grant by Toshiba of
the Put Right to Shaw or the exercise by Shaw of the Put Right under this Agreement.

     5.10. Counterparts. This Agreement may be executed in any number of counterparts,
each of which shall be an original, but all of which together shall constitute one instrument.
Execution and delivery of this Agreement by exchange of facsimile copies bearing the facsimile
signature of a Party shall constitute a valid and binding execution and delivery of this Agreement
by such Party.

     5.11. Limited Recourse to NEH.

          (a) Notwithstanding any other provision of this Agreement, the obligations of NEH hereunder
are limited recourse obligations of NEH, payable solely from its own assets and only to the extent
of funds available after repayment in full of the Bonds and all other Secured Obligations. No
recourse shall be had to any of the members, shareholders, subscribers, directors, officers,
partners, employees or agents of NEH or any of their respective successors and assigns in respect
to the obligations of NEH hereunder or arising in connection herewith.

          (b) Toshiba agrees not to institute against, or join any other Person in instituting against,
NEH any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings
or other proceedings under U.S. federal or state bankruptcy or similar laws until at least one year
and one day or, if longer, the applicable preference period then in effect plus one day, after the
repayment in full of the Bonds and all other Secured Obligations.

For the purposes of this Section 5.12:

“Secured Obligations” means all amounts owed by NEH to the secured parties under and in connection
with the Bonds.

[Remainder of page intentionally blank.]

12

 

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

	 	 	 	 	 
	 	TOSHIBA CORPORATION

 	 
	 	By:  	
 	 
	 	 	Name:  	Masao Niwano 	 
	 	 	Title:  	Director, Corporate Executive Vice
President 	 
	 
	 	NUCLEAR ENERGY HOLDINGS, L.L.C.

 	 
	 	By:  	
 	 
	 	 	Name:  	Gary P. Graphia 	 
	 	 	Title:  	Vice President and Secretary 	 
	 

Signature Page to Put Option Agreement

 

 

APPENDIX A

Form of Exercise Notice

[Date]

Toshiba Corporation

Toshiba Building 31B

1-1, Shibaura, 1 Chome, Minato-ku, Tokyo 105-8001, Japan

			
	Attn:	 	General Manager, Legal Affairs Department,
Power Systems Company

			
	Re:	 	Put Option Agreement dated [__] September
2006 (the “Put Option Agreement”), between
Nuclear Energy Holdings, L.L.C. (“NEH”) and
Toshiba Corporation (“Toshiba”). Capitalized
terms used but not otherwise defined herein
shall have the respective meanings assigned
to such terms in the Put Option Agreement.

Dear Sir:

In accordance with Section 2.3 of the Put Option Agreement, NEH hereby provides this notice (this
“Put Exercise Notice”) of exercise of the Put Right in the manner specified below:

	 	 	 	 	 
	 	 	A. Shares as to which NEH is exercising the Put Right:
	 
	 	 	 	 
	 	 	     1. [___] US HoldCo Shares.
	 
	 	 	 	 
	 

	 	B. Aggregate Put Price:
	 	JPY[                     ] [; provided that, in the event that a Toshiba
Event occurs after the date of this Put Exercise Notice but before the Put Closing Date
designated below, the Aggregate Put Price shall be JPY[                    ]].1
	 
	 	 	 	 
	 

	 	C. Put Closing Date:
	 	[                    ] [; provided that, in the event that a Toshiba
Event (other than receipt of a Call Option Exercise Notice) occurs after the date of this
Put Exercise Notice but before such designated Put Closing Date, the Put Closing Date shall
be the earlier to occur of such designated Put Closing Date and the date that is 30 days
after the occurrence of such Toshiba Event].2

	 	 	 	 	 	 	 
	 	 	Best regards,	 	 
	 
	 	 	 	 	 	 
	 	 	NUCLEAR ENERGY HOLDINGS, L.L.C.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

 

			
	1	 	Note: Bracketed language to be included in
the event of an exercise of the Put Right that is not initiated by the
occurrence of a Toshiba Event consistent with the definition of “Put
Price” in the Put Option Agreement.
	 
	2	 	Note: Bracketed language to be included in
the event of an exercise of the Put Right that is not initiated by the
occurrence of a Toshiba Event consistent with Section 2.3 of the Put Option
Agreement.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}]]