Document:

EX-10.1

WAIVER

WAIVER (this “Waiver”) dated as of July 16, 2007, with respect to the Credit Agreement
referred to below, between The Shaw Group Inc. (the “Borrower”) and BNP Paribas, as
administrative agent (in such capacity, the “Agent”) pursuant to authority granted by the
Required Lenders.

Reference is made to the Credit Agreement dated as of April 25, 2005 among the Borrower, the
“Guarantors” party thereto, the “Lenders” party thereto and the Agent (as amended by Amendment No.
1 dated as of October 3, 2005, Amendment No. 2 dated as of February 27, 2006, Amendment No. 3 dated
as of June 20, 2006 and Amendment No. 4 dated as of October 13, 2006, and as modified and
supplemented and in effect from time to time, the “Credit Agreement”). Capitalized terms
used but not defined herein shall have their respective meanings under the Credit Agreement.

The Borrower and the Lenders have entered into a Waiver dated as of April 16, 2007 between the
Borrower and the Agent (pursuant to authority granted by the Required Lenders) (the “Existing
Waiver”), pursuant to which the Required Lenders waived compliance by the Borrower with the 45
day period set forth in Section 6.1(b) of the Credit Agreement, with respect to the furnishing by
the Borrower of certain financial statements relating to its fiscal quarter ended February 28, 2007
(the “February 28, 2007 Financial Statements”). The Borrower has requested the Lenders to
provide (i) a further extension of the deadline for delivery of such financial statements under the
Existing Waiver and (ii) an extension of the deadline for delivery of its unaudited consolidated
financial statements for the fiscal quarter ended May 31, 2007 required under Section 6.1(b) of the
Credit Agreement. The Borrower has advised the Lenders that it expects to furnish such financial
statements within 45 days after the date hereof.

In recognition of the foregoing, solely with respect to the Borrower’s fiscal quarters ended
February 28, 2007 and May 31, 2007, the Agent (acting with the written consent of the Required
Lenders) hereby waives compliance by the Borrower with the 45 day period set forth in Section
6.1(b) of the Credit Agreement (and, in the case of the February 28, 2007 Financial Statements, as
extended by the Existing Waiver); provided that the Borrower covenants and agrees to
furnish to the Lenders its unaudited consolidated financial statements required under Section
6.1(b) of the Credit Agreement (and accompanied by the other certificates and information required
under Sections 6.1(d), 6.1(k) and 6.1(l) of the Credit Agreement) within 45 days after the date
hereof.

The Borrower represents and warrants to the Lenders that, after giving effect to this Waiver,
no Default or Unmatured Default shall have occurred from the date of the Borrower’s most recent
audited financial statements furnished pursuant to Section 6.1(a) to and including the date hereof.

This Waiver shall become effective upon (i) execution of one or more counterparts hereof by
the Borrower and by the Agent pursuant to authority granted by the Required Lenders and (ii)
payment by the Borrower of such fees and expenses as the Borrower shall have agreed to pay to any
Lender or the Agent in connection herewith (including, without limitation, legal fees and expenses
of counsel to the Agent); provided, that this Waiver shall cease to be in effect if (but
only if) the Borrower fails to furnish to the Lenders the financial statements, certificates and
information referred to above within 45 days after the date hereof.

This Waiver contains the final and complete integration of all prior expressions by the
Borrower and the Lenders with respect to the subject matter hereof and shall constitute the entire
agreement between the Borrower and the Lenders with respect to the subject matter hereof
superseding all prior oral or written understandings. The substance of the waivers contained
herein are limited precisely as written and shall not be deemed to be a waiver of any other
provision of the Credit Agreement. Except as expressly provided herein, the Credit Agreement shall
remain unchanged and in full force and effect. This Waiver may be executed in counterparts, and
delivery of a counterpart signature page to this Waiver by facsimile shall be effective as delivery
of an original manually executed counterpart of this Waiver. This Waiver shall be governed by and
construed in accordance with the internal laws of the State of New York.

