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Exhibit 10.10    
    

 
 

FLUOR CORPORATION AND SUBSIDIARIES
  Policy Manual    
    

	

	Section:	 	Human Resources	 	Directive:	 	MPE-HR-005

Page 1 of 6
	Subject:	 	Executive Severance Plan	 	Effective:	 	06/01/07
	Applies To:	 	Fluor Corporation and Subsidiaries	 	Supersedes:	 	10/27/03
	

PURPOSE  

The
purpose of this Plan is to provide severance compensation to eligible executives of Fluor Corporation and designated subsidiaries who leave the Company, depending on the circumstances and
conditions leading to termination. 

ELIGIBILITY  

Individuals
who are eligible are executives of Fluor Corporation and designated subsidiaries actively at work who are participants in the Fluor Corporation and Subsidiaries Executive Incentive
Compensation Plan and who execute the required settlement and release agreement in exchange for the severance. 

DEFINITIONS  

For
the purpose of the Plan, the following definitions apply: 

A.    Voluntary Separation  

Action
taken by an executive for personal reasons, to seek other employment, to accept another position, for failure to return at conclusion of leave, or to voluntarily retire. 

B.    Involuntary Separation  

	1.
	Action
taken by the Company due to reduction in force resulting from reorganization or reduced workload or other similar circumstances whereby the executive's services are no longer
required on the job. Executives involuntarily separated who meet the retirement criteria may elect retirement.

	2.
	Action
taken by the Company when an executive has a qualifying disability under the Americans with Disabilities Act, or a similar disability statute, and is unable to perform her/his
essential job functions with or without reasonable accommodation. 

C.    Involuntary Discharge  

Action
taken by the Company for reasons other than stated in Paragraph B above including but not limited to absenteeism, misconduct, insubordination, appearing at work under the influence of a
controlled substance or alcohol, unethical behavior, disclosure of confidential information, sexual harassment, employment discrimination, unsatisfactory performance, or violation of any Company
policy. 

 
 

FLUOR CORPORATION AND SUBSIDIARIES
  Policy Manual    
    

	

	Section:	 	Human Resources	 	Directive:	 	MPE-HR-005

Page 2 of 6
	Subject:	 	Executive Severance Plan	 	Effective:	 	06/01/07
	Applies To:	 	Fluor Corporation and Subsidiaries	 	Supersedes:	 	10/27/03
	

D.    Officer  

An
executive who is a Vice President or above of Fluor Corporation, Fluor Enterprises Inc., or Fluor Constructors, Inc., who participates in the Fluor Corporation and subsidiaries
Executive Incentive Compensation Plan. 

E.    Completed Years of Accumulated Service  

A
period of accumulated service with the Company, subject to the limitation set forth in Paragraph A.4.c under Procedures. 

F.    Beneficiary  

The
beneficiary for the Executive Severance Plan is designated by the executive under the Fluor Corporation Employee's Retirement Plan, or, if no such designation has been made, then as designated
under the Group Life/Health Insurance Plan unless the executive otherwise makes a beneficiary designation on the form provided by the executive's corporate employer, or, in the absence of any
designation, the administrator or executor of the executive's estate. 

PROCEDURES  

A.    Severance Pay  

	1.
	Voluntary
Separation 

The
company will not provide severance pay nor prorated incentive compensation in Paragraph A under Definitions. 

	2.
	Involuntary
Separation 

Severance
pay will be based on current base salary and total completed years of accumulated service as follows: 

	a.
	Officers

	(1)
	Two
weeks of severance pay for each completed year of accumulated service up to 52 weeks.

	(2)
	Minimum
eight weeks' severance.

	b.
	Non-Officer
Executives

	(1)
	Two
weeks of severance pay for each completed year of accumulated service up to 26 weeks.

	(2)
	Minimum
four weeks of severance. 

