Document:

Executive Change of Control Agreement

 Exhibit 10.50 
 Execution Copy 
 EXECUTIVE CHANGE OF CONTROL AGREEMENT 

This EXECUTIVE CHANGE OF CONTROL AGREEMENT (“Agreement”) is made as of the 18th day of October 2011, between CIRCOR, Inc., a
Massachusetts corporation (the “Company”), and Brian S. Young (“Executive”). 
 WHEREAS, the Company
presently employs the Executive in which capacity the Executive serves as an officer of the Company and its Parent (as defined below); and 
 WHEREAS, the Board of Directors of the Parent (the “Board”) recognizes the valuable services rendered to the Company, the Parent and their respective affiliates by the Executive; and

 WHEREAS, the Board has determined that it is in the best interests of the Company, the Parent and their affiliates to
encourage in advance the continued loyalty of the Executive as well as the Executive’s continued attention to his assigned duties and objectivity in the event of a threatened or possible change in control of the Parent; 

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
 1.
Definitions. For purposes of this Agreement, the following terms shall have the following meanings: 

“Cause” shall mean: (a) conduct by Executive constituting a material act of willful misconduct in connection with
the performance of his duties, including, without limitation, misappropriation of funds or property of the Company or any of its affiliates other than the occasional, customary and de minimis use of Company property for personal purposes;
(b) criminal or civil conviction of Executive, a plea of polo contendere by Executive or conduct by Executive that would reasonably be expected to result in material injury to the reputation of the Company if he were retained in his position
with the Company, including, without limitation, conviction of a felony involving moral turpitude; (c) continued, willful and deliberate non-performance by Executive of his duties hereunder (other than by reason of Executive’s physical or
mental illness, incapacity or disability) which has continued for more than thirty (30) days following written notice of such non-performance from the Chief Executive Officer; or (d) a violation by Executive of the Company’s
employment policies which has continued following written notice “of such violation from the Chief Executive Officer. 

“Change in Control” shall mean any of the following: 

(a) Any “person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
amended (the “Act”) (other than the Parent, any of its subsidiaries, any member of the Home Family Group (as defined herein) or any trustee, fiduciary or other person or entity holding securities udder any employee benefit plan or trust of
the Parent or any of its subsidiaries), together with all “affiliates” and “associates” (as such terms are defined in Rule 12b-2 under the Act) of such person, shall become the “beneficial owner” (as such term is
defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Parent representing twenty-five percent (25%) or more of either (A) the combined voting power of the Parent’s then outstanding securities having the
right to voice in an election of the Parent’s Board (“Voting Securities”) or (B) the then outstanding shares of Parent’s common stock, par value $0.01 per share (“Common Stock”) (other than as a result of an
acquisition of securities directly from the Parent); or 
 (b) Incumbent Directors (as defined below) cease for
any reason, including, without limitation, as a result of a tender offer, proxy contest, merger or similar transaction, to constitute at least a majority of the Board; or 

 (c) The stockholders of the Parent shall approve (A) any consolidation
or merger of the Parent where the stockholders of the Parent, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Act),
directly or indirectly, shares representing in the aggregate fifty percent (50%) or more of the voting shares of the Parent or other party issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if
any), (B) any sale, lease, exchange or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Parent or (C) any plan or
proposal for the liquidation or dissolution of the Parent. 
 Notwithstanding the foregoing, a “Change of Control”
shall not be deemed to have occurred for purposes of the foregoing clause (a) solely as the result of an acquisition of securities by the Parent which, by reducing the number of shares of Common Stock or other Voting Securities outstanding,
increases the proportionate number of shares beneficially owned by any person to twenty-five percent (25%) or more of either (A) the combined voting power of all of the then outstanding Voting Securities or (B) Common Stock; provided,
however, that if any person referred to in this sentence shall thereafter become the beneficial owner of any additional shares of Voting Securities or Common Stock (other than pursuant to a stock split, stock dividend, or similar transaction or as a
result of an acquisition of securities directly from the Parent) and immediately thereafter beneficially owns twenty-five percent (25%) or more of either (A) the combined voting power of all of the then outstanding Voting Securities or
(B) Common Stock, then a “Change of Control” shall be deemed to have occurred for purposes of the foregoing clause (a). 
 “Good Reason” shall mean that Executive has complied with the “Good Reason Process” (hereinafter defined) following the occurrence of any of the following events: (a) a
material diminution in the Executive’s responsibilities, authority or duties; (b) a material diminution in the Executive’s Base Salary except for across-the-board salary reductions based on the Company’s financial performance
similarly affecting all or substantially all senior management employees of the Company; (c) a material change in the geographic location at which the Executive provides services to the Company, provided that such change shall be more than
thirty (30) miles from such location; or (d) the material breach of this Agreement by the Company. “Good Reason Process” shall mean that (i) Executive reasonably determines in good faith that a “Good Reason” event
has occurred; (ii) Executive notifies the Company in writing of the occurrence of the Good Reason event within sixty (60) days of the occurrence of such event; (iii) Executive cooperates in good faith with the Company’s efforts,
for a period not less than ninety (90) days following such notice, to modify Executive’s employment situation in a manner acceptable to Executive and Company; and (iv) notwithstanding such efforts, one or more of the Good Reason
events continues to exist and has not been modified in a manner acceptable to Executive. If the Company cures the Good Reason event in a manner acceptable to Executive during the ninety (90) day period, Good Reason shall be deemed not to have
occurred. 
 “Incumbent Directors” shall mean persons who, as of the Commencement Date, constitute the Board;
provided that any person becoming a director of the Parent subsequent to the Commencement Date shall be considered an Incumbent Director if such person’s election was approved by or such person was nominated for election by a vote of at least a
majority of the Incumbent Directors; but provided further, that any such person whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of members of the Board or other actual or
threatened solicitation of proxies or consents by or on behalf of a person other than the Board, including by reason of agreement intended to avoid or settle any such actual or threatened contest or solicitation, shall not be considered an Incumbent
Director. 
 “Parent” shall mean CIRCOR International, Inc., a Delaware corporation as well as its successors
by merger or otherwise. 
 2. Term. The term of this Agreement shall extend from the date hereof (the
“Commencement Date”) until the first anniversary of the Commencement Date; provided, however, that the term of this Agreement shall automatically be extended for one additional year on the first anniversary of the Commencement Date and
each anniversary thereafter unless, not less than 90 days prior to each such date, either party shall have given notice to 

 
the other that it does not wish to extend this Agreement; provided, further, that if a Change in Control occurs during the original or extended term of this Agreement, the term of this Agreement
shall continue in effect for a period of not less than twelve (12) months beyond the month in which the Change in Control occurred. 
 3. Change in Control Payment. The provisions of this Paragraph 3 set forth certain terms of an agreement reached between Executive and the Company regarding Executive’s rights and
obligations upon the occurrence of a Change in Control of the Parent. These provisions are intended to assure and encourage in advance Executive’s continued attention and dedication to his assigned duties and his objectivity during the pendency
and after the occurrence of any such event. These provisions shall terminate and be of no further force or effect beginning twelve (12) months after the occurrence of a Change of Control. 