1

IN WITNESS WHEREOF, the parties hereto have caused this Waiver to be duly executed and
delivered as of the day and year first above written.

THE SHAW GROUP INC.

	 	 	 
	By:

	 	/s/ Dirk J. Wild
	
 
	 	 
	
 
	 	Name: Dirk J. Wild

Title: Interim Chief Financial Officer,

Senior Vice President and

	 	 	Chief Accounting Officer

AGENT:

BNP PARIBAS, as Agent

	 	 	 
	By:

	 	/s/ Jamie Dillon
	
 
	 	 
	
 
	 	Name: Jamie Dillon

Title: Managing Director
	By:

	 	/s/ Katherine Wolfe
	
 
	 	 

	 	 	Name: Katherine Wolfe

Title: Managing Director

2EX-10.1

SEPARATION AND TRANSITION AGREEMENT

This Separation and Transition Agreement is made this 16th day of July, 2007 by and among
Municipal Mortgage & Equity, LLC (the “Company”), MMA Financial, Inc. (“Employer”) and Melanie M.
Lundquist (“Employee”).

Whereas Employee is employed by Employer and has been serving as the Chief Financial Officer
of the Company and various of its subsidiaries, including Employer; and

Whereas, Employee has tendered her resignation as Chief Financial Officer of the Company and
its subsidiaries and has determined to accept another employment opportunity; and

Whereas, Employer, the Company and Employee desire to enter into a mutually agreeable
separation arrangement;

Now, therefore, in consideration of the foregoing and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follow:

1. Separation from Service. The parties agree that effective July 9, 2007, Employee
ceased to be the Chief Financial Officer of the Company and all of its subsidiaries, including
Employer. The parties agree that Employee will remain as an employee of the Company and transition
her responsibilities to the Interim Chief Financial Officer through July 27, 2007 and her
employment will cease on that date. The parties agree that this Agreement shall be sufficient
evidence of Employee’s resignation from all such offices and employment.

2. Severance Compensation.

(a) Employer agrees to pay Employee a severance payment in the amount of $600,000, payable in
four equal quarterly installments, on July 27, 2007, October 27, 2007, January 27, 2008 and April
27, 2008;

(b) Employer shall provide Employee with COBRA health, dental and vision insurance benefits
through and including September 30, 2007;

(c) At the time of the first payment in paragraph (a), Employer shall pay Employee an amount
equal to Employee’s accrued but unused vacation in accordance with the Company’s standard
practices; and

(d) Within ten (10) business days of the date hereof, Employer shall issue to Employee that
number of shares of restricted stock in the Company which has vested but not yet been delivered
under Employee’s Deferred Share Agreement dated March 17, 2006 (the “2005 Deferred Share
Agreement”). The parties hereto acknowledge and agree that all unvested deferred shares under the
2005 Deferred Share Agreement and that certain Deferred Compensation Agreement dated as of April 6,
2007 by and between the Company and the Employee (the “2006 Deferred Share Agreement”) are
forfeited pursuant to the terms of such agreement.

3. Indemnification.

	 	(a)	 	The Company hereby agrees to (i) defend, indemnify, and hold
harmless

Employee from all civil, criminal or administrative claims, actions, complaints,
investigations, damages, costs, expenses, or other liability (including but not limited to
reasonable attorney’s fees), arising out of Employee’s service as an Officer, Employee, or
consultant of, or on behalf of, the Company or any of its subsidiaries, to the fullest extent
permitted or required by law or the Company’s operating agreement and/or bylaws; (ii) promptly pay
any reasonable legal fees and costs as and when incurred by Employee in the defense of any claim
for which indemnification is permitted or is required, provided that Employee agrees to reimburse
the Company for any such fees or costs advanced by the Company if a court of competent jurisdiction
shall enter a final, nonappealable judgment that indemnification is prohibited by law; and (iii)
for a period of 3 years subsequent to the closure of the informal inquiry commenced by the
Securities and Exchange Commission (‘SEC”), including any ancillary proceedings or any formal
proceedings which may be instituted by the SEC in connection therewith or in relation thereto (or,
if less, the maximum period the Company’s carrier will write such coverage at standard rates),
continue coverage and benefits for Employee under any directors’ and officers’ liability policy
maintained by the company, in accordance with its terms, in an amount at least as great as existed
as of the date of Employee’s resignation as Chief Financial Officer.

