Document:

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                                                                   EXHIBIT 10.15

                               AMENDMENT NO. 2 TO
                   THIRD AMENDED AND RESTATED CREDIT AGREEMENT

         This AMENDMENT NO. 2 TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT
(this "Agreement"), dated as of October 17, 2003, is entered into by and among
THE SHAW GROUP INC., a Louisiana corporation (the "Borrower"), the Subsidiaries
of the Borrower listed on the signature pages hereto as Guarantors (together
with each other Person who subsequently becomes a Guarantor, collectively, the
"Guarantors"), the banks and other financial institutions listed on the
signature pages hereto under the caption "Lenders" (together with each other
Person who becomes a Lender, collectively, the "Lenders"), and CREDIT LYONNAIS
NEW YORK BRANCH, individually as a Lender and as administrative agent for the
other Lenders (in such capacity together with any other Person who becomes the
agent, the "Agent").

                                  INTRODUCTION

         WHEREAS, the Borrower, the Guarantors, the Agent and the Lenders are
parties to that certain Third Amended and Restated Credit Agreement dated as of
March 17, 2003, as amended by Amendment No. 1 to Third Amended and Restated
Credit Agreement dated as of May 16, 2003 ("Credit Agreement"); and

         WHEREAS, the Borrower has requested that the Agent and the Lenders
amend certain provisions of the Credit Agreement as set forth herein.

         NOW, THEREFORE, in consideration of the mutual covenants herein
contained, the parties hereto agree as follows:

ARTICLE I
AGREEMENT

SECTION 1.1. DEFINITIONS. ALL CAPITALIZED TERMS USED HEREIN AND NOT OTHERWISE
DEFINED SHALL HAVE THE MEANINGS GIVEN SUCH TERMS IN THE CREDIT AGREEMENT.

SECTION 1.2. AMENDMENTS TO ARTICLE I. ARTICLE I OF THE CREDIT AGREEMENT IS
HEREBY AMENDED AS FOLLOWS:

         (a) THE DEFINITION OF "SUFFICIENT LIQUIDITY" IS HEREBY AMENDED IN ITS
ENTIRETY AS FOLLOWS:

         "SUFFICIENT LIQUIDITY" MEANS THAT AT ANY TIME (i) DURING THE PERIOD
FROM THE EFFECTIVE DATE UNTIL THE SECOND AMENDMENT EFFECTIVE DATE, (A) THE
AMOUNT OF CONSOLIDATED TOTAL NET CASH AT SUCH TIME IS EQUAL TO OR GREATER THAN
$100,000,000 AND (B) THE AGGREGATE AMOUNT OF THE REMAINING UNUSED PORTION OF THE
LESSER OF (1) THE AGGREGATE REVOLVING CREDIT COMMITMENT OR (2) THE BORROWING
BASE AT SUCH TIME IS EQUAL TO OR GREATER THAN $50,000,000; AND (II) AFTER THE
SECOND AMENDMENT EFFECTIVE DATE (A) THE AMOUNT OF CONSOLIDATED TOTAL NET CASH AT
SUCH TIME IS EQUAL TO OR GREATER THAN $75,000,000 AND (B) THE AGGREGATE AMOUNT
OF THE REMAINING UNUSED PORTION OF THE LESSER OF (1) THE AGGREGATE REVOLVING
CREDIT COMMITMENT OR (2) THE BORROWING BASE AT SUCH TIME IS EQUAL TO OR GREATER
THAN $50,000,000.

         (b) The following definition is hereby inserted in the appropriate
alphabetical order:

         "Second Amendment Effective Date" shall mean the "Amendment Effective
Date", as such term is defined in Section 2.1 of Amendment No. 2 to Third
Amended and Restated Credit Agreement dated as of October 17, 2003, to this
Agreement.

SECTION 1.3. AMENDMENT TO SECTION 2.1.1(c). SECTION 2.1.1(c) IS HEREBY DELETED
IN ITS ENTIRETY.

SECTION 1.4. AMENDMENT TO SECTION 6.22.1. SECTION 6.22.1 IS HEREBY AMENDED BY
REPLACING "2.75" WITH "3.00".