(a) Change in Control. 
 (i) If within twelve (12) months after the occurrence of the first event constituting a Change in Control, Executive’s employment is terminated by the Company without Cause as defined in
Section 1 or Executive terminates his employment for Good Reason as provided in Section 1, then the Company shall pay Executive a lump sum in cash in an amount equal to two (2) times the sum of (A) Executive’s current Base
Salary plus (B) Executive’s highest annual incentive compensation under the Company’s Executive Bonus Incentive Plan in the three (3) immediately preceding fiscal years, excluding any sign-on bonus, retention bonus or any other
special bonus. Such lump sum cash payment shall be paid to Executive within thirty (30) days following the date of termination of Executive’s employment; and 

(ii) Notwithstanding anything to the contrary in any applicable option agreement or stock-based award agreement, upon a
Change in Control, all stock options and other stock-based awards granted to Executive by the Parent shall immediately accelerate and become exercisable or non-forfeitable as of the effective date of such Change in Control. In addition, all
restricted stock units held by the Executive pursuant to the Management Stock Purchase Plan shall become fully vested upon a Change of Control and the Executive shall be entitled to receive the shares of stock represented by such restricted stock
units. Executive shall also be entitled to any other rights and benefits with respect to stock-related awards, to the extent and upon the terms, provided in the employee stock option or incentive plan or any agreement or other instrument attendant
thereto pursuant to which such options or awards were granted; and 
 (iii) The Company shall, for a period of
two (2) years commencing on the date of termination of Executive’s employment, pay such health insurance premiums as may be necessary to allow Executive, Executive’s spouse and dependents to continue to receive health insurance
coverage substantially similar to the coverage they received prior to the date of termination of Executive’s employment. 
 (b) Additional Limitation. 
 (i) Anything in this Agreement
to the contrary notwithstanding, in the event that any compensation, payment or distribution by the Company to or for the benefit of Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or
otherwise (the “Severance Payments”), would be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), the following provisions shall apply: 

(A) If the Severance Payments, reduced by the sum of (1) the Excise Tax and (2) the total of the Federal, state
and local income and employment taxes payable by Executive on the amount of the Severance Payments which are in excess of the Threshold Amount, are greater than or equal to the Threshold Amount, Executive shall be entitled to the full benefits
payable under this Agreement. 
 (B) If the Threshold Amount is less than (x) the Severance Payments, but
greater than (y) the Severance Payments reduced by the sum of (1) the Excise Tax and (2) the total of the Federal, state, and local income and employment taxes on the amount of the Severance Payments which are in excess of the
Threshold Amount, then the benefits payable under this Agreement shall be reduced (but not below zero) to the extent necessary so that the maximum Severance Payments shall not exceed the Threshold Amount. To the extent that there is more than one
method of 

 
reducing the payments to bring them within the Threshold Amount, the Severance Payments shall be reduced in the following order: (i) cash payments not subject to Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”); (ii) cash payments subject to Section 409A of the Code; (iii) equity-based payments; and (iv) non-cash form of benefits. To the extent any payment is to be made
over time (e.g., in installments), then the payments shall be reduced in reverse chronological order. 
 For the
purposes of this Paragraph 3, “Threshold Amount” shall mean three times Executive’s “base amount” within the meaning of Section 280G(b)(3) of the Code and the regulations promulgated thereunder less one dollar ($1.00);
and “Excise Tax” shall mean the excise tax imposed by Section 4999 of the Code, and any interest or penalties incurred by Executive with respect to such excise tax. 

(ii) The determination as to which of the alternative provisions of Paragraph 3(b)(i) shall apply to Executive shall be
made by KPMG LLP or any other nationally recognized accounting firm selected by the Company (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and Executive within 15 business days of the date
of termination of Executive’s employment, if applicable, or at such earlier time as is reasonably requested by the Company or Executive. For purposes of determining which of the alternative provisions of Paragraph 3(b)(i) shall apply, Executive
shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest marginal
rates of individual taxation in the state and locality of Executive’s residence on the date of termination of Executive’s employment, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state
and local taxes. Any determination by the Accounting Firm shall be binding upon the Company and Executive. 
 4.
Unauthorized Disclosures. Executive acknowledges that in the course of his employment with the Company (and, if applicable, its predecessors), he has been allowed to become, and will continue to be allowed to become, acquainted with
the Company’s and the Parent’s business affairs, information, trade secrets, and other matters which are of a proprietary or confidential nature, including but not limited to the Company’s, the Parent’s and their affiliates’
and predecessors’ operations, business opportunities, price and cost information, finance, customer information, business plans, various sales techniques, manuals, letters, notebooks, procedures, reports, products, processes, services, and
other confidential information and knowledge (collectively the “Confidential Information”) concerning the Company’s, the Parent’s and their affiliates’ and predecessors’ business. The Company agrees to provide on an
ongoing basis such Confidential Information as the Company deems necessary or desirable to aid Executive in the performance of his duties. Executive understands and acknowledges that such Confidential Information is confidential, and he agrees not
to disclose such Confidential Information to anyone outside the Company or the Parent except to the extent that (i) Executive deems such disclosure or use reasonably necessary or appropriate in connection with performing his duties on behalf of
the Company and the Parent, (ii) Executive is i required by order of a court of competent jurisdiction (by subpoena or similar process) to disclose or discuss any Confidential Information, provided that in such case, Executive shall promptly
inform the Company or the Parent, as appropriate, of such event, shall cooperate with the Company or the Parent, as appropriate, in attempting to obtain a protective order or to otherwise restrict such disclosure, and shall only disclose
Confidential Information to the minimum extent necessary to comply with any such court order; (iii) such Confidential Information becomes generally known to and available for use in the Company’s industry (the “Fluid-Control
Industry”), other than as a result of any action or inaction by Executive; or (iv) such information has been rightfully received by a member of the Fluid-Control Industry or has been published in a form generally available to the
Fluid-Control Industry prior to the date Executive proposes to disclose or use such information. Executive further agrees that he will not during employment and/or at any time thereafter use such Confidential Information in competing, directly or
indirectly, with the Company or the Parent. At such time as Executive shall cease to be employed by the Company, he will immediately turn over to the Company or the Parent, as appropriate, all Confidential Information, including papers, documents,
writings, electronically stored information, other property, and all copies of them provided to or created by him during the course of his employment with the Company. The provisions of this Paragraph 4 shall survive termination of this Agreement
for any reason. 

 5. Covenant Not to Compete. In consideration of the benefits afforded the
Executive under the terms provided in this Agreement and as a means to aid in the performance and enforcement of the terms of the provisions of Paragraph 4, Executive agrees that 

(a) during the term of Executive’s employment with the Company and for a period of twelve (12) months
thereafter, regardless of the reason for termination of employment, Executive will not, directly or indirectly, as an owner, director, principal, agent, officer, employee, partner, consultant, servant, or otherwise, carry on, operate, manage,
control, or become involved in any manner with any business, operation, corporation, partnership, association, agency, or other person or entity which is engaged in a business that is competitive with any of the Company’s or the Parent’s
products which are produced by the Company or the Parent or any affiliate of either entity as of the date of Executive’s termination of employment with the Company, in any area or territory in which the Company or the Parent or any affiliate of
either entity conducts operations; provided, however, that the foregoing shall not prohibit Executive from owning up to one percent (1%) of the outstanding stock of a publicly held company engaged in the Fluid-Control Industry; and 

(b) during the term of Executive’s employment with the Company and for a period of twelve (12) months
thereafter, regardless of the reason for termination of employment, Executive will not directly or indirectly solicit or induce any present or future employee of the Company or the Parent or any affiliate of either entity to accept employment with
Executive or with any business, operation, corporation, partnership, association; agency, or other person or entity with which Executive may be associated, and Executive will not employ or cause any business, operation, corporation, partnership,
association, agency, or other person or entity with which Executive maybe associated to employ any present or future employee of the Company or the Parent without providing the Company or the Parent, as appropriate, with ten (10) days’
prior written notice of such proposed employment. 
 Should Executive violate any of the provisions of this Paragraph, then in addition to all
other rights and remedies available to the Company at law or in equity, the duration of this covenant shall automatically be extended for the period of time from which Executive began such violation until he permanently ceases such violation.

 6. Notice. For purposes of this Agreement, notices and all other communications provided for in the Agreement
shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States certified mail, return receipt requested, postage prepaid, addressed as follows: 

If to the Executive: 
 At his home address as shown 
 in the Company’s personnel
records; 
 If to the Company: 
 CIRCOR, Inc. 
 25 Corporate Drive 

Burlington, MA 01803 
 Attention: Board of Directors of CIRCOR International, Inc. 
 or to such other address as either
party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt. 
 7. Not an Employment Contract. This Agreement is intended only to provide those benefits for the Executive as set forth in Paragraph 3 in connection with a Change of Control. As such, this
Agreement is not intended to and does not in anyway constitute an employment agreement or other contract which would cause the employee to be considered anything other than an employee at will or to in any way be entitled to any specific payments or
benefits from the Company in the event of a termination of employment not subject to Paragraph 3 of this Agreement. 

