Document:

EXHIBIT 10.2

 

WASHINGTON GROUP INTERNATIONAL,
INC.

2004 EQUITY INCENTIVE PLAN

 

RESTRICTED
SHARE AGREEMENT

 

THIS AGREEMENT (the “Agreement”), dated as of
          , is made by and
between Washington Group International, Inc., a Delaware corporation hereinafter
referred to as “Corporation”, and                ,
an employee of the Corporation or Subsidiary of the Corporation, hereinafter
referred to as “Employee.”

 

WHEREAS, the Corporation has in effect the Plan (as
hereinafter defined), pursuant to which awards of restricted stock may be
granted to employees of the Corporation or its Subsidiaries and certain other
individuals; and

 

WHEREAS, the Corporation desires to grant to Employee
a restricted stock award under the terms of the Plan, which are incorporated
herein by reference and made a part hereof; and

 

WHEREAS, the execution of a Restricted Share Agreement
has been duly authorized by a resolution of the Board duly adopted on
          , and incorporated
herein by reference;

 

NOW, THEREFORE, in consideration of the mutual
covenants herein contained and other good and valuable consideration, receipt
of which is hereby acknowledged, the parties hereto do hereby agree as follows:

 

ARTICLE I

DEFINITIONS

 

Wherever the following terms are used in this
Agreement with initial capital letters, they shall have the meanings specified
in the Plan unless the context clearly indicates otherwise.

 

Section 1.1 – Board

Section 1.2 – Change in Control

Section 1.3 – Code

Section 1.4 – Common Shares

Section 1.5 – Corporation

Section 1.6 – Date of Grant

Section 1.7 – Exchange Act

Section 1.8 – Restricted Shares

Section 1.9 – Securities Act

Section 1.10 – Subsidiary

Section 1.11 – Year of Service

 

 

Wherever the following terms are used in this
Agreement with initial capital letters, they shall have the meanings specified
below unless the context clearly indicates otherwise.  The masculine pronoun shall include the
feminine and neuter, and the singular the plural, where the context so indicates.

 

Section 1.12 – Beneficiary

 

“Beneficiary” means the person or persons properly
designated by the Employee to exercise the Employee’s rights under the Plan and
this Agreement in the event of the Employee’s death, or if the Employee has not
designated such person or persons, or such person or persons shall all have
pre-deceased the Employee, the executor, administrator or personal
representative of the Employee’s estate. 
Designation, revocation and redesignation of Beneficiaries must be made
in writing in accordance with rules established by the Corporation and shall be
effective upon delivery to the Corporation.

 

Section 1.13 – Employee

 

“Employee” means the Employee named above to whom
Restricted Shares are awarded under this Agreement and the Plan.

 

Section 1.14 – Plan 

 

“Plan” means the Washington Group International, Inc.
2004 Equity Incentive Plan, as the same may be amended or restated from time to
time.

 

Section 1.15 – Secretary 

 

“Secretary” means the Secretary of the Corporation.

 

Section 1.16 – Termination of
Employment

 

“Termination of Employment” means the time when the
employer-employee relationship between the Corporation or a Subsidiary and the
Employee is terminated for any reason, including (without limitation) a
termination by resignation, discharge, death, permanent and total disability or
retirement, but excluding (a) terminations where there is a simultaneous
reemployment or continuing employment of the Employee by the Corporation or a
Subsidiary and (b) in the discretion of the Board, terminations that result in
a temporary severance of the employer-employee relationship that does not
exceed one year.  The Board shall
determine the effect of all matters and questions relating to Termination of
Employment, including (without limitation) the question of whether a
Termination of Employment resulted from a discharge for good cause, and all
questions of whether particular leaves of absence constitute Termination of
Employment.

 

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ARTICLE II

AWARD OF RESTRICTED SHARES

 

Section 2.1 – Grant of Award 

 

Subject to the terms and conditions of this Agreement,
the Corporation irrevocably grants to the Employee
           of its Common
Shares (the “Restricted Shares”), subject to adjustment in accordance with the
terms of the Plan and this Agreement.

 

Section 2.2 – Adjustments in
Restricted Shares

 

The Board may make or provide for such adjustments in
the number of Common Shares awarded hereunder as the Board in its sole
discretion may in good faith determine to be equitably required in order to
prevent dilution or enlargement of the rights of the Employee that otherwise
would result from (x) any stock dividend, stock split, combination of shares,
recapitalization or other change in the capital structure of the Corporation,
(y) any merger, consolidation, spin-off, split-off, split-up, reorganization,
partial or complete liquidation or other distribution of assets, issuance of
rights or warrants to purchase securities or (z) any other corporate
transaction or event having an effect similar to any of the foregoing.  In the event of any such transaction or
event, the Board may provide in substitution for any or all outstanding awards
under this Agreement such alternative consideration as it may in good faith
determine to be equitable under the circumstances and may require in connection
therewith the surrender of all awards so replaced.

