Document:

Exhibit 10.66

Exhibit 10.66

SECTION 16 OFFICER RESTRICTED STOCK UNIT AWARD AGREEMENT1

The Shaw Group Inc.

2008 Omnibus Incentive Plan

This Restricted Stock Unit Award Agreement (the “Agreement”) dated as of [Insert Grant
Date]2 (the “Grant Date”) is entered into between The Shaw Group Inc. (the “Company”)
and [Insert Recipient’s Name] (the “Recipient”) pursuant to The Shaw Group Inc. 2008 Omnibus
Incentive Plan (as the same may hereafter be amended, supplemented or otherwise modified, the
“Plan”).

THE PARTIES HERETO AGREE AS FOLLOWS:

1. Incorporation of Plan Provisions. The Award evidenced hereby is made under and pursuant
to the Plan, a copy of which is available from the Company’s Secretary and incorporated herein by
reference, and the Award is subject to all of the provisions thereof. Capitalized terms used
herein without definition shall have the same meanings given such terms in the Plan. The Recipient
represents and warrants that he or she has read the Plan and is fully familiar with all the terms
and conditions of the Plan and agrees to be bound thereby.

2. Award of Restricted Stock Units. In consideration of the services performed and to be
performed by the Recipient, the Company hereby awards to the Recipient under the Plan a total of
[Insert #] Restricted Stock Units (the “Award”) subject to the terms and conditions set forth in
this Agreement and the Plan.

3. Vesting of Restricted Stock Units. The Restricted Stock Units shall vest according to
the following schedule (each date vesting occurs shall be referenced herein as a “Vesting Date”):

	 	 	 	 	 
	 	 	Cumulative Percentage of Restricted Stock	 
	On or after each of the following dates	 	Units Vested	 
	[Insert 1st Vesting Date]
	 	 	25	%
	 
	[Insert 2nd Vesting Date]
	 	 	50	%
	 
	[Insert 3rd Vesting Date]
	 	 	75	%
	 
	[Insert 4th Vesting Date]
	 	 	100	%

Notwithstanding the above, the Disability of the Recipient shall cause the immediate vesting of
Restricted Stock Units.

Except as otherwise set forth herein, the unvested portion of the Award shall be entirely forfeited
by the Recipient in the event that prior to vesting the Recipient breaches any terms or conditions
of the Plan, the Recipient resigns from the Company, the Recipient is terminated by the Company for
Cause, or any condition(s) imposed upon vesting are not met.

 

	 	 	 
	1	 	This form is for Section 16 Officers only.

	 
	2	 	The date on which the Restricted Stock Units evidenced hereby were
granted.

 

 

 

4. Restricted Stock Units are Non-Transferable. The Restricted Stock Units awarded hereby
may not be sold, assigned, transferred, pledged or otherwise disposed of, either voluntarily or
involuntarily, prior to payment.

5. Payment upon Vesting of Restricted Stock Units. Subject to the terms and conditions of
the Plan, the Company shall, as soon as practicable following each Vesting Date, either:

(a) deliver to you a number of Shares equal to the aggregate number of Restricted Stock Units
that became vested on the applicable Vesting Date;

(b) make a cash payment to you equal to the Fair Market Value of a Share on the Vesting Date
multiplied by the number of Restricted Stock Units that became vested on the Vesting Date; or

(c) use any combination of (a) or (b), in the sole discretion of the Company.

Upon payment by the Company, the respective Restricted Stock Units shall therewith be canceled.

6. No Dividend or Voting Rights. The Recipient acknowledges that he or she shall be
entitled to no dividend or voting rights with respect to the Restricted Stock Units.

