Document:

<PAGE>

                                                                     EXHIBIT 4.1

        NUMBER                                                   SHARES
 ----------------------                                  ----------------------
|                      |                                |                      |
 ----------------------                                  ----------------------
   S

                                     (LOGO)

COMMON STOCK                  `                                     COMMON STOCK

INCORPORATED UNDER THE LAWS     ROWAN COMPANIES, INC       CUSIP 779382 10 0
 OF THE STATE OF DELAWARE                                 THIS CERTIFICATE IS
                                                         TRANSFERABLE IN DENVER,
                                                          COLORADO OR NEW YORK,
                                                                NEW YORK

                     ---------------------------------------
                    |                                       |
This Certifies that |                                       |  is the owner of
                    |                                       |
                    |                                       |
                     ---------------------------------------
                                                              SEE REVERSE FOR
                                                            CERTAIN DEFINITIONS

             FULL-PAID AND NON-ASSESSABLE SHARES OF COMMON STOCK OF
                        THE PAR VALUE OF $.12-1/2 EACH OF

      Rowan Companies, Inc., transferable on the books of the Corporation by the
holder hereof in person or by duly authorized attorney upon surrender of this
Certificate properly endorsed. This Certificate and the shares represented
hereby are issued and shall be subject to all of the provisions of the
Certificate of Incorporation, as now or hereafter amended, to all of which the
holder hereof by acceptance hereof assents.

      This Certificate is not valid unless countersigned and registered by a
Transfer Agent and Registrar of the Corporation.

      Witness the facsmile seal of the Corporation and the facsmile signatures
of its duly authorized officers.

Dated

               Mark H. Hay                            D. F. McNease
                SECRETARY                               PRESIDENT

                                                   COUNTERSIGNED AND REGISTERED:
                           ROWAN COMPANIES, INC.   COMPUTERSHARE TRUST CO., INC.
                           CORPORATE SEAL          TRANSFER AGENT AND REGISTRAR
                           1947                    BY
                           DELAWARE

(C) SECURITY-COLUMBIAN UNITED STATES BANKNOTE COMPANY       AUTHORIZED SIGNATURE
<PAGE>
                              ROWAN COMPANIES, INC.

      THE CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH STOCKHOLDER WHO SO
REQUESTS A STATEMENT OF THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE,
PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OR SERIES
THEREOF OF THE CORPORATION, AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS
OF SUCH PREFERENCES AND/OR RIGHTS. SUCH REQUEST MAY BE MADE TO THE CORPORATION
OR TO THE TRANSFER AGENT.

      The following abbreviations, when used in the inscription on the face of
this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM -as tenants in common             UNIF GIFT MIN ACT------Custodian------
TEN ENT -as tenants by the entireties                      (Cust)        (Minor)
JT TEN  -as joint tenants with right of            under Uniform Gifts to Minors
         survivorship and not as tenants                  Act-------------------
         in common                                                (State)

     Additional abbreviations may also be used though not in the above list.

       For Value Received,__________hereby sell, assign and transfer unto

  PLEASE INSERT SOCIAL SECURITY OR OTHER
      IDENTIFYING NUMBER OF ASSIGNEE

         ----------------------
        |                      |
         ----------------------

________________________________________________________________________________
  (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

_________________________________________________________________________ SHARES
OF THE CAPITAL STOCK REPRESENTED BY THE WITHIN CERTIFICATE, AND DO HEREBY
IRREVOCABLY CONSTITUTE AND APPOINT

_______________________________________________________________________ ATTORNEY
TO TRANSFER THE SAID SHARES ON THE BOOKS OF THE WITHIN NAMED CORPORATION WITH
FULL POWER OF SUBSTITUTION IN THE PREMISES.

DATED_________________________________

                        ________________________________________________________
                        NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND
                                WITH THE NAME AS WRITTEN UPON THE FACE OF THE
                                CERTIFICATE IN EVERY PARTICULAR, WITHOUT
                                ALTERATION OR ENLARGEMENT OR ANY CHANGE
                                WHATEVER.

      This certificate also evidences and entitles the holder hereof to certain
Rights as set forth in the Rights Agreement between Rowan Companies, Inc. (the
"Company") and Computershare Trust Co., Inc. (the "Rights Agent") dated as of
January 24, 2002 (the "Rights Agreement"), the terms of which are hereby
incorporated herein by reference and a copy of which is on file at the principal
office of the Company. Under certain circumstances, as set forth in the Rights
Agreement, such Rights may be redeemed, may expire, or may be evidenced by
separate certificates and will no longer be evidenced by this certificate. The
Company will mail to the holder of this certificate a copy of the Rights
Agreement, as in effect on the date of mailing, without charge promptly after
receipt of a written request therefor. Under certain circumstances set forth in
the Rights Agreement, Rights issued to, or held by, any Person who is, was or
becomes an Acquiring Person or any Affiliate or Associate thereof (as such terms
are defined in the Rights Agreement), whether currently held by or on behalf of
such Person or by any subsequent holder, may become null and void.<PAGE>
                                                                    EXHIBIT 10.1

                                AMENDMENT NO. 2

                                     TO THE

                            HV MARINE SERVICES, INC.

                           INCENTIVE COMPENSATION PLAN
                                    ("PLAN")

                            EFFECTIVE MARCH 13, 2003

      The Plan is hereby amended as follows:

      1.  The name of the Plan is changed to the "Hornbeck Offshore Services,
Inc. Incentive Compensation Plan."

      2.  Clause (viii) of Section 3.2(a) of the Plan is renumbered as clause
(ix) and the following is added as the new clause (viii) of Section 3.2(a):

            "(viii) delegate to the Chief Executive Officer and to other senior
      officers of the Company its duties under this Plan pursuant to such
      conditions or limitations as the Committee may establish, except that the
      Committee may not delegate to any person the authority to grant Awards to,
      or take other action with respect to, Persons who are subject to Section
      16 of the Exchange Act."<PAGE>
                                                                  EXHIBIT 10.43

                              QUANTA SERVICES, INC.
                            2001 STOCK INCENTIVE PLAN
                    (AS AMENDED AND RESTATED MARCH 13, 2003)

         1. AMENDMENT AND RESTATEMENT. The Quanta Services, Inc. 2001 Stock
Incentive Plan is amended and restated as set forth herein, effective as of
March 13, 2003 (the "Effective Date"). Options granted under the Plan prior to
the Effective Date shall be subject to the terms and conditions of the Plan in
effect with respect to such Options prior to the Effective Date, including any
prior amendments to the Plan, and Options granted after the Effective Date shall
be subject to the terms and conditions of the Plan as set forth herein, as it
may be amended from time to time.