 
 

FLUOR CORPORATION AND SUBSIDIARIES
  Policy Manual    
    

	

	Section:	 	Human Resources	 	Directive:	 	MPE-HR-005

Page 3 of 6
	Subject:	 	Executive Severance Plan	 	Effective:	 	06/01/07
	Applies To:	 	Fluor Corporation and Subsidiaries	 	Supersedes:	 	10/27/03
	

	3.
	Involuntary
Discharge 

The
company will not provide severance pay nor consider proration of incentive compensation in Paragraph C under Definitions. 

	4.
	Limitations

	a.
	Maximum
severance pay will be 52 weeks for officers, 26 weeks for non-officer executives.

	b.
	Minimum
severance pay will be eight weeks for officers, four weeks for non-officer executives.

	c.
	The
total completed years of accumulated service calculated for a severance payment may only be used one time in severance calculations.

	d.
	For
executives involuntarily separated and placed on leave of absence in lieu of layoff, severance pay will be based on completed years of accumulated service up to the effective date
of the leave of absence.

	e.
	Officers
in policy making positions who meet retirement criteria will receive severance pay as follows:

	(1)
	Officers
who meet the minimum retirement income requirement set forth by federal law, excluding any amount payable under this Plan will receive severance pay for only the period from
the date of termination until January 2 following the officer's 65th birthday subject to the limitation set forth in Paragraph A.2.a under  Procedures.

	(2)
	Officers
who do not meet the minimum retirement income requirement set forth by federal law, computed excluding any amount payable under this Plan, will receive severance pay as
determined in Paragraph A.2.a under Procedures.

	f.
	In
the case of involuntary separation due to an executive's inability to perform her/his essential job functions with reasonable accommodation, the executive's severance pay amount
will be reduced by the expected entitlements under Fluor's short-term and long-term disability for the number of weeks determined in Paragraphs A.2.a and A.2.b under  Procedures. If the actual
entitlements received by the employee are less than that deducted from severance pay, the employee will be paid the difference
for the period of weeks for which the employee received severance. This provision is not intended to affect any state or federal benefits to which the executive may be entitled. 

 
 

FLUOR CORPORATION AND SUBSIDIARIES
  Policy Manual    
    

	

	Section:	 	Human Resources	 	Directive:	 	MPE-HR-005

Page 4 of 6
	Subject:	 	Executive Severance Plan	 	Effective:	 	06/01/07
	Applies To:	 	Fluor Corporation and Subsidiaries	 	Supersedes:	 	10/27/03
	

	g.
	In
cases where the executive is entitled to legislated severance pay in non-U.S. countries, executive's severance pay amount will be reduced by any legislated severance
payments required of the company that are calculated with reference to the number of weeks determined in Paragraphs A.2.a and A.2.b under  Procedures.

	5.
	Severance
pay will be paid in a lump sum, or at the discretion of the company, annual installments over a period not to exceed the total number of weeks determined in
Paragraph A.2.a and A.2.b under Procedures.

	6.
	In
event of an executive's death prior to payment of the entire entitlement, payment may be made to the designated beneficiary in one lump sum or by continuation of installments at the
discretion of the executive's corporate employer. 

B.    Incentive Compensation  

(As
defined in the Executive Incentive Compensation Plan, Fluor Corporation and Subsidiaries Policy Manual) 

	1.
	Voluntary
Separation 

The
Company will not provide a prorated incentive award. 

	2.
	Involuntary
Separation 

In
highly unusual circumstances, Incentive Compensation may be considered based on the number of completed months of service during the current fiscal year prior to termination and consistent with the
administration of the Plan during the year of termination. 

	3.
	Involuntary
Discharge 

The
Company will not provide a prorated incentive award. 

C.    Club Membership  

Company
memberships will not be awarded to an executive regardless of reason for termination. 

D.    Automobile Allowance  

In
locations where executives receive a car allowance and insurance, the Company will not provide a car allowance and insurance for voluntary separation, involuntary separation or involuntary
discharge. 