SECTION 1.5. AMENDMENT TO SECTION 6.22.5. SECTION 6.22.5 IS HEREBY AMENDED IN
ITS ENTIRETY AS FOLLOWS:

                  6.22.5. MINIMUM EBITDA. AS OF THE END OF EACH FISCAL QUARTER
         OF THE BORROWER, BEGINNING WITH THE FISCAL QUARTER ENDING MAY 31, 2003,
         THE

<PAGE>

         BORROWER WILL NOT PERMIT EBITDA FOR THE BORROWER AND ITS SUBSIDIARIES
         FOR THE CALCULATION PERIOD TO BE LESS THAN (a) UNTIL THE FISCAL QUARTER
         ENDING NOVEMBER 30, 2004, $120,000,000 AND (b) THEREAFTER,
         $135,000,000.

ARTICLE II
EFFECTIVENESS

SECTION 2.1. EFFECTIVENESS. THIS AGREEMENT SHALL BECOME EFFECTIVE AS OF THE DATE
FIRST WRITTEN ABOVE ON THE DATE (THE "AMENDMENT EFFECTIVE DATE") ON WHICH:

         (a) THE AGENT SHALL HAVE RECEIVED COUNTERPARTS OF THIS AGREEMENT THAT,
WHEN TAKEN TOGETHER, BEAR THE SIGNATURES OF THE BORROWER, THE GUARANTORS AND THE
REQUIRED LENDERS;

         (b) THE BORROWER SHALL HAVE CONSUMMATED AN EQUITY ISSUANCE OF AT LEAST
$200,000,000 AND THE EQUITY ISSUANCE PROCEEDS THEREOF SHALL BE USED TO REDEEM
THE LYONS; PROVIDED, HOWEVER THAT IF THE BORROWER IS UNABLE TO REDEEM THE LYONS
ON THE DATE OF SUCH EQUITY ISSUANCE, SUCH EQUITY ISSUANCE PROCEEDS SHALL BE HELD
AS RESTRICTED CASH FOR THE PURPOSES OF REDEEMING THE LYONS UNTIL MAY 31, 2004;
AND

         (c) THE BORROWER SHALL HAVE PAID TO THE ADMINISTRATIVE AGENT FOR THE
BENEFIT OF EACH LENDER THAT EXECUTES AND DELIVERS A COPY OF THIS AGREEMENT TO
THE ADMINISTRATIVE AGENT (OR ITS COUNSEL) BY 5:00 P.M., NEW YORK CITY TIME, ON
OCTOBER 17, 2003 (THE "RETURN DATE"), AN AMENDMENT FEE (THE "AMENDMENT FEES") IN
AN AMOUNT EQUAL TO 0.25% OF SUCH LENDER'S REVOLVING CREDIT COMMITMENT (WHETHER
USED OR UNUSED) AS OF THE RETURN DATE.

Section 2.2. Other Agreements.

         (a) The Amendment Fees shall be payable in immediately available
Dollars on the Amendment Effective Date. Once paid, the Amendment Fees shall not
be refundable.

         (b) Each of the Borrower, the Guarantors and the Lenders acknowledge
that as of the Amendment Effective Date there are no Revolving Credit Loans or
Swing Line Loans outstanding and therefore, the Equity Issuance Proceeds will
not be used to prepay outstanding Loans as required by the terms of Section
2.2(d).

ARTICLE III
MISCELLANEOUS; RATIFICATION

SECTION 3.1. REPRESENTATIONS TRUE; NO DEFAULT.

         (a) THE BORROWER AND THE GUARANTORS REPRESENT AND WARRANT THAT THIS
AGREEMENT HAS BEEN DULY AUTHORIZED, EXECUTED AND DELIVERED ON THEIR BEHALF AND
THE CREDIT AGREEMENT AS AMENDED HEREBY, TOGETHER WITH EACH OTHER LOAN DOCUMENTS
TO WHICH THE BORROWER AND EACH OF THE GUARANTORS IS A PARTY, CONSTITUTE VALID
AND LEGALLY BINDING AGREEMENTS OF THE BORROWER AND THE GUARANTORS, ENFORCEABLE
IN ACCORDANCE WITH THEIR TERMS, EXCEPT AS ENFORCEABILITY THEREOF MAY BE LIMITED
BY BANKRUPTCY, INSOLVENCY, FRAUDULENT CONVEYANCE, FRAUDULENT TRANSFER,
REORGANIZATION OR MORATORIUM OR OTHER SIMILAR LAW RELATING TO CREDITORS' RIGHTS
AND BY GENERAL EQUITABLE PRINCIPLES WHICH MAY LIMIT THE RIGHT TO OBTAIN
EQUITABLE REMEDIES (REGARDLESS OF WHETHER SUCH ENFORCEABILITY IS CONSIDERED IN A
PROCEEDING, IN EQUITY OR AT LAW);