         2. PURPOSE. The purposes of the Plan are to attract and retain for the
Company and its Affiliates the best available personnel, to provide additional
incentive to Employees, Directors and Consultants and to increase their
respective interest in the Company's welfare, and to promote the success of the
business of the Company and its Affiliates.

         3. DEFINITIONS. As used herein, unless the context requires otherwise,
the following terms shall have the meanings indicated below:

         (a) "Affiliate" means (i) any corporation, partnership or other entity
which owns, directly or indirectly, a majority of the voting equity securities
of the Company, (ii) any corporation, partnership or other entity of which a
majority of the voting equity securities or equity interest is owned, directly
or indirectly, by the Company, and (iii) with respect to an Option that is
intended to be an Incentive Stock Option, (A) any "parent corporation" of the
Company, as defined in Section 424(e) of the Code or (B) any "subsidiary
corporation" of the Company as defined in Section 424(f) of the Code, any other
entity that is taxed as a corporation under Section 7701(a)(3) of the Code and
is a member of the "affiliated group" as defined in Section 1504(a) of the Code
of which the Company is the common parent, and any other entity as may be
permitted from time to time by the Code or by the Internal Revenue Service to be
an employer of Employees to whom Incentive Stock Options may be granted;
provided, however, that in each case the Affiliate must be consolidated in the
Company's financial statements.

         (b) "Award" means any right granted under the Plan, including an Option
and a Restricted Stock Award, whether granted singly or in combination, to a
Grantor pursuant to the terms, conditions and limitations that the Committee may
establish in order to fulfill the objectives of the Plan.

         (c) "Board" means the Board of Directors of the Company.

         (d) "Change in Control" of the Company means the occurrence of any of
the following events: (i) any "person" (as such term is used in Sections 13(d)
and 14(d) of the Exchange Act) is or becomes the "beneficial owner" (as defined
in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of
the Company representing 50 percent or more of the combined voting power of the
Company's then outstanding securities; (ii) as a result of, or in connection
with, any tender offer or exchange offer, merger, or other business combination
(a "Transaction"), the persons who were directors of the Company immediately

<PAGE>

before the Transaction shall cease to constitute a majority of the Board of
Directors of the Company or any successor to the Company; (iii) the Company is
merged or consolidated with another corporation and as a result of the merger or
consolidation less than 75 percent of the outstanding voting securities of the
surviving or resulting corporation shall then be owned in the aggregate by the
former stockholders of the Company; (iv) a tender offer or exchange offer is
made and consummated for the ownership of securities of the Company representing
50 percent or more of the combined voting power of the Company's then
outstanding voting securities; or (v) the Company transfers substantially all of
its assets to another corporation which is not controlled by the Company.

         (e) "Chief Executive Officer" means the individual serving at any
relevant time as the chief executive officer of the Company.

         (f) "Code" means the Internal Revenue Code of 1986, as amended, and any
successor statute. Reference in the Plan to any section of the Code shall be
deemed to include any amendments or successor provisions to such section and any
Treasury regulations promulgated under such section.

         (g) "Committee" means the committee, as constituted from time to time,
of the Board that is appointed by the Board to administer the Plan; provided,
however, that while the Common Stock is publicly traded, the Committee shall be
a committee of the Board consisting solely of two or more Outside Directors, in
accordance with Section 162(m) of the Code, and/or solely of two or more
Non-Employee Directors, in accordance with Rule 16b-3, as necessary in each case
to satisfy such requirements with respect to Awards granted under the Plan.
Within the scope of such authority, the Committee may (i) delegate to a
committee of one or more members of the Board who are not Outside Directors the
authority to grant Options to eligible persons who are either (A) not then
Covered Employees and are not expected to be Covered Employees at the time of
recognition of income resulting from such Options or (B) not persons with
respect to whom the Company wishes to comply with Section 162(m) of the Code
and/or (ii) delegate to a committee of one or more members of the Board who are
not Non-Employee Directors the authority to grant Options to eligible persons
who are not then subject to Section 16 of the Exchange Act. Notwithstanding the
foregoing provisions, the Chief Executive Officer has the authority to grant
Non-Qualified Stock Options and Restricted Stock Awards to certain Employees, as
described in Section 6 of this Plan.

         (h) "Common Stock" means the Common Stock, $0.00001 par value per
share, of the Company or the common stock that the Company may in the future be
authorized to issue (as long as the common stock varies from that currently
authorized, if at all, only in amount of par value).

         (i) "Company" means Quanta Services, Inc., a Delaware corporation.

         (j) "Consultant" means any person (other than an Employee or a
Director, solely with respect to rendering services in such person's capacity as
a Director) who is engaged by the Company or any Affiliate to render consulting
or advisory services to the Company or such Affiliate and who is a "consultant
or advisor" within the meaning of Rule 701 promulgated under the Securities Act
or Form S-8 promulgated under the Securities Act.

Quanta Services, Inc.
2001 Stock Incentive Plan                                                Page 2

<PAGE>

         (k) "Continuous Service" means that the provision of services to the
Company or an Affiliate in any capacity of Employee, Director or Consultant is
not interrupted or terminated. Except as otherwise provided in a particular
Option Agreement or Restricted Stock Agreement, service shall not be considered
interrupted or terminated for this purpose in the case of (i) any approved leave
of absence, (ii) transfers among the Company, any Affiliate, or any successor,
in any capacity of Employee, Director or Consultant, or (iii) any change in
status as long as the individual remains in the service of the Company or an
Affiliate in any capacity of Employee, Director or Consultant. An approved leave
of absence shall include sick leave, military leave, or any other authorized
personal leave. For purposes of each Incentive Stock Option, if such leave
exceeds ninety (90) days, and re-employment upon expiration of such leave is not
guaranteed by statute or contract, then the Incentive Stock Option shall be
treated as a Non-Qualified Stock Option on the day that is three (3) months and
one (1) day following the expiration of such ninety (90)-day period.

         (l) "Covered Employee" means the Chief Executive Officer and the four
other most highly compensated officers of the Company for whom total
compensation is required to be reported to shareholders under Regulation S-K, as
determined for purposes of Section 162(m) of the Code.

         (m) "Director" means a member of the Board or the board of directors of
an Affiliate.

         (n) "Disability" means the "disability" of a person as defined in a
then effective long-term disability plan maintained by the Company that covers
such person, or if such a plan does not exist at any relevant time, "Disability"
means the permanent and total disability of a person within the meaning of
Section 22(e)(3) of the Code. For purposes of determining the time during which
an Incentive Stock Option may be exercised under the terms of an Option
Agreement, "Disability" means the permanent and total disability of a person
within the meaning of Section 22(e)(3) of the Code. Section 22(e)(3) of the Code
provides that an individual is totally and permanently disabled if he is unable
to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in
death or which has lasted or can be expected to last for a continuous period of
not less than twelve (12) months.