 
 

FLUOR CORPORATION AND SUBSIDIARIES
  Policy Manual    
    

	

	Section:	 	Human Resources	 	Directive:	 	MPE-HR-005

Page 5 of 6
	Subject:	 	Executive Severance Plan	 	Effective:	 	06/01/07
	Applies To:	 	Fluor Corporation and Subsidiaries	 	Supersedes:	 	10/27/03
	

E.    Insurance Coverage  

Applicable
insurance coverage, i.e., group health, long-term disability, executive health, etc., will cease on date of termination. Where applicable, the departing executive may
elect continued coverage through the Consolidated Omnibus Budget Reconciliation Act (COBRA). 

F.    Time Off with Pay (TOWP) Program  

Balance
will be paid at time of termination. 

G.    Stock Based Awards  

	1.
	Voluntary
Separation 

Upon
qualified retirement, awards may become 100 percent vested. 

	2.
	Involuntary
Separation 

Upon
qualified retirement, awards may become 100 percent vested. 

	3.
	Involuntary
Discharge 

Vested
portion of stock options may be exercised within three months. Unvested restricted stock will be cancelled. 

H.    Long Term Incentive (LTI) Program  

Applicable
cash awards under the long-term incentive program will not be prorated for any reason, except death or total and permanent disability. 

I.    Waivers  

A
settlement agreement and release form which includes a non-competition agreement must be obtained from employees in exchange for severance benefits. No severance benefit will be due
employees unless a settlement and release agreement provided by the Company has been properly and timely executed. 

J.    Outplacement  

Outplacement
services are available. 

K.    Plan Termination  

This
Plan will expire December 31, 2008. Any executive whose employment terminates after the Plan expires will not be eligible for participation in the Plan. Further, no benefits will accrue or
be payable under the Plan after Plan Termination. 

 
 

FLUOR CORPORATION AND SUBSIDIARIES
  Policy Manual    
    

	

	Section:	 	Human Resources	 	Directive:	 	MPE-HR-005

Page 6 of 6
	Subject:	 	Executive Severance Plan	 	Effective:	 	06/01/07
	Applies To:	 	Fluor Corporation and Subsidiaries	 	Supersedes:	 	10/27/03
	

EXCEPTIONS  

Exceptions
require the approval of the Chief Executive Officer of Fluor Corporation for executives other than section 16(b) officers. All 16(b) officers are approved by the Organization and
Compensation Committee of the Board of Directors. 

QuickLinks

Exhibit 10.10

FLUOR CORPORATION AND SUBSIDIARIES Policy Manual

FLUOR CORPORATION AND SUBSIDIARIES Policy Manual

FLUOR CORPORATION AND SUBSIDIARIES Policy Manual

FLUOR CORPORATION AND SUBSIDIARIES Policy Manual

FLUOR CORPORATION AND SUBSIDIARIES Policy Manual

FLUOR CORPORATION AND SUBSIDIARIES Policy ManualQuickLinks
 -- Click here to rapidly navigate through this document

 

 
 

Exhibit 10.12    
    

 
 

FLUOR CORPORATION
  
    2001 FLUOR STOCK APPRECIATION RIGHTS PLAN
  
    (Amended and Restated effective as of November 1, 2007)    
    

 

 

 
 

ARTICLE I
  
    DEFINITIONS    
    

Section 1.1    DEFINITIONS 

As
used herein, the following terms shall have the meanings hereinafter set forth unless the context clearly indicates to the contrary: 

        (a)   "Board"
shall mean the Board of Directors of the Company. 

        (b)   Unless
the Committee or the Board shall provide otherwise, "Change of Control" shall mean, unless the Committee or the Board shall provide otherwise, an occurrence of
any of the following events (a) a third person, including a "group" as defined in Section 13(d)(3) of the Exchange Act, acquires shares of the Company having twenty-five
percent or more of the total number of votes that may be cast for the election of directors of the Company, (b) as the result of any cash tender or exchange offer, merger or other business
combination, or any combination of the foregoing transactions (a "Transaction"), the persons who were directors of the Company before the Transaction shall cease to constitute a majority of the Board
of the Company or any successor to the Company; or (c) such other events as the Committee or the Board from time to time may specify. "Change of Control Transaction" shall include any tender
offer, offer, exchange offer, solicitation, merger, consolidation, reorganization or other transaction which is intended to or reasonably expected to result in a Change of Control. 

