Document:

exv10w3

Exhibit 10.3

SECOND AMENDMENT

TO THE

EMPLOYMENT AGREEMENT

BETWEEN FOSTER WHEELER INC.

AND

BETH B. SEXTON

     This SECOND AMENDMENT (this “Amendment”) to the Employment Agreement between FOSTER WHEELER
INC., a Delaware corporation (the “Company”), and BETH B. SEXTON (the “Executive”), dated as of
April 7, 2008 (the “Agreement”), is made and entered into as of May 4, 2010 (the “Effective Date”).

     WHEREAS, Foster Wheeler Ltd. entered into the Agreement with the Executive; and

     WHEREAS, the Company thereafter assumed the Agreement from Foster Wheeler Ltd. on or about
February 9, 2009, and the Company and the Executive entered into a First Amendment to the
Agreement, effective January 18, 2010 (“First Amendment”); and

     WHEREAS, the Company and the Executive have agreed to further amend the Agreement as set forth
herein; and

     WHEREAS, pursuant to the Agreement, an amendment to the Agreement may be made pursuant to the
written consent of the Company and the Executive.

     NOW THEREFORE, for good and valuable consideration the receipt and sufficiency of which are
hereby acknowledged, and in further consideration of the following mutual promises, covenants and
undertakings, the parties agree by executing this Amendment to amend the Agreement, including its
First Amendment, as follows:

	1.	 	The Agreement is amended by replacing the Addendum set forth in the First Amendment with the
following addendum inserted at the end of the Agreement:

ADDENDUM

     This Addendum sets forth the terms and conditions applicable during the Executive’s
performance of duties (as described in Agreement Section 1.1) for the period beginning as of the
Effective Date and ending on the date the Agreement is terminated pursuant to Agreement Section 4
(the “Term”). Unless otherwise provided in this Addendum, all Agreement terms (including the
Executive’s entitlement to the compensation and benefits described in Agreement Section 3, as
adjusted for merit increases since the date of the Agreement) shall remain in full force and effect
during the Term.

A-1. Location.

     During the Term, the Executive shall perform her duties (as described in Agreement Section 1)
primarily at the Company’s offices in Geneva, Switzerland, subject to reasonable travel
requirements consistent with the nature of the Executive’s duties from time to time on behalf of
the Company.

 

 

A-2. Long-Term Incentive Awards.

     Upon the Executive’s termination of employment (other than for Cause), all stock options
outstanding as of the Executive’s Termination Date shall remain exercisable for the shorter of one
(1) year following the Executive’s termination of employment or the remainder of the term of the
stock option(s).

A-3. Stay Bonus Award.

     The Company shall pay the Executive a cash stay bonus under the following terms:

     (a) Full Stay Period. The Executive shall receive a cash bonus equal to
175% of the Executive’s Base Salary then in effect, provided the Executive remains in active
employment until June 30, 2011. Payment of such bonus shall be made in a single lump sum in July
2011.

     (b) Minimum Stay; Minimum Notice. The Executive shall receive a cash bonus
equal to 125% of the Executive’s Base Salary then in effect upon the termination of the Executive’s
employment if the Executive remains an active employee of the Company through December 31, 2010,
and provides the Company with at least four (4) months advance written notice of her termination of
employment. Payment of such bonus shall be made in a single lump sum within thirty (30) days of
the date of termination of employment. This 125% stay bonus shall be increased if the Executive
provides the requisite notice and works beyond December 31, 2010. In such case, the amount of the
stay bonus shall be increased on a pro-rata basis based on the number of full months worked between
December 31, 2010 and June 30, 2011. For example, if the Executive works one (1) full month beyond
December 31, 2010, the Executive shall receive another one-sixth (1/6th) of the amount
of the differential between 125% and 175%. Payment of such bonus shall be made in a single lump
sum within thirty (30) days of the Executive’s termination of employment.

     (c) Termination Without Cause; For Good Reason; Death; Disability. The stay
bonus described in paragraph (a) shall be payable in full and irrespective of when the Executive’s
employment terminates if the Executive’s employment is terminated by the Company without Cause, by
the Executive for Good Reason (not including the event of the assignment to Switzerland), or due to
the Executive’s death or Disability. In such case, and if the stay bonus has not already been
paid, the stay bonus shall be paid in a lump sum within thirty (30) days of termination of
employment.

     (d) Termination Relating to Catastrophic Personal Event. The stay bonus
described in paragraph (a) shall be payable in full if the Executive remains an active employee
through December 31, 2010 and terminates employment prior to June 30, 2011 due to an unforeseen
personal and catastrophic event affecting the Executive or a family member, which event requires
the Executive to relocate to the U.S., and the Executive provides the Company with thirty (30) days
advance written notice.

     (e) Forfeiture of Stay Bonus. The Executive shall forfeit the stay bonus
(and must repay the stay bonus if the stay bonus has been paid) if (i) the Executive does not
remain in active employment through December 31, 2010, (ii) the Executive (A) prior to June 30,
2011, provides the Company with less than four (4) months advance written notice of her termination
of employment (less than thirty (30) days notice for termination due to a catastrophic event
described in A-4(d)), or (B) on or after June 30, 2011 and prior to June 30, 2012,
provides the Company with an advance written notice of termination of employment such that the
resulting termination date is prior to June 30, 2012, is less than thirty (30) days after the
notice for termination due to a catastrophic event described in paragraph (d), or is less than
ninety (90) days after the notice for termination that is not due to a catastrophic event described
in paragraph (d), or (iii) prior to June 30, 2011, the Executive’s employment is terminated for
Cause. Upon

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any such forfeiture, the Executive must repay any paid stay bonus in full within
thirty (30) days of termination of employment.

A-4. Miscelleneous Terms

     (a) Agreement Terms. Unless otherwise provided in this Addendum, all Agreement terms
(including the Executive’s entitlement to the compensation and benefits described in Agreement
Section 3, as adjusted for merit increases since the date of the Agreement) shall remain in full
force and effect during the Term.

     (b) Supplemental Long-Term Incentive Award. The Executive shall receive an
award of restricted stock units on a date designated by the Foster Wheeler AG Board of Directors or
its Compensation Committee (“Compensation Committee”) during the first open trading window for
Section 16 officers subsequent to the Effective Date (known as the “Grant Date”) with an economic
value as of the Grant Date equal to USD 1,250,000. Such award shall vest ratably on the
first, second, and third anniversaries of the Grant Date. Restricted stock units that vest shall
be settled by issuance of shares as provided in the grant agreements described above, but in no
event later than March 15 of the year following the year in which the restricted stock units vest.
For purposes of this Section, the number of restricted stock units to be granted to the Executive
shall be consistent with the methodology used for valuing restricted stock unit awards granted to
employees which has been approved and adopted by the Compensation Committee. Such award will be
granted under the Company’s Omnibus Incentive Plan and governed by separate agreements entered into
between the Executive and the Company or one of its affiliates, and in the event of any
inconsistency between such separate agreements and the terms of the Agreement (including, but not
limited to its Section 4 and this Amendment), the Agreement shall govern and control. For
avoidance of doubt, nothing in the preceding sentence shall be construed to limit the application
of any provision of such separate agreements that expressly refers to and incorporates a provision
of this Agreement.

     (c) Assignment Benefits. During the Term and so long as assigned to
Switzerland, the Executive shall be entitled to the following benefits (“Assignment Benefits”); all
the benefits provided for in this Addendum are inclusive of a Representative Allowance of CHF
100,000 and are in addition to the perquisities and other benefits provided for in the Agreement:

       (i) Relocation Assistance: The following relocation assistance shall be
provided:

     (1) The Company will assist in obtaining the proper work permits
and/or visas necessary for the provision of services in Switzerland and reimburse
the Executive for any work permit/visa, passport and immigration expenses, including
expenses for dependents of the Executive relocating or intending to relocate to
Switzerland;

     (2) Home sale assistance, including the Company’s payment of
realtor’s fees, closing costs and any loss on the sale of the Executive’s
condominium in the Perryville area (basis for home includes major home
improvements);

     (3) Reimbursement for two (2) house hunting trips of up to six (6)
days each, to include reasonable lodging, transportation and meals;

     (4) The cost of the shipment of household goods;

     (5) The cost of pet relocation, including transportation and kennel
fees related to the move; and

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     (6) The loss on sale of automobiles or lease termination, including
any losses based on blue book/fair market value, costs, and penalties.

(ii) Settling-in Allowance: A settling-in allowance of CHF 30,000 shall be
paid within thirty (30) days of the date the Effective Date.

(iii) Assignment Allowance: Prior to the earlier of the date upon which the
Executive’s immediate family relocates to Switzerland or June 30, 2011 (“First Period”), the
Company shall pay the Executive a monthly allowance, and after such date (“Second Period”),
the Company shall pay to the Executive a different monthly allowance, consisting of the
following amounts for each period:

	 	 	 	 	 
	Allowance	 	First Period	 	Second Period
	(1) Cost-of-living
allowance:
	 	CHF 6,327	 	CHF 2,940 (*)
	 
	 	 	 	 
	(2) Housing:
	 	CHF 13,800	 	CHF 13,800
	 
	 	 	 	 
	(3) Transportation:
	 	CHF 3,042	 	CHF 2,208
	 
	 	 	 	 
	(4) Utilities:
	 	CHF 400	 	CHF 400
	 
	 	 	 	 
	TOTAL
	 	CHF 23,569	 	CHF 19,348

 

			
	(*)	 	This amount (CHF 2,940) assumes the Executive’s immediately
family has not relocated to Switzerland. The amount of the Executive’s
Second Period Cost-of-living allowance shall be CHF 5,341 if and when her
immediate family relocates to Switzerland, which increased allowance would
increase her Second Period total allowance to CHF 21,749

Such allowances shall be payable in advance in Swiss Francs according to the Company’s
payroll practices. The Company shall also provide for reasonable advances to the Executive
for the purpose of obtaining housing and satisfying other relocation expenses.