         (b) THE BORROWER REPRESENTS AND WARRANTS THAT THE REPRESENTATIONS AND
WARRANTIES OF THE BORROWER CONTAINED IN ARTICLE V OF THE CREDIT AGREEMENT ARE
TRUE AND CORRECT IN ALL MATERIAL RESPECTS ON AND AS OF THE DATE HEREOF AS THOUGH
MADE ON AND AS OF THE DATE HEREOF, EXCEPT TO THE EXTENT SUCH REPRESENTATIONS AND
WARRANTIES RELATE SOLELY TO AN EARLIER DATE;

         (c) THE GUARANTORS REPRESENT AND WARRANT THAT THE REPRESENTATIONS AND
WARRANTIES OF THE GUARANTORS CONTAINED IN THE GUARANTY ARE TRUE AND CORRECT IN
ALL MATERIAL RESPECTS ON AND AS OF THE DATE HEREOF AS THOUGH MADE ON AND AS OF
THE DATE HEREOF, EXCEPT TO THE EXTENT SUCH REPRESENTATIONS AND WARRANTIES RELATE
SOLELY TO AN EARLIER DATE; AND

         (d) THE BORROWER AND THE GUARANTORS REPRESENT AND WARRANT THAT AFTER
GIVING EFFECT TO THIS AGREEMENT, THERE HAS NOT OCCURRED AND IS NOT CONTINUING A
DEFAULT OR AN EVENT THAT WITH THE PASSAGE OF TIME WOULD CONSTITUTE A DEFAULT.

SECTION 3.2. RATIFICATION AND EXTENSION OF LIENS. THE CREDIT AGREEMENT, THE
NOTES AND ALL OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION THEREWITH TO WHICH THE
BORROWER OR ANY GUARANTOR IS A PARTY SHALL REMAIN IN FULL FORCE AND EFFECT, AND
ALL RIGHTS AND POWERS CREATED THEREBY OR THEREUNDER AND UNDER THE OTHER LOAN
DOCUMENTS TO WHICH THE BORROWER OR ANY GUARANTOR IS A PARTY ARE IN ALL RESPECTS
RATIFIED AND CONFIRMED. ALL LIENS CREATED BY ANY LOAN DOCUMENT ARE HEREBY
REGRANTED BY THE BORROWER AND THE GUARANTORS TO THE LENDERS AS SECURITY FOR THE
OBLIGATIONS. THE BORROWER AND THE GUARANTORS AGREE THAT THE

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OBLIGATIONS OF THE BORROWER AND THE GUARANTORS UNDER THE CREDIT AGREEMENT, THE
NOTES AND THE OTHER LOAN DOCUMENTS TO WHICH THE BORROWER OR ANY GUARANTOR IS A
PARTY ARE HEREBY REAFFIRMED, RENEWED AND EXTENDED.

SECTION 3.3. ADDITIONAL INFORMATION. THE BORROWER AND THE GUARANTORS SHALL
FURNISH TO THE AGENT ALL SUCH OTHER DOCUMENTS, CONSENTS AND INFORMATION RELATING
TO THE BORROWER AND THE GUARANTORS AS THE AGENT MAY REASONABLY REQUIRE TO
ACCOMPLISH THE PURPOSES HEREOF.

SECTION 3.4. MISCELLANEOUS PROVISIONS.

         (a) FROM AND AFTER THE EXECUTION AND DELIVERY OF THIS AGREEMENT, THE
CREDIT AGREEMENT SHALL BE DEEMED TO BE AMENDED AND MODIFIED AS HEREIN PROVIDED,
BUT, EXCEPT AS SO AMENDED AND MODIFIED, THE CREDIT AGREEMENT AND ALL OTHER LOAN
DOCUMENTS SHALL CONTINUE IN FULL FORCE AND EFFECT.