         (o) "Employee" means any person, including an Officer or Director, who
is employed by the Company or an Affiliate. The provision of compensation by the
Company or an Affiliate to a Director solely with respect to such individual
rendering services in the capacity of a Director, however, shall not be
sufficient to constitute "employment" by the Company or that Affiliate.

         (p) "Exchange Act" means the Securities Exchange Act of 1934, as
amended, and any successor statute. Reference in the Plan to any section of the
Exchange Act shall be deemed to include any amendments or successor provisions
to such section and any rules and regulations relating to such section.

         (q) "Fair Market Value" means, as of any date, the value of the Common
Stock determined as follows:

Quanta Services, Inc.
2001 Stock Incentive Plan                                                Page 3

<PAGE>

            (i)   If the Common Stock is listed on any established stock
                  exchange or traded on the Nasdaq National Market or the Nasdaq
                  SmallCap Market, the Fair Market Value of a share of Common
                  Stock shall be the closing sales price for such a share of
                  Common Stock (or the closing bid, if no sales were reported)
                  as quoted on such exchange or market (or the exchange or
                  market with the greatest volume of trading in the Common
                  Stock) on the day of determination (or if no such price or bid
                  is reported on that day, on last market trading day prior to
                  the day of determination), as reported in The Wall Street
                  Journal or such other source as the Committee deems reliable.

            (ii)  In the absence of any such established markets for the Common
                  Stock, the Fair Market Value shall be determined in good faith
                  by the Committee.

         (r) "Grantee" means an Employee, Director or Consultant to whom an
Award has been granted under the Plan, including an Option.

         (s) "Incentive Stock Option" means an Option granted to an Employee
under the Plan that meets the requirements of Section 422 of the Code.

         (t) "Non-Employee Director" means a Director of the Company who either
(i) is not an Employee or Officer, does not receive compensation (directly or
indirectly) from the Company or an Affiliate in any capacity other than as a
Director (except for an amount as to which disclosure would not be required
under Item 404(a) of Regulation S-K), does not possess an interest in any other
transaction as to which disclosure would be required under Item 404(a) of
Regulation S-K and is not engaged in a business relationship as to which
disclosure would be required under Item 404(b) of Regulation S-K or (ii) is
otherwise considered a "non-employee director" for purposes of Rule 16b-3.

         (u) "Non-Qualified Stock Option" means an Option granted under the Plan
that is not intended to be an Incentive Stock Option.

         (v) "Officer" means a person who is an "officer" of the Company or any
Affiliate within the meaning of Section 16 of the Exchange Act (whether or not
the Company is subject to the requirements of the Exchange Act).

         (w) "Option" means a stock option granted pursuant to the Plan to
purchase a specified number of shares of Common Stock, whether granted as an
Incentive Stock Option or as a Non-Qualified Stock Option.

         (x) "Option Agreement" means the written agreement evidencing the grant
of an Option executed by the Company and the Optionee, including any amendments
thereto.

         (y) "Optionee" means an individual to whom an Option has been granted
under the Plan.

         (z) "Outside Director" means a Director of the Company who either (i)
is not a current employee of the Company or an "affiliated corporation" (within
the meaning of the Treasury regulations promulgated under Section 162(m) of the
Code), is not a former employee of the Company or an "affiliated corporation"
receiving compensation for prior services (other

Quanta Services, Inc.
2001 Stock Incentive Plan                                                Page 4

<PAGE>

than benefits under a tax qualified pension plan), has not been an officer of
the Company or an "affiliated corporation" at any time and is not currently
receiving (within the meaning of the Treasury regulations promulgated under
Section 162(m) of the Code) direct or indirect remuneration from the Company or
an "affiliated corporation" for services in any capacity other than as a
Director, or (ii) is otherwise considered an "outside director" for purposes of
Section 162(m) of the Code.

         (aa) "Plan" means this Quanta Services, Inc. 2001 Stock Incentive Plan,
as set forth herein and as it may be amended from time to time. Immediately
prior to the Effective Date of this amendment and restatement, the Plan was
known as the "Quanta Services, Inc. Amended and Restated 1997 Stock Option
Plan".

         (bb) "Qualifying Shares" means shares of Common Stock which either (i)
have been owned by the Grantee for more than six (6) months and have been "paid
for" within the meaning of Rule 144 promulgated under the Securities Act, or
(ii) were obtained by the Grantee in the public market.

         (cc) "Regulation S-K" means Regulation S-K promulgated under the
Securities Act, as it may be amended from time to time, and successor to
Regulation S-K. Reference in the Plan to any item of Regulation S-K shall be
deemed to include any amendments or successor provisions to such item.

         (dd) "Restriction Period" means the period during which the Common
Stock under a Restricted Stock Award is nontransferable and subject to
"Forfeiture Restrictions" as defined in Section 11(a) of this Plan and set forth
in the related Restricted Stock Agreement.

         (ee) "Restricted Stock Agreement" means the written agreement
evidencing the grant of a Restricted Stock Award executed by the Company and the
Grantee, including any amendments thereto. Each Restricted Stock Agreement shall
be subject to the terms and conditions of the Plan.

         (ff) "Restricted Stock Award" means an Award granted under Section 10
of this Plan of shares of Common Stock issued to the Grantee for such
consideration, if any, and subject to such restrictions on transfer, rights of
first refusal, repurchase provisions, forfeiture provisions and other terms and
conditions as are established by the Committee.

         (gg) "Rule 16b-3" means Rule 16b-3 promulgated under the Exchange Act,
as it may be amended from time to time, and any successor to Rule 16b-3.

         (hh) "Section" means a section of the Plan unless otherwise stated or
the context otherwise requires.

         (ii) "Securities Act" means the Securities Act of 1933, as amended, and
any successor statute. Reference in the Plan to any section of the Securities
Act shall be deemed to include any amendments or successor provisions to such
section and any rules and regulations relating to

Quanta Services, Inc.
2001 Stock Incentive Plan                                                Page 5

<PAGE>

such section.

         (jj) "Stock" means (i) the Common Stock, (ii) limited vote common
stock, par value $.00001 per share, of the Company, and (iii) Common Stock into
which the outstanding shares of the Company's Series A Preferred Stock, par
value $.00001 per share, are convertible.

         (kk) "Ten Percent Shareholder" means a person who owns (or is deemed to
own pursuant to Section 424(d) of the Code) at the time an Option is granted
stock possessing more than ten percent (10%) of the total combined voting power
of all classes of stock of the Company or of any of its Affiliates.

         4. INCENTIVE AWARDS AVAILABLE UNDER THE PLAN. Awards granted under this
Plan may be (a) Incentive Stock Options, (b) Non-Qualified Stock Options, and
(c) Restricted Stock Awards.