          (iv) Personal Air Travel and Home Leave: Until the earlier of the date upon
which the Executive’s immediate family relocates to Switzerland or June 30, 2011, (A) the
Company shall provide reimbursement of one (1) business-class round-trip ticket per month for
personal travel between Switzerland and the U.S, (B) each month, the Executive may use the
business-class round trip ticket to instead fly one (1) family member from the U.S. to
Switzerland, and (C) once per quarter, in lieu of the Executive’s trip to the U.S., the
Company shall reimburse the cost of business-class round-trip tickets for the Executive’s
family to travel from the U.S. to Switzerland. After the earlier of the dates set forth
above, (X) the Company shall reimburse the Executive for one (1) trip per twelve (12) months
per authorized dependent and for the Executive, (Y) expenses eligible for reimbursement
include a business class airline ticket and local ground expenses to the original point of
origin, and (Z) one (1) day of travel shall be permitted each way as additional vacation.

          (v) Vacation and Holidays: The Executive’s paid time off shall be consistent
with that currently provided. Swiss holidays shall be established by the Company.

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          (vi) Continued Medical Coverage. To the extent U.S. medical coverage is not
available in Switzerland, the Company shall pay for the cost of securing substantially
similar coverage in Switzerland for the Executive and the Executive’s family. Eligible
dependents of the Executive shall continue to maintain medical coverage irrespective of their
relocation to Switzerland.

          (vii) Tax Equalization. Under tax equalization, the Executive’s obligation
for income taxes shall not exceed the amount of income tax calculated each year on Base
Salary, short-term annual pay and long-term incentive pay applying the U.S. tax rules without
taking into consideration any foreign tax credit. Such amount will be deducted from the
Executive’s paycheck. Should additional income taxes arise in the U.S. or Switzerland as a
result of the assignment, the Company shall pay the additional tax. The Executive may
choose, as an alternative to the U.S. tax equalization program, to be personally responsible
for the Swiss income tax on the Executive’s Base Salary, short-term incentive pay and
long-term incentive pay. In addition to the tax equalization on the compensation above, the
Executive will be reimbursed for any wealth tax due in Switzerland as a result of the
assignment.

          (viii) Tax Preparation Services: The Company shall retain the services of a
tax consultant to prepare the Executive’s U.S. and Switzerland tax returns, as required,
while the Executive is on assignment to Switzerland.

          (ix) Tax Gross-Up. To the extent that the provision of Assignment Benefits
results in taxable income to the Executive, the Company shall pay the Executive an amount to
satisfy the Executive’s Swiss and U.S. income tax obligation. Such payment shall be
grossed-up for taxes and made as soon as practicable after the tax liability arises but in no
event later than the end of the year following the year in which the tax is due.

          (x) Seconded Arrangement: The Executive shall be seconded to Foster Wheeler
Management AG in Switzerland and shall continue to remain an employee of the Company. The
Executive remain eligible to participate in the Company’s employee benefit plans as set forth
in Section 3 of the Agreement and to receive U.S. social security benefits.

          (xi) Legal Services. The Company shall reimburse the Executive for legal fees
incurred in relation to an attorney’s review of this Amendment, up to a maximum of USD 5,000.

          (xii) Financial/Estate Planning. The Company shall reimburse the Executive
for one-time costs relating to the Executive’s financial and estate planning.

          (xiii) Compassionate Leave: The Executive shall be provided with up to
five (5) day’s paid compassionate leave in relation to the death of an immediate family
member. The Company shall reimburse the Executive and her dependents for the cost of
round-trip business airline tickets to attend funeral services.

          (xiv) U.S. Vehicle Allowance. Any vehicle allowance provided under Company
policy for vehicles based in the U.S. shall cease upon the earlier of (A) the date upon which
the Executive’s immediate family relocates to Switzerland or (B) June 30, 2011.

     (d) Termination of Employment. If the Executive’s employment is terminated
for any reason, the terms of Agreement Section 4 shall control; provided, that the relocation to
Switzerland shall not constitute an event giving rise to a termination of employment for Good
Reason. If the termination is

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for any reason other than for Cause or a resignation by the
Executive without Good Reason, the Company shall pay the reasonable costs associated with the
repatriation to the U.S.

A-5. Maximum Length of Assignment

     For the avoidance of doubt, the maximum period of time during which the Executive may be
considered to be “on assignment” and, therefore, eligible for assignment-related compensation and
Assignment Benefits is five (5) years from the start of the Executive’s assignment to Switzerland,
i.e., no later than January 17, 2015.

A-6. Application of Section 409A to Benefits-in-Kind, Expense Reimbursements and
Allowances

     (a) Benefits-in-Kind; Expense Reimbursements. Benefits-in-kind and any
provision for reimbursement of expenses during the Executive’s assignment shall be subject to the
following rules, as required to comply with Code Section 409A:

     (i) The amount of in-kind benefits provided or expenses eligible for
reimbursement in one calendar year may not affect in-kind benefits or reimbursements to be
provided in any other calendar year.

     (ii) Expenses will be reimbursed as soon as administratively possible, but in
no event shall expenses be reimbursed later than December 31st of the year
following the year in which the expense was incurred.

     (iii) The right to an in-kind benefit or reimbursement may not be subject to
liquidation or exchange for another benefit.

     (b) Allowances. Allowances generally shall be paid monthly. In no event
shall the payment of any allowance be made later than March 15th of the year following
the year in which the Executive is entitled to payment.

* * *

	2.	 	Agreement Sections 4.1.3 and 4.1.4 are hereby revised by replacing “thirty (30) days” each
time it appears in those Sections with “ninety (90) days”.
	 
	3.	 	Agreement Section 4.1.5 is hereby revised by adding the following new sentence to the end of
Section 4.1.5:

In the event that the termination of the Executive’s employment does not
constitute a “separation from service” as defined in Section 409A of the
Internal Revenue Code of 1986, including all regulations and other guidance
issued pursuant thereto (the “Code”), the Executive’s rights to the payments
and benefits described in this Section 4 shall vest upon the Termination
Date, but no payment to the Executive that is subject to Section 409A shall
be paid until the Executive incurs a separation from service (or as set
forth at Section 13.1, until six months after such date if the Executive is
a specified employee), and any
amounts that would otherwise have been paid prior to such date shall be paid
instead as soon as practicable after such date.

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	4.	 	The phrase “within 30 days” in Agreement Section 4.2.2(i) and (ii) and 4.3.2(i) is hereby
revised to read “on the 30th day”.
	 
	5.	 	The last paragraph in Agreement Section 4.2.2 is hereby revised to read in its entirety as
follows:

Notwithstanding any other provision of this Agreement, in no event, shall
the Executive be entitled to receive the pay and benefits that the Company
shall provide the Executive pursuant to this Section 4.2.2 unless the
Executive provides the Company an enforceable waiver and release agreement
in a form that the Company normally requires. Such release shall be
furnished to the Executive for the Executive’s review not later than 7
business days following the Termination Date, and shall be executed and
returned to the Company within 21 days of receipt (or within 45 days of
receipt if the Executive’s separation is part of a group). Provided the
Executive does not timely revoke the waiver and release agreement, pay and
benefits pursuant to this Section 4.2.2 shall commence on the 60th day
following the Executive’s Termination Date. Any amounts that otherwise
would have been paid to the Executive pursuant to this Section 4.2.2 before
the 60th day shall be paid to the Executive, without interest, on the 60th
day.

	6.	 	Agreement Section 4.3.2(i)(A) is hereby revised to read in its entirety as follows:

Accrued Obligations. The sum of (I) the Executive’s Annual Base
Salary through the Termination Date to the extent not theretofore paid, (II)
the product of (1) the higher of: (a) any Recent Annual Bonus, and (b) the
Annual Bonus paid or payable, including any bonus or portion thereof which
has been earned but deferred (and annualized for any fiscal year consisting
of less than twelve full months or during which the Executive was employed
for less than twelve full months), for the most recently completed fiscal
year during the Change of Control Period, if any (such higher amount being
referred to as the “Highest Annual Bonus”) and (2) a fraction, the numerator
of which is the number of days in the current fiscal year through the
Termination Date, and the denominator of which is 365, and (III) any accrued
vacation pay, in each case, to the extent not theretofore paid (the sum of
the amounts described in subclauses (I), (II), and (III), (the “Accrued
Obligations”);

	7.	 	Agreement Section 13 is hereby revised by adding the following new Section 13.2:

13.2 Interpretation and Administration of Agreement. To the maximum
extent permitted by law and consistent with the substantive terms of this
Agreement, this Agreement shall be interpreted and administered in such a
manner that the payments to the Executive are either exempt from, or comply
with all requirements of, Section 409A of the Code.

	8.	 	Counterparts. This Amendment may be executed in two or more counterparts, each of
which shall be deemed to be an original but all of which together will constitute one and the
same instrument.