 8. Miscellaneous. No provisions of this Agreement may be modified, waived, or
discharged unless such waiver, modification, or discharge is agreed to in writing and signed by Executive and such officer of the Company as may be specifically designated by the Board. No waiver by either party hereto of or compliance with, any
condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or
otherwise, express or implied, unless specifically referred to herein, with respect to the subject matter hereof have been made by either party which are not set forth expressly in this Agreement. The validity, interpretation, construction, and
performance of this Agreement shall be governed by the laws of the Commonwealth of Massachusetts (without regard to principles of conflicts of laws). 
 9. Validity. The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement,
which shall remain in full force and effect. The invalid portion of this Agreement, if any, shall be modified by any court having jurisdiction to the extent necessary to render such portion enforceable. 

10. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original
but all of which together will constitute one and the same instrument. 
 11. Arbitration; Other Disputes. In the
event of any dispute or controversy arising under or in connection with this Agreement, the parties shall first promptly try in good faith to settle such dispute or controversy by mediation under the applicable rules of the American Arbitration
Association before resorting to arbitration. In the event such dispute or controversy remains unresolved in whole or in part for a period of thirty (30) days after it arises, the parties will settle any remaining dispute or controversy
exclusively by arbitration in Boston, Massachusetts, in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. Notwithstanding the
above, the Company shall be entitled to seek a restraining order or injunction in any court of competent jurisdiction to prevent any continuation of any violation of Paragraph 4 or 5 hereof. 

12. Litigation and Regulatory Cooperation. During and after Executive’s employment, Executive shall reasonably
cooperate with the Company and the Parent in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company and/or the Parent which relate to events or occurrences that
transpired while Executive was employed by the Company; provided, however, that such cooperation shall not materially and adversely affect Executive or expose Executive to an increased probability of civil or criminal litigation. Executive’s
cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Company and/or the Parent at mutually
convenient times. During and after Executive’s employment, Executive also shall cooperate fully with the Company and the Parent in connection with any investigation or review of any federal, state or local regulatory authority as any such
investigation or review relates to events or occurrences that transpired while Executive was employed by the Company. The Company shall also provide Executive with compensation on an hourly basis (to be derived from the sum of his Base Compensation
and Average Incentive Compensation) for requested litigation and regulatory cooperation that occurs after his termination of employment, and reimburse Executive for all costs and expenses incurred in connection with his performance under this
Paragraph 12, including, but not limited to, reasonable attorneys’ fees and costs. 
 13. Gender Neutral.
Wherever used herein, a pronoun in the masculine gender shall be considered as including the feminine gender unless the context clearly indicates otherwise. 

 14. Section 409A. 

(a) Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation from
service within the meaning of Section 409A of the Code, the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit
that the Executive becomes entitled to under this Agreement on account of the Executive’s separation from service would be considered deferred compensation subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the
Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after the
Executive’s separation from service, or (B) the Executive’s death. 
 (b) The parties intend that
this Agreement will be administered in accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a
manner so that all payments hereunder comply with Section 409A of the Code. The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the
Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party. 
 (c) The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h). 

(d) The Company makes no representation or warranty and shall have no liability to the Executive or any other person if
any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section. 

(e) All in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the
Company or incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable
year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for
reimbursement in any other taxable year. Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 
 [Remainder of Page Intentionally Left Blank] 

 IN WITNESS WHEREOF, the parties have executed this Agreement effective on the date
and year first above written. 
  

			
	CIRCOR, INC.
		
	By:	 	/s/ A. William Higgins
		 	A. William Higgins
		 	Chairman, President & Chief Executive Officer
	
	EXECUTIVE
	
	/s/ Brian S. Young
	Brian S. YoungGuarantee Facility

 Exhibit 10.2 

 

			
	

	  	 Bank of Scotland
 Thames Valley
and South
 Region
 Corporate
Markets
 The Atrium,
 Davidson
House,
 Forbury Square,
 Reading RG1
3EU
 For the attention of:
 Peter
Jackson

	  
  
 The Directors
 Foster Wheeler Limited
 Registered number 163609
 Shinfield Park
 Reading
 Berkshire RG2 9FW
 (the “ Parent”); and
  

Each of the Companies listed in Schedule 5
	  	  

Telephone:    0118 919 6566

Fax:               0118 956
0002

 Date: 6 December 2010 
 Dear Sirs 
 UNCOMMITTED GUARANTEE FACILITY OF £60,000,000, FFEC AND PAYMENT SYSTEMS

 We refer to the Facility Letter dated 15th December 2009 (“Original Facility Letter”) between the Parent, and the companies
listed in Schedule 5 (the “Borrowers” and each one a “Borrower”) and ourselves pursuant to which certain facilities have been made available to each of the Parent and the Borrowers (the “Original Facilities”).

 We are pleased to offer the Borrowers an uncommitted guarantee facility (the “Guarantee Facility”), a Forward Foreign Exchange
Facility (“FFEC Facility”), a daily foreign exchange facility (“Daily FX Facility”) and access to payment systems (the “Payment Systems”) on the terms set out in this letter. Together the Guarantee Facility, the FFEC
Facility, the Daily FX Facility and the Payment Systems are referred to as the “Facilities”. 
 This offer is open for acceptance by
the Borrowers until 17 December 2010 when it will lapse. If accepted, this letter and its schedules will form the agreement between the Borrowers and BoS for the Facilities. Consequently upon acceptance of the terms of this offer by the
Borrowers the Original Facilities will cease to be available and the terms of the Original Facility Letter shall be replaced by the terms of this letter. 
 The definitions which shall apply to this letter are given or referred to in Schedule 2 below. 

	1.	Conditions Precedent and general conditions 

  

	1.1	The Facilities may not be drawn or utilised until BoS has received, in form and substance satisfactory to it:- 

 

	 	1.1.1	each Borrower has accepted this letter; 

  

	 	1.1.2	a Secretary’s Certificate in respect of each company which is a party to a BoS Document; and 

 

	 	1.1.3	a letter of comfort in terms acceptable to BoS from Foster Wheeler AG, the ultimate holding company of the Parent. 

 

	1.2	The Borrowers shall be responsible for ensuring that the Security Trust Deed is acceded to and entered into by any bank providing facilities permitted by clause 15.1 of
this letter where that bank requires that such facilities should be secured in their favour. 

  

	2.	The Facilities 

  

	2.1.	The Guarantee Facility and the FFEC Facility may (subject to the limits set out below) be drawn and utilised as:- 

 

	 	2.1.1.	Guarantees up to £60,000,000 (the “Guarantee Limit”); 

  

	 	2.1.2.	Forward Foreign Exchange Contracts up to £36,000,000 (equivalent for guidance purposes only to a gross contract value of approximately £150,000,000 for
periods of less than 3-years duration (the “FFEC Limit”) on the terms and conditions set out or referred to in this letter; 

  

	2.2.	BoS will (subject to the limits set out below) make available to the Borrowers the following facilities in relation to the Payment Systems:-

  

	 	2.2.1.	BACS facilities with a limit of £15,000,000 (the “BACS Limit”) 

 

	 	2.2.2.	CHAPS facilities with a limit of £15,000,000 (the “CHAPS Limit”) 

 

	 	2.2.3.	International Payment Processing facilities with a limit of £13,000,000 (“the IPP Limit”) 

 

	 	2.2.4.	CIB Sterling Payment facilities with a limit of £15,000,000 (the “CIB Sterling Payments Limit”) 

 

	 	2.2.5.	Treasury Settlement facilities with a limit of £30,000,000 (the “Treasury Settlement Limit”) 

on the terms and conditions set out or referred to in this letter. 

 

	2.3	Availability 

  

	 	2.3.1	If BoS cancels the availability of any of the Facilities then the Facilities will cease to be available and the access to the Payment Systems shall be cancelled. Before
any cancellation, other than under clause 2.3.3, BoS will give the Borrower not more than 5 Business Days prior written notice of cancellation but BoS need not give such prior notice where it reasonably determines that its interests are likely to be
materially adversely affected. 

  
 2 

	 	2.3.2	If BoS wishes to vary the terms upon which the Facilities are to continue BoS shall agree the revised terms with the Borrowers. 

 

	 	2.3.3	BoS shall review the Facilities annually on the Review Date. If agreement is not reached between BoS and the Borrowers prior to close of business on the Review Date
then BoS may notify the Borrower in writing that the Facilities have ceased to be available provided that BoS will give the Borrower not less than 60 days prior written notice of cancellation. BoS shall not be obliged to permit any further
utilisation of the Guarantee Facility during such notice period unless cash cover acceptable to BoS is provided by the Borrowers prior to the issue of any Guarantees requested or, prior to any utilisation of the Payment Systems required by the
Borrowers during such notice period. Such cash cover shall be equal to 100% of the face value of any Guarantee to be issued or, in the case of the Payment Systems, the Borrowers shall provide such cleared funds in advance in an amount reasonably
determined by BoS as being sufficient to enable such proposed utilisation. 