        (c)   "Committee"
shall mean Organization and Compensation Committee of the Board, and/or another committee of the Board, as appointed from time to time by the Board. 

        (d)   "Company"
shall mean Fluor Corporation. 

        (e)   "Fair
Market Value" shall mean the average of the highest price and the lowest price per share at which the Stock is sold in the regular way on the New York Stock
Exchange on the day such value is to be determined hereunder or, in the absence of any reported sales on such day, the first preceding day on which there were such sales. 

        (f)    "Grantee"
shall mean an employee to whom Rights have been granted hereunder. 

        (g)   "Plan"
shall mean the 2001 Fluor Stock Appreciation Rights Plan, the terms of which are set forth herein. 

        (h)   "Rights"
shall mean Stock Appreciation Rights granted as provided herein. 

        (i)    "Stock"
shall mean the common stock of the Company or, in the event that the outstanding shares of Stock are hereafter changed into or exchanged for shares of a
different stock or securities of the Company or some other corporation, such other stock or securities. 

        (j)    "Stock
Appreciation Rights Agreement" shall mean the agreement between the Company and the Grantee evidencing the grant of Rights as provided herein. 

        (k)   "Subsidiary"
shall mean any corporation, the majority of the outstanding capital stock of which is owned, directly or indirectly, by the Company. 

 
 

ARTICLE II
  
    THE PLAN    
    

Section 2.1    NAME 

        This
plan shall be known as the "2001 Fluor Stock Appreciation Rights Plan". 

1

 

Section 2.2    PURPOSE

        The
purpose of the Plan is to advance the interests of the Company and its shareholders by providing eligible key management employees who can directly and significantly influence the
profits of the Company and therefore the market value of its Stock a form of cash incentive compensation which is measured by the desired increase in the market value of the Stock. 

Section 2.3    EFFECTIVE
DATE AND DURATION 

        The
Plan shall become effective upon its adoption by the Board. The Rights granted hereunder must be granted within ten years from the effective date of the Plan. 

 
 

ARTICLE III
  
    PARTICIPANTS    
    

Section 3.1    ELIGIBILITY

        Any
officer or other key management employee of the Company or its Subsidiaries shall be eligible to participate in the Plan; provided, however, that no member of the Committee shall be
eligible to participate (an "Eligible Employee"). The Committee may grant Rights to any Eligible Employee in accordance with such determinations as the Committee from time to time in its sole
discretion shall make. For purposes of the administration of Rights, the term "Eligible Employee" shall also include a former Eligible Employee or any person (including any estate) who is a
beneficiary of a former Eligible Employee. 

 
 

ARTICLE IV
  
    ADMINISTRATION    
    

Section 4.1    COMPOSITION
OF COMMITTEE 

        The
Plan shall be administered by the Committee. The Board shall fill vacancies on, and from time to time may remove or add members to, the Committee. 

Section 4.2    MAJORITY
RULE 

        A
majority of the members of the Committee shall constitute a quorum, and any action taken by a majority present at a meeting at which a quorum is present or any action taken without a
meeting evidenced by a writing executed by a majority of the whole Committee shall constitute the action of the Committee. 

Section 4.3    COMPANY
ASSISTANCE 

        The
Company shall supply full and timely information to the Committee on all matters relating to Eligible Employees, their employment, death, retirement, disability or other termination
of employment, and such other pertinent facts as the Committee may require. The Company shall furnish the Committee with such clerical and other assistance as is necessary in the performance of its
duties. The Committee may designate the Secretary of the Company or other Company employees to assist the Committee in the administration of the Plan, and may grant authority to such persons to
execute agreements evidencing Rights made under this Plan or other documents entered into under this Plan on behalf of the Committee or the Company. 

