Document:

SECURITY HOLDERS AGREEMENT

 Exhibit 4.16 
  
 [EXECUTION COPY] 
  
 SECURITYHOLDERS AGREEMENT 
  
 AGREEMENT dated as of January 17, 1997 among PERINI CORPORATION, a Massachusetts corporation (together with its successors, the
“Company”), PB Capital Partners, L.P., a Delaware limited partnership, The Union Labor Life Insurance Company Separate Account P, The Common Fund for Non-Profit Organizations, for the account of its Equity Fund (collectively, the
“Series B Shareholders”) and the holders of certain warrants to purchase shares of common stock of the Company listed on the signature pages hereof (collectively, the “Initial Warrantholders”).

  
 WHEREAS, in accordance with the terms and conditions of the
Amended and Restated Credit Agreement dated as January 17, 1997 among the Company, the Initial Warrantholders and Morgan Guaranty Trust Company of New York, as Agent, the Company has agreed to issue the Warrants (as defined therein) to the Initial
Warrantholders; 
  
 WHEREAS, the Company has agreed to provide the
Initial Warrantholders certain registration rights as set forth in the Warrantholders Rights Agreement dated as of January 17, 1997 (as amended, the “Warrantholders Rights Agreement”) among the Company and the Initial
Warrantholders; 
  
 WHEREAS, in accordance with the terms and
conditions of the Stock Purchase and Sale Agreement dated as of July 24, 1996, as amended, among Richard C. Blum & Associates, L.P., PB Capital Partners, L.P. and the Company, the Series B Shareholders have agreed to acquire certain shares of
Series B Cumulative Convertible Preferred Stock of the Company; and 
  
 WHEREAS, the Company has agreed to provide the Series B Shareholders certain registration rights as set forth in the Registration Rights Agreement dated as of January 17, 1997 among the Company and the Series B Shareholders; 
  

					
	 	  	 	  	[EXECUTION COPY]

 NOW THEREFORE the parties hereto agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 SECTION 1.01. Definitions. Capitalized terms defined in the Warrantholders Rights Agreement and not otherwise defined herein have, as used herein,
the respective meanings provided for therein. The following additional terms, as used herein, have the following respective meanings: 
  
 “Conversion Shares” means (i) any Series B Shares, (ii) any shares of Common Stock or other securities issued or issuable upon the
conversion of any Series B Shares and (iii) any securities issued or issuable with respect to any of such shares or other securities referred to in clause (i) or (ii) upon the conversion thereof into other securities or by way of stock dividend or
stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization or otherwise; provided that any of such securities shall cease to be Conversion Shares when such securities shall have
(x) been disposed of pursuant to a Public Sale or (y) ceased to be outstanding. 
  
 “Series B Shares” means shares of Series B Cumulative Convertible Preferred Stock of the Company. 
  
 ARTICLE II 
  
 SECURITYHOLDERS AGREEMENT 
  
 SECTION 2.01. Series B Lockup Periods. 
  
 (a) Each Warrant Securityholder who intends to distribute Registrable Securities in an Underwritten Offering under a Shelf Registration pursuant to Section 3.1(d) of the Warrantholders Rights Agreement and who desires
to require the holders of Conversion Shares to become subject to a Series B Lockup Period in accordance with Section 2.01(b) shall, at the same time it gives written notice to the Company pursuant to Section 3.1(d) of the Warrantholders Rights
Agreement, send a copy of such written notice to each holder of Conversion Shares (each such notice, a “Series B Lockup Notice”). The Company agrees to provide a list of all holders of Conversion Shares promptly to any Warrant
Securityholder who at any time requests such a list. 
  