  

	 	2.3.4	Pending BoS issuing any such notice to the Borrowers under clause 2.3.3 (time not being of the essence) the Facilities will continue to be available on the terms
applying immediately prior to the relevant Review Date. 

  

	 	2.3.5	In some circumstances BoS may cancel the availability of any of the Facilities and, subject to clause 2.3.6, as appropriate may demand payment (other than in respect of
the Guarantees where a demand has not been made by a beneficiary under a relevant Guarantee) and/or demand cash cover. This may happen if BoS considers that:- 

 

	 	(a)	any of the terms or conditions of this letter or any other facility letter in force from time to time between a Borrower and BoS have been breached; or

  

	 	(b)	the financial condition of any Borrower or any guarantor of any Borrower has altered in any material adverse way; or 

 

	 	(c)	the Facilities were agreed on the basis of incorrect or incomplete information from the Borrowers which is likely to have a material adverse effect; or

  

	 	(d)	either (i) control of any Borrower or any of its subsidiary companies passes to any person or persons (whether acting individually or in concert) who is or are not
a shareholder in it immediately prior to the date of this letter or (ii) there is a Change of Control, in each case without the prior written consent of BoS; or 

 

	 	(e)	if a demand for repayment and/or cash cover is made in respect of any of the facilities referred to in clause 15. 

  
 3 

	 	2.3.6	Upon cancellation under this letter and providing the Borrowers have failed to meet any of the key performance indicators under clause 6 BoS shall also be entitled to
demand immediate payment and/or cash cover of 100% of the face value of the Guarantees issued by BoS under the Guarantee Facility to be lodged as security for the exposure of BoS thereunder. 

 

	3.	Guarantees 

  

	3.1.	On receipt of a written request (in the form required by BoS) by a Borrower, BoS will issue Guarantees (up to in aggregate the Guarantee Limit) on its behalf and in its
name or in the name of any other Subsidiary or Affiliate. Before BoS issues a Guarantee on behalf of a Borrower: 

  

	 	3.1.1	BoS must have approved the terms of the Guarantee; and 

  

	 	3.1.2	BoS is satisfied that it holds a counter indemnity from the Borrower in a form acceptable to it or in the alternative the Borrower shall have executed and
delivered to BoS a counter indemnity in a form acceptable to BoS agreeing to indemnify BoS against any claim under the Guarantee and authorising BoS to debit the amount of a claim to any of such Borrower’s accounts. 

 

	3.2.	A charge of one per cent (1.00%) per annum of BoS outstanding liabilities (whether actual or contingent) from time to time under the Guarantees shall be payable by
the Borrowers in respect of all Guarantees issued by BoS on its behalf. This charge will be payable quarterly in arrears on such dates as may be notified by BoS to the Parent up to and including the date upon which the Guarantee is returned to BoS
for cancellation. 

  

	4.	Forward Foreign Exchange Contracts 

  

	4.1.	A Borrower may enter into forward foreign exchange contracts (up to in aggregate the FFEC Limit) with BoS for the purchase or sale of any freely convertible currency
and with a maturity period of up to thirty six months. For the purpose of calculating utilisations of this component of the Facilities, BoS will calculate the aggregate exposure of BoS in respect of each forward foreign exchange contract entered
into with BoS. 

  

	4.2.	Each Borrower must ensure that it makes sufficient funds (either in Sterling or in the appropriate foreign currency) available to meet its obligations under each of the
forward foreign exchange contracts entered into by it in terms of this letter as and when they fall due. In the event that a Borrower fails to do so, it shall be liable to BoS in respect of the lesser of (1) the Sterling equivalent of the
amount such Borrower was due to pay BoS on completion of the relevant forward foreign exchange contract and (2) the Sterling equivalent of the amount which BoS would have received by completing that contract at the prevailing spot rate of
exchange for the relevant currency on the date of completion of the contract. 

  

	4.3.	Whenever the “Sterling equivalent” of any currency amount requires to be calculated it shall be calculated at the BoS spot rate of exchange for such currency
on the applicable day. 

  
 4 

	5.	Termination 

 Each
utilisation of the Facilities referred to in this letter and the Payment Systems shall immediately cease to be available subject to clauses 2.3.1 and 2.3.3 above if BoS makes a demand for payment under clauses 2.3.5 or gives written notice to the
Parent that the Facilities are withdrawn or cancelled. 
  

	6.	Key Performance Indicators 

As long as the Facilities remain available (and thereafter for as long as is necessary for the purposes of assessing satisfaction with or
otherwise of the requirements of clause 2.3.6) the Borrowers will provide financial information, including the Financial Statements, the quarterly management accounts and the quarterly certification required under Schedule 4, evidencing their
performance against the key performance indicators set out in Schedule 7. In the event of such performance not remaining within any of the target ratios set out in Schedule 7, BoS reserves the right to either cancel and withdraw the Facilities or
renegotiate the basis on which the Facilities should be made available including without limitation the right to require cash cover under clause 2.3.6. 
  

	7.	Security 

  

	7.1	The amounts outstanding under the Facilities will be secured by the Security Documents. 

 

	7.2	The Borrowers will enter into such further Security Documents in favour of BoS as BoS may reasonably require from time to time to ensure that BoS continues to hold
security at all times while the Facilities remain available which represents in aggregate not less than 80% of consolidated turnover and net assets as determined by the most recent Financial Statements of the Group and all such Security Documents
will secure the Facilities and any other money due, owing or incurred to BoS by the Borrowers. 

  

	8.	Financial Information 

The Borrowers will supply to BoS the financial information specified in the Schedule 4. 

 

	9.	Payments 

  

	9.1	All payments by any Borrower to BoS (being a Qualifying Lender) under this letter shall be free and without deduction of tax unless such Borrower is required by law to
make a payment subject to deduction or withholding of tax, in which case the amount payable by such Borrower will be sufficiently increased to ensure that BoS receives and retains a net sum equal to that which it would have received and retained
were no deduction or withholding made. If BoS subsequently receives a tax credit which is referable to the increased payment and which enhances its position, then it will reimburse the relevant Borrower sufficient to redress the position up to the
amount received so long as by so doing it does not prejudice receipt or retention of the tax credit. 

  
 5 

	9.2	Notwithstanding the provisions of clause 9.1 if in relation to BoS circumstances arise which would result in any deduction, withholding or payment of the nature
referred to in clause 9.1 then without in any way limiting, reducing or otherwise qualifying BoS’s rights, BoS shall use reasonable endeavours to transfer the Facility to another of its or any relevant BoS Group offices in the UK not affected
by the circumstances having the results set out in clause 9.1 and shall otherwise consider taking such reasonable steps as may be open to it to mitigate the effects of such circumstances. 

 

	9.3	All payments, whether of commission or otherwise will be paid to BoS at the relevant Borrower’s branch unless BoS otherwise directs and shall be in cleared funds
in the relevant currency. If BoS receives a payment that is insufficient to discharge all the amounts then due and payable under the BoS Documents, BoS shall apply that payment towards the obligations of the Group Companies under the BoS Documents
in such order as BoS considers appropriate and any such appropriation shall override any instructions by any Group Company. 

  

	9.4	All payments to be made by any Borrower under the BoS Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or
counterclaim. 

  

	9.5	All sums of commission will accrue on a daily basis and be calculated on the basis of a year of 365 days (in the case of any amount in Sterling) or 360 days (in the
case of any amount in any other currency) and, in any such case, for the actual number of days elapsed. Commission shall continue to accrue on sums due following a decree or judgement as well as before it, and at the same rate.

  

	9.6	Any determination by BoS of any amount whether of commission or charges or an applicable interest rate or otherwise shall, in the absence of manifest error, be
conclusive and binding on the Borrowers. 

