Document:

Exhibit
10.2

 

 

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
resolution of the Compensation Committee of the Board of Directors;

 

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.

 

 

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.”

 

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 — Death, Disability or Retirement

 

If more than 180
days have elapsed since the Date of Grant and if, solely because of the Participant’s
death, permanent and total disability (within the meaning of Section 22(c)(3)
of the Code) or retirement at or after the attainment of (a) age 65, (b) age 55
with at least 10 Years of Service, or (c) 30 Years of Service, the Participant’s
employment with the Corporation or a Subsidiary terminates before the end of
the Restricted Period, the Forfeiture Restrictions shall lapse with respect to
a prorated portion of the Restricted Shares. 
The number of shares that the Participant (or the Beneficiary in the
case of the Participant’s death) shall be entitled to receive shall be
determined by multiplying the number of Restricted Shares by a fraction, the
numerator of which is the number of days during the Restricted Period that the
Participant was employed by the Corporation or a Subsidiary and the denominator
of which is the total number of days in the Restricted Period.

 

Section 3.5 — 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

 

(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 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.

 

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.

 

 

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 PlanExhibit
10.3

 

WASHINGTON
GROUP INTERNATIONAL, INC.

EQUITY
AND PERFORMANCE INCENTIVE PLAN

 

PERFORMANCE
UNIT PARTICIPANT 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 “Participant.”

 

WHEREAS,
the Corporation wishes to afford the Participant an opportunity to earn
incentive compensation under the Corporation’s Long-Term Incentive Program (“LTIP”)
by achieving objectives that are in the long-term interest of the Corporation
and its shareholders; and

 

                WHEREAS,
the Board may authorize the granting of Performance Units under the Plan (as
hereinafter defined), the terms of which are hereby incorporated herein by
reference and made a part hereof; and

 

                WHEREAS,
the Board has authorized the grant of Performance Units to the Participant by a
resolution duly adopted on                                      ,
and incorporated herein by reference;

 

                NOW,
THEREFORE, in consideration of the mutual covenants contained herein and other
good and valuable consideration, receipt of which is hereby acknowledged, the
parties hereto do 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 — Management Objectives

Section 1.7 — Subsidiary

Section 1.8 — Years 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 1.9 - Beneficiary

 

                “Beneficiary”
means the person or persons properly designated by the Participant to receive
the Participant’s benefits under this Agreement in the event of the Participant’s
death, or if the Participant has not designated such person or persons, or such
person or persons shall all have pre-deceased the Participant, the executor,
administrator, or personal representative of the Participant’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 1.10 - Compensation
Committee

 

                “Compensation
Committee” means the compensation committee of the Board, as constituted from
time to time.

 

Section 1.11 — Par Value

 

                “Par Value” means the value assigned to each
Performance Unit at the time of grant and represents the amount that the
Corporation will pay for each Performance Unit if the Corporation achieves 100%
of its predetermined Management Objectives during the applicable Performance
Period.

 

Section 1.12 — Performance
Period

 

                “Performance Period” means the
three-fiscal-year period of the Corporation commencing                                      ,
and ending                                      ;
provided, however, that the Performance Period may be shortened in the event of
a Change in Control as set forth in Section 4.4.

 

Section 1.13 — Performance
Unit

 

                “Performance
Unit” means a bookkeeping entry that records a right to payment, the value of
which is contingent upon performance as measured against pre-determined
Management Objectives over the Performance Period.

 

Section 1.14 - Plan

 

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

 

 

 

ARTICLE II

AWARD
OF PERFORMANCE UNITS

 

Section 2.1 — Grant of
Award

 

In consideration of the
Participant’s execution of this Agreement and for other good and valuable
consideration, on the date hereof, the Corporation irrevocably awards to the
Participant           Performance
Units with a Par Value of $10.00 per unit, upon the terms and subject to the
conditions set forth in the Plan and in this Agreement.

 

Section 2.2 — Performance Measures

 

                The
Management Objectives that will be used to determine the actual value of the
Performance Units awarded under this Agreement will be the Corporation’s
average earnings per share (“EPS”) of Common Shares during the Performance
Period and the Corporation’s average return on invested capital (“ROIC”) during
the Performance Period.  A separate
target goal for each Management Objective (EPS and ROIC) has been established
for each year of the Performance Period. 
These target goals are set forth on Exhibit A to this Agreement.  The average EPS and the average ROIC will be
determined by calculating the percentage of the target goal achieved each year
(i.e., dividing each year’s actual results for EPS and ROIC by the respective
target goal for that year) and then calculating the average of the percentages
for all years in the Performance Period (i.e., adding the percentages and
dividing by the number of years in the Performance Period).

 

Example:  If Corporate ROIC equaled
100% of the target goal in [first year], 120% of the target goal in [second
year] and 110% of the target goal in [third year], then the three-year average
ROIC would equal 110%.

 

EPS for any year will be
calculated by dividing net income (as defined for the Short-Term Incentive
Plan) by the weighted average number of Common Shares outstanding during the
year.

 

ROIC for any year will be
calculated by dividing net income (as defined for the Short-Term Incentive
Plan) + tax-effected interest expense by the average equity and debt.

 

All amounts will be
determined by the Corporation’s finance department and certified by the
Compensation Committee.