[Signature Page Follows]

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

	 	 	 	 	 
	 	

FOSTER WHEELER INC.

 	 
	 	By:  	/s/ Raymond J. Milchovich
 	 
	 	 	Name:  	Raymond J. Milchovich 	 
	 	 	Title:  	Chairman, President & Chief Executive
Officer 	 
	 

	 	 	 	 	 
	 	 	 
	 	

/s/ Beth B. Sexton
 	 
	 	BETH B. SEXTON 	 
	 	 	 
	 

8exv10w4

Exhibit 10.4

EMPLOYMENT AGREEMENT

          EMPLOYMENT AGREEMENT (this “Agreement”) dated as of May 28, 2010, among FOSTER WHEELER INC., a
Delaware corporation (the “Company”), MICHAEL LIEBELSON (the “Executive”), and FOSTER WHEELER
INTERNATIONAL CORP., a Delaware corporation (the “Guarantor”).

          WHEREAS, the Executive and the Company wish to enter into an employment relationship, on the
terms and conditions set forth in this Agreement; and

          WHEREAS, the Guarantor is an affiliate of the Company and will receive substantial indirect
benefits from the Executive’s employment with the Company on the terms set forth in this Agreement
and all parties desire that the Guarantor guarantee the Company’s obligations under this Agreement.

          ACCORDINGLY, the Company, the Executive and the Guarantor hereby agree as follows:

1. Employment, Duties and Acceptance.

     1.1 Employment, Duties. The Company hereby agrees to employ the Executive for the
Term (as defined in Section 2.1), to render exclusive and full-time services to the Company in the
capacity of Executive Vice President & Chief Development Officer of Foster Wheeler AG
(“Parent”) and to perform such other duties (including service as a director or officer of any
affiliate of the Company if elected) as may be assigned by the Chief Executive Officer of Parent;
provided, however, that the Executive may, subject to approval by the Chief Executive Officer of
Parent, serve on the Board of Directors of not more than two for-profit businesses at any time
during the Term that do not compete with Parent or any of its subsidiaries and may participate in
civic, charitable, industry, and professional organizations to the extent that such participation
does not materially interfere with the performance of Executive’s duties hereunder. The
Executive’s title shall be Executive Vice President & Chief Development Officer, or such
other titles of at least equivalent level consistent with the Executive’s duties from time to time
as may be assigned to the Executive by the Company, and the Executive shall have all authorities as
are customarily and ordinarily exercised by executives in similar positions in similar businesses.

     1.2 Acceptance. The Executive hereby accepts such employment and agrees to render the
services described above. During the Term, and consistent with the above, the Executive agrees to
serve the Company faithfully and to the best of the Executive’s ability, to devote the Executive’s
entire business time, energy and skill to such employment, and to use the Executive’s best efforts,
skill and ability to promote the interests of the Company and Company’s affiliates. The Executive
further agrees to be seconded to Foster Wheeler Management AG (“FWMAG”) on and after June 30, 2010
(the “Swiss Date”).

     1.3 Fiduciary Duties to the Company and Company’s Affiliates. Executive acknowledges
and agrees that Executive owes a fiduciary duty of loyalty, fidelity and allegiance to act at all
times in the best interests of the Company and Company’s affiliates and to do no act which would,
directly or indirectly, injure the Company’s or its affiliates’ business, interests, or reputation.
It is agreed that any direct or indirect interest in, connection with, or benefit from any outside
activities, particularly

 

 

commercial activities, which interest might in any way adversely affect the Company or
Company’s affiliates, involves a possible conflict of interest. In keeping with Executive’s
fiduciary duties to the Company or Company’s affiliates, Executive agrees that Executive shall not
knowingly become involved in a conflict of interest with the Company or Company’s affiliates, or
upon discovery thereof, allow such a conflict to continue. Moreover, Executive shall not engage in
any activity which might involve a possible conflict of interest without first obtaining approval
in accordance with policies and procedures of the Company or Company’s affiliates.

     1.4 Location.

          1.4.1 From the Effective Date until immediately prior to the Swiss Date, the duties to be
performed by the Executive hereunder shall be performed primarily at the Company’s offices in
Clinton, New Jersey, subject to reasonable travel requirements consistent with the nature of the
Executive’s duties from time to time on behalf of the Company.

          1.4.2 On and after the Swiss Date, (a) the duties to be performed by the Executive hereunder
shall be performed primarily at FWMAG’s offices in Geneva, Switzerland or such other location in
Switzerland as the Company may request, subject to reasonable travel requirements consistent with
the nature of the Executive’s duties from time to time on behalf of the Company, and (b) the
Executive shall maintain housing within reasonable daily commute of the Geneva, Switzerland area or
such other location in Switzerland as the Company may request.

     1.5 Transfer of Employment Within the Affiliated Group. Nothing contained herein
shall be construed to preclude the transfer of Executive’s employment to another affiliated entity
of the Company (“Subsequent Employer”) at any time during the Term and no such transfer shall be
deemed to be a termination of employment for purposes of Section 4 hereof; provided, however, that,
effective with such transfer, all of the Company’s obligations hereunder shall be assumed by and be
binding upon, and all of the Company’s rights hereunder shall be assigned to, such Subsequent
Employer and the defined term “Company” as used herein shall thereafter be deemed amended to mean
such Subsequent Employer. Notwithstanding the foregoing, the Company and the Guarantor shall
remain guarantors (and be jointly and severally liable) on all financial obligations under this
Agreement following such transfer or transfers. Except as otherwise provided above, all of the
terms and conditions of this Agreement, including without limitation, Executive’s rights and
obligations, shall remain in full force and effect following such transfer of employment.

2. Term of Employment.

     2.1 Term. The term of the Executive’s employment under this Agreement (the “Term”)
shall commence on June 1, 2010 (the “Effective Date”), and shall end on the date on which the Term
is terminated pursuant to Section 4.

3. Compensation; Benefits.

     3.1 Salary. As compensation for all services to be rendered pursuant to this
Agreement, the Company agrees to pay to the Executive during the Term a base salary, payable in
arrears, at the initial annual rate of Five Hundred Twenty-Nine Thousand Dollars ($529,000)
(the “Base Salary”). On each anniversary of the Effective Date or such other appropriate date
during each year of the Term when the salaries of senior executives of Parent are normally
reviewed, the full Board of Directors of Parent (the “Board”) or the Compensation Committee of the
Board (the “Committee”) as necessary or appropriate to comply with Company policy, applicable law,
or exchange listing requirements, shall review the Base Salary and determine if, and by how much,
the Base Salary should be increased; provided, however, the

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Base Salary under this Agreement, including as subsequently adjusted upwards, may not be
decreased thereafter without the written consent of Executive, except for across-the-board changes
for senior executives of Parent. All payments of Base Salary or other compensation hereunder shall
be less such deductions or withholdings as are required by applicable law and regulations. Except
as otherwise provided herein, all references to “Dollars” shall refer to United States currency and
all payments to the Executive shall be in Dollars.

     3.2 Bonus. Executive shall be eligible to participate, as determined by the Board,
and/or the Committee as necessary or appropriate to comply with Company policy, applicable law, or
exchange listing requirements, in Parent’s annual cash incentive bonus program as in effect from
time to time for senior executives of Parent (the “Bonus Program”). The Executive shall be
eligible for an annual cash incentive bonus at a target opportunity of sixty-five percent
(65%) of Base Salary (up to a maximum opportunity of one hundred thirty percent (130%)
of Base Salary) based upon the achievement of certain objectives established in advance by the
Board, and/or the Committee as necessary or appropriate to comply with Company policy, applicable
law, or exchange listing requirements (the “Annual Bonus”). The actual amount of any Annual Bonus
shall be determined by and in accordance with the terms of Parent’s then-current Bonus Program and
the Executive shall have no absolute right to an Annual Bonus in any year.

     3.3 Long-Term Incentive. Executive shall be eligible for annual equity awards under
Parent’s equity award plan covering senior executives of Parent, as in effect from time to time.
In addition, Executive will receive on a date designated by the Committee or its designee during
the first open trading window including or subsequent to (as the Committee or its designee shall in
its discretion choose) the Effective Date (known as the “Grant Date”) the following:

          3.3.1 Restricted Stock Unit Grant. A grant of a number of restricted stock units that
will be payable in registered shares of the Parent (“Shares”) with an economic value as of the
Grant Date equal to approximately Seven Hundred Fifty Thousand Dollars ($750,000) (the
“Restricted Stock Units”). The Restricted Stock Units will be granted under Parent’s Omnibus
Incentive Plan. The Restricted Stock Units will be issued on the Grant Date. For purposes of this
Subsection 3.3.1, the determination of the number of Restricted Stock Units to be granted to
Executive shall be consistent with the methodology used for valuing restricted stock units granted
to employees that has been approved and adopted by the Committee.

          3.3.2 Stock Option Grant. A grant of a number of stock options to purchase Shares
with an economic value as of the Grant Date equal to approximately Seven Hundred Fifty Thousand
Dollars ($750,000) (the “Options”). The Options will be granted under Parent’s Omnibus
Incentive Plan and for purposes of such Omnibus Incentive Plan:

               (i) the Options will be Nonqualified Stock Options;

               (ii) the exercise price will be equal to the greater of Fair Market Value of a share of Common
Stock or par value of a Share as defined under the terms of the Parent’s Omnibus Incentive Plan on
the Grant Date; and

               (iii) the Expiration Date will be the fifth anniversary of a date selected by the Committee or
its designee within the open trading window that includes the Grant Date.