2

 

Section 4.4    POWERS
OF COMMITTEE 

        Subject
to the express provisions of this Plan, the Committee shall be authorized and empowered to do all things necessary or desirable in connection with the administration of this Plan
with respect to the Rights over which the Committee has authority, including, without limitation, the following: 

        (a)   to
prescribe, amend and rescind rules and regulations relating to this Plan and to define terms not otherwise defined herein; 

        (b)   to
determine which persons are Eligible Employees, to which of such Eligible Employees, if any, Rights shall be granted hereunder, to make Rights under the Plan and to
determine the terms of such Rights and the timing of any such Rights; 

        (c)   to
determine the number of Rights and the exercise price of such Rights; 

        (d)   to
establish and verify the extent of satisfaction of any performance goals applicable to Rights; 

        (e)   to
prescribe and amend the terms of the agreements or other documents evidencing Rights made under this Plan (which need not be identical); 

        (f)    to
determine whether, and the extent to which, adjustments are required pursuant to the terms hereof; 

        (g)   to
interpret and construe this Plan, any rules and regulations under the Plan and the terms and conditions of any Rights granted hereunder, and to make exceptions to any
such provisions in good faith and for the benefit of the Company; and 

        (h)   to
make all other determinations deemed necessary or advisable for the administration of the Plan. 

        Section 4.5    DETERMINATIONS
OF THE COMMITTEE 

        All
decisions, determinations and interpretations by the Committee or the Board regarding the Plan shall be final and binding on all Eligible Employees. The Committee or the Board, as
applicable, shall consider such factors as it deems relevant, in its sole and absolute discretion, to making such decisions, determinations and interpretations including, without limitation, the
recommendations or advice of any officer of the Company or Eligible Employee and such attorneys, consultants and accountants as it may select 

 
 

ARTICLE V
  
    RIGHTS SUBJECT TO PLAN    
    

Section 5.1    LIMITATIONS 

        Subject
to adjustment pursuant to the provisions of Section 5.2 hereof, the number of Rights which may be granted hereunder shall not exceed 3,000,000. Rights granted hereunder
which have been exercised as provided in Section 6.5 hereof shall not again be available for re-grant hereunder. If Rights granted hereunder shall expire, terminate or be canceled
for any reason prior to being wholly exercised, new grants may be made hereunder with respect to the number of Rights to which such expiration, termination or cancellation relates. 

3

 

Section 5.2    ANTIDILUTION

        In
the event that the outstanding shares of Stock hereafter are changed into or exchanged for a different number or kind of shares or other securities of the Company or of another
corporation by reason of merger, consolidation, other reorganization, recapitalization, reclassification, combination of shares, spin off, stock splitup or stock dividend (other than a regular
dividend), 

        (a)   the
aggregate number of Rights which may be granted hereunder shall be equitably adjusted; 

        (b)   outstanding
Rights granted hereunder, both as to number and value, shall be equitably adjusted; and 

        (c)   where
dissolution or liquidation of the Company or any merger or combination in which the Company is not a surviving corporation is involved, each outstanding Right
granted hereunder may terminate, but the Grantee may have the right, immediately prior to such dissolution, liquidation, merger or combination, to exercise his or her Rights in full, without regard to
any installment exercise provisions, to the extent that such Rights shall not have been exercised. 

        The
manner of application of the foregoing adjustments shall be determined solely by the Committee, and any such adjustment shall provide for the elimination of fractional Rights. 

 
 

ARTICLE VI
  
    GRANT AND EXERCISE OF RIGHTS    
    

Section 6.1    RIGHTS
GRANTS AND AGREEMENTS 

        Rights
shall be granted by the Committee and the date of the grant shall be the date of such Committee action. Each grant shall be evidenced by minutes of a meeting or the written
consent of the Committee and by a written Stock Appreciation Rights Agreement dated as of the date of the grant and executed by the Grantee and the Company, which Agreement shall set forth such terms
and conditions as may be determined by the Committee consistent with the Plan. 

Section 6.2    RIGHTS
VALUE 

        The
value of each Right granted hereunder shall be determined by the Committee, but said value shall not be less than the Fair Market Value of the Stock on the date said Right is
granted. 

