Trust Agreement (2007)Full Document 

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Dated as of January 2, 2007
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Section 1. Definitions     2  
Section 2. Trust     6  
  Establishment     6  
  Grantor Trust     6  
  Trust Assets     6  
  Non-Assignment     6  
Section 3. Payments to Sponsor     7  
Section 4. Disbursements     7  
  Directions from Administrator     7  
  Limitations     7  
Section 5. Investment of Trust     7  
  Selection of Investment Options     7  
  Available Investment Options     7  
  Investment Directions     7  
  Unfunded Status of Plan     8  
  Mutual Funds     8  
  (i)    Execution of Purchases and Sales     8  
  (ii)   Voting     9  
  Trustee Powers     9  
Section 6. Recordkeeping and Administrative Services to Be Performed     10  
  General     10  
  Accounts     10  
  Inspection and Audit     11  
  Notice of Plan Amendment     11  
  Returns, Reports and Information     11  
Section 7. Compensation and Expenses     11  
Section 8. Directions and Indemnification     12  
  Identity of the Sponsor and the Administrator     12  
  Directions from the Sponsor and the Administrator     12  
  Directions from Participants     12  
  Indemnification     12  
  Survival     13  
Section 9. Resignation or Removal of Trustee     13  
  Resignation and Removal     13  
  Termination     13  
  Notice Period     13  
  Transition Assistance     13  
  Failure to Appoint Successor     13  
Section 10. Successor Trustee     14  
  Appointment     14  
  Acceptance     14  
  Corporate Action     14  
Section 11. Resignation, Removal, and Termination Notices     14  
Section 12. Duration     14  
Section 13. Insolvency of Sponsor     14  
Section 14. Amendment or Modification     15  
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Section 15. Electronic Services     15  
Section 16. Assignment     17  
Section 17. Force Majeure     17  
Section 18. Confidentiality     17  
Section 19. General     18  
  Performance by Trustee, its Agents or Affiliates     18  
  Entire Agreement     18  
  Waiver     18  
  Successors and Assigns     18  
  Partial Invalidity     18  
  Section Headings     18  
Section 20. Use of Data     19  
Section 21. Other Services     19  
Section 22. Governing Law     20  
  Massachusetts Law Controls     20  
  Trust Agreement Controls     20  
SCHEDULES     22  
Schedule “A”
  Recordkeeping and Administrative Services     22  
Schedule “B”
  Fee Schedule     25  
Schedule “C”
  Investment Options     26  
Schedule “D”
  Operational Guidelines for Non-Fidelity Mutual Funds     27  
Schedule “E”
  Sample Direction Letter     28  
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     TRUST AGREEMENT, dated as of the second day of January, 2007, between the Shaw Group Inc., a Louisiana corporation, having an office at 4171 Essen Lane, Baton Rouge, Louisiana 70809 (the “Sponsor”), and FIDELITY MANAGEMENT TRUST COMPANY, a Massachusetts trust company, having an office at 82 Devonshire Street, Boston, Massachusetts 02109 (the “Trustee”).
     WHEREAS, the Sponsor is the sponsor of the Shaw Group Deferred Compensation Plan (the “Plan”); and
     WHEREAS, the Sponsor wishes to establish an irrevocable trust and to contribute to the Trust assets that shall be held therein, subject to the claims of Sponsor’s creditors in the event of Sponsor’s Insolvency, as herein defined, until paid to Participants and their beneficiaries in such manner and at such times as specified in the Plan; and
     WHEREAS, it is the intention of the parties that this Trust shall constitute an unfunded arrangement and shall not affect the status of the Plan as an unfunded plan maintained for the purpose of providing deferred compensation for a select group of management or highly compensated employees for purposes of Title I of the Employee Retirement Income Security Act of 1974 (“ERISA”); and
     WHEREAS, it is the intention of the Sponsor to make contributions to the Trust to provide itself with a source of funds to assist it in the meeting of its liabilities under the Plan; and
     WHEREAS, the Trustee is willing to hold and invest the aforesaid plan assets in trust among several investment options selected by the Sponsor; and
     WHEREAS, the Sponsor also wishes to have the Trustee perform certain ministerial recordkeeping and administrative functions under the Plan; and
     WHEREAS, the Trustee is willing to perform recordkeeping and administrative services for the Plan if the services are ministerial in nature and are provided within a framework of plan provisions, guidelines and interpretations conveyed in writing to the Trustee by the Administrator (as defined herein).
     NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants and agreements set forth below, the Sponsor and the Trustee agree as follows:

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