 (b)
Subject to Section 2.01(c), each Series B Shareholder, and each other holder of Conversion Shares who agrees to be bound by (and entitled to the benefits of) this Agreement in accordance with Section 2.03, agrees that if it receives a Series B
Lockup Notice, then except to the extent otherwise permitted by the 

  

					
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managing underwriter of the proposed Underwritten Offering, it shall not sell, make any short sale of, loan, grant any option for the purchase of, effect any
public sale or distribution of or otherwise dispose of any Conversion Shares or any other equity securities of the Company or securities convertible into or exchangeable or exercisable for any of such securities during the period (each, a
“Series B Lockup Period”) beginning on the pricing date for the Underwritten Offering until the earlier of (i) the date that is 90 days after such pricing date and (ii) the date when such Warrant Securityholder shall have completed
its sale of Registrable Securities under the Shelf Registration (as such Warrant Securityholder or managing underwriter shall advise such holder of Conversion Shares). 
  
 (c) The parties hereto agree that (i) no Series B Lockup Period shall commence prior to the expiration of a period of 90
days after the last day of any prior Series B Lockup Period (ii) there shall be no more than one Series B Lockup Period during any period of twelve consecutive calendar months and (iii) there shall be no more than two Series B Lockup Periods in
total. 
  
 SECTION 2.02. Opportunity for the Company and
Holders of Conversion Shares to Participate in Underwritten Offerings. If one or more Warrant Securityholders gives a written notice to the Company of an intended distribution of Registrable Securities in an Underwritten Offering under a Shelf
Registration pursuant to Section 3.1(d) of the Warrantholders Rights Agreement, and if the managing underwriter for such Underwritten Offering advises such Warrant Securityholders that, in its opinion, more Registrable Securities could be sold in
such Underwritten Offering than the number proposed to be sold by such Warrant Securityholders (within a price range acceptable to such Warrant Securityholders), then the Company and the holders of Conversion Shares shall be entitled to include in
such Underwritten Offering an aggregate number of shares equal to such excess, to be allocated 50% to the shares proposed to be sold by the Company and 50% to the shares proposed to by sold by holders of Conversion Shares (or such other allocation
as shall be mutually agreed between the Company and such holders of Conversion Shares); provided that the Company and any holder of Conversion Shares shall be entitled to include such shares in the Underwritten Offering only if (i) it shall
not cause any delay in the commencement of the Selling Period for such Warrant Securityholders and (ii) in the case of any holder of Conversion Shares, such holder shall have given prompt notice to the Company and the managing underwriter, which
notice shall include any information with respect to such holder required to amend or supplement the Registration Statement for the Underwritten Offering. 
  
 SECTION 2.03. Holders of Conversion Shares to be Bound by this Agreement. Each Series B Shareholder, on behalf of itself and each subsequent holder
of Conversion Shares, agrees that it shall not transfer any Conversion Shares to any Person, other than pursuant to a Public Sale, unless such Person shall have agreed in a writing for the benefit of the parties hereto that such Person, as a holder

  

					
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of Conversion Shares, shall be bound by and be entitled to the benefits of all of the provisions of this Agreement applicable to holders of Conversion Shares
(and upon such agreement such Person shall be entitled to such benefits). 
  
 SECTION 2.04. Warrant Share Lockup Periods. 
  
 (a) Each holder of Conversion Shares who intends to distribute Registrable Securities in an Underwritten Offering under a Shelf Registration pursuant to Section 2.1(d) of the Registration Rights Agreement and who
desires to require the Warrant Securityholders to become subject to a Warrant Share Lockup Period in accordance with Section 2.04(b) shall, at the same time it gives written notice to the Company pursuant to Section 2.1(d) of the Registration Rights
Agreement, send a copy of such written notice to each Warrant Securityholder (each such notice, a “Warrant Share Lockup Notice”). The Company agrees to provide a list of all Warrant Securityholders promptly to any holder of
Conversion Shares who at any time requests such a list. 
  