         (b) THE CREDIT AGREEMENT AND THIS AGREEMENT SHALL BE READ AND CONSTRUED
AS ONE AND THE SAME INSTRUMENT.

         (c) ANY REFERENCE IN ANY LOAN DOCUMENT TO THE CREDIT AGREEMENT SHALL BE
A REFERENCE TO THE CREDIT AGREEMENT, AS AMENDED BY THIS AGREEMENT.

         (d) THIS AGREEMENT MAY BE SIGNED IN ANY NUMBER OF COUNTERPARTS AND BY
DIFFERENT PARTIES IN SEPARATE COUNTERPARTS, EACH OF WHICH SHALL BE DEEMED AN
ORIGINAL BUT ALL OF WHICH TOGETHER SHALL CONSTITUTE ONE AND THE SAME INSTRUMENT.

         (e) THE HEADINGS HEREIN SHALL BE ACCORDED NO SIGNIFICANCE IN
INTERPRETING THIS AGREEMENT.

         (f) EACH GUARANTOR HEREBY ACKNOWLEDGES THAT ITS EXECUTION AND DELIVERY
OF THIS AGREEMENT DOES NOT INDICATE OR ESTABLISH AN APPROVAL OR CONSENT
REQUIREMENT BY THE GUARANTORS UNDER THE GUARANTY IN CONNECTION WITH THE
EXECUTION AND DELIVERY OF AMENDMENTS TO THE CREDIT AGREEMENT, THE NOTES OR ANY
OF THE OTHER LOAN DOCUMENTS (OTHER THAN THE GUARANTY).

SECTION 3.5 BINDING EFFECT. ONCE EXECUTED BY THE BORROWER, THE GUARANTORS AND
THE REQUIRED LENDERS, THIS AGREEMENT SHALL BE BINDING UPON AND INURE TO THE
BENEFIT OF THE BORROWER, THE GUARANTORS, LENDERS, AGENTS AND THE SUCCESSORS AND
ASSIGNS OF THE AGENTS AND LENDERS. THE BORROWER AND THE GUARANTORS SHALL NOT
HAVE THE RIGHT TO ASSIGN ITS RIGHTS HEREUNDER OR ANY INTEREST HEREIN.

SECTION 3.6. CHOICE OF LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH
THE INTERNAL LAWS (WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS) OF THE
STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL
BANKS. WITHOUT LIMITATION OF THE FOREGOING, NOTHING IN THIS AGREEMENT, OR IN THE
NOTES OR IN ANY OTHER LOAN DOCUMENT SHALL BE DEEMED TO CONSTITUTE A WAIVER OF
ANY RIGHTS WHICH ANY LENDER MAY HAVE UNDER APPLICABLE FEDERAL LEGISLATION
RELATING TO THE AMOUNT OF INTEREST WHICH SUCH LENDER MAY CONTRACT FOR, TAKE,
RECEIVE OR CHARGE IN RESPECT OF THE LOAN AND THE LOAN DOCUMENTS, INCLUDING ANY
RIGHT TO TAKE, RECEIVE, RESERVE AND CHARGE INTEREST AT THE RATE ALLOWED BY THE
LAW OF THE STATE WHERE ANY LENDER IS LOCATED.

                            [SIGNATURE PAGES FOLLOW.]

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         IN WITNESS WHEREOF, the Borrower, the Guarantors, the Lenders and the
Agent have executed this Agreement as of the date first above written.

                                    THE SHAW GROUP INC.

                                    By:     /s/ ROBERT L. BELK
                                           -------------------------------------
                                    Name:  Robert L. Belk
                                    Title: Executive Vice President and
                                           Chief Financial Officer

<PAGE>

                                    GUARANTORS:

                                    Whippany Venture I, L.L.C.

                                    By:    /s/ Conformed Signature
                                           -------------------------------------
                                    Name:
                                           -------------------------------------
                                    Title:
                                           -------------------------------------

                                    Shaw Constructors, Inc.

                                    By:    /s/ Conformed Signature
                                           -------------------------------------
                                    Name:
                                           -------------------------------------
                                    Title:
                                           -------------------------------------

                                    Stone & Webster Michigan, Inc.