  

	9.7	Where the due date for payment of any amount under any BoS Document is not a Business Day then (without affecting subsequent payment dates) actual payment will be
required on the next Business Day. Each Borrower agrees that any monies from time to time standing to its credit on any account which is not designated a trust or client account (whether current, deposit, loan or of any other nature whatsoever) with
BoS may be retained as cover for and/or applied by BoS at any time (whether on or before or after the expiry of any fixed or minimum period for which such monies may have been deposited) in or towards payment or satisfaction of any monies or
liabilities which are due, owing or incurred by such Borrower to BoS in any manner, whether present or future, actual or contingent, joint or several, whether incurred as principal or surety (or guarantor or cautioner) or in any other way
whatsoever. 

  

	9.8	If BoS exercises any rights in respect of any monies as referred to in clause 9.7 (including, without limitation, any rights of set-off, accounting retention or similar
rights) in respect of any liability of a Borrower and that liability or any part of it is in a different currency from any credit balance against which BoS seeks to exercise its rights, BoS may use the currency of the credit balance to purchase an
amount in the currency of the liability at the then prevailing BoS spot rate of exchange and to pay out of the credit balance all costs, charges and expenses incurred by BoS in connection with that purchase. 

  
 6 

	9.9	BoS shall not be liable for any loss of interest caused by the determination before maturity of any deposits or any loss caused by the fluctuation in any exchange rate
of which any currency is bought or sold by BoS. 

  

	9.10	If a Borrower fails to pay any amount due to BoS in Sterling but makes such payment in another currency, the relevant Borrower shall indemnify BoS against the full cost
incurred by BoS (including all costs, charges and expenses) of converting that payment into Sterling. 

  

	9.11	The obligations of each Borrower in relation to the Facilities are joint and several. 

 

	10.	Indemnity 

  

	10.1	Each Borrower will at all times on demand indemnify BoS against all Indemnified Events and pursuant to, and to the extent of, the foregoing provisions of this Clause
10.1, the Borrowers will pay to BoS the amount of payments made (whether directly or by way of set-off, counterclaim or otherwise) and losses, reasonable costs or expenses suffered or incurred from time to time by BoS arising under any liability
which BoS has incurred (directly or indirectly) in relation to any utilisation of the Facilities. 

  

	10.2	The liability of the Borrowers under clause 10.1 above shall not be affected by any time being given or by anything being done or not done by BoS.

  

	11.	Notices 

  

	11.1	Any communication to be made under or in connection with this letter shall be made in writing and, unless otherwise stated, may be made by fax or letter.

  

	11.2	The address and fax number (and the department or officer, if any, for whose attention the communication is to be made) of BoS for any communication or document to be
made or delivered under or in connection with this letter is that identified with its name at the beginning of this letter or any substitute address, fax number or department or officer as BoS may notify to the other parties by not less than five
Business Days’ notice. 

  

	11.3	The address of each Borrower for any communication or document to be made or delivered under or in connection with this letter is its registered office at the time such
communication or document is made or delivered. The fax number of each Borrower for any such communication or document to be made or delivered under or in connection with this letter is the fax number most recently provided to BoS by such Borrower.

  

	11.4	Any communication made or document made or delivered by one person to another under or in connection with this letter will only be effective:- 

 

	 	(a)	if by way of fax, when received in legible form; or 

  

	 	(b)	if by way of letter, when it has been delivered to the relevant address or three Business Days after being deposited in the post postage prepaid in an envelope
addressed to it at that address, 

 and, if a particular department or officer is specified as part of the address
details set out in clause 11.2 above, if addressed to that department or officer. 

  
 7 

	11.5	Any communication or document to be made or delivered to BoS will be effective only when actually received by BoS and then only if it is expressly marked for the
attention of the department or officer identified with its name above (or any substitute department or officer as BoS shall specify for this purpose). Any communication or document made or delivered to the Parent in accordance with this clause will
be deemed to have been made or delivered to each of the Group Companies. 

  

	11.6	BoS may rely upon any communication by telephone or fax purporting to be on behalf of any Borrower by anyone previously notified to BoS by the Borrowers as being
authorised to do so, without enquiry by BoS as to authority or identity unless BoS shall have received not less than 15 Business Days prior written notice of revocation of such authorisation. The Borrowers agree to indemnify BoS against any
liability incurred or sustained by BoS as a result. 

  

	12.	Miscellaneous 

  

	12.1	No failure or delay by BoS in exercising any right or remedy under any BoS Document shall operate as a waiver, and no single or partial exercise shall prevent further
exercise, of any right or remedy. 

  

	12.2	If at any time any provision of this letter is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality,
validity or enforceability of the remaining provisions nor the legality, validity or enforceability or such provision under the law of any other jurisdiction shall in any way be affected or impaired. 

 

	12.3	The schedules referred to in this letter shall form part of this letter. 

  

	12.4	Save to the extent expressly provided to the contrary in a BoS Document, a person who is not a party to a BoS Document may not enforce any of its terms under the
Contracts (Rights of Third Parties) Act 1999. 

  

	13.	Fees and Expenses 

  

	13.1	The Borrowers will pay to BoS:- 

  

	 	(a)	an arrangement fee of £60,000 payable on acceptance of this letter; 

  

	 	(b)	bank charges in relation to the Facilities either as specified in this letter or otherwise in accordance with the standard terms and conditions of BoS.

  

	13.2	The Borrowers will pay or reimburse to BoS (on a full indemnity basis) all reasonable legal, accountancy, valuation, due diligence and other fees, costs and expenses or
tax charged to or incurred by BoS in connection with the BoS Documents (including the amendment, waiver, enforcement or preservation of BoS rights). 

  

	13.3	Each of the Borrowers authorises BoS to debit any operating account it has with BoS with the amount of any such fees, costs, expenses or tax which is payable
from time to time. 

  
 8 

	14.	EMU Compliance 

 If the
introduction of, changeover to or operation of a single or unified European currency results in:- 
  

	 	(a)	the currency in which either the Guarantee Facility, the FFEC Facility or any of the Payment Systems is provided changing or being replaced or BoS (in its reasonable
opinion) requiring to amend the BoS Documents due to changes in price sources for the national currency of any member state of the European Union or, to the extent it is applicable to any of the Facilities, the euro or market conventions relating to
the calculation of interest; and/or 

  

	 	(b)	BoS incurring an additional or increased cost in relation to its providing any or all of the Facilities; 

then the Borrowers agree, in the case of (a) above, that they will permit the BoS Documents to be amended to the extent necessary (in
the reasonable opinion of BoS) to reflect those changed circumstances and, in the case of (b) above, to indemnify BoS in respect of that additional or increased cost. 

 

	15.	Permitted Borrowings 

  

	15.1	Additional Borrowings by any Group Company up to an aggregate maximum amount of £125,000,000 by way of guarantee and bond facilities similar to the Guarantee
Facility may be negotiated with and obtained from other banks subject to obtaining the prior approval of BoS. Any such facilities approved by BoS must not at any time be permitted to rank ahead of a Borrower’s obligations in respect of the
Facilities and the obligations of any of those Borrowers who are a party to the Security Documents. For the avoidance of doubt no Borrower shall grant or permit to be granted any mortgage, charge, security, pledge, lien, right of set-off, right to
retention of title or other encumbrance, whether fixed or floating, over any present or future property, assets or undertaking (“Encumbrance”) to any other bank in respect of any or all of these other Borrowings but, subject to
clause 15.2, any bank providing such facilities to a Borrower may participate in the security held by BoS through the Security Documents by entering into the Security Trust Deed. 

 

	15.2	Notwithstanding the provisions of clause 15.1 above, additional Borrowings by any Group Company up to an aggregate maximum amount of £50,000,000 by way of
guarantee and bond facilities similar to the Guarantee Facility may be negotiated with and obtained from Local Banks but where such facilities are negotiated and agreed no Group Company may grant any Encumbrance in favour of any such Local Bank in
connection with these facilities. 

  

	15.3	Any Group Company which is not registered in the UK under the Companies Acts (“Non-UK Group Companies”) shall not be subject to any restrictions on borrowing
provided that the aggregate of all such borrowings (howsoever characterised) by the Non UK Group Companies shall not at any time exceed £3,000,000 and furthermore any such Non UK Group Company may grant any encumbrances on its assets provided
that the aggregate value of all such encumbrances granted by all such Non UK Group Companies shall not at any time exceed £3,000,000. The Borrowers shall notify BoS quarterly in arrears of the granting of any such encumbrance and such
notification shall be delivered to BoS at the same time as it delivers the Financial Statements or the management accounts referred to in Schedule 4. 