Section 6.3    RIGHTS
PERIOD 

        The
period for the exercise of each Right granted hereunder shall be determined by the Committee, but in no instance shall such period exceed ten years from the date of grant. 

Section 6.4    PERFORMANCE
CRITERIA 

        The
grant, issuance, retention and or vesting of each Right may be subject to such performance criteria and level of achievement versus these criteria as the Committee shall determine,
which criteria may be based on financial performance, personal performance evaluations and/or completion of service by the Eligible Employee 

Section 6.5    RIGHTS
EXERCISE 

        (a)   Rights
granted hereunder may not be exercised unless and until the Grantee shall have been or remained in the employ of the Company or its Subsidiaries for one year from
and after the date of grant of such Rights, except as otherwise provided in Section 6.8 hereof or an individual Rights agreement. 

4

 

        (b)   Rights
granted hereunder may be exercised with respect to whole Rights only, in such number and within the periods permitted for the exercise thereof as determined by
the Committee, and shall be exercised by written notice of intent to exercise with respect to a specified number of Rights delivered to the Company at its principal office in the State of California. 

        Section 6.6    PAYMENT
FOR RIGHTS EXERCISED 

        Within
30 days after Rights have been exercised in accordance with Section 6.5 hereof, the Company shall pay to the Grantee in cash an amount equal to (i) the
amount, if any, by which the Fair Market Value of the Stock on the date such Rights are exercised exceeds the value of each such Right established in accordance with Section 6.2 hereof
multiplied by (ii) the number of Rights exercised, less all applicable federal and state withholding or other employment taxes applicable to the taxable income of such Grantee resulting from
such exercise. In the event of the death of such Grantee before payment is made hereunder, such payment shall be made to the executor or administrator of such Grantee's estate. 

Section 6.7    NONTRANSFERABILITY
OF RIGHTS 

        Unless
the agreement evidencing a Right (or an amendment thereto authorized by the Committee) expressly states that it is transferable as provided hereunder, no Right granted under the
Plan, nor any interest in such Right, may be sold, assigned, conveyed, gifted, pledged, hypothecated or otherwise transferred in any manner, other than by will or the laws of descent and distribution,
prior to the vesting or lapse of any and all restrictions applicable to any Shares Rights issued. The Committee may in its sole discretion grant a Right or amend an outstanding Right to provide that
the Right is transferable or assignable to a member or members of the Eligible Employee's "immediate family", as such term is defined under Exchange Act Rule 16a-1(e), or to a trust
for the benefit solely of a member or members of the Eligible Employee's immediate family, or to a partnership or other entity whose only owners are members of the Eligible Employee's family, provided
that following any such transfer or assignment the Right will remain subject to substantially the same terms applicable to the Right while held by the Eligible Employee, as modified as the Committee
in its sole discretion shall determine appropriate, and such Eligible Employee shall execute an agreement agreeing to be bound by such terms. 

Section 6.8    CHANGE
OF CONTROL 

        The
Committee may through the terms of the Right or otherwise provide that any or all of the following shall occur, either immediately upon the Change of Control or a Change of Control
Transaction, or upon termination of the Eligible Employee's employment within twenty-four (24) months following a Change of Control or a Change of Control Transaction:
(a) the Eligible Employee's ability to exercise any portion of the Right not previously exercisable and/or (b) the lapse and expiration of any conditions to the grant, issuance,
retention, vesting or transferability of, or any other restrictions applicable to, such Right. The Committee also may, through the terms of the Right or otherwise, provide for an absolute or
conditional exercise, payment or lapse of conditions or restrictions on a Right which shall only be effective if, upon the announcement of a Change of Control Transaction, no provision is made in such
Change of Control Transaction for the exercise, payment or lapse of conditions or restrictions on the Right, or other procedure whereby the Participant may realize the full benefit of the Right. 

Section 6.9    NO
RIGHTS AS SHAREHOLDER 

        Nothing
herein contained shall be deemed to give any Grantee any rights as a shareholder of the Company. 

