Document:

Exhibit 10.12

 

Summary of Fluor Corporation Non-Management Director

Compensation

 

Cash Compensation

 

	
Annual Retainer:
    	
 
    	
$
    	
115,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Annual Committee Retainer:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Audit Committee Chair:
    	
 
    	
$
    	
15,000
    	
 
    
	
Organization and Compensation Committee Chair:
    	
 
    	
$
    	
15,000
    	
 
    
	
Governance Committee Chair:
    	
 
    	
$
    	
10,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Lead Director Retainer:
    	
 
    	
$
    	
30,000
    	
 
    

 

Retainers are paid quarterly in cash and can be deferred at the director’s election under the Fluor Corporation 409A Deferred Directors’ Fees Program.  Effective January 1, 2013, directors will no longer receive a 25% premium on the deferred amount deemed invested in company stock via the deferred compensation program.

 

Equity Compensation

 

Each non-management director receives an annual grant of restricted stock and restricted units with a total market value of $105,000 ($135,000, effective May 2013).  The grant is made on the date of the annual meeting of shareholders.  Restrictions on annual grants vest immediately on the first anniversary of the date of grant.

 

Other Information

 

Fluor Corporation reimburses non-management directors for their travel and related expenses in connection with attending Board meetings and Board-related activities.  Directors also receive life insurance ($75,000 in coverage) and travel insurance ($250,000 in coverage).  Directors’ charitable contributions that meet the guidelines of the Company’s employee charitable matching gift program are eligible for matching funds from the Company in an amount up to $5,000 per year.Exhibit 10.39

 

 

	
Fluor   Corporation
    	
Glenn C. Gilkey
    
	
6700   Las Colinas Blvd
    	
Senior Vice President
    
	
Irving,   TX 75039
    	
Human Resources and Administration
    
	
USA
    	
 
    

 

469.398.7314 phone

469.398.7270 fax

 

May 11, 2012

 

D. Michael Steuert

2032 Bantry Drive

Roanoke, TX 76262

 

Dear Mike:

 

This will confirm the Agreement between D. Michael Steuert, (the “Consultant”), and Fluor Enterprises Inc., (the “Company”).

 

Scope of Services:  The Consultant agrees to render advisory and consultation services to the Company as and when the Company may from time to time request.  Each assignment will be made in writing with a description of the assignment and schedule for completion. The Company authorizes David Seaton or his designee to approve these written assignments to the Consultant hereunder.

 

In performing services under this Agreement, the Consultant shall operate as and have the status of an independent contractor and shall not act as or be an agent or employee of the Company.  For this reason, all of the Consultant’s activities will be at its own risk, and the Consultant shall not be entitled to Workers’ Compensation or similar benefits or other insurance protection provided by the Company. The Consultant will make its own arrangements for medical insurance and insurance coverage for the activities to be performed hereunder.

 

As an independent contractor, the Consultant will be solely responsible for determining the means, methods, time and place of performing the services subject to the Company’s overall schedule requirements and maintaining interfaces necessary for the services, and the Company will receive only the results of the Consultant’s performance of the foregoing services.

 

The Company will furnish office space, equipment, administrative support and other office services as may be required to carry out any assignments made under this agreement.

 

Compensation:  The Company shall compensate the Consultant as follows:

 

(i)                 The Company will pay a retainer to the Consultant for services in the amount of $30,000  per month, or $210,000 for the first seven (7) months of this agreement, commencing June 1, 2012.  Starting January 1, 2013 through the remainder of this agreement, the Company will compensate the Consultant at an hourly rate of $850 for all actual hours worked by the Consultant for services specifically approved by the Company;

 

(ii)              In order to comply with IRS Regulation 409A, the Consultant agrees services will not be provided in excess of 1,000 hours for the term of this agreement;

 

(iii)           Reimbursement of actual, reasonable out-of-pocket expenses in accordance with the Company’s reimbursement policies, provided that any single amount over $100.00 is approved in advance;

 

	
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(iv)          The Consultant agrees to provide original or original copies of receipts for any business related expense item over Twenty-Five Dollars ($25) incurred while providing services to the Company during the term of this agreement; and

 

(v)             The Consultant agrees to fully comply with Fluor’s Human Resources Policy HR-125 as it relates to business expenses incurred while providing services to the Company during the term of this agreement; and

 

(vi)          Applicable taxes including FICA (Social Security and Medicare) taxes will be withheld on all compensation invoiced.  A Form W-2 for the Consultant’s 2012 and any subsequent year’s consulting compensation will be provided.