  
 9 

	16	Assignment, Transfer and Securitisation 

  

	16.1	This letter is for the benefit of the Borrower and BoS and their successors and assignees and transferees. Furthermore and without prejudice to the remaining provisions
of this Clause 16 BoS will remain responsible for issuing all Guarantees under this letter. 

  

	16.2	The Borrower may not assign or transfer all or any of its rights, obligations or benefits under this letter. 

 

	16.3	BoS will be entitled to (1) assign any of its rights and/or (2) transfer or otherwise dispose of any of its rights, benefits and obligations under the BoS
Documents to any other person or entity in any manner that it sees fit. The Borrower undertakes to execute and to procure that each Group Company will execute all documents BoS may reasonably require to give effect to an assignment, transfer or
other disposal. 

  

	16.4	BoS will be entitled to enter into any sub-participation, or any trust or contractual arrangement or disposal (or any other transaction under which payments are to be
made by reference to the BoS Documents, the Borrower or any Group Company) with any person or entity in relation to any rights or obligations under the BoS Documents in any manner that it sees fit and (subject to clause 16.5 below) to provide
information in relation to the Group to such persons for such purpose. 

  

	16.5	BoS will be entitled to disclose, in confidence, to its advisers and to any prospective or actual assignee, any party to a securitisation, transferee or participant,
any other member of the BoS Group, its auditors, advisers or applicable regulatory authority, any rating agency, or any other person or entity who enters or proposes to enter into any transaction as referred to in this clause 16 with BoS in relation
to the BoS Documents (in each case, together with their professional advisers) all information, including any confidential information, financial information and any other information given to BoS in relation to this letter.

  

	17.	Law 

 This letter will be
governed by and construed according to English law and each of the parties to this letter submits to the jurisdiction of the English Courts. 

Yours faithfully 
  

	
	/s/ Peter Jackson

 For and on behalf of 
 BANK OF SCOTLAND PLC 

  
 10 

									
	 Agreed and accepted on behalf of
 Foster Wheeler Limited by
	 		 	 Agreed and accepted on behalf of
 Foster Wheeler Energy Limited by

					
	/s/ Laurent Dupagne	 	Director	 		 	/s/ Laurent Dupagne	 	Director

  

									
	/s/ Stephen Culshaw	 	Director	 		 	/s/ Stephen Culshaw	 	Director
					
	Date: 16 December 2010	 	 	 		 	Date: 16 December 2010	 	 

  

									
	 Agreed and accepted on behalf of
 Foster Wheeler World Services Limited by
	 		 	 Agreed and accepted on behalf of
 Foster Wheeler (G.B.) Limited by

					
	/s/ Laurent Dupagne	 	Director	 		 	/s/ Laurent Dupagne	 	Director

  

									
	/s/ Stephen Culshaw	 	Director	 		 	/s/ Stephen Culshaw	 	Director
					
	Date: 16 December 2010	 	 	 		 	Date: 16 December 2010	 	 

 IMPORTANT NOTICE: As with any legally binding agreement, we recommend that you consult your solicitor or other
independent legal adviser before accepting this letter. 

  
 11 

 SCHEDULE 1 
 PAYMENT SYSTEMS 
  

	1.	BACS Facility 

  

	1.1.	BACS Limit £15,000,000 

  

	1.2.	Purpose 

 The BACS facility may
only be used by the Borrowers to make fund transfers up to an aggregate at any time of the amount of the BACS Limit utilising the Bankers Automated Clearing System. The Borrower may use the BACS facility to make such fund transfers, subject to
sufficient funds being made available by the Borrowers to cover the BACS payments by close of business on the same day. 
  

	1.3.	Terms and Conditions 

 The BACS
facility shall be made available to the Borrowers subject to:- 
  

	 	1.3.1.	 the terms and conditions of the Bankers Automated Clearing System operated by BACS Limited; and 

 

	 	1.3.2.	 its rules of operation as agreed between BoS and the Borrowers from time to time. 

 

	2.	CHAPS Facility 

  

	2.1.	CHAPS Limit £15,000,000 

  

	2.2.	Purpose 

 The CHAPS facility may
only be used by the Borrowers to make fund transfers up to an aggregate at any time of the amount of the CHAPS Limit utilising the Clearing House Automated Payments Systems available from BoS. The Borrowers may use the CHAPS facility to make
such fund transfers, subject to sufficient funds being made available by the Borrowers to cover each of those CHAPS payments by close of business on the same day. 
  

	2.3	Terms and Conditions 

 The CHAPS
facility shall be made available to the Borrowers subject to the standard terms and conditions of the Clearing House Automated Payments Systems as advised by BoS. 
  

	3.	International Payment Processing Facility 

  

	3.1.	IPP Limit £13,000,000 

  

	3.2.	Purpose 

 The International
Payment Processing facility may only be used by the Borrowers to make fund transfers using the International Payment Processing facilities provided to the Borrowers by BoS. The Borrowers may use the IPP Facilities to make such fund transfers,
subject to sufficient funds being made available by the Borrowers to cover such payments by close of business on the next Business Day. 

  
 12 

	3.3	Terms and Conditions 

 The
International Payment Processing facility shall be made available to the Borrowers subject to the rules of operation as agreed between BoS and the Borrowers from time to time. 

 

	4.	CIB Sterling Payments Facility 

  

	4.1.	CIB Sterling Payments Limit: £15,000,000 

  

	4.2.	Purpose 

 The CIB Sterling
Payments facility may only be used by the Borrowers to make sterling payments utilising the BoS Corporate Internet Banking Service (“CIB”) up to an aggregate at any time of the CIB Sterling Payments Limit. The Borrowers may use the CIB
facility to make such sterling payments subject to sufficient funds being made available by the Borrowers to cover such payments by close of business on the same day without exceeding the Overdraft Limit. 

 

	4.3.	Terms and Conditions 

 The CIB
Sterling Payments facility shall be made available to the Borrowers subject to:- 
  

	 	4.3.1.	 the terms of and conditions of CIB; and 

  

	 	4.3.2.	 the rules of operation thereof as agreed between BoS and the Borrowers from time to time. 

 

	5.	Treasury Settlement Facility 

  

	5.1	Treasury Settlement Limit £30,000,000. 

  

	5.2	Purpose 

 The Treasury Settlement
facility may only be used by the Borrowers to make fund transfers using the Treasury Settlement facilities up to an aggregate of the Treasury Settlement Limit provided to the Borrowers by BoS. The Borrowers may use the Treasury Settlement facility
to make such fund transfers subject to sufficient funds being made available by the Borrowers to cover such payments by close of business on the date of settlement of such payment without exceeding the Treasury Settlement Limit. 

 

	5.3	Terms and Conditions 

 The
Treasury Settlement facility shall be made available to the Borrower subject to the rules of operation as agreed between BoS and the Borrowers from time to time. 
  

	6.	General 

 Throughout the
duration of the Facilities, BoS shall be entitled to vary both the limit and the terms and conditions referred to above in relation to the Payment Systems by notice to and as agreed with the Borrowers. 

  
 13 

 SCHEDULE 2 
 DEFINITIONS AND INTERPRETATION 
  

	1.	Definitions 

“Affiliate” means a Subsidiary or a Holding Company or any other Subsidiary of that Holding Company. 

“Borrowings” means any indebtedness for or in respect of (but without double counting): 

 

	 	(a)	moneys borrowed; 

  

	 	(b)	any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent; 

 

	 	(c)	any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; 

 

	 	(d)	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with GAAP, be treated as a finance or capital lease;

  

	 	(e)	receivables sold or discounted (other than any receivables to the extent they are sold on a non recourse basis); 

 

	 	(f)	any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing, including but not limited
to deferred consideration in relation to earn-out payments arising from acquisitions made by a Group Company; 

  

	 	(g)	any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any
derivative transaction, only the, negative marked to market value shall be taken into account); 

  

	 	(h)	any counter-indemnity obligation in respect of a standby or documentary letter of credit or any other instrument issued by a bank or financial institution excluding,
where a Borrower has provided a counter- indemnity which is fully cash- backed; 

  

	 	(i)	any liability for the acquisition cost of assets or services payable on deferred payment terms where the period of deferment is more than 90 days.