7. Withholding Taxes; Section 83(b) Election.

(a) No Shares or cash will be payable upon the vesting of a Restricted Stock Unit unless and
until the Recipient satisfies any Federal, state or local withholding tax obligation required by
law to be withheld in respect of this Award. The Recipient acknowledges and agrees that to satisfy
any such tax obligation the Company may deduct and retain from the cash and/or Shares payable upon
vesting of Restricted Stock Units such cash and/or such number of Shares as is equal in value to
the Company’s minimum statutory withholding obligations with respect to the income recognized by
the Recipient upon such vesting (based on minimum statutory withholding rates for Federal and state
tax purposes, including payroll taxes, that are applicable to such income). The number of such
Shares to be deducted and retained shall be based on the closing price of the Shares on the
applicable Vesting Date.

(b) The Recipient acknowledges that no election under Section 83(b) of the Internal Revenue
Code of 1986 may be filed with respect to this Award.

8. Miscellaneous.

(a) No Representations or Warranties. Neither the Company nor the Committee or any of
their representatives or agents has made any representations or warranties to the Recipient with
respect to the income tax or other consequences of the transactions contemplated by this Agreement,
and the Recipient is in no manner relying on the Company, the Committee or any of their
representatives or agents for an assessment of such tax or other consequences.

(b) Employment. Nothing in this Agreement or in the Plan or in the making of the
Award shall confer on the Recipient any right to or guarantee of continued employment with the
Company or any of its Subsidiaries or in any way limit the right of the Company or any of its
Subsidiaries to terminate the employment of the Recipient at any time.

(c) Investment. The Recipient hereby agrees and represents that any Shares payable
upon Vesting of the Restricted Stock Units shall be held for the Recipient’s own account for
investment
purposes only and not with a view of resale or distribution unless the Shares are registered
under the Securities Act of 1933, as amended.

 

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(d) Necessary Acts. The Recipient and the Company hereby agree to perform any further
acts and to execute and deliver any documents which may be reasonably necessary to carry out the
provisions of this Agreement.

(e) Severability. The provisions of this Agreement are severable and if any one or
more provisions may be determined to be illegal or otherwise unenforceable, in whole or in part,
the remaining provisions, and any partially enforceable provision to the extent enforceable in any
jurisdiction, shall nevertheless be binding and enforceable.

(f) Waiver. The waiver by the Company of a breach of any provision of this Agreement
by the Recipient shall not operate or be construed as a waiver of any subsequent breach by the
Recipient.

(g) Binding Effect; Applicable Law. This Agreement shall bind and inure to the
benefit of the Company and its successors and assigns, and the Recipient and any heir, legatee, or
legal representative of the Recipient. This Agreement shall be interpreted under and governed by
and constructed in accordance with the laws of the State of Louisiana.

(h) Administration. The authority to manage and control the operation and
administration of this Agreement shall be vested in the Committee, and the Committee shall have all
powers with respect to this Agreement as it has with respect to the Plan. Any interpretation of
the Agreement by the Committee and any decision made by it with respect to the Agreement is final
and binding.

(i) Amendment. This Agreement may be amended by written agreement of the Recipient
and the Company, without the consent of any other person.

(j) Conflicting Agreements. Should this Agreement conflict with the terms of an
Employment Agreement entered into between the Recipient and the Company, the terms of the
Employment Agreement shall govern.

IN WITNESS WHEREOF, the parties to this Agreement have executed this Agreement effective as of the
date first above written.

	 	 	 
	 

	 	COMPANY:
	 
	 	 
	 

	 	THE SHAW GROUP INC.
	 
	 	 
	 

	 	/s/ Dirk J. Wild
	 

	 	 
	 

	 	Dirk J. Wild
	 

	 	Senior Vice President and
	 

	 	Chief Human Resources Officer
	 
	 	 
	 

	 	RECIPIENT:
	 
	 	 
	 

	 	 
	 

	 	[Insert Recipient’s Name]

 

3Exhibit 10.67

Exhibit 10.67

EMPLOYEE INCENTIVE STOCK OPTION AWARD AGREEMENT 1

The Shaw Group Inc.