The Options will be issued on the Grant Date. For purposes of this Subsection 3.3.2, the
determination of the number of Options to be granted to Executive shall be consistent with the
methodology used for valuing stock options granted to employees that has been approved and adopted
by the Committee.

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          3.3.3 Vesting. The Restricted Stock Units issued pursuant to Section 3.3.1 above and
the Options issued pursuant to Section 3.3.2 above will vest ratably on the first, second, and
third anniversaries of a date selected by the Committee or its designee within the open trading
window that includes the Grant Date, provided that the Executive is still employed on such dates,
subject to the provisions of Section 4 of this Agreement. Restricted Stock Units that vest shall
be settled by issuance of shares as provided in the grant agreements described in Section 3.3.4,
but in no event later than March 15 of the year following the year in which the Restricted Stock
Units vest.

          3.3.4 Grant Agreements. The Restricted Stock Units and Options will be governed by
separate agreements, and in the event of any inconsistency between such separate agreements and the
terms of this Agreement (including, but not limited to this Agreement’s Section 4), this Agreement
shall govern and control. For avoidance of doubt, nothing in the preceding sentence shall be
construed to limit the application of any provision of such separate agreements that expressly
refers to and incorporates a provision of this Agreement.

     3.4 Business Expenses. The Company shall pay or reimburse the Executive for all
reasonable expenses actually incurred or paid by the Executive during the Term in the performance
of the Executive’s services under this Agreement, subject to and in accordance with applicable
expense reimbursement and related policies and procedures as in effect from time to time.

     3.5 Vacation. During the Term, the Executive shall be entitled to an annual paid
vacation or paid time off (“PTO”) period or periods in accordance with the applicable vacation or
PTO policy as in effect from time to time. Under the Company’s PTO policy in effect as of the
Effective Date, the Executive is entitled to take up to five (5) weeks per calendar year. The
Executive will be entitled to carry over up to five (5) days of unused vacation or PTO time, as per
the applicable vacation or PTO policy as in effect from time to time.

     3.6 Employee Retirement and Health and Welfare Plans. During the Term, the Executive
shall be entitled to participate in those defined benefit, defined contribution, group insurance,
medical, dental, disability and other benefit plans of the Company as from time to time in effect
and on a basis no less favorable than any other senior executive.

     3.7 Perquisites; Executive Cooperation. During the Term, the Executive shall be
provided by the Company with an automobile or automobile allowance, based upon the current Company
policy or practice with regard to other senior executives of Parent.

     3.8 Relocation. The relocation of the Executive, his family, and belongings to the
Geneva, Switzerland area on or after the Swiss Date will be in accordance with the Company’s usual
Employee Relocation Policy and practices for senior executives of Parent; provided,
however, that (a) at a minimum, the Company shall reimburse the Executive for two trips to look
at homes in Switzerland and the cost of moving his household goods from the US to Switzerland, and
(b) that the Company will not reimburse or otherwise pay the Executive for any costs
related to his US real estate, including, without limit, any sale, leasing, repair, maintenance, or
real estate taxes regarding his US real estate. All reimbursements provided for in this section
shall be made as soon as practicable after incurred but in no event later than the end of the year
following the year in which the payment was incurred by the Executive.

     3.9 Settling-In Allowance. The Company shall pay the Executive a one-time settling-in
allowance of Thirty Thousand Swiss Francs (CHF 30,000). The settling-in allowance shall be
paid within 60 days after the Swiss Date. To the extent that the provision of such settling-in
allowance results in taxable income to the Executive, the Company shall pay the Executive an amount
to satisfy the Executive’s Swiss and U.S. income tax obligation. Such payment shall be grossed-up
for taxes and made

4

 

as soon as practicable after the tax liability arises but in no event later than the end of
the year following the year in which the tax is due.

     3.10 Tax Equalization, Assignment-related 409A Rules, Maximum Time “on Assignment,” and
Representation Allowance. Under tax equalization, the Executive’s obligation for income taxes
shall not exceed the amount of income tax calculated on Base Salary, short-term annual bonus pay
and long-term incentive pay applying US tax rules without taking into consideration any foreign tax
credit. Such amount will be deducted from the Executive’s paycheck. Should additional income
taxes arise in the U.S. or Switzerland as a result of the assignment, the Company shall pay the
additional tax. The Executive may choose, as an alternative to the U.S. tax equalization program,
to be personally responsible for the Swiss income tax on his or her Base Salary, short-term
incentive pay and long-term incentive pay. In addition to the tax equalization on the compensation
above, the Executive will be reimbursed for any other income or net wealth taxes he incurs as a
result of the assignment in Switzerland, but only to the extent they exceed the Executive’s taxes
in the U.S. on such income or net wealth. For the avoidance of doubt, the maximum period of time
during which the Executive may be considered to be “on assignment” and, therefore, eligible for
assignment-related compensation and benefits such as this tax equalization is five (5) years from
the Effective Date. Benefits-in-kind and any provision for reimbursement of expenses during the
Executive’s assignment shall be subject to the following rules, as required to comply with Code
Section 409A of the Internal Revenue Code including all regulations and other guidance issued
pursuant thereto (the “Code”): (A) the amount of in-kind benefits provided or expenses eligible
for reimbursement in one calendar year may not affect in-kind benefits or reimbursements to be
provided in any other calendar year; (B) expenses will be reimbursed as soon as administratively
possible, but in no event shall expenses be reimbursed later than December 31st of the
year following the year in which the expense was incurred; and (C) the right to an in-kind benefit
or reimbursement may not be subject to liquidation or exchange for another benefit. For the
avoidance of doubt, the maximum period of time during which the Executive may be considered to be
“on assignment” and, therefore, eligible for assignment-related compensation and benefits such as
this tax equalization is five (5) years from the Effective Date. The compensation under this
Agreement is inclusive of a Representation Allowance of One Hundred Thousand Swiss Francs (CHF
100,000).

     3.11 Sign-On Bonus. The Company shall pay to the Executive within five (5) days of
the Effective Date a sign-on bonus in the amount of Five Hundred Thousand Dollars
($500,000) (the “Sign-On Bonus”). If the Company terminates the Executive for Cause (as
defined below) or if the Executive terminates employment with the Company other than with Good
Reason (as defined below), in either event before the second anniversary of the Effective
Date, the Executive shall repay to the Company, within thirty (30) days of such termination, the
gross amount of the Sign-On Bonus on a pro-rated basis by multiplying the Sign-On Bonus by a
fraction, the numerator of which is the number of calendar days from the Termination Date to the
second anniversary of the Effective Date and the denominator of which is seven hundred and thirty
(730).

4. Termination.

     4.1 Termination Events. 

          4.1.1 Executive’s employment and the Term shall terminate immediately upon the occurrence of
any of the following:

               (i) Death: the death of the Executive;

               (ii) Disability: the physical or mental disability of the Executive, whether totally
or partially, such that with or without reasonable accommodation the Executive is unable to

5

 

perform the Executive’s material duties, for a period of not less than one hundred and eighty
(180) consecutive days; or

               (iii) For Cause By the Company: notice of termination for Cause. As used herein,
“Cause” means:

                    (A) conviction of a felony;

                    (B) actual or attempted theft or embezzlement of Company or Parent assets;

                    (C) use of illegal drugs;

                    (D) material breach of the Agreement that the Executive has not cured within thirty (30) days
after the Company has provided the Executive notice of the material breach which shall be given
within sixty (60) days of the Company’s knowledge of the occurrence of the material breach;

                    (E) commission of an act of moral turpitude that in the judgment of the Board can reasonably
be expected to have an adverse effect on the business, reputation or financial situation of the
Company and/or the Parent and/or the ability of the Executive to perform the Executive’s duties;

                    (F) gross negligence or willful misconduct in performance of the Executive’s duties;

                    (G) breach of fiduciary duty to the Company or Company’s affiliates;

                    (H) willful refusal to perform the duties of Executive’s titled position; or

                    (I) a material violation of the Foster Wheeler Code of Business Conduct and Ethics.

          4.1.2 For Good Reason By the Executive: The Executive may immediately resign the
Executive’s position for Good Reason and, in such event, the Term shall terminate. As used herein,
“Good Reason” means, a material negative change in the employment relationship without the
Executive’s consent, as evidenced by the occurrence of any of the following:

               (i) material diminution in title, duties, responsibilities or authority;

               (ii) reduction of Base Salary and benefits except for across-the-board changes for senior
executives of Parent;

               (iii) exclusion from executive benefit/compensation plans that results in a material
diminution of the Executive’s total compensation or bonus opportunities;

               (iv) a material change in the geographic location at which the Executive must perform his
services, which shall be defined (Y) until immediately prior to the Swiss Date, as being

6

 

presumed to have occurred if the Executive’s commute is increased by more than fifty (50)
miles, and (Z) on and after the Swiss Date, as any such relocation outside of Switzerland; or

               (v) material breach of the Agreement by the Company.

For each event described above in this Section 4.1.2, the Executive must notify the Company within
ninety (90) days of the occurrence of the event and the Company shall have thirty (30) days after
receiving such notice in which to cure. If the Company fails to cure, the Executive’s resignation
shall not be considered to be for Good Reason unless the Executive resigns not later than two (2)
years after the occurrence of the event. For the avoidance of doubt, requiring the Executive to
perform his services in Switzerland on or after the Swiss Date shall not constitute Good Reason.