                                    By: /s/ GARY P. GRAPHIA
                                       -----------------------------------------
                                    Gary P. Graphia
                                    Secretary

                                    So-Glen Gas Co., LLC
                                             by its sole member,
                                             EMCON/OWT, Inc.

                                    By: /s/ ROBERT L. BELK
                                       -----------------------------------------
                                    Robert L. Belk
                                    Executive Vice President, Assistant
                                    Treasurer and Assistant Chief Financial
                                    Officer

                                    EMCON/OWT, Inc.

                                    By: /s/ ROBERT L. BELK
                                       -----------------------------------------
                                    Robert L. Belk
                                    Executive Vice President, Assistant
                                    Treasurer and Assistant Chief Financial
                                    Officer

<PAGE>

                                    GUARANTORS (continued):
                                    American Plastic Pipe and
                                             Supply, L.L.C.
                                    LFG Specialties, L.L.C.
                                    Shaw Environmental &
                                             Infrastructure, Inc.
                                    Shaw Facilities, Inc.
                                    Shaw Infrastructure, Inc.
                                    Shaw Property Holdings, Inc.
                                    Stone & Webster - IT Russia
                                             Management Consultants, Inc.

                                    By: /s/ ROBERT L. BELK
                                       -----------------------------------------
                                    Robert L. Belk
                                    Executive Vice President and Treasurer

                                    Stone & Webster - JSC Management
                                    Consultants, Inc.

                                    By: /s/ ROBERT L. BELK
                                       -----------------------------------------
                                    Robert L. Belk
                                    Senior Vice President and Treasurer

                                    Shaw Beneco, Inc.
                                    Shaw E & I Investment Holdings, Inc.

                                    By: /s/ ROBERT L. BELK
                                       -----------------------------------------
                                    Robert L. Belk
                                    Executive Vice President

                                    Power Technologies, Inc.

                                    By: /s/ ROBERT L. BELK
                                       -----------------------------------------
                                    Robert L. Belk
                                    Vice President and Assistant Treasurer

<PAGE>

                                    GUARANTORS (continued):

                                    B.F. Shaw, Inc.
                                    C.B.P. Engineering Corp.
                                    Field Services, Inc.
                                    Prospect Industries (Holdings) Inc.
                                    Shaw A/DE, Inc.
                                    Shaw Alloy Piping Products, Inc.
                                    Shaw Capital, Inc.
                                    Shaw Connex, Inc.
                                    Shaw Environmental, Inc.
                                    Shaw Fabricators, Inc.
                                    Shaw FCI, Inc.
                                    Shaw FVF, Inc.
                                    Shaw Global Energy Services, Inc.
                                    Shaw GRP of California
                                    Shaw Heat, Inc.
                                    Shaw Industrial Supply Co., Inc.
                                    Shaw Intellectual Property
                                             Holdings, Inc.
                                    Shaw International, Inc.
                                    Shaw JV Holdings, L.L.C.
                                    Shaw Maintenance, Inc.

                                    By: /s/ ROBERT L. BELK
                                       -----------------------------------------
                                    Robert L. Belk
                                    Vice President and Treasurer

                                    S C Woods, L.L.C.
                                             by its sole member,
                                             Stone & Webster, Inc.

                                             By: /s/ ROBERT L. BELK
                                                --------------------------------
                                             Robert L. Belk
                                             Vice President and Treasurer

<PAGE>

                                    GUARANTORS (continued):

                                    Shaw Managed Services, Inc.
                                    Shaw Management Services
                                             One, Inc.
                                    Shaw NAPTech, Inc.
                                    Shaw Pipe Shields, Inc.
                                    Shaw Pipe Supports, Inc.
                                    Shaw Power Services Group, L.L.C.
                                    Shaw Power Services, Inc.
                                    Shaw Process and Industrial
                                             Group, Inc.
                                    Shaw Process Fabricators, Inc.
                                    Shaw Services, L.L.C.
                                    Shaw SSS Fabricators, Inc.
                                    Shaw Sunland Fabricators, Inc.
                                    Shaw Word Industries
                                             Fabricators, Inc.
                                    Stone & Webster Asia, Inc.
                                    Stone & Webster Holding One, Inc.
                                    Stone & Webster Holding Two, Inc.
                                    Stone & Webster International
                                             Holdings, Inc.
                                    Stone & Webster International, Inc.
                                    Stone & Webster Management
                                             Consultants, Inc.
                                    Stone & Webster Massachusetts, Inc.
                                    Stone & Webster Process
                                             Technology, Inc.