         5. SHARES SUBJECT TO PLAN. Subject to adjustment pursuant to Section
11(a) hereof, the total amount of Common Stock with respect to which Awards may
be granted under the Plan shall not exceed the greater of (i) 3,571,275 shares
or (ii) 12 percent of the total number of shares of Stock outstanding,
determined at the time of a particular Award. Notwithstanding the foregoing, the
total amount of Common Stock with respect to which Incentive Stock Options may
be granted under the Plan shall not exceed 3,571,275 shares (subject to
adjustment pursuant to Section 11(a) hereof). Any shares of Common Stock covered
by an Award (or a portion of an Award) that are forfeited or canceled, or that
expire shall be deemed not to have been issued for purposes of determining the
maximum aggregate number of shares of Common Stock which may be issued under the
Plan and shall again be available for Awards under the Plan. At all times during
the term of the Plan, the Company shall reserve and keep available such number
of shares of Common Stock as will be required to satisfy the requirements of
outstanding Awards under the Plan. Nothing in this Section 5 shall impair the
right of the Company to reduce the number of outstanding shares of Common Stock
pursuant to repurchases, redemptions, or otherwise; provided, however, that no
reduction in the number of outstanding shares of Common Stock shall (a) impair
the validity of any outstanding Award, whether or not that Award is fully
exercisable or fully vested, or (b) impair the status of any shares of Common
Stock previously issued pursuant to an Award as duly authorized, validly issued,
fully paid, and nonassessable. The shares to be delivered under the Plan shall
be made available from (a) authorized but unissued shares of Common Stock, (b)
Common Stock held in the treasury of the Company, or (c) previously issued
shares of Common Stock reacquired by the Company, including shares purchased on
the open market, in each situation as the Committee may determine from time to
time in its sole discretion.

         6. ELIGIBILITY. Awards other than Incentive Stock Options may be
granted to Employees, Officers, Directors, and Consultants. Incentive Stock
Options may be granted only to Employees (including Officers and Directors who
are also Employees), as limited by clause (iii) of Section 3(a). The Committee
in its sole discretion shall select the recipients of Awards; provided, however,
that the Chief Executive Officer in his sole discretion may select the
recipients of Non-Qualified Stock Options and/or Restricted Stock Awards if (i)
such recipients are not Officers, (ii) the aggregate number of shares of Common
Stock subject to Options granted in any one calendar quarter does not exceed
100,000 shares and the aggregate value of the Restricted Stock Awards granted in
any one calendar quarter does not exceed $250,000 determined based on the Fair
Market Value of the Common Stock at the time of the grants, and

Quanta Services, Inc.
2001 Stock Incentive Plan                                                Page 6

<PAGE>

(iii) the aggregate number of shares of Common Stock subject to such Options
granted to any individual in any one calendar quarter does not exceed 20,000
shares of Common Stock and the aggregate value of the Restricted Stock Awards
granted in any one calendar quarter to any individual does not exceed $25,000
determined based on the Fair Market Value of the Common Stock at the time of the
grants. A Grantee may be granted more than one Award under the Plan, and Awards
may be granted at any time or times during the term of the Plan. The grant of an
Award to an Employee, Officer, Director or Consultant shall not be deemed either
to entitle that individual to, or to disqualify that individual from,
participation in any other grant of Awards under the Plan.

         7. LIMITATION ON INDIVIDUAL AWARDS. Subject to the provisions of
Section 11(a), the maximum number of shares of Common Stock that may be subject
to Awards granted to any one person under the Plan shall not exceed 1,500,000
shares of Common Stock. The limitation set forth in the preceding sentence shall
be applied in a manner which will permit compensation generated under the Plan
to constitute "performance-based" compensation for purposes of Section 162(m) of
the Code, including counting against such maximum number of shares, to the
extent required under Section 162(m) of the Code and applicable interpretive
authority thereunder, any shares of Common Stock subject to Options that are
canceled or repriced.

         8. TERMS AND CONDITIONS OF OPTIONS. The Committee, or if applicable
pursuant to Section 6, the Chief Executive Officer, shall determine (a) whether
each Option shall be granted as an Incentive Stock Option or a Non-Qualified
Stock Option and (b) the provisions, terms and conditions of each Option
including, but not limited to, the vesting schedule, the number of shares of
Common Stock subject to the Option, the exercise price of the Option, the period
during which the Option may be exercised, repurchase provisions, forfeiture
provisions, methods of payment, and all other terms and conditions of the
Option, subject to the following:

         (a) Form of Option Grant. Each Option granted under the Plan shall be
evidenced by a written Option Agreement in such form (which need not be the same
for each Optionee) as the Committee, or if applicable the Chief Executive
Officer, from time to time approves, but which is not inconsistent with the
Plan, including any provisions that may be necessary to assure that any Option
that is intended to be an Incentive Stock Option will comply with Section 422 of
the Code.

         (b) Date of Grant. The date of grant of an Option will be the date on
which the Committee, or if applicable the Chief Executive Officer, makes the
determination to grant such Option unless otherwise specified by the Committee.
The Option Agreement evidencing the Option will be delivered to the Optionee
with a copy of the Plan and other relevant Option documents, within a reasonable
time after the date of grant.

         (c) Exercise Price. The exercise price of a Non-Qualified Stock Option
shall be not less than 85% of the Fair Market Value of the shares of Common
Stock on the date of grant of the Option. The exercise price of any Incentive
Stock Option shall be not less than 100% of the Fair Market Value of the shares
of Common Stock on the date of grant of the Option. The exercise price of any
Incentive Stock Option granted to a Ten Percent Shareholder shall not be

Quanta Services, Inc.
2001 Stock Incentive Plan                                                Page 7

<PAGE>

less than 110% of the Fair Market Value of the shares of Common Stock on the
date of grant of the Option.

         (d) Exercise Period. Options shall be exercisable within the time or
times or upon the event or events determined by the Committee and set forth in
the Option Agreement; provided, however, that no Option shall be exercisable
later than the day prior to the expiration of ten (10) years from the date of
grant of the Option, and provided further, that no Incentive Stock Option
granted to a Ten Percent Shareholder shall be exercisable after the expiration
of five (5) years from the date of grant of the Option.