          4.1.3 Without Cause By the Company: The Company may terminate the Executive’s
employment ninety (90) days following notice of termination without Cause given by the Company and,
in such event, the Term shall terminate. During such ninety (90) day notice period, the Company
may require that the Executive cease performing some or all of the Executive’s duties and/or not be
present at the Company’s or its affiliates’ offices and/or other facilities.

          4.1.4 Without Good Reason By the Executive: The Executive may voluntarily resign the
Executive’s position effective ninety (90) days following notice to the Company of the Executive’s
intent to voluntarily resign without Good Reason and, in such event, the Term shall terminate.
During such ninety (90) day notice period, the Company may require that the Executive cease
performing some or all of the Executive’s duties and/or not be present at the Company’s or its
affiliates’ offices and/or other facilities.

          4.1.5 Definition of Termination Date. The date upon which Executive’s employment and
the Term terminate pursuant to this Section 4.1 or pursuant to Section 4.3 shall be the Executive’s
"Termination Date” for all purposes of this Agreement. In the event that the termination of the
Executive’s employment does not constitute a “separation from service” as defined in Section 409A
of the Code, the Executive’s rights to the payments and benefits described in this Section 4 shall
vest upon the Termination Date, but no payment to the Executive that is subject to Section 409A
shall be paid until the date on which Executive incurs a separation from service as defined in Code
Section 409A (or until six months after such date if the Executive is a specified employee as
defined in Section 13.1), and any amounts that would otherwise have been paid prior to such
separation from service shall be paid instead as soon as practicable after the date of such
separation from service.

     4.2 Payments Upon a Termination Event. 

          4.2.1 Entitlements Upon Termination For Any Reason. Following any termination of the
Executive’s employment, the Company shall pay or provide to the Executive, or the Executive’s
estate or beneficiary, as the case may be, the following amounts (the “Accrued Obligations”):

               (i) Base Salary earned through the Termination Date;

               (ii) the balance of any awarded (i.e., the amount and payment of the specific award has been
fully approved, including, where applicable, by the Committee) but as yet unpaid, Annual Bonus or
other incentive awards for any calendar year prior to the calendar year during which the
Executive’s Termination Date occurs; provided, however, if the Executive’s employment is terminated
by the Company for Cause, such Annual Bonus or incentive award, even if awarded, shall be
immediately forfeited if permitted under the law of the State of New Jersey;

7

 

               (iii) a payment representing the Executive’s accrued but unused PTO; and

               (iv) any vested, but not forfeited amounts or benefits on the Termination Date under the
Company’s employee benefit plans, programs, policies, or practices in accordance with the terms
thereof, including any benefit continuation or conversion rights (the “Other Benefits”).

          4.2.2 Payments Upon Involuntary Termination by the Company Without Cause or Voluntary
Termination of the Executive with Good Reason. Following a termination by the Company without
Cause or by the Executive for Good Reason, the Company shall pay or provide to the Executive in
addition to the Accrued Obligations:

               (i) Base Salary at the rate in effect on the Termination Date and continuing for eighteen
(18) months thereafter, payable at the same intervals at which senior executives are paid;

               (ii) Two (2) payments, the first in an amount equal to one hundred percent (100%) of the
Executive’s annual cash incentive bonus payment at target, and the second in an amount equal to
fifty percent (50%) of the Executive’s annual cash incentive bonus payment at target, the first
of such payments being payable in the first year following the Termination Date at the same time
that the Company pays annual cash incentive bonuses to its active employees pursuant to its then
current Bonus Program (or, if no payment to its active employees is made in the relevant year, at
the time that such bonuses normally would be scheduled to be paid) and the second being payable at
the same time in the second year following the Termination Date;

               (iii) eighteen (18) months of continued health and welfare benefit plan coverage
following the Termination Date (excluding any additional vacation accrual or sick leave) at active
employee levels, if and to the extent the Executive was participating in any such plans on the
Termination Date, provided that the Executive remits monthly premiums for the full cost of any
health benefits;

               (iv) a cash payment each month during the eighteen (18)-month period following the
Termination Date equal to the full monthly premium for the medical and health benefits described in
clause (iii) above minus the active employee cost of such coverage; provided that in lieu of such
payments the Company may impute taxable income to the Executive in an amount such that the net
amount of taxable income realized in any year, after all applicable withholding, is equal to the
amount of such payments that would otherwise be required for such year;

               (v) executive level career transition assistance services by a firm selected by the Executive
and approved by the Company in an amount not to exceed $8,000 in the aggregate; provided
that services are provided not later than the end of the second year following the year that
includes the Termination Date, and are reimbursed or paid by the Company not later than the end of
the third year following the year that includes the Termination Date.

In no event, however, shall the Executive be entitled to receive the pay and benefits that the
Company shall provide the Executive pursuant to this Section 4.2.2 unless the Executive provides
the Company an enforceable waiver and release agreement in a form that the Company normally
requires. Such release shall be furnished to the Executive for his review not later than seven
business days following the Termination Date, and shall be executed and returned to the Company
within 21 days of receipt (or within 45 days of receipt if the Executive’s separation is part of a
group). Provided the Executive does not timely revoke the waiver and release agreement within
seven days after its execution, pay and benefits pursuant to this Section 4.2.2 shall commence on
the expiration of the revocation period, and any amounts that otherwise would have been paid to the
Executive pursuant to this Section 4.2.2 before the expiration

8

 

of the revocation period shall be paid to the Executive, without interest, as soon as practicable
after the expiration of the revocation period (but in no event more than 60 days after the
Termination Date).

     4.3 Change of Control.

          4.3.1 Definitions.

               (i) Affiliated Company. “Affiliated Company” means any company, directly or
indirectly, controlled by, controlling or under common control with the Parent.

               (ii) Change of Control. For the purpose of this Agreement, a “Change of Control”
shall mean:

                    (A) The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3)
or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (for purposes
of this Section 4.3, a “Person”) of beneficial ownership (within the meaning of Rule 13d-3
promulgated under the Exchange Act) of voting securities of the Parent where such acquisition
causes such Person to own 20% or more of the combined voting power of the then outstanding voting
securities of the Parent entitled to vote generally in the election of directors (the “Outstanding
Parent Voting Securities”), provided, however, that for purposes of this subparagraph (A), the
following acquisitions shall not be deemed to result in a Change of Control: (I) any acquisition
directly from the Parent or any corporation or other legal entity controlled, directly or
indirectly, by the Parent, (II) any acquisition by the Parent or any corporation or other legal
entity controlled, directly or indirectly, by the Parent, (III) any acquisition by any employee
benefit plan (or related trust) sponsored or maintained by the Parent or any corporation or other
legal entity controlled, directly or indirectly, by the Parent or (IV) any acquisition by any
corporation pursuant to a transaction that complies with clauses (I), (II) and (III) of
subparagraph (C) below; and provided, further, that if any Person’s beneficial ownership of the
Outstanding Parent Voting Securities reaches or exceeds 20% as a result of a transaction described
in clauses (I) or (II) above, and such Person subsequently acquires beneficial ownership of
additional voting securities of the Parent, such subsequent acquisition shall be treated as an
acquisition that causes such Person to own 20% or more of the Outstanding Parent Voting Securities;
or

                    (B) Individuals who, as of the date hereof, constitute the Board (such individuals, the
“Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided,
however, that any individual becoming a director subsequent to the date hereof whose election, or
nomination for election by the Parent’s shareholders, was approved by a vote of at least a majority
of the directors then comprising the Incumbent Board shall be considered as though such individual
were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose
initial assumption of office occurs as a result of an actual or threatened election contest with
respect to the election or removal of directors or other actual or threatened solicitation of
proxies or consents by or on behalf of a Person other than the Board; or

                    (C) The consummation of a reorganization, merger, amalgamation or consolidation or sale or
other disposition of all or substantially all of the assets of the Parent (“Business Combination”),
or if consummation of such Business Combination is subject to the approval of any government or
governmental agency, the obtaining of such approval along with consummation of such Business
Combination; excluding, however, such a Business Combination pursuant to which (I) all or
substantially all of the individuals and entities who were the beneficial owners of the Outstanding
Parent Voting Securities immediately prior to such Business Combination beneficially own, directly
or indirectly, more than 60% of, respectively, the then outstanding shares of common stock and the
combined voting power of the then outstanding voting securities entitled to vote generally in the
election

9

 

of directors, as the case may be, of the corporation resulting from such Business Combination
(including, without limitation, a corporation that as a result of such transaction owns the Parent
or all or substantially all of the Parent’s assets either directly or through one or more
subsidiaries) in substantially the same proportions as their ownership, immediately prior to such
Business Combination of the Outstanding Parent Voting Securities, (II) no Person (excluding any (1)
corporation owned, directly or indirectly, by the beneficial owners of the Outstanding Parent
Voting Securities as described in subclause (I) immediately preceding, or (2) employee benefit plan
(or related trust) of the Parent or such corporation resulting from such Business Combination, or
any of their respective subsidiaries) beneficially owns, directly or indirectly, 20% or more of,
respectively, the then outstanding shares of common stock of the corporation resulting from such
Business Combination or the combined voting power of the then outstanding voting securities of such
corporation except to the extent that such ownership existed prior to the Business Combination and
(III) at least a majority of the members of the board of directors of the corporation resulting
from such Business Combination were members of the Incumbent Board at the time of the execution of
the initial agreement, or of the action of the Board, providing for such Business Combination; or

                    (D) approval by the shareholders of the Parent of a complete liquidation or dissolution of the
Parent.