 

ARTICLE III

FORFEITURE RESTRICTIONS

 

Section 3.1 – Restricted Period

 

The “Restricted Period” is the period beginning on the
Date of Grant of the Restricted Shares and ending on the third anniversary of
the Date of Grant.

 

Section 3.2 – Forfeiture
Restrictions

 

Except as otherwise provided herein, the Employee may
not sell, assign, pledge, exchange, hypothecate or otherwise transfer, encumber
or dispose of the Restricted Shares other than by transferring them to the
Company or by will or by the laws of descent and distribution; provided,
however, that the Employee may designate a Beneficiary to exercise the Employee’s
rights and to receive the Restricted Shares upon the Employee’s death.  Except as otherwise provided in this
Agreement, the Employee shall forfeit and surrender the Restricted Shares for
no consideration upon the Employee’s Termination of Employment during the
Restricted Period.  The foregoing
prohibition against transfer and the obligation to forfeit and surrender the
Restricted Shares upon Termination of Employment are herein referred to as the “Forfeiture
Restrictions.”

 

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Section 3.3 – Lapse of Forfeiture
Restrictions – Change in Control

 

If a Change in Control occurs during the Restricted
Period, the Forfeiture Restrictions shall lapse as to all of the Restricted
Shares as of the date of the Change in Control.

 

Section 3.4 – Lapse of Forfeiture
Restrictions – End of Restricted Period

 

Subject to Section 3.3 of this Article III, the
Forfeiture Restrictions shall lapse as to all of the Restricted Shares as of
the end of the Restricted Period.

 

ARTICLE
IV

RIGHTS

 

Section 4.1 – Certificate

 

All certificates representing the Restricted Shares
shall be held in custody by the Corporation until all Forfeiture Restrictions
thereon shall have lapsed, together with a stock power or powers executed by
the Employee, endorsed in blank and covering such Restricted Shares.

 

Section 4.2 – Transfer After
Lapse of Restrictions

 

To the extent the Forfeiture Restrictions have lapsed,
the Restricted Shares shall thereafter be freely transferable by the Employee,
provided that the Employee agrees for himself or herself and his or her heirs,
legatees and legal representatives, with respect to all Common Shares acquired
pursuant to the terms and conditions of this Agreement (or any Common Shares
issued pursuant to a stock dividend or stock split thereon or any securities
issued in lieu thereof or in substitution or exchange therefor), that the
Corporation shall not be required to issue or deliver any certificate or
certificates for Common Shares to satisfy the terms of this Agreement, and that
he or she and his or her heirs, legatees and legal representatives will not
sell or otherwise dispose of such Common Shares prior to fulfillment of all of
the following conditions:

 

(a)                                  The
admission of such shares to listing on all stock exchanges on which such class
of stock is then listed; and

 

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(b)                                 The
completion of any registration or other qualification of such shares under any
state or federal law or under rulings or regulations of the Securities and
Exchange Commission or of any other governmental regulatory body, which the
Board shall deem necessary or advisable; and

 

(c)                                  The
obtaining of any approval or other clearance from any state or federal
governmental agency which the Board shall determine to be necessary or
advisable.

 

Section 4.3 – Voting Rights,
Dividends and Other Distributions

 

Following the Date of Grant and while the Restricted
Shares are subject to the Forfeiture Restrictions of Article III:

 

(a)                                  The
Employee shall be entitled to exercise full voting rights with respect to such
Restricted Shares.

 

(b)                                 The
Employee shall be entitled to receive any cash dividends (whether regular or
otherwise), stock dividends and other distributions (whether paid in cash or
securities) paid or made with respect to the Restricted Shares, provided,
however, that any such dividends or distributions paid in stock shall be held
in the custody of the Corporation and shall be subject to the same restrictions
on transferability and forfeitability that apply to the corresponding
Restricted Shares. Any cash dividends or distributions shall be paid to the
Employee when cash dividends or distributions are paid to other holders of the
Corporation’s Common Shares.  All stock
dividends or distributions credited to the Employee shall be paid to the
Employee with the Restricted Shares with respect to which such dividends or
distributions were made.

 

(c)                                  Notwithstanding
the foregoing, no dividends or distributions shall be payable to the Employee
with respect to, and the Employee shall not have the right to vote the
Restricted Shares with respect to, record dates occurring prior to the Date of
Grant, or with respect to record dates occurring on or after the date, if any,
on which the Employee has forfeited the Restricted Shares.