 

Section 2.3 — Performance
Unit Values

 

                At
the end of the Performance Period, the Compensation Committee shall value each
Performance Unit using the Performance Unit Value
Matrix set forth in Exhibit A and the Corporation’s actual results
during the Performance Period. 
Notwithstanding any other provision of this Agreement or the Plan, no
Performance Unit awarded under this Agreement may have a value greater than
$20.00.  For levels of actual performance
between any two amounts set forth on the Performance Unit Value Matrix, the
value of the Performance Units will be calculated by prorating between the
values assigned to the specified performance levels, giving equal weighting to
each Management Objective.

 

 

ARTICLE III

 

Section 3.1 — Payment in
Ordinary Course

 

                If
the Participant remains actively employed with the Corporation or a Subsidiary
through the date of payment, the value of the Performance Units shall be paid
to the Participant as soon as administratively practical after the February
Board meeting following the end of the Performance Period.  Payment shall be in cash except that the
Compensation Committee may determine in its discretion to permit payment in the
form of Common Shares or Deferred Shares or an election to receive Deferred
Shares of the Corporation, subject to availability under the Plan, to the
extent necessary for the Participant to satisfy any applicable stock ownership
guidelines.

 

Section 3.2 — Payment in
the Event or Retirement, Death or Disability

 

                Notwithstanding
the foregoing, if, solely because of the Participant’s death, permanent and
total disability (within the meaning of Section 22(c)(3) of the Code) or
retirement at or after the attainment of (a) age 65, (b) age 55 with at least
10 Years of Service, or (c) 30 Years of Service, the Participant’s employment
with the Corporation or a Subsidiary terminates before payment is made but at least
180 days after the Performance Units were granted, the Participant (or the
Beneficiary in the case of the Participant’s death) shall be entitled to
receive a prorated portion of the value of the Performance Units as soon as
administratively practical after the February Board Meeting following the end
of the Performance Period.  The amount
that the Participant (or Beneficiary) shall be entitled to receive shall be
determined by multiplying the value of the Performance Units by a fraction, the
numerator of which is the number of days during the Performance Period that the
Participant was employed by the Corporation or a Subsidiary and the denominator
of which is the total number of days in the Performance Period.

 

Section 3.3 — Taxes

 

                Any
taxes required by federal, state or local laws due on payment of the value of
Performance Units will be withheld by the Corporation.  The Participant hereby authorizes the
necessary withholding by the Corporation to satisfy such tax withholding
obligations prior to payment.

 

 

ARTICLE IV

OTHER PROVISIONS

 

Section 4.1 — No Guarantee
of Employment

 

Nothing in this Agreement or
in the Plan shall confer upon the Participant 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 or its Subsidiaries, which are
expressly reserved, to discharge the Participant at any time for any reason
whatsoever, with or without cause.

 

Section 4.2 — Administration

 

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 Participant, 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 a Performance Unit.

 

Section 4.3 — Performance
Units Not Transferable

 

                Performance
Units under the Plan may not be sold, pledged, assigned or transferred in any
manner other than by will or the laws of descent and distribution; provided,
however, the Participant may designate a Beneficiary to receive payment after
his death.  No Performance Unit or any
interest or right therein or part thereof shall be liable for the debts,
contracts or engagements of the Participant or 

 

his successors in interest or shall be subject to disposition by
transfer, alienation, anticipation, pledge, encumbrance, assignment or any
other means whether such disposition be voluntary or involuntary or by
operation of law by judgment, levy, attachment, garnishment or any other legal
or equitable proceedings (including bankruptcy), and any attempted disposition
thereof shall be null and void and of no effect; provided, however, that this
Section 4.3 shall not prevent transfer by will or by the applicable laws of
descent and distribution.  During the
Participant’s lifetime, the value of Performance Units shall be paid only to
the Participant or his guardian or legal representative.

 

Section 4.4 — Change in
Control

 

                The
Performance Period shall end immediately upon the occurrence of a Change in
Control and the value of each Performance Unit shall be equal to the greater of
(a) the Par Value set forth in this Agreement and (b) the value determined
under Section 2.3 of this Agreement based upon the Corporation’s actual results
for the shortened Performance Period. 
The value of the Performance Units shall become payable immediately upon
the Change in Control.

 

 

Section 4.5 — Amendment

 

This Agreement is subject to
the Plan. The Board may amend the Plan and the Compensation Committee may amend
this Agreement at any time and in any way, except that any amendment of the
Plan or this Agreement that would impair the Participant’s rights under this
Agreement may not be made without the Participant’s written consent.

 

Section 4.6 — 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 Participant shall be addressed to him or her at the address given
beneath his or her signature hereto.  By
a notice given pursuant to this Section 4.6, either party may hereafter
designate a different address for notices to be given to him or her.  Any notice which is required to be given to
the Participant shall, if the Participant is then deceased, be given to the
Participant’s personal representative if such representative has previously
informed the Corporation of his status and address by written notice under this
Section 4.6.  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 4.7 — Titles

 

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

 

Section 4.8 — Governing Law

 

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

 

IN WITNESS WHEREOF, the Corporation, by its duly authorized officer,
and the Participant have executed this Agreement.

	
   

  	
   

  	
   

  	
   

  	
   

  	
  WASHINGTON GROUP
  INTERNATIONAL, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Larry L. Myers

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Senior Vice President —
  Human Resources

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

 

	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Participant’s Social Security
  Number

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Participant’s
  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 Participant alone and that all of his or her right,
title or interest, if any, in the Performance Units, whether arising by
operation of community property law, by property settlement or otherwise, shall
be subject to all such terms.

 

 

	
   

  	
   

  	
   

  
	
   

  	
  Spouse’s Signature

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Printed
  Name

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00098-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00098-of-00352.parquet"}]]