 (b)
Subject to Section 2.04(c), Each Initial Warrantholder, and each other Warrant Securityholder who agrees to be bound by (and entitled to the benefits of) this Agreement in accordance with Section 2.06, agrees that if it receives a Warrant Share
Lockup Notice, then except to the extent otherwise permitted by the managing underwriter of the proposed Underwritten Offering, it shall not sell, make any short sale of, loan, grant any option for the purchase of, effect any public sale or
distribution of or otherwise dispose of any Warrant Shares or any other equity securities of the Company or securities convertible into or exchangeable or exercisable for any of such securities during the period (each, a “Warrant Share
Lockup Period”) beginning on the pricing date for the Underwritten Offering until the earlier of (i) the date that is 90 days after such pricing date and (ii) the date when such holder of Conversion Shares shall have completed its sale of
Registrable Securities under the Shelf Registration (as such holder or managing underwriter shall advise such Warrant Securityholder). 
  
 (c) The parties hereto agree that (i) no Warrant Share Lockup Period shall commence prior to the expiration of a period of 90 days after the last day of
any prior Warrant Share Lockup Period (ii) there shall be no more than one Warrant Share Lockup Period during any period of twelve consecutive calendar months and (iii) there shall be no more than two Warrant Share Lockup Periods. 

 
 SECTION 2.05. Opportunity for the Company and Warrant Securityholders
to Participate in Underwritten Offerings. If one or more holders of Conversion Shares gives a written notice to the Company of an intended distribution of Registrable Securities in an Underwritten Offering under a Shelf Registration pursuant to
Section 2.1(d) of the Registration Rights Agreement, and if the managing underwriter for such Underwritten Offering advises such holders of Conversion 

  

					
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Shares that, in its opinion, more Registrable Securities could be sold in such Underwritten Offering than the number proposed to be sold by such holders
(within a price range acceptable to such holders), then the Company and the Warrant Securityholders shall be entitled to include in such Underwritten Offering an aggregate number of shares equal to such excess, to be allocated 50% to the shares
proposed to be sold by the Company and 50% to the shares proposed to by sold by Warrant Securityholders (or such other allocation as shall be mutually agreed between the Company and such Warrant Securityholders); provided that the Company and
any Warrant Securityholders shall be entitled to include such shares in the Underwritten Offering only if (i) it shall not cause any delay in the commencement of the Selling Period for such holders of Conversion Shares and (ii) in the case of any
Warrant Securityholder, such Warrant Securityholder shall have given prompt notice to the Company and the managing underwriter, which notice shall include any information with respect to such Warrant Securityholder required to amend or supplement
the Registration Statement for the Underwritten Offering. 
  
 SECTION 2.06. Warrant Securityholders to be Bound by this Agreement. Each Initial Warrantholder, on behalf of itself and each subsequent Warrant Securityholder, agrees that it shall not transfer any Warrant or Warrant Shares to any
Person, other than pursuant to a Public Sale, unless such Person shall have agreed in a writing for the benefit of the parties hereto that such Person, as a Warrant Securityholder, shall be bound by and be entitled to the benefits of all of the
provisions of this Agreement applicable to Warrant Securityholders (and upon such agreement such Person shall be entitled to such benefits). 
  
 ARTICLE III 
  
 MISCELLANEOUS 
  
 SECTION 3.01. Notices. All notices and other communications provided for hereunder shall be dated and in writing and shall be deemed to have been given (i) if given by telecopy, when such telecopy is transmitted to the telecopy
number specified in this Section 3.01 and telephonic confirmation of receipt thereof is obtained or (ii) if given by mail, prepaid overnight courier or any other means, when received at the address specified in this Section 3.01 or when delivery at
such address is refused. Such notices shall be addressed to the appropriate party to the attention of the person who executed this Agreement at the address or telecopy number set forth under such party’s signature below (or to the attention of
such other person or to such other address or telecopy number as such party shall have furnished to each other party in accordance with this Section 3.01). 
  

					
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 SECTION 3.02. Binding Nature of Agreement. This Agreement shall be binding upon and inure to the
benefit of and be enforceable by the parties hereto and their respective successors and assigns. 
  