         (e) Limitations on Incentive Stock Options. The aggregate Fair Market
Value (determined as of the date of grant of an Option) of Common Stock which
any Employee is first eligible to purchase during any calendar year by exercise
of Incentive Stock Options granted under the Plan and by exercise of incentive
stock options (within the meaning of Section 422 of the Code) granted under any
other incentive stock option plan of the Company or an Affiliate shall not
exceed $100,000. If the Fair Market Value of stock with respect to which all
incentive stock options described in the preceding sentence held by any one
Optionee are exercisable for the first time by such Optionee during any calendar
year exceeds $100,000, the Options (that are intended to be Incentive Stock
Options on the date of grant thereof) for the first $100,000 worth of shares of
Common Stock to become exercisable in such year shall be deemed to constitute
incentive stock options within the meaning of Section 422 of the Code and the
Options (that are intended to be Incentive Stock Options on the date of grant
thereof) for the shares of Common Stock in the amount in excess of $100,000 that
become exercisable in that calendar year shall be treated as Non-Qualified Stock
Options. If the Code or the Treasury regulations promulgated thereunder are
amended after the effective date of the Plan to provide for a different limit
than the one described in this Section 8(e), such different limit shall be
incorporated herein and shall apply to any Options granted after the effective
date of such amendment.

         (f) Transferability of Options. Options granted under the Plan, and any
interest therein, shall not be transferable or assignable by the Optionee, and
may not be made subject to execution, attachment or similar process, otherwise
than by will or by the laws of descent and distribution, and shall be
exercisable during the lifetime of the Optionee only by the Optionee; provided,
that the Optionee may, however, designate persons who or which may exercise his
Options following his death. Notwithstanding the preceding sentence,
Non-Qualified Stock Options may be transferred to such family members, family
member trusts, family limited partnerships and other family member entities as
the Committee, in its sole discretion, may provide for in the Optionee's Option
Agreement and approve prior to any such transfer. No such transfer will be
approved by the Committee if the Common Stock issuable under such transferred
Option would not be eligible to be registered on Form S-8 promulgated under the
Securities Act.

         (g) Acquisitions and Other Transactions. The Committee may, from time
to time, assume outstanding options granted by another entity, whether in
connection with an acquisition of such other entity or otherwise, by either (i)
granting an Option under the Plan in replacement of or in substitution for the
option assumed by the Company, or (ii) treating the assumed option as if it had
been granted under the Plan if the terms of such assumed option could be applied
to an Option granted under the Plan. Such assumption shall be permissible if the
holder of the assumed option would have been eligible to be granted an Option
hereunder if the other entity

Quanta Services, Inc.
2001 Stock Incentive Plan                                                Page 8

<PAGE>

had applied the rules of this Plan to such grant. The Committee also may grant
Options under the Plan in settlement of or substitution for, outstanding options
or obligations to grant future options in connection with the Company or an
Affiliate acquiring another entity, an interest in another entity or an
additional interest in an Affiliate whether by merger, stock purchase, asset
purchase or other form of transaction. Notwithstanding the foregoing provisions
of this Section 8, in the case of an Option issued or assumed pursuant to this
Section 8(g), the exercise price for the Option shall be determined in
accordance with the principles of Section 424(a) of the Code and the Treasury
regulations promulgated thereunder.

         9. EXERCISE OF OPTIONS.

         (a) Notice. Options may be exercised only by delivery to the Company of
a written exercise notice approved by the Committee (which need not be the same
for each Optionee), stating the number of shares of Common Stock being
purchased, the method of payment, and such other matters as may be deemed
appropriate by the Company in connection with the issuance of shares of Common
Stock upon exercise of the Option, together with payment in full of the exercise
price for the number of shares of Common Stock being purchased. Such exercise
notice may be part of an Optionee's Option Agreement.

         (b) Early Exercise. An Option Agreement may, but need not, include a
provision that permits the Optionee to elect at any time while an Employee,
Director or Consultant, to exercise any part or all of the Option prior to full
vesting of the Option. Any unvested shares of Common Stock received pursuant to
such exercise may be subject to a repurchase right in favor of the Company or an
Affiliate or to any other restriction the Committee, or if applicable the Chief
Executive Officer, determines to be appropriate

         (c) Payment. Payment for the shares of Common Stock to be purchased
upon exercise of an Option may be made in cash (by check) or, if elected by the
Optionee and in one or more of the following methods stated in the Option
Agreement (at the date of grant with respect to any Option granted as an
Incentive Stock Option) and where permitted by law: (i) if a public market for
the Common Stock exists, through a "same day sale" arrangement between the
Optionee and a broker-dealer that is a member of the National Association of
Securities Dealers, Inc. (an "NASD Dealer") whereby the Optionee elects to
exercise the Option and to sell a portion of the shares of Common Stock so
purchased to pay for the exercise price and whereby the NASD Dealer commits upon
receipt of such shares of Common Stock to forward the exercise price directly to
the Company; (ii) if a public market for the Common Stock exists, through a
"margin" commitment from the Optionee and an NASD Dealer whereby the Optionee
elects to exercise the Option and to pledge the shares of Common Stock so
purchased to the NASD Dealer in a margin account as security for a loan from the
NASD Dealer in the amount of the exercise price, and whereby the NASD Dealer
commits upon receipt of such shares of Common Stock to forward the exercise
price directly to the Company; (iii) by surrender for cancellation of Qualifying
Shares at the Fair Market Value per share at the time of exercise (provided that
such surrender does not result in an accounting charge for the Company); or (iv)
where approved by the Committee at the time of exercise, by delivery of the
Optionee's promissory note with such recourse, interest, security, redemption
and other provisions as the Committee may require, provided that the par value
of each of the shares of Common Stock to be purchased is paid for in

Quanta Services, Inc.
2001 Stock Incentive Plan                                                Page 9

<PAGE>

cash. No shares of Common Stock may be issued until full payment of the purchase
price therefor has been made.

         (d) Withholding Taxes. The Committee may establish such rules and
procedures as it considers desirable in order to satisfy any obligation of the
Company to withhold the statutory prescribed minimum amount of federal or state
income taxes or other taxes with respect to the exercise of any Option granted
under the Plan. Prior to issuance of the shares of Common Stock upon exercise of
an Option, the Optionee shall pay or make adequate provision acceptable to the
Committee for the satisfaction of the statutory minimum prescribed amount of any
federal or state income or other tax withholding obligations of the Company, if
applicable. Upon exercise of an Option, the Company shall withhold or collect
from the Optionee an amount sufficient to satisfy such tax withholding
obligations.

         (e) Exercise of Option Following Termination of Continuous Service.

            (i)   An Option may not be exercised after the expiration date of
                  such Option set forth in the Option Agreement and may be
                  exercised following the termination of an Optionee's
                  Continuous Service only to the extent provided in the Option
                  Agreement.

            (ii)  Where the Option Agreement permits an Optionee to exercise an
                  Option following the termination of the Optionee's Continuous
                  Service for a specified period, the Option shall terminate to
                  the extent not exercised on the last day of the specified
                  period or the last day of the original term of the Option,
                  whichever occurs first.