                                    By: /s/ ROBERT L. BELK
                                       -----------------------------------------
                                    Robert L. Belk
                                    Vice President and Treasurer

                                    Stone & Webster Services, L.L.C.
                                    Stone & Webster, Inc.
                                    SWINC Acquisition Five, L.L.C.

                                    By: /s/ ROBERT L. BELK
                                       -----------------------------------------
                                    Robert L. Belk
                                    Vice President and Treasurer

<PAGE>

                                    GUARANTORS (continued):

                                    Stone & Webster Construction
                                             Services, L.L.C.
                                    Stone & Webster Construction, Inc.

                                    By: /s/ ROBERT L. BELK
                                       -----------------------------------------
                                    Robert L. Belk
                                    President

                                    ArlingtonAvenue E Venture,
                                             LLC by its sole
                                             member, LandBank
                                             Properties, L.L.C.

                                             By: /s/ T.A. BARFIELD, JR.
                                                --------------------------------
                                             T.A. Barfield, Jr.
                                             Chief Executive Officer and
                                             Chairman

                                    Camden Road Venture, LLC
                                             by its sole
                                             member, LandBank
                                             Properties, L.L.C.

                                             By: /s/ T.A. BARFIELD, JR.
                                                --------------------------------
                                             T.A. Barfield, Jr.
                                             Chief Executive Officer and
                                             Chairman

                                    Great Southwest Parkway
                                             Venture, LLC by
                                             its sole member,
                                             LandBank
                                             Properties, L.L.C.

                                             By: /s/ T.A. BARFIELD, JR.
                                                --------------------------------
                                             T.A. Barfield, Jr.
                                             Chief Executive Officer and
                                             Chairman

<PAGE>

                                    GUARANTORS (continued):

                                    LandBank Properties, L.L.C.
                                    Shaw Environmental Liability
                                             Solutions, L.L.C.
                                    The LandBank Group, Inc.

                                    By: /s/ T.A. BARFIELD, JR.
                                       -----------------------------------------
                                    T.A. Barfield, Jr.
                                    Chief Executive Officer and Chairman

                                    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 California, L.L.C.
                                    Shaw CMS, Inc.
                                    Shaw Remediation Services, L.L.C.

                                    By: /s/ T.A. BARFIELD, JR.
                                       -----------------------------------------
                                    T.A. Barfield, Jr.
                                    President

<PAGE>

                                    CREDIT LYONNAIS NEW YORK BRANCH,
                                    as Agent and as a Lender

                                    By:    /s/ Conformed Signature
                                           -------------------------------------
                                    Name:
                                           -------------------------------------
                                    Title:
                                           -------------------------------------

<PAGE>

                                    BNP PARIBAS,
                                    as a Lender

                                    By:    /s/ Conformed Signature
                                           -------------------------------------
                                    Name:
                                           -------------------------------------
                                    Title:
                                           -------------------------------------

                                    By:    /s/ Conformed Signature
                                           -------------------------------------
                                    Name:
                                           -------------------------------------
                                    Title:
                                           -------------------------------------

<PAGE>

                                    CREDIT SUISSE FIRST BOSTON,
                                             CAYMAN ISLANDS BRANCH,
                                             as a Lender

                                    By:    /s/ Conformed Signature
                                           -------------------------------------
                                    Name:
                                           -------------------------------------
                                    Title:
                                           -------------------------------------

<PAGE>

                                    HARRIS TRUST AND SAVINGS BANK,
                                    as a Lender

                                    By:    /s/ Conformed Signature
                                           -------------------------------------
                                    Name:
                                           -------------------------------------
                                    Title:
                                           -------------------------------------

<PAGE>

                                    U.S. BANK NATIONAL ASSOCIATION
                                    as a Lender

                                    By:    /s/ Conformed Signature
                                           -------------------------------------
                                    Name:
                                           -------------------------------------
                                    Title:
                                           -------------------------------------