 SECTION 3.03. Descriptive Headings. The descriptive headings of the several sections and paragraphs of this Agreement are inserted for reference
only and shall not limit or otherwise affect the meaning hereof. 
  
 SECTION 3.04. Specific Performance. Without limiting the rights of each party hereto to pursue all other legal and equitable rights available to such party for the other parties’ failure to perform their obligations under this
Agreement, the parties hereto acknowledge and agree that the remedy at law for any failure to perform their obligations hereunder would be inadequate and that each of them, respectively, shall be entitled to specific performance, injunctive relief
or other equitable remedies in the event of any such failure. 
  
 SECTION 3.05. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS
OF LAW. EACH OF THE PARTIES HERETO HEREBY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN NEW YORK CITY FOR PURPOSES OF ALL LEGAL
PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH SUCH PARTY MAY NOW OR HEREAFTER HAVE TO THE
LAYING OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. EACH OF THE PARTIES HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE
MANNER PROVIDED FOR NOTICES IN SECTION 3.01. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. 
  
 SECTION 3.06. WAIVER OF JURY TRIAL. EACH OF PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY
JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
  

					
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 SECTION 3.07. Counterparts. This Agreement may be executed simultaneously in any number of
counterparts, each of which shall be deemed an original, but all such counterparts shall together constitute one and the same instrument. 
  
 SECTION 3.08. Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstances,
is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be in any way impaired
thereby, it being intended that all of the rights and privileges of the parties hereto shall be enforceable to the fullest extent permitted by law. 
  
 SECTION 3.09. Entire Agreement. This Agreement is intended by the parties hereto as a final and complete expression of their agreement and
understanding in respect to the subject matter contained herein. This Agreement supersedes all prior agreement and understandings, written or oral, between the parties with respect to such subject matter. 
  
 SECTION 3.10. Amendment and Waiver. Any provision of this Agreement
may be amended if, but only if, such amendment is in writing and is signed by (i) the Company, (ii) holders owning, or having Series B Shares convertible into, at least a majority of shares of Common Stock either issued or issuable upon the
conversion of all outstanding Series B Shares (provided that no such amendment may adversely affect the rights of any such holder unless signed by such holder) and (iii) Holders owning, or having Warrants exercisable for, at least a majority
of shares of Common Stock either issued or issuable upon the exercise of all outstanding Warrants (provided that no such amendment may adversely affect the rights of any Holder unless signed by such Holder). Any provision may be waived if,
but only if, such waiver is in writing and is signed by the party or parties waiving such provision and for whose benefit such provision is intended. 
  
 SECTION 3.11. No Third Party Beneficiaries. Nothing in this Agreement shall convey any rights upon any person or entity which is not a party or an
assignee of a party to this Agreement. 
  
 SECTION 3.12.
Effectiveness. This Agreement shall become effective immediately at such time when (i) the Agent shall have received duly executed counterparts hereof signed by the Company and each of the Banks (or, in the case of any party as to which an
executed counterpart thereof shall not have been received, receipt by the Agent in form satisfactory to it of telegraphic, telex or other written confirmation from such party of execution of a counterpart hereof by such party) and (ii) the Effective
Date under the Credit Agreement shall occur. 
  

					
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 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered as of the date
first above written. 
  

			
	 PERINI CORPORATION

		
	 By:
	 	 /s/ John H. Schwarz

	 	 	 Name: John H. Schwarz

	 	 	 Title: Exec. VP, Finance & Administration

		
	 By:
	 	 /s/ Susan C. Mellace

	 	 	 Name: Susan C. Mellace

	 	 	 Title: VP & Treasurer

	
	Address for Notices:
	 73 Mount Wayte Avenue
 Framingham, MA
01701
 Facsimile number: (508) 628-2960

	
	MORGAN GUARANTY TRUST COMPANY OF NEW YORK
		
	 By:
	 	 /s/ D. Linda Scheuplein

	 	 	 Name: D. Linda Scheuplein

	 	 	Title: Vice President
	
	Address for Notices:
	 60 Wall Street
 New York, NY 10260

Facsimile number: (212) 648-5005

  