2008 Omnibus Incentive Plan

This Incentive Stock Option Award Agreement (“Agreement”) dated as of [Insert Grant
Date]2 (the “Grant Date”) is entered into between The Shaw Group Inc. (the “Company”)
and [Insert Recipient’s Name] (the “Recipient”) pursuant to the The Shaw Group Inc. 2008 Omnibus
Incentive Plan (as the same may hereafter be amended, supplemented or otherwise modified, the
“Plan”).

THE PARTIES HERETO AGREE AS FOLLOWS:

1. Incorporation of Plan Provisions. The Option evidenced hereby is made under and
pursuant to the Plan, a copy of which is available from the Company’s Secretary and incorporated
herein by reference, and the Option is subject to all of the provisions thereof. Capitalized terms
used herein without definition shall have the same meanings given such terms in the Plan. The
Recipient represents and warrants that he or she has read the Plan and is fully familiar with all
the terms and conditions of the Plan and agrees to be bound thereby.

2. Grant of Option. In consideration of the services performed and to be performed by
the Recipient, the Company hereby grants to the Recipient an option (the “Option”) under the Plan
to purchase a total of [Insert # Options] shares of the Company’s no par value common stock (the
“Shares”), subject to the following terms and conditions:

(a) The Option is an incentive stock option or ISO (as defined in the Plan) that is intended
to be governed by Section 422 of the Internal Revenue Code, as amended (the “Code”).

(b) The Exercise Price of the Option is [Insert $ Price]3 per Share.

3. Exercise of Option.

(a) Subject to earlier expiration and forfeiture of the Option as set forth below and in the
Plan, the Option shall vest and become exercisable as set forth in the following schedule and may
be exercised at any time and from time to time thereafter.

	 	 	 	 	 
	On or after each of the following dates	 	Number of Shares that may be	 
	 (each a “Vesting Date”)	 	Purchased	 
	[Insert 1st Vesting Date]
	 	[# of shares]
	 
	[Insert 2nd Vesting Date]
	 	[# of shares]
	 
	[Insert 3rd Vesting Date]
	 	[# of shares]
	 
	[Insert 4th Vesting Date]
	 	[# of shares]

 

	 	 	 
	1	 	This form is for use for all employees, other than Section 16
Officers, who are also being granted Non-Qualified Stock Options at the time of
this grant.

	 
	2	 	 The date on which the Option evidenced hereby was granted.

	 
	3	 	The Fair Market Value per share on the Grant Date.

 

 

 

(b) Notwithstanding anything to the contrary in this Agreement or in the Plan, vesting period
for the Option under this Agreement shall immediately accelerate upon Recipient’s death or
Disability, and in the event of death of the Recipient the Option shall be immediately exercisable
in full by the Recipient’s legal representative(s).

(c) Except as otherwise set forth herein, the unvested portion of the Option shall be entirely
forfeited by the Recipient in the event that prior to vesting the Recipient breaches any terms or
conditions of the Plan, the Recipient resigns from the Company, the Recipient’s employment with the
Company is terminated for reasons other than death or Disability of the Recipient, or any
condition(s) imposed upon vesting are not met.

(d) Notwithstanding any other provision of this Agreement or the Plan, the Option may not be
exercised unless, at the date of exercise, (i) a registration statement under the Securities Act of
1933, as amended, relating to the Shares covered by the Option shall be in effect or (ii) an
exemption from registration is applicable to the Shares in the opinion of counsel for the Company.

4. Termination of Option. Except as otherwise provided herein, the Option shall
terminate upon the earlier to occur of:

(a) the expiration of 10 years from the Grant Date; and

(b) three months after termination of employment of the Recipient, unless employment is
terminated (i) as a result of death or Disability of the Recipient, in which case the right of the
Recipient or his or her representative to purchase Shares hereunder shall expire as of the first
anniversary following such termination, or (ii) for reasons other than death or Disability, in
which case the Option shall immediately terminate and no longer be exercisable.