               (iii) Change of Control Period. For purposes of this Agreement, the “Change of
Control Period” shall mean the period commencing on the date of a Change of Control and ending on
the twenty-fourth (24th) month anniversary of such date.

               (iv) Start Date. For purposes of this Agreement, “Start Date” shall mean the first
date of the Change of Control Period. Anything in this Agreement to the contrary notwithstanding,
if a Change of Control occurs and if the Executive’s employment with the Company is terminated
prior to the date on which the Change of Control occurs, and if it is reasonably demonstrated by
the Executive that such termination of employment (A) was at the request of a third party who has
taken steps reasonably calculated to effect a Change of Control or (B) otherwise arose in
connection with or anticipation of a Change of Control, then for all purposes of this Agreement the
“Start Date” shall mean the date immediately prior to the Termination Date.

          4.3.2 Obligations of the Company upon Executive’s Voluntary Termination with Good Reason
or the Company’s Involuntary Termination of Executive Without Cause (Other Than for Death or
Disability) During Change of Control Period. If, during the Change of Control Period, the
Company terminates the Executive’s employment without Cause (other than for death or Disability) or
the Executive terminates the Executive’s employment for Good Reason, then, in addition to the
Accrued Obligations, the Company shall pay or provide to the Executive the following:

               (i) all amounts described in Section 4.2.2, which amounts shall be paid at the same time and
in the same manner as if the Termination Date had not occurred during a Change of Control Period;

               (ii) an amount equal to the product of (1) one hundred percent (100%) of the Executive’s
annual cash incentive bonus payment at target and (2) a fraction, the numerator of which is the
number of days in the current fiscal year through the Termination Date, and the denominator of
which is 365, paid in a lump sum in cash within 30 days following the Termination Date;

               (iii) full and immediate vesting of all stock options, restricted stock units, restricted
stock, and other similar equity awards; and

10

 

               (iv) for purposes of determining eligibility (but not the time of commencement of benefits) of
the Executive for retiree benefits pursuant to any medical or health plans, practices, programs and
policies, the Executive shall be considered to have remained employed until the twenty-four (24)
month anniversary of the Termination Date and to have retired on such twenty-four (24) month
anniversary.

In no event, however, shall the Executive be entitled to receive the pay and benefits that the
Company shall provide the Executive pursuant to this Section 4.3.2 unless the Executive provides
the Company an enforceable waiver and release agreement in a form that the Company normally
requires. Such release shall be furnished to the Executive for his review not later than seven
business days following the Termination Date, and shall be executed and returned to the Company
within 21 days of receipt (or within 45 days of receipt if the Executive’s separation is part of a
group). Provided the Executive does not timely revoke the waiver and release agreement within
seven days after its execution, pay and benefits pursuant to this Section 4.3.2 shall commence on
the expiration of the revocation period, and any amounts that otherwise would have been paid to the
Executive pursuant to this Section 4.3.2 before the expiration of the revocation period shall be
paid to the Executive, without interest, as soon as practicable after the expiration of the
revocation period (but in no event more than 60 days after the Termination Date).

          4.3.3 Obligations of the Company upon Executive’s Death. If the Executive’s
employment is terminated by reason of the Executive’s death during the Change of Control Period,
the Company shall provide the Executive’s estate or beneficiaries with the Accrued Obligations and
the timely payment of the amount described in Section 4.3.2(ii), and shall have no other severance
obligations under this Agreement. With respect to the provision of Other Benefits, the term “Other
Benefits” as utilized in this Subsection 4.3.3 shall include, without limitation, and the
Executive’s estate and/or beneficiaries shall be entitled to receive, benefits at least equal to
the most favorable benefits provided by the Company and the Affiliated Companies to the estates and
beneficiaries of other senior executives of the Company and the Affiliated Companies under such
plans, programs, practices and policies relating to death benefits, if any, as in effect with
respect to other senior executives and their beneficiaries at any time during the 120-day period
immediately preceding the Start Date or, if more favorable to the Executive’s estate and/or the
Executive’s beneficiaries, as in effect on the date of the Executive’s death with respect to other
senior executives of the Company and the Affiliated Companies and their beneficiaries.

          4.3.4 Obligations of the Company upon Executive’s Disability. If the Executive’s
employment is terminated by reason of the Executive’s Disability during the Change of Control
Period, the Company shall provide the Executive with the Accrued Obligations and the timely payment
of the amount described in Section 4.3.2(ii), and shall have no other severance obligations under
this Agreement. With respect to the provision of Other Benefits, the term “Other Benefits” as
utilized in this Subsection 4.3.4 shall include, and the Executive shall be entitled to receive,
disability and other benefits at least equal to the most favorable of those generally provided by
the Company and the Affiliated Companies to disabled executives and/or their families in accordance
with such plans, programs, practices and policies relating to disability, if any, as in effect
generally with respect to other senior executives and their families at any time during the 120-day
period immediately preceding the Start Date or, if more favorable to the Executive and/or the
Executive’s family, as in effect at any time thereafter generally with respect to other senior
executives of the Company and the Affiliated Companies and their families.

          4.3.5 Obligations of the Company upon Executive’s Voluntary Termination Without Good
Reason or the Company’s Involuntary Termination of Executive With Cause During Change of Control
Period. If the Executive’s employment is terminated for Cause, or the Executive resigns
without Good Reason, during the Change of Control Period, the benefits provided to the

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Executive shall be the same as if the Termination Date had not occurred during a Change of
Control Period.

     4.4 280G Modified Cap. 

          4.4.1 Notwithstanding anything in this Agreement to the contrary, if the aggregate amount of
the benefits and payments under this Agreement, and other payments and benefits which the Executive
has the right to receive from the Company (including the value of any equity rights which become
vested upon a Change in Control) (the “Total Payments”) would constitute a “parachute payment” as
defined in Code Section 280G(b)(2), the Executive shall receive the Total Payments unless the (a)
after-tax amount that would be retained by the Executive (after taking into account all federal,
state and local income taxes payable by the Executive and the amount of any excise taxes payable by
the Executive under Code Section 4999 that would be payable by the Executive (the “Excise Taxes”))
if the Executive were to receive the Total Payments has a lesser aggregate value than (b) the
after-tax amount that would be retained by the Executive (after taking into account all federal,
state and local income taxes payable by the Executive) if the Executive were to receive the Total
Payments reduced to the largest amount as would result in no portion of the Total payments being
subject to Excise Taxes (the “Reduced Payments”), in which case the Executive shall be entitled
only to the Reduced Payments.

          4.4.2 The determination of whether Section 4.4.1 applies, and the calculation of the amount of
the Reduced Payments, if applicable, shall be performed by PricewaterhouseCoopers LLP or such other
nationally recognized certified public accounting firm as may be designated by the Executive (the
“Accounting Firm”). The Accounting Firm shall provide detailed supporting calculations both to the
Company and the Executive within fifteen (15) business days of the receipt of notice from the
Executive that there has been a Payment, or such earlier time as is requested by the Company. In
the event that the Accounting Firm is serving as accountant or auditor for the individual, entity
or group effecting the Change of Control, the Executive may appoint another nationally recognized
accounting firm to make the determinations required hereunder (which accounting firm shall then be
referred to as the Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall
be borne solely by the Company.

          4.4.3 If the Executive is to receive Reduced Payments, the Total Payments payable will be
reduced or eliminated in the following order: (1) taxable benefits (2), cash payments, (3)
nontaxable benefits and (4) accelerated vesting of equity awards.

     4.5 No Mitigation. Upon termination of the Executive’s employment with the Company,
the Executive shall be under no obligation to seek other employment or otherwise mitigate the
obligations of the Company under this Agreement.

5. Protection of Confidential Information; Non-Competition and Non-Solicitation.

     5.1 Confidential Information. During the course of Executive’s employment with the
Company, the Company agrees to give Executive Confidential Information (as defined below) to which
Executive did not previously have access. This Confidential Information is vital to the Company’s
and the Company’s affiliates’ continued ability to compete in the industry and thus is critical to
its continued profitability. The Executive acknowledges that the Executive’s services will be
unique, that they will involve the development of Company-subsidized relationships with key
customers, suppliers, and service providers as well as with key Company employees and that the
Executive’s work for the Company will give the Executive access to Confidential Information (as
defined below). The Executive further acknowledges that all Confidential Information is of a
confidential and proprietary character and of great value to the Company and its subsidiaries and
affiliates. “Confidential Information” as used in this

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Agreement means information regarding the Company, its subsidiaries, and its affiliates that
is not available to the public or competitors of the Company, its subsidiaries, and affiliates,
including without limit (a) trade secrets and confidential marketing, sales, product research and
development, engineering, technical, and design, financial, and business process information of the
Company or its affiliates or subsidiaries and (b) other data and information which it would be
impracticable for the Company to effectively protect and preserve in the absence of this Section 5
and the disclosure or misappropriation of which could materially adversely affect the Company. As
time passes, the Company will give Executive access to newly created Confidential Information.
Further, though Executive may from time to time assist the Company in developing such Confidential
Information, it will remain the sole property of the Company. All this Confidential Information is
important because, among other things, it is unknown to the Company’s competitors, thus they are
unable to use it to compete with the Company. Accordingly, this Confidential Information creates a
competitive advantage for the Company and is economically valuable. The Company only agrees to
give Executive this highly valuable Confidential Information in reliance on Executive’s promise not
to use or disclose it as set forth below. Accordingly, and as a material condition of this
Agreement, the Executive agrees:

          5.1.1 except in the course of performing the Executive’s duties provided for in Section 1.1,
not at any time, whether before, during or after the Executive’s employment with the Company, to
divulge to any other entity or person any Confidential Information acquired by the Executive. The
foregoing prohibitions shall include, without limitation, directly or indirectly publishing (or
causing, participating in, assisting or providing any statement, opinion or information in
connection with the publication of) any diary, memoir, letter, story, photograph, interview,
article, essay, account or description (whether fictionalized or not) concerning or containing any
Confidential Information, publication being deemed to include any presentation or reproduction of
any written, verbal or visual material in any communication medium, including any book, magazine,
newspaper, theatrical production or movie, or television or radio programming or commercial. In
the event that the Executive is requested or required to make disclosure of Confidential
Information under any court order, subpoena or other judicial process, then, except as prohibited
by law, the Executive will promptly notify the Company, take all reasonable steps requested by the
Company to defend against the compulsory disclosure and permit the Company to control with counsel
of its choice any proceeding relating to the compulsory disclosure; and;

          5.1.2 to deliver promptly to the Company on termination of the Executive’s employment with the
Company, or at any time that the Company may so request, all Confidential Information and all
confidential memoranda, notes, records, reports, manuals, drawings, software, electronic/digital
media records, blueprints and other documents (and all copies thereof) relating to the Company’s
(and its subsidiaries’ and affiliates’) business and all property associated therewith, which the
Executive may then possess or have under the Executive’s control.

     5.2 Company Protections. In consideration of the Company’s entering into this
Agreement including the Company’s promise to give Executive Confidential Information to which
Executive did not previously have access and to enforce Executive’s promise not to disclose such
Confidential Information, Executive agrees to the covenants set out in Section 5.2 through 5.7,
which covenants are ancillary to the otherwise enforceable confidentiality agreement between the
Company and Executive described in Section 5.1 above. Executive agrees that at all times during
the Term and for eighteen (18) months thereafter, the Executive shall not, directly or
indirectly, for Executive or on behalf of or in conjunction with, any other person, company,
partnership, corporation, business, group, or other entity (each, for all purposes of Sections 5.2
through 5.7, a “Person”):

          5.2.1 Non-Competition: engage in any activity for or on behalf of a Competitor, as
director, employee, shareholder (excluding any such shareholding by the Executive of no more than
5%

13

 

of the shares of a publicly-traded company), consultant or otherwise, which is the same as or
similar to activity in which Executive engaged at any time during the last two (2) years of
employment by the Company or an affiliate of the Company; or

          5.2.2 Non-Solicitation. 

               (i) Of Employees: call upon any Person who is, at such Termination Date, engaged in
activity on behalf of the Company or any subsidiary or affiliate of the Company for the purpose or
with the intent of enticing such Person to cease such activity on behalf of the Company or such
subsidiary or affiliate; or

               (ii) Of Customers: solicit, induce, or attempt to induce any customer of the Company
or any subsidiary or affiliate of the Company to cease doing business in whole or in part with or
through the Company or a subsidiary or affiliate, or to do business with any Competitor.

For purposes of this Agreement, “Competitor” means a person or entity who or which is engaged in a
material line of business conducted by the Company and/or any subsidiary or affiliate of the
Company. For purposes of this Agreement, “a material line of business conducted by the Company
and/or any subsidiary or affiliate of the Company” means an activity of the Company and/or any
subsidiary or affiliate of the Company generating gross revenues to the Company and/or any
subsidiary or affiliate of the Company of more than twenty-five million dollars ($25,000,000) in
the immediately preceding fiscal year of the Company.

     5.3 Remedies and Injunctive Relief. If the Executive commits a breach or threatens to
breach any of the provisions of Sections 5.1 or 5.2 hereof, (i) the Company shall have the right
and remedy to have the provisions of this Agreement specifically enforced by injunction or
otherwise by any court having jurisdiction, it being acknowledged and agreed that any such breach
will cause irreparable injury to the Company in addition to money damage and that money damages
alone will not provide a complete or adequate remedy to the Company, and (ii) the Company shall
have the right to withhold, revoke, and/or recover any payments or benefits that would otherwise be
due the Executive pursuant to Sections 4.2.2 and 4.3 of this Agreement, it being further agreed
that the foregoing rights and remedies shall be in addition to, and not in lieu of, any other
rights and remedies available to the Company under law or in equity.

     5.4 Severability. If any of the covenants contained in Sections 5.1, 5.2 or 5.3, or
any part thereof, hereafter are construed to be invalid or unenforceable, the same shall not affect
the remainder of the covenant or covenants, which shall be given full effect, without regard to the
invalid portions.

     5.5 Extension of Term of Covenants Following Violation. The period during which the
prohibitions of Section 5.2 are in effect shall be extended by any period or periods during which
the Executive is in violation of Section 5.2.

     5.6 Blue Penciling by Court. If any of the covenants contained in Sections 5.1 or
5.2, or any part thereof, are held to be unenforceable, the parties agree that the court making
such determination shall have the power to revise or modify such provision to make it enforceable
to the maximum extent permitted by applicable law and, in its revised or modified form, said
provision shall then be enforceable.

     5.7 Blue Penciling by One Court Not to Affect Covenants in Another State. The parties
hereto intend to and hereby confer jurisdiction to enforce the covenants contained in Sections 5.1,
5.2 and 5.3 upon the courts of any state within the geographical scope of such covenants. In the
event that the courts of any one or more of such states shall hold such covenants wholly
unenforceable by reason of the

14

 

breadth of such covenants or otherwise, it is the intention of the parties’ hereto that such
determination not bar or in any way affect the Company’s right to the relief provided above in the
courts of any other states within the geographical scope of such covenants as to breaches of such
covenants in such other respective jurisdictions, the above covenants as they relate to each state
being for this purpose severable into diverse and independent covenants.

6. Intellectual Property.

     6.1 Company’s Rights. Notwithstanding and without limiting the provisions of Section
5, the Company shall be the sole owner of all the products and proceeds of the Executive’s services
hereunder, including, but not limited to, all materials, ideas, concepts, formats, suggestions,
developments, arrangements, packages, programs and other intellectual properties that the Executive
may acquire, obtain, develop or create in connection with or during the Term, free and clear of any
claims by the Executive (or anyone claiming under the Executive) of any kind or character
whatsoever (other than the Executive’s right to receive payments hereunder), the Executive shall,
at the request of the Company, execute such assignments, certificates or other instruments as the
Company may from time to time deem necessary or desirable to evidence, establish, maintain,
perfect, protect, enforce or defend its right, title or interest in or to any such properties.

7. Indemnification.

     7.1 General Rule. In addition to any rights to indemnification to which the Executive
is entitled under the Company’s charter and by-laws, to the broadest extent permitted by applicable
law, the Company will indemnify, from the assets of the Company supplemented by insurance in an
amount determined by the Company, the Executive at all times, during and after the Term, and, to
the maximum extent permitted by applicable law, shall pay the Executive’s expenses (including
reasonable attorneys’ fees and expenses, which shall be paid in advance by the Company as incurred,
subject to recoupment in accordance with applicable law) in connection with any threatened or
actual action, suit or proceeding to which the Executive may be made a party, brought by any
shareholder of the Company directly or derivatively or by any third party by reason of any act or
omission or alleged act or omission in relation to any affairs of the Company or any subsidiary or
affiliate of the Company of the Executive as an officer, director or employee of the Company or of
any subsidiary or affiliate of the Company. The Company shall use its best efforts to maintain
during the Term and thereafter insurance coverage sufficient in the determination of the Company to
satisfy any indemnification obligation of the Company arising under this Section 7.

8. Notices.

     8.1 Form and Address for Notices. All notices, requests, consents and other
communications required or permitted to be given hereunder shall be in writing and shall be deemed
to have been duly given if delivered personally, one day after sent by overnight courier or three
days after mailed first class, postage prepaid, by registered or certified mail, as follows (or to
such other address as either party shall designate by notice in writing to the other in accordance
herewith):

	 	 	 	If to the Company, to:
	 
	 	 	 	Foster Wheeler Inc.

Perryville Corporate Park

Clinton, NJ 08809-4000

Attention: General Counsel

15

 

          If to the Executive, to the Executive’s principal residence as reflected in the records of the
Company.

9. General.

     9.1 Governing Law. This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of New Jersey applicable to agreements made between residents
thereof and to be performed entirely in New Jersey.

     9.2 Headings. The section headings contained herein are for reference purposes only
and shall not in any way affect the meaning or interpretation of this Agreement.

     9.3 Entire Agreement / Non-Exclusivity. This Agreement sets forth the entire
agreement and understanding of the parties relating to the subject matter hereof, and supersedes
all prior agreements, arrangements and understandings, written or oral, relating to the subject
matter hereof. No representation, promise or inducement has been made by either party that is not
embodied in this Agreement, and neither party shall be bound by or liable for any alleged
representation, promise or inducement not so set forth.