            (iii) Any Option designated as an Incentive Stock Option, to the
                  extent not exercised within the time permitted by law for the
                  exercise of Incentive Stock Options following the termination
                  of an Optionee's Continuous Service, shall convert
                  automatically to a Non-Qualified Stock Option and thereafter
                  shall be exercisable as such to the extent exercisable by its
                  terms for the period specified in the Option Agreement.

            (iv)  The Committee shall have discretion to determine whether the
                  Continuous Service of an Optionee has terminated and the
                  effective date on which such Continuous Service terminates and
                  whether the Optionee's Continuous Service terminated as a
                  result of the Disability of the Optionee.

         (f) Limitations on Exercise.

            (i)   The Committee, or if applicable the Chief Executive Officer,
                  may specify a reasonable minimum number of shares of Common
                  Stock or a percentage of the shares subject to an Option that
                  may be purchased on any exercise of an Option; provided, that
                  such minimum number will not prevent Optionee from exercising
                  the full number of shares of Common Stock as to which the
                  Option is then exercisable.

            (ii)  The obligation of the Company to issue any shares of Common
                  Stock pursuant to the exercise of any Option shall be subject
                  to the condition that such exercise and the issuance and
                  delivery of such shares pursuant thereto comply with the
                  Securities Act, all applicable state securities laws and the
                  requirements of any stock exchange or national market system
                  upon which the shares of Common Stock may then be listed or

Quanta Services, Inc.
2001 Stock Incentive Plan                                                Page 10

<PAGE>

                  quoted, as in effect on the date of exercise. The Company
                  shall be under no obligation to register the shares of Common
                  Stock with the Securities and Exchange Commission or to effect
                  compliance with the registration, qualification or listing
                  requirements of any state securities laws or stock exchange or
                  national market system, and the Company shall have no
                  liability for any inability or failure to do so.

            (iii) As a condition to the exercise of an Option, the Company may
                  require the person exercising such Option to represent and
                  warrant at the time of any such exercise that the shares of
                  Common Stock are being purchased only for investment and
                  without any present intention to sell or distribute such
                  shares of Common Stock if, in the opinion of counsel for the
                  Company, such a representation is required by any securities
                  or other applicable laws.

         (g) Modification, Extension And Renewal of Options . The Committee
shall have the power to modify, cancel, extend or renew outstanding Options and
to authorize the grant of new Options and/or Restricted Stock Awards in
substitution therefor (regardless of whether any such action would be treated as
a repricing for financial accounting or other purposes), provided that (except
as permitted by Section 11 of this Plan) any such action may not, without the
written consent of any Optionee, impair any rights under any Option previously
granted to such Optionee. Any outstanding Incentive Stock Option that is
modified, extended, renewed or otherwise altered will be treated in accordance
with Section 424(h) of the Code.

         (h) Privileges of Stock Ownership. No Optionee will have any of the
rights of a shareholder with respect to any shares of Common Stock subject to an
Option until such Option is properly exercised and the purchased shares are
issued and delivered to the Optionee, as evidenced by an appropriate entry on
the books of the Company or of a duly authorized transfer agent of the Company.
No adjustment shall be made for dividends or distributions or other rights for
which the record date is prior to such date of issuance and delivery, except as
provided in the Plan.

         10. TERMS AND CONDITIONS OF RESTRICTED STOCK AWARDS. Each Restricted
Stock Agreement shall be in such form and shall contain such terms and
conditions as the Committee, or if applicable pursuant to Section 6, the Chief
Executive Officer, shall deem appropriate. The terms and conditions of such
Restricted Stock Agreements may change from time to time, and the terms and
conditions of separate Restricted Stock Agreements need not be identical, but
each such Restricted Stock Agreement shall be subject to the terms and
conditions of this Section10.

         (a) Forfeiture Restrictions. Shares of Common Stock that are the
subject of a Restricted Stock Award shall be subject to restrictions on
disposition by the Grantee and to an obligation of the Grantee to forfeit and
surrender the shares to the Company under certain circumstances (the "Forfeiture
Restrictions"). The Forfeiture Restrictions shall be determined by the
Committee, or if applicable pursuant to Section 6, the Chief Executive Officer,
in its or his sole discretion, and the Committee, or if applicable pursuant to
Section 6, the Chief Executive Officer, may provide that the Forfeiture
Restrictions shall lapse on the passage of time, the attainment of one or more
performance targets established by the Committee, or if applicable pursuant to
Section 6, the Chief Executive Officer, or the occurrence of such other event or

Quanta Services, Inc.
2001 Stock Incentive Plan                                                Page 11

<PAGE>

events determined to be appropriate by the Committee, or if applicable pursuant
to Section 6, the Chief Executive Officer. The Forfeiture Restrictions
applicable to a particular Restricted Stock Award (which may differ from any
other such Restricted Stock Award) shall be stated in the Restricted Stock
Agreement.

         (b) Restricted Stock Awards. At the time any Restricted Stock Award is
granted under the Plan, the Company and the Grantee shall enter into a
Restricted Stock Agreement setting forth each of the matters addressed in this
Section 10 and such other matters as the Committee may determine to be
appropriate. Shares of Common Stock awarded pursuant to a Restricted Stock Award
shall be represented by a stock certificate registered in the name of the
Grantee of such Restricted Stock Award or by a book entry account with the
Company's transfer agent. The Grantee shall have the right to receive dividends
with respect to the shares of Common Stock subject to a Restricted Stock Award,
to vote the shares of Common Stock subject thereto and to enjoy all other
stockholder rights with respect to the shares of Common Stock subject thereto,
except that, unless provided otherwise in the Restricted Stock Agreement, (i)
the Grantee shall not be entitled to delivery of the shares of Common Stock
certificate until the Forfeiture Restrictions have expired, (ii) the Company or
an escrow agent shall retain custody of the shares of Common Stock (or such
shares shall be held in a book entry account with the Company's transfer agent)
until the Forfeiture Restrictions have expired, (iii) the Grantee may not sell,
transfer, pledge, exchange, hypothecate or otherwise dispose of the shares of
Common Stock until the Forfeiture Restrictions have expired, and (iv) a breach
of the terms and conditions established by the Committee pursuant to the
Restricted Stock Agreement shall cause a forfeiture of the Restricted Stock
Award. At the time of such Award, the Committee, or if applicable pursuant to
Section 6, the Chief Executive Officer, may, in its or his sole discretion,
prescribe additional terms, conditions or restrictions relating to Restricted
Stock Award, including rules pertaining to the termination of the Grantee's
Continuous Service (by retirement, Disability, death or otherwise) prior to
expiration of the Forfeiture Restrictions. Such additional terms, conditions or
restrictions shall also be set forth in a Restricted Stock Agreement made in
connection with the Restricted Stock Award.