In no case shall the Option continue to vest during the limited period of exercisability following
the Recipient’s termination of employment provided for in (b)(i) above. During such period, the
Option may only be exercised with respect to the number of Shares for which it was exercisable at
the time of such termination of employment.

5. Rights Prior to Exercise of Option. The Recipient shall have no rights as a
stockholder with respect to the Shares subject to the Option until the exercise of his or her
rights hereunder and the issuance and delivery to Recipient of a certificate or certificates
evidencing such Shares.

6. Miscellaneous.

(a) No Representations or Warranties. Neither the Company nor the Committee nor any
of their representatives or agents has made any representations or warranties to the Recipient with
respect to the income tax or other consequences of the transactions contemplated by this Agreement,
and the Recipient is in no manner relying on the Company, the Committee or any of their
representatives or agents for an assessment of such tax or other consequences.

(b) Employment. Nothing in this Agreement nor in the Plan nor in the granting of the
Option shall confer on the Recipient any right to or guarantee of continued employment with the
Company or any of its Affiliates or in any way limit the right of the Company or any of its
Affiliates to terminate the employment of the Recipient at any time.

 

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(c) Investment. The Recipient hereby agrees and represents that the Option and any
purchase of the Shares under the Option is for the Recipient’s own account for investment purposes
only and not with a view of resale or distribution unless such Shares acquired pursuant to the
Option are registered under the Securities Act of 1933, as amended.

(d) Stock Issuance. The exercise by the Recipient of the Option granted herein will
not become final nor will Shares be issued pursuant thereto unless such exercise fully complies
with the requirements of the Plan and all applicable Federal, state and local laws.

(e) Necessary Acts. The Recipient and the Company hereby agree to perform any further
acts and to execute and deliver any documents that may be reasonably necessary to carry out the
provisions of this Agreement.

(f) No Transfer. The Option may not be assigned, encumbered or transferred, except by
will or the laws of descent and distribution in the event of death of the Recipient or pursuant to
a qualified domestic relations order pursuant to the Code or the Employee Retirement Security Act
of 1974, as amended.

(g) Severability. The provisions of this Agreement are severable and if any one or
more provisions may be determined to be illegal or otherwise unenforceable, in whole or in part,
the remaining provisions, and any partially enforceable provision to the extent enforceable in any
jurisdiction, shall nevertheless be binding and enforceable.

(h) Waiver. The waiver by the Company of a breach of any provision of this Agreement
by the Recipient shall not operate or be construed as a waiver of any subsequent breach by the
Recipient.

(i) Binding Effect; Applicable Law. This Agreement shall bind and inure to the
benefit of the Company and its successors and assigns, and the Recipient and any heir, legatee,
legal representative or other permitted assignee of the Recipient. This Agreement shall be
interpreted under, governed by and construed in accordance with the laws of the State of Louisiana.

(j) Administration. The authority to manage and control the operation and
administration of this Agreement shall be vested in the Committee, and the Committee shall have all
powers with respect to this Agreement as it has with respect to the Plan. Any interpretation of
the Agreement by the Committee and any decision made by it with respect to the Agreement are final
and binding.

(k) Amendment. This Agreement may be amended by written agreement of the Recipient
and the Company, without the consent of any other person.

 

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IN WITNESS WHEREOF, the parties to this Agreement have executed this Agreement effective as of the
date first above written.

	 	 	 
	 

	 	COMPANY:
	 
	 	 
	 

	 	THE SHAW GROUP INC.
	 
	 	 
	 

	 	/s/ Dirk J. Wild
	 

	 	 
	 

	 	Dirk J. Wild
	 

	 	Senior Vice President and
	 

	 	Chief Human Resources Officer
	 
	 	 
	 

	 	RECIPIENT:
	 
	 	 
	 

	 	 
	 

	 	[Insert Recipient’s Name]

 

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