<PAGE>

                                    UNION PLANTERS BANK, N.A.
                                    as a Lender

                                    By:    /s/ Conformed Signature
                                           -------------------------------------
                                    Name:
                                           -------------------------------------
                                    Title:
                                           -------------------------------------

<PAGE>

                                    UBS AG, CAYMAN ISLANDS BRANCH
                                    as a Lender

                                    By:    /s/ Conformed Signature
                                           -------------------------------------
                                    Name:
                                           -------------------------------------
                                    Title:
                                           -------------------------------------

                                    By:    /s/ Conformed Signature
                                           -------------------------------------
                                    Name:
                                           -------------------------------------
                                    Title:
                                           -------------------------------------exv4w1

 

Exhibit 4.1

AMENDMENT NO. 2 TO RIGHTS AGREEMENT

     This Amendment No. 2 is made as of this 8th day of October, 2003 by and
between OrthoLogic Corp. (the “Corporation”) and Bank of New York (the “Rights
Agent”).

     WHEREAS, the Corporation and the Rights Agent are parties to a Rights
Agreement dated as of March 4, 1997, as amended by the First Amendatory
Agreement dated July 30, 1999 (as amended, the “Rights Agreement”) and wish to
set forth herein their agreement concerning certain amendments to the Rights
Agreement;

     NOW THEREFORE, in consideration of the premises and the mutual agreements
herein set forth, the parties hereby agree that the Rights Agreement is hereby
amended in the following respects:

     1.     Section 1 is hereby amended by adding a subsection (p) as follows:

	 	 	 	"(p) ‘Exempt Events’ shall mean any one or more of (i) the
execution and delivery of that certain Asset Purchase Agreement
dated October 8, 2003 by and between the Company and dj
Orthopedics, LLC, a Delaware limited liability company (the ‘Asset
Purchase Agreement’); (ii) the execution and delivery of any
agreements described in, contemplated by or related to the Asset
Purchase Agreement (‘Ancillary Agreements’); or (iii) the
consummation of the transactions contemplated in the Asset Purchase
Agreement and/or any Ancillary Agreement.”

     2.     Sections 1 (j) and (k) are hereby amended by adding at the end thereof
the following:

	 	 	 	“, but shall not include any Exempt Event.”

     3.     Section 13(a)(z) is hereby amended by adding the following at the end
thereof:

	 	 	 	“, other than any Exempt Event.”

     4.     EFFECTIVENESS. This Amendment shall be deemed effective as of the date
hereof. Except as amended hereby, the Rights Agreement shall remain in full
force and effect and shall be otherwise unaffected by this Amendment.

     5.     SEVERABILITY. If any provision, covenant or restriction of this
Amendment is held by a court of competent jurisdiction or other authority to be
invalid, illegal or unenforceable, the remainder of the terms, provisions,
covenants and restrictions of this

 

 

 Amendment shall remain in full force and effect and shall in no way be
effected, impaired or invalidated.

     6.     GOVERNING LAW. This Amendment shall be deemed to be a contract made
under the laws of the State of Delaware and for all purposes shall be governed
by, and construed in accordance with, the laws of such state applicable to
contracts to be made and performed entirely within such state.

     7.     COUNTERPARTS. This Amendment may be executed in any number of
counterparts, each of such counterparts shall for all purposes be deemed to be
an original, and all such counterparts shall together constitute but one and
the same instrument.

     8.     MISCELLANEOUS. All capitalized terms in this Amendment, unless
otherwise defined herein, shall have the meaning ascribed to them in the Rights
Agreement.

     IN WITNESS WHEREOF, the parties have caused this Amendment No. 2 to be
duly executed as of the day and year first written above.

	 	 	 	 	 
	 	 	ORTHOLOGIC CORP.
	 	 	 	 	 
	 	 	
By:
	 	/s/ Thomas R. Trotter
	 	 	 	 	

	 	 	
Name:
	 	Thomas R. Trotter
	 	 	
Title:
	 	President and Chief Executive Officer
	 	 	 	 	 
	 	 	BANK OF NEW YORK
	 	 	 	 	 
	 	 	
By:
	 	/s/ Steven Myers
	 	 	 	 	

	 	 	
Name:
	 	Steven Myers
	 	 	
Title:
	 	Vice President

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