         (c) Rights and Obligations of Grantee. One or more stock certificates
representing shares of Common Stock, free of Forfeiture Restrictions, shall be
delivered to the Grantee promptly after, and only after, the Forfeiture
Restrictions have expired and Grantee has satisfied all applicable federal,
state and local income and employment tax withholding requirements. Each
Restricted Stock Agreement shall require that (i) the Grantee, by his or her
acceptance of the Restricted Stock Award, shall irrevocably grant to the Company
a power of attorney to transfer any shares so forfeited to the Company and
agrees to execute any documents requested by the Company in connection with such
forfeiture and transfer, and (ii) such provisions regarding transfers of
forfeited shares of Common Stock shall be specifically performable by the
Company in a court of equity or law.

         (d) Restriction Period. The Restriction Period for a Restricted Stock
Award shall commence on the date of grant of the Restricted Stock Award and,
unless otherwise established by the Committee and stated in the Restricted Stock
Award Agreement, shall expire upon satisfaction of the conditions set forth in
the Restricted Stock Agreement pursuant to which the Forfeiture Restrictions
will lapse.

Quanta Services, Inc.
2001 Stock Incentive Plan                                                Page 12

<PAGE>

         (e) Securities Restrictions. The Committee, or if applicable pursuant
to Section 6, the Chief Executive Officer, may impose other conditions on any
shares of Common Stock subject to a Restricted Stock Award as it may deem
advisable, including (i) restrictions under applicable state or federal
securities laws, and (ii) the requirements of any stock exchange or national
market system upon which shares of Common Stock are then listed or quoted.

         (f) Payment for Restricted Stock. The Committee, or if applicable
pursuant to Section 6, the Chief Executive Officer, shall determine the amount
and form of any payment for shares of Common Stock received pursuant to a
Restricted Stock Award; provided, that in the absence of such a determination,
the Grantee shall not be required to make any payment for shares of Common Stock
received pursuant to a Restricted Stock Award, except to the extent otherwise
required by law.

         (g) Forfeiture of Restricted Stock. Subject to the provisions of the
particular Restricted Stock Agreement, on termination of the Grantee's
Continuous Service during the Restriction Period, the shares of Common Stock
subject to the Restricted Stock Award shall be forfeited by the Grantee. Upon
any forfeiture, all rights of the Grantee with respect to the forfeited shares
of the Common Stock subject to the Restricted Stock Award shall cease and
terminate, without any further obligation on the part of the Company, except
that if so provided in the Restricted Stock Agreement applicable to the
Restricted Stock Award, the Company shall repurchase each of the shares of
Common Stock forfeited for the purchase price per share paid by the Grantee. The
Committee will have discretion to determine whether the Continuous Service of a
Grantee has terminated and the date on which such Continuous Service terminates
and whether the Grantee's Continuous Service terminated as a result of the
Disability of the Grantee.

         (h) Lapse of Forfeiture Restrictions in Certain Events; Committee's
Discretion. Notwithstanding the provisions of Section 10(g) or any other
provision in the Plan to the contrary, the Committee may, in its discretion and
as of a date determined by the Committee, fully vest any or all Common Stock
awarded to the Grantee pursuant to a Restricted Stock Award, and upon such
vesting, all Forfeiture Restrictions applicable to such Restricted Stock Award
shall lapse or terminate. Any action by the Committee pursuant to this Section
10(h) may vary among individual Grantees and may vary among the Restricted Stock
Awards held by any individual Grantee. Notwithstanding the preceding provisions
of this Section 10(h), the Committee may not take any action described in this
Section 10(h) with respect to a Restricted Stock Award that has been granted to
a Covered Employee if such Award has been designed to meet the exception for
performance-based compensation under Section 162(m) of the Code.

         (i) Withholding Taxes. The Committee may establish such rules and
procedures as it considers desirable in order to satisfy any obligation of the
Company to withhold applicable federal, state and local income and employment
taxes with respect to the lapse of Forfeiture Restrictions applicable to
Restricted Stock Awards. Prior to delivery of shares of Common Stock upon the
lapse of Forfeitures Restrictions applicable to a Restricted Stock Award, the
Grantee shall pay or make adequate provision acceptable to the Committee for the
satisfaction of all tax withholding obligations of the Company.

Quanta Services, Inc.
2001 Stock Incentive Plan                                                Page 13

<PAGE>

         11. ADJUSTMENT UPON CHANGES IN CAPITALIZATION AND CORPORATE EVENTS.

         (a) Capital Adjustments. The number of shares of Common Stock (i)
covered by each outstanding Award granted under the Plan, the exercise or
purchase price of such outstanding Award, and any other terms of the Award that
the Committee determines requires adjustment and (ii) available for issuance
under Sections 5, 7 and 8(h) shall be adjusted to reflect, as deemed appropriate
by the Committee, any increase or decrease in the number of shares of Common
Stock resulting from a stock dividend, stock split, reverse stock split,
combination, reclassification or similar change in the capital structure of the
Company without receipt of consideration, subject to any required action by the
Board or the shareholders of the Company and compliance with applicable
securities laws; provided, however, that a fractional share will not be issued
upon exercise of any Award, and either (i) any fraction of a share of Common
Stock that would have resulted will be cashed out at Fair Market Value or (ii)
the number of shares of Common Stock issuable under the Award will be rounded up
to the nearest whole number, as determined by the Committee. Except as the
Committee determines, no issuance by the Company of shares of capital stock of
any class, or securities convertible into shares of capital stock of any class,
shall affect, and no adjustment by reason hereof shall be made with respect to,
the number or price of shares of Common Stock subject to an Award.

         (b) Dissolution or Liquidation. The Committee shall notify the Grantee
at least twenty (20) days prior to any proposed dissolution or liquidation of
the Company. Unless provided otherwise in an individual Option Agreement or
Restricted Stock Agreement or in a then-effective written employment agreement
between the Grantee and the Company or an Affiliate, to the extent that an Award
has not been previously exercised, the Company's repurchase rights relating to
an Award have not expired or the Forfeiture Restrictions have not lapsed, any
such Award that is an Option shall expire and any such Award that is a
Restricted Stock Award shall be forfeited and the shares of Common Stock subject
to such Award shall be returned to the Company, in each case, immediately prior
to consummation of such dissolution or liquidation, such Award shall terminate
immediately prior to consummation of such dissolution or liquidation.

