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Exhibit 10.1
RESTRICTED STOCK UNIT AWARD AGREEMENT
UNDER THE PERINI CORPORATION
2004 STOCK OPTION AND INCENTIVE PLAN
Name of Grantee: Kenneth R. Burk
Number of Restricted Stock Units: 50,000
Grant Date: September 11, 2007
Final Acceptance Date: September 26,
2007
Pursuant to the Perini Corporation 2004 Stock Option
and Incentive Plan (the “Plan”), Perini Corporation
(the “Company”) hereby grants the number of Restricted
Stock Units (“RSU’s”) specified above (the
“Award”) to the Grantee named above, subject to the
terms of the Plan and this Award Agreement. The Award
represents a promise to pay to the Grantee one share of Common
Stock, par value $1.00 per share (the “Stock”) of the
Company for each RSU, subject to the restrictions and conditions
set forth herein and in the Plan.
1.
Acceptance of Award . The Grantee shall have no rights with respect to this
Award unless he or she shall have accepted this Award prior to the
close of business on the Final Acceptance Date specified above
by signing and delivering to the Company a copy of this Award
Agreement.
2.
Restrictions .
Prior to the vesting of the RSU’s as described in Paragraph
3, the Grantee shall have no rights in the RSU’s except as
specifically provided herein.
(a) Voting
Rights and Dividends. Until such time as the RSU’s are
paid to the Grantee in shares of Stock, (i) the Grantee shall have
no voting rights with respect to the RSU’s; and (ii) any
dividends or other distributions paid with respect to the
Company’s Stock shall accrue and shall be converted to
additional RSU’s based on the closing price of the Stock on
any dividend distribution date, provided that such additional
RSU’s shall be subject to the same vesting conditions and
restrictions on transferability as are the RSU’s with respect
to which they were paid.
(b) Sale
Event. Notwithstanding anything to the contrary in this Award
Agreement, in the event of a Sale Event prior to
the vesting of any RSU’s, each unvested RSU shall become
immediately vested and payable to the
Grantee.
(c) Restrictions on
Transfer. The RSU’s granted pursuant to this
Agreement may not be sold, transferred, pledged, assigned, or
otherwise alienated or hypothecated and any such attempt to
transfer any RSU will not be honored.
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3.
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Vesting of Restricted Stock Units
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(a) Form
of
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