 “BoS” means Bank of Scotland plc, (Company Number SC327000) having its registered office at The
Mound, Edinburgh EH1 1YZ and its successors, assignees and transferees. 

  
 14 

 “BoS Group” means BoS, HBOS plc (Registered No. SC218813), any Subsidiary
of either of them, any holding company of either of them and any Subsidiary of any such holding company. 
 “BoS
Documents” means this letter, the Security Documents, the ISDA Documents, the Security Trust Deed and all documents ancillary or supplemental to any of them. 
 “Business Day” means a day (other than a Saturday or Sunday) when the branch of BoS at which the Borrower’s account is located is open for business. 

“Certified Copy” means a copy certified as true, complete and up to date by the specified person or, if no-one is
specified, by either the secretary of the relevant Group Company or the Borrower’s solicitors. 
 “Change of
Control” means any circumstances in which either a person, not being a Group Company, alone or together with any associated person or persons becomes the beneficial owner of shares in the issued share capital of the Parent carrying the
right to exercise more than 50 per cent. of the votes exercisable at a general meeting of the Parent. 
 “Charge
over Cash Deposit” means the charge over cash deposit referred to in paragraphs 1.2 of Schedule 3 granted by the relevant Borrower in favour of BoS in respect of the account or accounts (denominated in whatever currency) of that Borrower
with BoS which account or accounts is/are blocked or designated as charged to BoS and is/are identified in relevant charge over cash deposit; 
 “Encumbrances” has the meaning given in clause 15.1; 

“Financial Statements” means the audited annual profit and loss account, balance sheet and cash flow statement of the
relevant company for each of its financial years (consolidated for each financial year during which that company has a subsidiary) together with related directors’ and auditors’ reports. 

“GAAP” means generally accepted accounting principles and practices in the UK. 

“Group” means the Parent and each Subsidiary of the Parent which is not dormant and “Group Company” is
construed accordingly. 
 “Guarantees” means advance payment guarantees, performance bonds and such other
similar instruments as may be required in the normal course of business of the Borrowers. 
 “Holding Company”
or “holding company” means, in relation to a company or corporation, any other company or corporation in respect of which it is a Subsidiary. 
 “Indemnified Events” means all actions, suits, proceedings, claims, demands, liabilities, costs, expenses, losses, damages and charges whatsoever (except those arising as a result of the
negligence or wilful misconduct of BoS) which may occur in relation to or arising out of any utilisations of any of the Facilities made available under this letter. 

  
 15 

 “ISDA Documents” means the form of ISDA master agreement, schedule and
associated confirmations used from time to time by BoS for entities like the Borrower together with all other documents referred to in, or supplemental to, such documentation. 
 “Local Banks” means a non UK bank based in a jurisdiction where the giving of guarantee and bond facilities similar to the Guarantee Facility must be made by a bank located in that
jurisdiction, contemplated in clause 15.2. 
 “Qualifying Lender” means a person which, in relation to the
relevant payment, is beneficially entitled to the income in respect of which the payment is made and is:- 
  

	 	(a)	a company resident in the United Kingdom for tax purposes; or 

  

	 	(b)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a branch or agency and which brings the payment into account in
computing its chargeable profits (within the meaning given by section 11(2) of the Taxes Act); or 

  

	 	(c)	a person fulfilling any one of the conditions set out in sub-sections (3) to (7) of Section 349B of the Taxes Act, 

in each case in respect of which the Borrower has not received a notification (which remains valid) from the Board of the Inland Revenue
directing that Section 349A(1) of the Taxes Act is not to apply to any such payment. 
 “Review Date” means
the Business Day immediately preceding each anniversary of the date of this letter (or such other date as BoS may from time to time notify to the Parent). 
 “Secretary’s Certificate” means, in respect of a company, a certificate in the form set out in Schedule 6 executed by a director of that company. 

“Security Documents” means any security documents identified in Schedule 3 (including any guarantees) granted to BoS by
any Group Company or any other person in respect of the Borrowings of the Group from time to time and any other documents entered into by a Borrower from time to time creating or evidencing any guarantee, mortgage, charge, security, pledge, lien,
right of set-off, right to retention of title or other encumbrance, whether fixed or floating, over any present or future property, assets or undertaking in favour of BoS. 
 “Security Trust Deed” means the security trust deed dated 22 December 2005 between BoS (as Security Trustee), HSBC Bank Plc and Bank of Ireland as the same may be amended, varied,
supplemented, restated, substituted or novated from time to time and includes any duly executed and dated accession deed, substantially in the form annexed to the Security Trust Deed and entered by BoS (as Security Trustee) and any bank providing
facilities to the Borrowers as contemplated in Clause 15.1 of this letter; 
 “Security Trustee” means BoS;

  
 16 

 “Subsidiary” means, in respect of any company, person or entity, any
company, person or entity directly or indirectly controlled by such company, person or entity (including any Subsidiary acquired after the date of this letter) and “Subsidiaries” shall mean all or any of them, as appropriate. 

 

	2.	Interpretation 

  

	 	Any	reference in this letter to:- 

  

	 	(a)	statutes, statutory provisions and other legislation shall include all amendments, substitutions, modifications and re-enactments for the time being in force and shall
include any orders, regulations, instruments or other subordinate legislation made under the relevant legislation; 

  

	 	(b)	“control” of any company shall be interpreted in accordance with Section 840 of the Taxes Act; 

 

	 	(c)	“including” shall not be construed as limiting the generality of the words preceding it; 

 

	 	(d)	any clause, paragraph or schedule shall be construed as a reference to the clauses in this letter, the schedules to this letter and the paragraphs in such schedules;

  

	 	(e)	any term or phrase defined in the Companies Act 2006 (as amended from time to time) shall bear the same meaning in this letter save that any term used in the definition
of “Qualifying Lender” shall be interpreted as such term is interpreted in accordance with the Taxes Act; 

  

	 	(f)	words importing the singular shall include the plural and vice versa and words denoting any gender shall include all genders; 

 

	 	(g)	this letter and to any provisions of it or to any other document referred to in this letter shall be construed as references to it in force for the time being and as
amended, varied, supplemented, restated, substituted or novated from time to time; 

  

	 	(h)	a person is to be construed to include references to a corporation, firm, company, partnership, joint venture, unincorporated body of persons, individual or any state
or any agency of a state, whether or not a separate legal entity; 

  

	 	(i)	any person is to be construed to include that person’s assignees or transferees or successors in title, whether direct or indirect; 

 

	 	(j)	any word or phrase includes all derivations thereof; 

  

	 	(k)	any “associated person” means, in relation to a person, a person who is either acting in concert (as defined in the City Code on Takeovers and Mergers) with
that person or is a connected person (as defined in section 839 of the Taxes Act) of that person; 

  
 17 

	 	(l)	the “exposure” of BoS (or any other member of BoS Group) means, in relation to any guarantee, bond, forward foreign exchange contract or other utilisation,
the amount determined by BoS to be its liability (actual or contingent) in respect thereof (or, if applicable, the liability of such other member of BoS Group). 

 Clause headings are for ease of reference only and are not to affect the interpretation of this letter. 

  
 18 

 SCHEDULE 3 
 SECURITY DOCUMENTS 
  

	1.	Security 

  

	1.1	A Composite Guarantee dated 25 July 2005 by Foster Wheeler Limited, Foster Wheeler Energy Limited, Foster Wheeler (G.B.) Limited and Foster Wheeler World Services
Limited in favour of BoS (as Security Trustee) 

  

	1.2	Charge over Cash Deposit by Foster Wheeler Limited dated 14 January 2005 in favour of BoS 

 

	1.3	A first and only debenture from Foster Wheeler Limited dated 25 July 2005 in favour of BoS (as Security Trustee) 

 

	1.4	A first and only debenture from Foster Wheeler Energy Limited dated 25 July 2005 in favour of BoS (as Security Trustee) 

 

	1.5	A first and only debenture from Foster Wheeler (G.B.) Limited dated 25 July 2005 in favour of BoS (as Security Trustee) 

 

	1.6	A first and only debenture from Foster Wheeler World Services Limited dated 25 July 2005 in favour of BoS (as Security Trustee) 

 

	1.7	A global deed of counter indemnity by Foster Wheeler Limited dated 25 July 2005 in favour of BoS. 

 

	1.8	The duly completed letter of comfort referred to in clause 1.1 of this letter. 

  
 19 

 SCHEDULE 4 
 FINANCIAL INFORMATION COVENANTS 
  

	1.	Each Borrower covenants that it will supply to BoS:- 

  

	1.1	within 160 days after the end of each financial year of the Parent two copies of its Financial Statements and a copy of the Financial Statements, if available, for each
Group Company and each Affiliate which utilises the Guarantee Facility from time to time; 

  

	1.2	within 45 days after the end of each quarter in each financial year of the Parent, management accounts (including profit and loss account, balance sheet and cash flow
statements) on a consolidated basis for the Group and showing a comparison with budget together with commentary by the finance director on those management accounts; 

 

	1.3	at the same time as it delivers the Financial Statements or the management accounts referred to above, a certificate evidencing their performance as at the date to
which the Financial Statements or management accounts were prepared against the key performance indicators set out in Schedule 7 signed by a director of the Parent setting out in reasonable detail supporting computations and in form and content
acceptable to BoS; 

  

	1.4	such further financial information as BoS may from time to time reasonably require. 