         (c) Change in Control. Unless specifically provided otherwise with
respect to Change in Control events in an individual Option Agreement or
Restricted Stock Agreement or in a then-effective written employment agreement
between the Grantee and the Company or an Affiliate, if, during the
effectiveness of the Plan, a Change in Control occurs, (i) each Option which is
at the time outstanding under the Plan shall (A) automatically become fully
vested and exercisable and be released from any repurchase or forfeiture rights,
immediately prior to the specified effective date of such Change in Control, for
all of the shares of Common Stock at the time represented by such Option and (B)
expire twenty (20) days after the Committee gives written notice to the Optionee
specifying the terms and conditions of the acceleration of the Optionee's
Options, and (ii) the Forfeiture Restrictions applicable to all outstanding
Restricted Stock Awards shall lapse and shares of Common Stock subject to such
Restricted Stock Awards shall be released from escrow (or transferred from book
entry with the Company's transfer agent), if applicable, and delivered (subject
to the Grantees' satisfaction of the requirements of Section 10(i)) to the
Grantees of the Awards free of any Forfeiture Restriction.

Quanta Services, Inc.
2001 Stock Incentive Plan                                                Page 14

<PAGE>

         To the extent that an Optionee exercises his Option before or on the
effective date of the Change in Control, the Company shall issue all Common
Stock purchased by exercise of that Option (subject to Optionee's satisfaction
of the requirements of Section 9(d)), and those shares of Common Stock shall be
treated as issued and outstanding for purposes of the Change in Control.

         12. STOCKHOLDER APPROVAL. The Company shall obtain the approval of the
Plan by the Company's stockholders to the extent required to satisfy Section
162(m) of the Code or to satisfy or comply with any applicable laws or the rules
of any stock exchange or national market system on which the Common Stock may be
listed or quoted. No Award that is issued as a result of any increase in the
number of shares of Common Stock authorized to be issued under the Plan may be
exercised or forfeiture restrictions lapse prior to the time such increase has
been approved by the stockholders of the Company, and all such Awards granted
pursuant to such increase will similarly terminate if such shareholder approval
is not obtained.

         13. ADMINISTRATION. This Plan shall be administered by the Committee.
The Committee shall interpret the Plan and any Awards granted pursuant to the
Plan and shall prescribe such rules and regulations in connection with the
operation of the Plan as it determines to be advisable for the administration of
the Plan. The Committee may rescind and amend its rules and regulations from
time to time. The interpretation by the Committee of any of the provisions of
this Plan or any Award granted under this Plan shall be final and binding upon
the Company and all persons having an interest in any Option or any shares of
Common Stock acquired pursuant to an Award.

         14. EFFECT OF PLAN. Neither the adoption of the Plan nor any action of
the Board or the Committee shall be deemed to give any Employee, Director or
Consultant any right to be granted an Award or any other rights except as may be
evidenced by the Option Agreement or Restricted Stock Agreement, or any
amendment thereto, duly authorized by the Committee, or if applicable the Chief
Executive Officer, and executed on behalf of the Company, and then only to the
extent and on the terms and conditions expressly set forth therein. The
existence of the Plan and the Awards granted hereunder shall not affect in any
way the right of the Board, the Committee or the stockholders of the Company to
make or authorize any adjustment, recapitalization, reorganization or other
change in the Company's capital structure or its business, any merger or
consolidation or other transaction involving the Company, any issue of bonds,
debentures, or shares of preferred stock ahead of or affecting the Common Stock
or the rights thereof, the dissolution or liquidation of the Company or any sale
or transfer of all or any part of the Company's assets or business, or any other
corporate act or proceeding by or for the Company. Nothing contained in the Plan
or in any Option Agreement, Restricted Stock Agreement, or in other related
documents shall confer upon any Employee, Director or Consultant any right with
respect to such person's Continuous Service or interfere or affect in any way
with the right of the Company or an Affiliate to terminate such person's
Continuous Service at any time, with or without cause.

         15. NO EFFECT ON RETIREMENT AND OTHER BENEFIT PLANS. Except as
specifically provided in a retirement or other benefit plan of the Company or an
Affiliate, Awards shall not be deemed compensation for purposes of computing
benefits or contributions under any retirement plan of the Company or an
Affiliate, and shall not affect any benefits under

Quanta Services, Inc.
2001 Stock Incentive Plan                                                Page 15

<PAGE>

any other benefit plan of any kind or any benefit plan subsequently instituted
under which the availability or amount of benefits is related to level of
compensation. The Plan is not a "Retirement Plan" or "Welfare Plan" under the
Employee Retirement Income Security Act of 1974, as amended.

         16. AMENDMENT OR TERMINATION OF PLAN. The Board in its discretion may,
at any time or from time to time after the date of adoption of the Plan,
terminate or amend the Plan in any respect, including amendment of any form of
Option Agreement, Restricted Stock Agreement, exercise agreement or instrument
to be executed pursuant to the Plan; provided, however, to the extent necessary
to comply with the Code, including Sections 162(m) and 422 of the Code, other
applicable laws, or the applicable requirements of any stock exchange or
national market system, the Company shall obtain stockholder approval of any
Plan amendment in such manner and to such a degree as required. No Award may be
granted after termination of the Plan. Any amendment or termination of the Plan
shall not affect Awards previously granted, and such Awards shall remain in full
force and effect as if the Plan had not been amended or terminated, unless
mutually agreed otherwise in a writing (including an Option Agreement or
Restricted Stock Agreement) signed by the Grantee and the Company.

         17. EFFECTIVE DATE AND TERM OF PLAN. The amendment and restatement of
Plan as set forth herein shall become effective upon its adoption by the Board.
It shall continue in effect for a term of ten (10) years from December 22, 1997,
the original effective date of the Plan, unless sooner terminated by action of
the Board. Subject to the terms and conditions of the Plan, as amended and
restated herein, and applicable laws, Awards may be granted under the Plan upon
its adoption.

         18. SEVERABILITY AND REFORMATION. The Company intends all provisions of
the Plan to be enforced to the fullest extent permitted by law. Accordingly,
should a court of competent jurisdiction determine that the scope of any
provision of the Plan is too broad to be enforced as written, the court should
reform the provision to such narrower scope as it determines to be enforceable.
If, however, any provision of the Plan is held to be wholly illegal, invalid, or
unenforceable under present or future law, such provision shall be fully
severable and severed, and the Plan shall be construed and enforced as if such
illegal, invalid, or unenforceable provision were never a part hereof, and the
remaining provisions of the Plan shall remain in full force and effect and shall
not be affected by the illegal, invalid, or unenforceable provision or by its
severance.

         19. GOVERNING LAW. The Plan shall be construed and interpreted in
accordance with the laws of the State of Texas.

         20. INTERPRETIVE MATTERS. Whenever required by the context, pronouns
and any variation thereof shall be deemed to refer to the masculine, feminine,
or neuter, and the singular shall include the plural, and visa versa. The term
"include" or "including" does not denote or imply any limitation. The captions
and headings used in the Plan are inserted for convenience and shall not be
deemed a part of the Plan for construction or interpretation.

Quanta Services, Inc.
2001 Stock Incentive Plan                                                Page 16

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