 

Invoicing:  Following the end of each month, the Consultant will furnish the Company with an invoice covering the time devoted to the Company’s service during such month. All invoices must present a company code, general ledger account number and a cost object.  The invoice must first be approved by the individual responsible for approving the Consultant’s assignments before forwarding for payment.  The Company shall pay such invoice within thirty (30) days of receipt.

 

Non-Competition/Outside Work:  During the term of this Agreement, the Consultant agrees that it will not in any manner directly or indirectly provide services, advice or other assistance to any firm or business which is similar to or competitive with the business of the Company or any of its affiliates without prior written approval; and additionally, Consultant agrees not to initiate contact with client representatives unless directed to do so under this Agreement or if Consultant has received prior approval from the Company.

 

Inventions, Patents and Confidential Information:  Consultant shall promptly disclose to the Company all discoveries, developments, improvements, inventions and other intangible rights (“Inventions”) arising from performance of Consultant’s services hereunder and hereby assigns said Inventions to the Company and shall execute all documents required to complete exclusive ownership by the Company or to secure patents, if deemed appropriate in the sole discretion of the Company.

 

The Consultant agrees that any information which it obtains while performing services in its consulting capacity concerning the business or operations of the Company, its affiliates or third parties with whom it conducts business (including, but not as a limitation, technical information) shall be used only to perform such services and shall not be disclosed to anyone outside the Company, except with the prior written authorization of the Company.  Further, to the extent any such information is in written form, all such documents are considered company property and must be returned to the Company upon termination of this Agreement.

 

The obligations of this paragraph shall survive any termination of this Agreement and do not apply to any information which has been publicly released or is in the public knowledge or literature.

 

Term:  The term of this Agreement shall begin May 26, 2012, and end May 25, 2013, unless otherwise modified by subsequent written agreement or terminated earlier by either party with or without cause upon 30-day written notice to the other party.

 

Supplier Expectations:  The Consultant has read and understands Fluor’s Business Conduct and Ethics Expectations for Suppliers and Contractors (the Supplier Expectations) and Consultant will do nothing to violate the Supplier Expectations.

 

	
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Anti-Corruption:  The Consultant will not make and has not made directly or indirectly, any payments or given anything of value to any third party, including any foreign official, foreign political party or foreign party candidate in connection with the Company’s activities or in obtaining or retaining business from any government agency or instrumentality.   The Consultant shall promptly notify the Company if in the course of any business for which it provides or may have provided consulting services to the Company, it is approached, asked or requested or offers to make any payments or giving anything of value to any third party.

 

Corporate Assets:  Consultants are expected to respect the Company’s assets as they would their own.  Corporate assets take many forms (land, building, equipment, etc.), and support daily work (desks, tools, computers, telephones, etc.).  Consultants are required to return any assets or related documents to Company.

 

Compliance with Law:  The Consultant agrees to fully comply with the United States Foreign Corrupt Practices Act (Public Law 95-213, 95th Congress, December 19, 1977) and all other applicable State and United States Laws.  The Consultant acknowledges that Fluor Corporation and its subsidiaries require their employees to fully comply with the laws of the United States.

 

Chemical Screening:  The Consultant agrees to fully comply with Fluor’s Human Resources Policy HR-144 as it relates to substance abuse and chemical screening if the consultant has been out of the Company’s employ for longer than 90 days.

 

Entire Agreement:  This Agreement consists of this letter.  This Agreement, as defined in this paragraph, sets forth the full and complete understanding of the parties as of the date above stated, and supersedes any and all agreements and representations made or dated prior hereto.  This Agreement can only be amended in writing and signed by the duly authorized representatives of the parties.

 

Governing Law:  This Agreement shall be governed by and interpreted in accordance with the laws of Texas.

 

Kindly indicate your agreement with the foregoing by executing the duplicate originals of this letter in the space below and returning a fully signed duplicate original to us.

 

	
 
    	
FLUOR   ENTERPRISES, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/   Glenn C. Gilkey
    
	
 
    	
By:
    	
Glenn   C. Gilkey
    
	
 
    	
 
    	
Senior   Vice President
    
	
 
    	
 
    	
Human   Resources and Administration
    
	
Accepted   and Agreed:
    	
 
    	
 
    

 

	
/s/   D. Michael Steuert
    	
5/22/12
    	
 
    	
 
    	
 
    
	
By:  D. Michael Steuert
    	
Date
    	
 
    	
SS#   or Tax ID#
    

 

GCG: jee

 

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