					
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	 FLEET NATIONAL BANK

		
	 By:
	 	 /s/ Richard A. Meringolo

 Name: Richard A. Meringolo

	 	 	 Title: Senior Vice President

	
	 Address for Notices:

	 Mail Stop: RI OP T05A

	 40 Westminster Street

	 P.O. Box 366

	 Providence, RI 02901-0366

	 Facsimile number: (401) 459-4962

	
	 BANK OF AMERICA NATIONAL TRUST AND

	 SAVINGS ASSOCIATION

		
	 By:
	 	 /s/ Donald J. Chin

 Name: Donald J. Chin

	 	 	 Title: Vice President

	
	 Address for Notices:

	 355 Madison Avenue

	 New York, NY 10017

	 Facsimile number: (212) 503-7771

	
	 BAYBANK, N.A.

		
	 By:
	 	 /s/ David F. Eusden

 Name: David F. Eusden

	 	 	 Title: Authorized Officer

	
	 Address for Notices:

	 c/o The First National Bank of Boston

	 Mail Stop 01-31-03

	 P.O. Box 2016

	 100 Federal Street
 Boston, MA 02106-2016

	 Facsimile number: (617) 434-1508

  

					
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	 COMERICA BANK

		
	 By:
	 	 /s/ Timothy K. McLaughlin

 Name: Timothy K. McLaughlin

	 	 	 Title: Vice President

	
	Address for Notices:
	 One Detroit Center

	 500 Woodward Avenue

	 Detroit, MI 48226

	 Facsimile number: (313) 222-5706

	
	 HARRIS TRUST & SAVINGS BANK

		
	 By:
	 	 /s/ Michael C. Wood

 Name: Michael C. Wood

	 	 	 Title: Vice President

	
	 Address for Notices:

	 111 West Monroe

	 P.O. Box 755

	 Chicago, IL 60690

	 Facsimile number: (312) 765-1724

	
	 SSB INVESTMENTS, INC.

		
	 By:
	 	 /s/ Susan A. Feig

 Name: Susan A. Feig

	 	 	 Title: Vice President

	
	 Address for Notices:

	 225 Franklin

	 Boston, MA 02110-2804

	 Facsimile number: (617) 664-3708

  

					
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	PB CAPITAL PARTNERS, L.P.
		
	 By:
	 	 RICHARD C. BLUM & ASSOCIATES, L.P.,
 its General Partner

			
	 	 	 By:
	 	 RICHARD C. BLUM & ASSOCIATES,
 INC., its General
Partners

			
	 	 	 By:
	 	/s/ John G. Steinhart
	 	 	 	 	

	 	 	 	 	 Name: John G. Steinhart

	 	 	 	 	 Title: MANAGING DIRECTOR; CAO.
           _______

			
	
	 Address for Notices:
 909 Montgomery
Street
 Suite 400
 San Francisco, CA 94133-4625
 Facsimile number: (415) 434-3130

	
	THE UNION LABOR LIFE INSURANCE COMPANY SEPARATE ACCOUNT P
		
	 By:
	 	 /s/ Michael R. Steed

	 	 	

	 	 	 Name: Michael R. Steed
 Title: Senior VP. Investments

	
	 Address for Notices:
 111
Massachusetts Avenue, N.W.
 Washington, D.C. 20001
 Attn: Michael
P. Steed
 Facsimile number: (202) 682-7970

  

					
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	 THE COMMON FUND FOR NON-PROFIT
 CORPORATIONS

		
	 By:
	 	 /s/ John G. Steinhart

	 	 	 Name: John G. Steinhart

	 	 	 Title: Managing Director & C.A.O.