 

ARTICLE V

OTHER
PROVISIONS

 

Section 5.1 – Withholding of Tax

 

To the extent that the receipt of the Restricted
Shares or dividends or the lapse of any Forfeiture Restrictions results in
income to the Employee for any federal or state income tax purposes, no later
than the date as of which such tax withholding is first required, the Employee
shall pay to the Corporation (or other employer), or make arrangements
satisfactory to the Corporation (or other employer) regarding the payment of,
any federal or state income tax required to be withheld with respect to such
amount. If the Employee fails to do so and the Employee makes an election

 

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under Section 83(b) of the Code, as amended, with respect to the
Restricted Shares, then the Corporation (or other employer) is authorized to
withhold from any cash remuneration then or thereafter payable to the Employee
any tax required to be withheld by reason of such resulting compensation
income. If the Employee fails to do so and the Employee does not make an
election under Section 83(b) of the Code, as amended, with respect to the
Restricted Shares, then the Corporation is authorized to satisfy the tax
withholding obligations arising with respect to the Restricted Shares by
withholding Common Shares (including Restricted Shares upon which the
restrictions have lapsed but excluding Restricted Securities (as defined in the
Plan)) having a fair market value equal to no more than the statutory total tax
required to be withheld.

 

Section 5.2 – Powers of Corporation
Not Affected

 

The existence of this Agreement or the Restricted
Shares herein granted shall not affect in any way the right or power of the
Corporation or its shareholders to make or authorize any or all adjustments,
recapitalizations, reorganizations or other changes in the Corporation’s
capital structure or its business, or any merger or consolidation of the
Corporation, or any issuance of bonds, debentures, preferred, or prior
preference stock ahead of or affecting the Common Shares or the rights thereof,
or dissolution or liquidation of the Corporation, or any sale or transfer of
all or any part of its assets or business, or any other corporate act or
proceeding, whether of a similar character or otherwise.

 

Section 5.3 – Administration and
Interpretation

 

The Board shall have the power to interpret the Plan
and this Agreement and to adopt such rules for the administration,
interpretation and application of the Plan as are consistent therewith and to
interpret, amend or revoke any such rules. 
All actions taken and all interpretations and determinations made by the
Board in good faith shall be final and binding upon the Employee, the
Corporation and all other interested persons. 
No member of the Board shall be personally liable for any action,
determination or interpretation made in good faith with respect to the Plan or
the Restricted Shares.  As a condition of
the granting of the Restricted Shares, the Employee agrees for himself or
herself and his or her legal heirs, legatees or representatives, that any
dispute or disagreement that may arise under or as a result of or pursuant to
this Agreement shall be determined by the Board in its sole discretion, and any
interpretation by the Board of the terms of this Agreement or the Plan shall be
final, binding and conclusive.

 

Section 5.4 – No Guarantee of
Employment

 

Nothing in this Agreement or in the Plan shall confer
upon the Employee any right to continue in the employ of the Corporation or any
Subsidiary, or shall interfere with or restrict in any way the rights of the
Corporation and its Subsidiaries, which are hereby expressly reserved, to
discharge the Employee at any time for any reason whatsoever, with or without
cause.

 

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Section 5.5 – Successors and Assigns

 

This Agreement shall be binding upon, and inure to the
benefit of, the Corporation, its successors and assigns, and upon any person
acquiring, whether by merger, consolidation, purchase of assets or otherwise,
all or substantially all of the Corporation’s assets and business. This
Agreement shall be binding upon, and inure to the benefit of the Employee, his
or her legal heirs, legatees and representatives. Except for the designation of
a Beneficiary as provided herein, this Agreement may not be assigned by the
Employee, and any attempted assignment shall be null and void and of no legal
effect.

 

Section 5.6 – Amendment or
Modification

 

Except as otherwise provided herein, no term or
provision of this Agreement may be amended, modified or supplemented orally,
but only by an instrument in writing signed by the parties.

 

Section 5.7 – Notices 

 

Any notice to be given under the terms of this
Agreement to the Corporation shall be addressed to the Corporation in care of
its Secretary, and any notice to be given to the Employee shall be addressed to
him at the address given beneath his signature hereto.  By a notice given pursuant to this Section
5.7, either party may hereafter designate a different address for notices to be
given to him.  Any notice which is
required to be given to the Employee shall, if the Employee is then deceased,
be given to the Employee’s personal representative if such representative has
previously informed the Corporation of his status and address by written notice
under this Section 5.7.  Any notice shall
be deemed duly given when enclosed in a properly sealed envelope or wrapper
addressed as aforesaid, deposited (with postage prepaid) in a post office or
branch post office regularly maintained by the United States Postal Service.

 

Section 5.8 – Headings

 

Titles are provided herein for convenience only and
are not to serve as a basis for interpretation or construction of this
Agreement.