	 	(b)	 	Employee shall promptly notify the Company in writing of any
claim for

which Employee seeks indemnification or cost reimbursement; provided, however, that delay in giving
such notice shall not affect Employee’s right to indemnification unless Employer shall have been
prejudiced thereby. Employee shall not settle any claim for which Employee seeks indemnification
or reimbursement or advancement of costs and expenses except with the prior written consent of the
Company.

4. Non-Disparagement. Employee and the Company each agree that they will not
knowingly disclose or cause to be disclosed any negative, adverse or derogatory comments or
information about one another; provided, however, that no statement given in response to a legal
obligation or as required under oath in judicial or regulatory proceedings, or as provided to
Company or Audit Committee counsel, shall be deemed to violate this paragraph. Further, the
Company agrees that, upon written request or acknowledgment of consent by Employee, the Company
will provide Employee’s prospective employers with a neutral reference identifying only the
Employee’s dates of service, position(s) held with the Company, and annual base salary and target
bonus compensation at the time of her separation from the Company.

5. Consultation and Cooperation. In consideration of the payments and other benefits
described in Section 2 of this agreement, Employee agrees to consult and cooperate and to be
reasonably available to the Company in connection with the transition of Employee out of her duties
as chief financial officer. Without limiting the generality of the foregoing, Employee agrees to
be reasonably available for up to 25 hours during the month of August 2007. Employee further
agrees to consult and cooperate with the Company and to assist the Company in completing the
informal inquiry commenced by the SEC in September 2006, including any ancillary proceedings or any
formal proceedings which may be instituted by the SEC in connection therewith or in relation
thereto. Employee further agrees to consult and cooperate with the Company in connection with any
claims which may hereafter be brought against the Company or any of its officers, directors or
employees in connection with or relating in any way to Employee’s tenure as Chief Financial
Officer.

	 	6.	 	Non-Solicitation of Employees. Until December 31, 2008, Employee shall
not

directly or indirectly solicit for employment or hire as an employee or consultant or
otherwise, nor advise anyone else to do so, any employee of the Employer or of the Company or any
of its other subsidiaries, or any individual who has been such an employee within a period of
twelve (12) months of any such solicitation or hiring.

7. Entire Agreement. This agreement constitutes the entire agreement of the parties
as to the subject matter hereof. All prior agreements between Employee, on the one hand, and the
Company or the Employer, on the other hand (including, but not limited to that certain Employment
Agreement by and between the Employer and the Employee dated as of December 31, 2004, the 2005
Deferred Share Agreement, and the 2006 Deferred Share Agreement), relating in any way whatsoever to
Employee’s employment with the Company or any of its subsidiaries, or serving as an officer
thereof, are hereby terminated as of the day hereof, and neither party shall have any further
rights or obligations thereunder.

8. Miscellaneous. This agreement shall be construed in accordance with the internal
laws of the State of Maryland (terminated without reference to principals of conflicts or law).
Both parties waive the right to trial by jury on any claims arising out of or relating in any way
to this agreement. Both parties agree that the federal and state courts of the State of Maryland
shall have exclusive jurisdiction over any litigation arising hereunder.

In witness whereof, and intending to be legally bound, the parties have executed this
agreement as of the date and year first above written.

MUNICIPAL MORTGAGE & EQUITY, LLC

	 
	By:/s/ Michael L. Falcone     

	 

	Michael L. Falcone

Chief Executive Officer

	EMPLOYEE

	 	 	/s/ Melanie M. Lindquist_     
Melanie M. Lundquist

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