5

 
 
 

ARTICLE VII
  
    OTHER PROVISIONS APPLICABLE TO RIGHTS    
    

Section 7.1    AGREEMENTS
EVIDENCING RIGHTS 

        The
Committee shall, subject to applicable law, determine the date a Right is deemed to be granted. The Committee may establish the terms of agreements evidencing Rights under this Plan
and may, but need not, require as a condition to any such agreement's effectiveness that such agreement be executed by the Eligible Employee and that such Eligible Employee agree to such further terms
and conditions as specified in such agreement. The grant of a Right under this Plan shall not confer any rights upon the Eligible Employee holding such Right other than such terms, and subject to such
conditions, as are specified in this Plan as being applicable to such type of Right (or to all Rights) or as are expressly set forth in the Agreement evidencing such Right. 

Section 7.2    WITHHOLDING
REQUIREMENTS 

        The
Committee may make such provisions or impose such conditions as it may deem appropriate for the withholding or payment by the Eligible Employee, as appropriate, of any taxes which it
determines are required in connection with any Rights granted under this Plan, and an Eligible Employee's rights in any Right are subject to satisfaction of such conditions. 

 
 

ARTICLE VIII
  
    TERMINATION, AMENDMENT AND MODIFICATION OF PLAN    
    

Section 8.1    TERMINATION,
AMENDMENT AND MODIFICATION OF PLAN 

        The
Board may at any time, upon recommendation of the Committee, terminate, and may at any time and from time to time and in any respect amend or modify, the Plan; provided, however,
that no termination, amendment or modification of the Plan shall in any manner affect any Rights theretofore granted under the Plan without the consent of the Grantee. 

 
 

ARTICLE IX
  
    MISCELLANEOUS    
    

Section 9.1    EMPLOYMENT

        Nothing
in the Plan or in any Rights granted hereunder or in any Stock Appreciation Rights Agreement relating thereto shall confer upon any employee the right to continue in the employ
of the Company or any Subsidiary. 

Section 9.2    OTHER
COMPENSATION PLANS 

        The
adoption of the Plan shall not affect any stock option or incentive or other compensation plans in effect for the Company or any Subsidiary, nor shall the Plan preclude the Company
from establishing any other forms of incentive or other compensation for employees of the Company or any Subsidiary. 

Section 9.3    PLAN
BINDING ON SUCCESSORS 

        The
Plan shall be binding upon the successors and assigns of the Company. 

Section 9.4    SINGULAR,
PLURAL; GENDER 

        Whenever
used herein, nouns in the singular shall include the plural, and the masculine pronoun shall include the feminine gender. 

Section 9.5    HEADINGS,
ETC., NO PART OF PLAN 

        Headings
of Articles and Sections hereof are inserted for convenience and reference; they constitute no part of the Plan. 

Section 9.6    GOVERNING
LAW 

        This
Plan and any agreements hereunder shall be interpreted and construed in accordance with the laws of the State of Delaware and applicable federal law. The Committee may provide that
any dispute as to any Right shall be presented and determined in such forum as the Committee may specify, including through binding arbitration. Any reference in this Plan or in the agreement
evidencing any Right to a provision of law or to a rule or regulation shall be deemed to include any successor law, rule or regulation of similar effect or applicability. 

6

QuickLinks

Exhibit 10.12

FLUOR CORPORATION 2001 FLUOR STOCK APPRECIATION RIGHTS PLAN (Amended and Restated effective as of November 1, 2007)

ARTICLE I DEFINITIONS

ARTICLE II THE PLAN

ARTICLE III PARTICIPANTS

ARTICLE IV ADMINISTRATION

ARTICLE V RIGHTS SUBJECT TO PLAN

ARTICLE VI GRANT AND EXERCISE OF RIGHTS

ARTICLE VII OTHER PROVISIONS APPLICABLE TO RIGHTS

ARTICLE VIII TERMINATION, AMENDMENT AND MODIFICATION OF PLAN

ARTICLE IX MISCELLANEOUS

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