	
	 Address for Notices:
 c/o Richard C.
Blum & Associates, L.P.
 909 Montgomery Street
 Suite 400
 San Francisco, CA 94133-4625
 Facsimile number: (415) 434-3130

  

					
	 	  	12	  	[EXECUTION COPY]LETTER AGREEMENT

 Exhibit 10.21 
  
 March 16, 2004 
  
 This will confirm the agreement among the undersigned parties regarding certain matters in connection with the registration by Perini Corporation, a Massachusetts
corporation (the “Company”), on the Registration Statement on Form S-1 (File No. 333-111338) (the “Registration Statement”) of the resale of shares of common stock, par value $1.00 per share, of the Company (the
“Shares”) and the offering of such Shares (the “Offering”) by a syndicate of underwriters (the “Underwriters”). Notwithstanding the terms of the Registration Rights Agreement dated March 29, 2000 (the “Registration
Rights Agreement”) by and among the Company, Blum Capital Partners, L.P. (“Blum”), PB Capital Partners, L.P. (“PB Capital”), The Common Fund for Non-Profit Organizations c/o Blum Capital Partners, L.P. (“The Common
Fund” and together with Blum and PB Capital, the “Blum Holders”), National Union Fire Insurance Company of Pittsburgh, Pa. (“National Union”), The Union Labor Life Insurance Company, acting on behalf of its Separate Account
P (“ULLICO”), O&G Industries, Inc., Tutor-Saliba Corporation and Ronald N. Tutor, for purposes of the Offering, the parties hereto agree as follows: 
  

	1.	Schedule I attached hereto sets forth (a) the total number of Shares (excluding the Shares to be sold if the Underwriters’ over-allotment option is exercised in full)
proposed to be offered by each of Blum, PB Capital, The Common Fund, National Union and ULLICO in the Offering and (b) the maximum number of Shares proposed to be offered by each of Blum, PB Capital, The Common Fund, National Union and ULLICO in the
Offering for purchases by the Underwriters to cover any over-allotment of Shares. If the number of Shares to be sold in the Offering increases (such number of Shares by which the Offering increases being referred to herein as the “Additional
Shares”), the Additional Shares shall be allocated to the Selling Stockholders identified on Schedule I hereto (the “Selling Stockholders”) in the proportions indicated under the heading “Additional Shares Allocation
Percentage” on Schedule I hereto. To the extent that any Selling Stockholders elect not to sell all or a portion of any such Additional Shares (such Additional Shares herein referred to as the “Excess Additional Shares”), the
remaining Selling Stockholders shall be permitted to sell such Excess Additional Shares in proportion to their Additional Shares Allocation Percentage. Notwithstanding the foregoing, Blum and PB Capital shall be permitted to allocate such Additional
Shares (and any Excess Additional Shares) allocated to them as they shall determine. 

  

	2.	The Company will only pay reasonable fees and disbursements of one (1) counsel retained by each of the Blum Holders, National Union and ULLICO (for a total of three counsel) in
connection with the Offering; provided that the Company will in no event be required to pay more than: 

  

	 	(i)	$30,000 of such fees and disbursements of counsel to the Blum Holders; 

  

 1 

	 	(ii)	$20,000 of such fees and disbursements of counsel to National Union; and 

  

	 	(iii)	$20,000 of such fees and disbursements of counsel to ULLICO. 

  

	3.	As provided in Section 3.1 of the Registration Rights Agreement, Credit Suisse First Boston LLC, the lead underwriter for the Offering (“CSFB”), may limit the number of
Shares to be sold in the Offering to the Saleable Number (as defined in the Registration Rights Agreement). In the event that CSFB determines that such a limitation is necessary, then Shares will be included in the Offering in the following order of
priority: (i) first, the Shares proposed to be sold by the Blum Holders in the Offering (such Shares not to include Shares allocated for purchase by the Underwriters to cover any over-allotments) up to a maximum of 2,368,177 Shares and (ii) second,
the Shares proposed to be sold by National Union and ULLICO in the Offering (such Shares not to include Shares allocated for purchase by the Underwriters to cover any over-allotments) up to a maximum of 3,542,623 Shares and, if all of such Shares
proposed to be sold by National Union and ULLICO cannot be included in the Offering, then such Shares shall be included on a pro rata basis in proportion to the total number of Shares requested to be included in the Offering by National Union
(57.8%) and ULLICO (42.2%). 