 

Section 5.9 – Construction 

 

This Agreement shall be administered, interpreted and
enforced under the internal substantive laws of the State of Delaware.

 

Section 5.10 – No Fractional
Shares

 

No fractional Common Shares or other securities shall
be issued or delivered pursuant to this Agreement, and the Board in its sole
discretion shall determine (except as otherwise provided in the Plan) whether
cash, other securities, or other property shall be paid or transferred in lieu
of any fractional Common Shares or other securities, or whether such fractional
Common Shares or other securities or any rights thereto shall be canceled,
terminated, or otherwise eliminated.

 

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Section 5.11 – Conformity to
Securities Laws

 

The Employee acknowledges that the Plan is intended to
conform to the extent necessary with all applicable federal and state laws,
rules and regulations, including provisions of the Securities Act and the
Exchange Act and any and all regulations and rules promulgated by the
Securities and Exchange Commission thereunder, including without limitation Rule
16b-3 under the Exchange Act. Notwithstanding anything herein to the contrary,
the Plan shall be administered, and the Restricted Shares are awarded, only in
such a manner as to conform to such laws, rules and regulations.  To the extent permitted by applicable law,
the Plan and this Agreement shall be deemed amended to the extent necessary to
conform to such laws, rules and regulations.

 

IN WITNESS
WHEREOF, this Agreement has been executed and delivered by the parties hereto.

 

	
   

  	
   

  	
  WASHINGTON
  GROUP INTERNATIONAL, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Larry L. Myers

  
	
   

  	
   

  	
  Senior Vice President – Human Resources

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  EMPLOYEE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
						

 

Spousal Consent

 

The undersigned
has read and is familiar with the preceding Agreement and the Plan and hereby
consents and agrees to be bound by all the terms of the Agreement and the
Plan.  Without limiting the foregoing,
the undersigned specifically agrees that the Corporation may rely on any
authorization, instruction or election made under the Agreement by the Employee
alone and that all of his or her right, title or interest, if any, in the
Common Shares purchased by the Employee under the Agreement, whether arising by
operation of community property law, by property settlement or otherwise, shall
be subject to all of such terms.

 

	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Printed Name

  
	
  Exhibit A: Copy of the Plan

  	
   

  

 

7EXHIBIT 10.3

 

AMENDMENT NO.
1 TO THE

WASHINGTON GROUP INTERNATIONAL, INC.

SHORT-TERM INCENTIVE PLAN

 

THIS AMENDMENT to the Washington Group International, Inc. Short-Term
Incentive Plan was adopted by Washington Group International, Inc. (the “Company”),
effective as of February 9, 2005.

 

W I T N E S S E T
H:

 

WHEREAS, the Company
maintains the Washington Group International, Inc. Short-Term Incentive Plan
(the “Plan”); and

 

WHEREAS, the Board
of Directors of the Company has authority under Section 13(e) of the Plan to
amend the Plan from time to time; and

 

WHEREAS, the Board
wishes to amend the Plan;

 

NOW, THEREFORE, the
Board hereby amends the Plan as follows:

 

1.

 

The last paragraph in Section 6 is hereby amended in its entirety to
read as follows:

 

“For employees in the following positions, only quantifiable goals
based upon one or more of the foregoing performance measures will be used to
calculate incentive awards under this Plan: 
president and/or chief executive officer of the Corporation, corporate senior
executive vice president, corporate executive vice president and president of a
business unit.  The performance of other
Participants will be measured both by one or more of the foregoing quantifiable
performance measures and by non-quantifiable measures such as the promotion of
safety, diversity, employee development and cooperation among business units
and the exemplification of the Company’s core values.  Notwithstanding the foregoing, the
Compensation Committee, or the Board, may, in its discretion, reduce the amount
of any incentive award otherwise calculated for any Participant under this Plan
who is a Covered Employee or an officer of the Corporation, for any reason that
the Compensation Committee, or Board, deem appropriate; and the chief executive
officer may, in his discretion, reduce the amount of any incentive award

 

 

otherwise
calculated for any other Participant under this Plan for any reason that the
chief executive officer may deem appropriate.”

 

2.

 

The last sentence of Section 11 is hereby amended to read as follows:

 

“A Participant must be actively employed at
the time of payment to receive an incentive award; provided, however, that if a
Participant’s employment with the Company has terminated before the time of
payment by reason of the Participant’s retirement, disability or death, the
Administrative Committee may, in its discretion, pay a prorated award to the
Participant or the Participant’s estate.”

 

3.

 

Except as amended herein, the Plan shall continue in full force and
effect.

 

IN WITNESS
WHEREOF, the Board has adopted this Amendment
effective as of February 9, 2005.

 

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