          Other than as expressly set forth in this Agreement, nothing in this Agreement shall prevent
or limit the Executive’s continuing or future participation in any plan, program, policy or
practice provided by the Company or the Affiliated Companies and for which the Executive may
qualify, nor shall anything herein limit or otherwise affect such rights as the Executive may have
under any other contract or agreement with the Company or the Affiliated Companies. For avoidance
of doubt, it is agreed and understood that this Agreement shall not supersede or otherwise
adversely affect any stock option, restricted stock or other form of equity grant or award provided
to Executive prior to the Effective Date, or any indemnification agreement heretofore entered into
between the Company and the Executive. Amounts which are vested benefits or which the Executive is
otherwise entitled to receive under any plan, policy, practice or program of or any contract or
agreement with the Company or any of the Affiliated Companies at or subsequent to the Termination
Date shall be payable in accordance with such plan, policy, practice or program or contract or
agreement except as explicitly modified by this Agreement. Notwithstanding the foregoing, if the
Executive receives payments and benefits pursuant to this Agreement in connection with the
termination of the Executive’s employment, the Executive shall not be entitled to any severance pay
or benefits under any severance plan, program or policy of the Company and the Affiliated
Companies, unless specifically provided therein in a specific reference to this Agreement.

     9.4 Full Settlement. The Company’s obligation to make the payments provided for in
this Agreement and otherwise to perform its obligations hereunder shall not be affected by any
set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may
have against the Executive or others. Unless otherwise provided in an arbitration award entered
pursuant to Section 10.1, the Company agrees to pay as incurred (within ten days following the
Company’s receipt of an invoice from the Executive, which invoice the Executive must submit to the
Company not later than March 1 of the year following the year in which the expenses were incurred),
to the full extent permitted by law, all legal fees and expenses which the Executive may reasonably
incur as a result of any contest (regardless of the outcome thereof) by the Company, the Executive
or others of the validity or enforceability of, or liability under, any provision of this Agreement
or any guarantee of performance thereof (including as a result of any contest by the Executive
about the amount of any payment pursuant to this Agreement), plus in each case interest on any
delayed payment at the applicable Federal rate provided for in Section 7872(f)(2)(A) of the Code.

16

 

     9.5 Assignability. 

          9.5.1 Nonassignability by Executive. This Agreement, and the Executive’s rights and
obligations hereunder, may not be assigned by the Executive, nor may the Executive pledge, encumber
or anticipate any payments or benefits due hereunder, by operation of law or otherwise.

          9.5.2 Assignability by Company. In addition to the rights provided under Section 1.5
above, the Company may assign its rights, together with its obligations, hereunder:

               (i) to any affiliate; or

               (ii) to a third party in connection with any sale, transfer or other disposition of all or
substantially all of any business to which the Executive’s services are then principally devoted;

provided, however, that no assignment pursuant to this paragraph 9.5.2 shall relieve the Company or
the Guarantor from its obligations hereunder to the extent the same are not timely discharged by
such assignee.

          9.5.3 Assumption of Agreement by Successors. The Company will require any successor
(whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to assume expressly and agree to
perform this Agreement in the same manner and to the same extent that the Company would be required
to perform it if no such succession had taken place.

     9.6 Survival. The respective rights and obligations of the parties hereunder shall
survive any termination of this Agreement or the Term to the extent necessary to the intended
preservation of such rights and obligations.

     9.7 Amendment. This Agreement may be amended, modified, superseded, canceled, renewed
or extended and the terms or covenants hereof may be waived, only by a written instrument executed
by both of the parties hereto, or in the case of a waiver, by the party waiving compliance. The
failure of either party at any time or times to require performance of any provision hereof shall
in no manner affect the right at a later time to enforce the same. No waiver by either party of
the breach of any term or covenant contained in this Agreement, whether by conduct or otherwise, in
any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver
of any such breach, or a waiver of the breach of any other term or covenant contained in this
Agreement.

     9.8 Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed to be an original but all of which together will constitute one and the same
instrument.

     9.9 Acknowledgement of Ability to Have Counsel Review. The parties acknowledge that
this Agreement is the result of arm’s-length negotiations between sophisticated parties each
afforded the opportunity to utilize representation by legal counsel. Each and every provision of
this Agreement shall be construed as though both parties participated equally in the drafting of
same, and any rule of construction that a document shall be construed against the drafting party
shall not be applicable to this Agreement.

17

 

10. Dispute Resolution. 

     10.1 Arbitration. Subject to the rights of the Company pursuant to Section 5.3 above,
any controversy, claim or dispute arising out of or relating to this Agreement, the breach thereof,
or the Executive’s employment by the Company shall be settled by arbitration with three
arbitrators. The arbitration will be administered by the American Arbitration Association in
accordance with its National Rules for Resolution of Employment Disputes. The arbitration
proceeding shall be confidential, and judgment on the award rendered by the arbitrator may be
entered in any court having jurisdiction. Any such arbitration shall take place in the Clinton,
New Jersey area, or in any other mutually agreeable location. In the event any judicial action is
necessary to enforce the arbitration provisions of this Agreement, sole jurisdiction shall be in
the federal and state courts, as applicable, located in New Jersey. Any request for interim
injunctive relief or other provisional remedies or opposition thereto shall not be deemed to be a
waiver or the right or obligation to arbitrate hereunder. To the extent a party prevails in any
dispute arising out of this Agreement or any of its terms and provisions, all reasonable costs,
fees and expenses relating to such dispute, including the parties’ reasonable legal fees, shall be
borne by the party not prevailing in the resolution of such dispute, but only to the extent that
the arbitrator or court, as the case may be, deems reasonable and appropriate given the merits of
the claims and defenses asserted.

11. Free to Contract. 

     11.1 Executive Representations and Warranty. The Executive represents and warrants to
the Company that Executive is able freely to accept engagement and employment by the Company as
described in this Agreement and that there are no existing agreements, arrangements or
understandings, written or oral, that would prevent Executive from entering into this Agreement,
would prevent Executive or restrict Executive in any way from rendering services to the Company as
provided herein during the Term or would be breached by the future performance by the Executive of
Executive’s duties hereunder. The Executive also represents and warrants that no fee, charge or
expense of any sort is due from the Company to any third person engaged by the Executive in
connection with Executive’s employment by the Company hereunder, except as disclosed in this
Agreement.

12. Subsidiaries and Affiliates.

     12.1 Definitions. As used herein, the term “subsidiary” shall mean any corporation or
other business entity controlled directly or indirectly by the Company or other business entity in
question, and the term “affiliate” shall mean and include any corporation or other business entity
directly or indirectly controlling, controlled by or under common control with the Company or other
business entity in question.

13. Code Section 409A Legal Requirement.

     13.1 Six Month Delay in Payment. Notwithstanding anything to the contrary in this
Agreement, if the Executive constitutes a “specified employee” as defined and applied in Section
409A of the Code as of the Executive’s Termination Date, to the extent any payment under this
Agreement constitutes deferred compensation (after taking into account any applicable exemptions
from Section 409A of the Code), and to the extent required by Section 409A of the Code, no payments
due under this Agreement may be made until the earlier of: (i) the first day following the sixth
month anniversary of Executive’s Termination Date, or (ii) the Executive’s date of death; provided,
however, that any payments delayed during this six-month period shall be paid in the aggregate in a
lump sum as soon as administratively practicable following the sixth month anniversary of the
Executive’s Termination Date.

18

 

     13.2 Application of Exemptions. For purposes of Section 409A of the Code, each
“payment” (as defined by Section 409A of the Code) made under this Agreement shall be considered a
“separate payment.” In addition, for purposes of Section 409A of the Code, each such payment shall
be deemed exempt from Section 409A of the Code to the full extent possible under the “short-term
deferral” exemption of Treasury Regulation § 1.409A-1((b)(4) and (with respect to amounts paid no
later than the second calendar year following the calendar year containing the Executive’s
Termination Date) the “two-years/two-times” separation pay exemption of Treasury Regulation §
1.409A-1(b)(9)(iii), which are hereby incorporated by reference.

     13.3 Interpretation and Administration of Agreement. To the maximum extent permitted
by law, this Agreement shall be interpreted and administered in such a manner that the payments to
the Executive are either exempt from, or comply with all requirements of, Section 409A of the Code.

     13.4 Correction of Violation. To the extent that any term or provision of the
Agreement is determined by either the Executive or the Company to violate the requirements of
Section 409A of the Code, the Executive and the Company agree to use commercially reasonable
efforts to correct such violation without changing the substantive terms of the Agreement. For the
avoidance of doubt, a “violation” for this purpose means a term or provision that is permissible
under Section 409A of the Code only with payment of penalty; “violation” does not mean a term or
provision that merely requires a payment, a method of payment, or a delay in payment that adversely
affects the Executive.

14. Guarantee.

     14.1 The Guarantor hereby unconditionally guarantees payment in full of all obligations of the
Company under this Agreement.

[Signature Page Follows]

19

 

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

	 	 	 	 	 
	 	FOSTER WHEELER INC.

 	 
	 	By:  	/s/ Raymond M. Milchovich
 	 
	 	 	Name:  	Raymond J. Milchovich 	 
	 	 	Title:  	Chairman, President & CEO 	 
	 
	 	FOSTER WHEELER INTERNATIONAL CORP.

(as to Section 14 only)

 	 
	 	By:  	/s/ Robert C. Flexon
 	 
	 	 	Name:  	Robert C. Flexon 	 
	 	 	Title:  	Executive Vice President 	 
	 
	 	 	 
	 	                                              /s/ Michael Liebelson
 	 
	 	MICHAEL LIEBELSON 	 
	 	 	 
	 

20

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