  

	4.	With respect to the Offering, the Blum Holders hereby waive the requirement under Section 2.2(a) of the Registration Rights Agreement that the Company file the Registration
Statement, as defined in the Registration Rights Agreement, within forty-five (45) days of receipt of the request to register the resale of their Shares. 

  
 In addition to the foregoing terms, each of the undersigned that is a party to the Shareholders’ Agreement dated as of March 29, 2000
(the “Shareholders’ Agreement”), hereby waives its rights under Article VI of the Shareholders’ Agreement (including, without limitation, any right to sell Shares under Article VI) solely in connection with the Offering.

  
 This letter agreement shall not obligate any of the Blum Holders, National
Union or ULLICO to sell its Shares in the Offering. 
  
 This letter agreement may
be executed in any number of counterparts, any one of which need not contain the signatures of more than one party, but all of such counterparts together shall constitute one agreement. 
  
 [Remainder of page intentionally left blank.] 

	

  
  

 2 

 PERINI CORPORATION 
  

	By:	/s/ Michael E. Ciskey                      

 Name: Michael E. Ciskey 
 Title: Vice President and Chief Financial Officer 
  
 BLUM CAPITAL
PARTNERS, L.P. 
  
 By: Richard C. Blum & Associates, Inc., 
 its general partner 
  
 By:  /s/ Marc T. Scholvinck             
 Name: Marc T. Scholvinck 
 Title: Partner 
  
 PB CAPITAL PARTNERS, LP

  
 By: Blum Capital Partners, L.P., its general partner 
  
 By:  Richard C. Blum & Associates, Inc., 
 its general partner 
  
 By:  /s/ Marc T. Scholvinck             
 Name: Marc T. Scholvinck 
 Title: Partner 
  
 THE COMMON FUND FOR NON-PROFIT
ORGANIZATIONS 
  
 By: Blum Capital Partners, L.P., its investment advisor

  
 By:  Richard C. Blum & Associates, Inc.,

 its general partner 
  
 By:  /s/ Marc T. Scholvinck             
 Name: Marc T. Scholvinck 
 Title: Partner 

 NATIONAL UNION FIRE INSURANCE COMPANY 
 OF PITTSBURGH, PA. 
  

	By:	AIG Global Investment Corp., 

 as investment advisor

  
 By: /s/ Steve
Costabile                             
 Name: Steve Costabile 
 Title: Managing Director 
  
 THE UNION LABOR LIFE INSURANCE COMPANY,

 ACTING ON BEHALF OF ITS SEPARATE ACCOUNT P 
  
 By: /s/ Joseph R.
Linehan                               
 Name: Joseph R. Linehan 
 Title: Vice
President 
  

 Schedule I 
  

								
	 Selling Stockholder

	  	Number of Shares
Offered for Resale

	  	Number of Shares
Allocated for
Over-Allotment

	  	Additional Shares
Allocation Percentage

	 
				
	 Blum Capital Partners, L.P.
	  	22,421	  	765	  	0.1	%
				
	 PB Capital Partners, L.P.
	  	1,183,408	  	354,462	  	40.0	%
				
	 The Common Fund for Non-Profit Organizations
	  	1,162,348	  	—	  	0.0	%
				
	 National Union Fire Insurance Company of Pittsburgh, Pa.
	  	2,046,036	  	306,905	  	34.6	%
				
	 The Union Labor Life Insurance Company, acting on behalf of its Separate Account P
	  	1,496,587	  	224,488	  	25.3	%
	 	  	
	  	
	  	
	

	 Total
	  	5,910,800	  	886,620	  	100.0	%

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