 

	2.	Each Borrower also covenants that:- 

  

	2.1.	it will ensure that all Financial Statements delivered by it in terms of paragraph 1.1. above are prepared in accordance with GAAP and that all management accounts
delivered by it in terms of paragraph 1.2 above shall be prepared in accordance with generally accepted accounting standards but subject to the limitations applicable to unaudited accounts and, in the case of the Financial Statements, show a true
and fair view of the financial position of the relevant Group Company; 

  

	2.2	it will identify from any consolidated accounts prepared for itself and its parent company or Subsidiaries, as the case may be, the financial performance of any
undertaking included in those accounts as a subsidiary undertaking (which is not a Subsidiary) and will, excluding any contingent liabilities, provide details of all financing agreements and arrangements to which any Group Company is a party which
need not be shown in the Financial Statements of the Parent excluding contingent liabilities; 

  

	2.3	it will promptly provide to BoS such documentation and/or information as BoS may reasonably request from time to time in relation to the Group (or any Group Company or
any other person connected with any Group Company) in order for BoS to comply with any law, regulation or guidelines applicable to it from time to time (including, without limitation, any anti-money laundering or “know your customer”
rules). 

  
 20 

 SCHEDULE 5 
 AUTHORISED BORROWERS 
  

	1.	Foster Wheeler Limited 

  

	2.	Foster Wheeler Energy Limited 

  

	3.	Foster Wheeler (G.B.) Limited 

  

	4.	Foster Wheeler World Services Limited 

  
 21 

 SCHEDULE 6 
 Secretary’s Certificate 
 [TO BE COMPLETED BY SECRETARY FOR EACH
BORROWER ON EACH 
 BORROWER’S HEADED NOTEPAPER] 

 

	To:	Bank of Scotland 

 Thames Valley
and South Region 
 Corporate Markets 
 The Atrium, 
 Davidson House, 

Forbury Square, 

Reading RG1 3EU 
 For the
attention of: 
 Peter Jackson 
 Date:
• 2010 
 Re :             • Limited (the “Company)

 Registered Office :     • 
 Registered Number :     • 
 Guarantee Facility of
£60,000,000, Forward Foreign Exchange Facility of £36,000,000 (weighted risk) and access to payment systems, BACS of £15,000,000, CHAPS limited of £15,000,000, International Payment Processing limit of £13,000,000, CIB
Sterling Payment facilities of £15,000,000 and Treasury Settlement facilities of £30,000,000 (the “Facilities) 
 I, [insert
full name], the Company Secretary certify that:- 
  

	1.	the Company has the necessary power to borrow and to incur the liabilities specified in the letter(s) from BoS dated • 2010 offering the Facilities (the
“Facility Letter(s)”) and to draw down the Facilities; 

  

	2.	no borrowing limit of the Company will be exceeded by any borrowing under the Facility Letter(s); 

 

	3.	the board of directors of the Company has duly authorised [insert full names of those authorised] to accept the Facility Letter(s), to draw down the Facilities
and all other documentation to be entered into by the Company pursuant to the terms of the Facility Letter; 

  

	4.	the individuals specified in 3 above were at the time of execution of the documentation referred to above and remain duly appointed [directors] [authorised
signatories] of the Company; 

  
 22 

	5.	the resolutions giving the authorisations referred to above were validly passed at a properly convened meeting of the board of directors of the Company, such
restrictions contain declarations of interest by the directors of the Company sufficient to comply with Section 177 of the Companies Act 2006 and the articles of association of the Company and such resolutions are in full force and effect.

 I attach: 
  

	(1)	a list of all the directors of the Company and confirm that those persons listed are all the directors of the Company as at the date of this letter; and

  

	(2)	a copy of the Certificate of Incorporation [and Certificate(s) of Incorporation on Change of Name] of the Company and confirm that each copy is true, complete and up to
date. 

 This certificate is authorised by the Board of Directors of the Company. 

 

	
	
	  
	Secretary

  
 23 

 SCHEDULE 7 
 KEY PERFORMANCE INDICATORS 
  

	 	1.	For the purposes of this Schedule 7: 

 “Bank Borrowings” mean all Borrowings of a Group Company with a bank or other financial institution but always excluding an amount not exceeding in total £50,000,000 borrowed to
fund or assist with funding one or more share or business acquisitions by the Group or a Group Company. 
 “Cash at
Bank” means all Group cash held at or lodged with any bank or financial institution acceptable to BoS as identified in the Financial Statements and the consolidated management accounts of the Group. 

“EBIT” means, for any specified period, the consolidated profit of the Parent before the deduction of Interest and
taxation disregarding profits or losses arising in respect of exceptional or extraordinary items in each case in that period. 

“EBITDA” means, for any specified period, EBIT for such period after adding back depreciation and amortisation of
goodwill (or any other intangible assets) to the extent deducted from EBIT, in each case in that period. 

“Interest” means, for any specified period, interest and any amounts in the nature of interest in relation to any
Borrowings (including, without limitation, the interest element of finance leases, guarantee fees, non utilisation fees, discount and acceptance fees and payments under any interest rate hedging arrangements on a net basis but excluding arrangement
fees) in each case in that period. 
 “Trade Debtors” means, at any time, all debts due to each Group Company in
the ordinary course of business outstanding for not more than 180 days from the date payment is due and which are not bad or doubtful but excluding:- 
  

	 	(a)	any debt owed by another Group Company; 

  

	 	(b)	any debt owed by any person who is also a creditor of a Group Company to the extent of the amount owed by that Group Company to that creditor; and

  

	 	(c)	any debt which has been assigned or charged to or is held in trust for any third party or is subject to any factoring or invoice discounting or similar arrangement;

 with any adjustments BoS may from time to time consider to be appropriate in the context of the business of each
Group Company and the Facilities. 
  

	2.	Guarantees plus Bank Borrowings : EBITDA 

 The aggregate value of (i) all Guarantees issued and not returned to BoS (ii) all Guarantees issued and not returned to any other lender as the case may be in accordance with clause 15 of the
letter and (iii) Bank Borrowings shall not exceed 4 x EBITDA. 

  
 24 

	3.	Trade Debtors plus Cash at Bank to Guarantees  

 The aggregate of Trade Debtors, Cash at Bank, other receivables and work in progress (other receivables and work in progress being those items identified in the Financial Statements and the consolidated
management accounts of the Group) shall at all times equal or exceed 50% of the aggregate value of (i) all Guarantees issued and not returned to BoS and (ii) all Guarantees issued and not returned to any other lender, as the case may be,
in accordance with clause 15 of the letter. 
  

	4.	Testing 

 The key
performance indicators in this schedule 7 shall be tested and calculated on a rolling 12 month basis and shall be tested by reference to: 
  

	 	(a)	other than in relation to Guarantees plus Bank Borrowings: EBITDA (i) the Financial Statements for the relevant accounting reference period and (ii) the
consolidated quarterly management accounts provided in accordance with schedule 4 of this letter for the relevant period (“Quarterly Management Accounts”); and 

 

	 	(b)	in relation to Guarantees plus Bank Borrowings : EBITDA, the Quarterly Management Accounts. For the avoidance of doubt, EBITDA will be reported as outlined in the
Quarterly Management Accounts and is to be measured before royalties and management fees. 

  
 25

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