Document:

EX-10.29

Exhibit 10.29

First Amendment to the

FOSTER WHEELER LTD.

Annual Executive Short-Term Incentive Plan

(As Amended and Restated Effective January 1, 2006)

     The Foster Wheeler Ltd. Annual Executive Short-Term Incentive Plan (the “Plan”) is hereby
amended as follows, pursuant to a resolution adopted by the Board of Directors at its meeting held
May 6, 2008:

	 	1.	 	The following new sentences are added to the end of Section 4.02 of the Plan:
	 
	 	 	 	Awards will be paid in a lump sum as soon as practical following the
Committee’s approval, but not earlier than January 1 and not later than
March 15 of the year following the calendar year to which they relate (the
“Applicable Period”). To the extent that an award is not paid within the
Applicable Period but is paid by December 31 of the calendar year which
includes the Applicable Period, then it is intended that such payment shall
be treated as made at a “specified time” for purposes of complying with
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).
	 
	 	2.	 	The following new Section 6.09 is added to the Plan:
	 
	 	 	 	If a Participant constitutes a “specified employee” as of his “separation
from service” (as both terms are defined and applied in Section 409A of the
Code), to the extent payment under this Plan 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, payment may not be made to the Participant until the earlier of: (i)
the first day following the sixth-month anniversary of the Participant’s
separation from service, or (ii) the Participant’s date of death.
	 
	 	3.	 	The Amendment shall take effect on the date approved by the Board of Directors.

     IN WITNESS WHEREOF, the Company has caused this First Amendment to the Plan to be executed.

	 	 	 	 	 	 	 
	 	 	FOSTER WHEELER LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By: 
	 	/s/ Raymond J. Milchovich	 	 
	 

	 	Name:
	 	 

Raymond J. Milchovich
	 	 
	 

	 	Title:
	 	Chairman and Chief Executive OfficerEX-10.37

Exhibit 10.37

First Amendment to the

FOSTER WHEELER LTD.

Omnibus Incentive Plan

(Effective May 9, 2006)

     The Foster Wheeler Ltd. Omnibus Incentive Plan (the “Plan”) is hereby amended as follows,
pursuant to resolutions adopted by the Board of Directors and its Compensation Committee at their
meetings held on May 5-6, 2008:

	1.	 	Section 2(k) is replaced in its entirety with the following language:
	 
	 	 	“‘Change-in-Control Price’ means the closing price of a Share on the last trading
day before the Change in Control occurs.”
	 
	2.	 	Section 2(tt) is replaced in its entirety with the following language:
	 
	 	 	“‘Resignation for Good Reason’ means, unless otherwise specified in an applicable
employment agreement between the Company and a Participant (for the avoidance of
doubt, employment agreements entered into with Affiliates or Subsidiaries of the
Company shall not be deemed to be employment agreements with the Company), a
material negative change in the employment relationship without the Participant’s
consent; provided (a) the Participant notifies the Company of the material negative
change within ninety (90) days of the occurrence of such change, (b) the material
negative change is not cured by the Company within thirty (30) days after receiving
notice from the Participant, and (c) the material negative change is evidenced by
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 Employees at the Participant’s level;
	 
	 	(iii)	 	exclusion from executive benefit/compensation plans;
	 
	 	(iv)	 	relocation of the Participant’s principal business location by
the Participant’s employer (the Company, Affiliate, or Subsidiary, as the
case maybe be) of greater than fifty (50) miles;
	 
	 	(v)	 	material breach of the Participant’s employment agreement with
the Company, Affiliate or Subsidiary, as the case may be; or
	 
	 	(vi)	 	resignation in compliance with securities/corporate governance
applicable law (such as the US Sarbanes-Oxley Act) or rules of professional
conduct specifically applicable to such Participant.”

	3.	 	The following new sentence is added to the end of the first paragraph in Article 15:

 

 

	 	 	“Notwithstanding the foregoing, no dividend equivalent described in this Article 15
which is conditioned on exercise of a Nonqualified Stock Option or a Stock
Appreciation Right may be provided under this Plan.”
	 
	4.	 	The following new sentence is added to the end of Section 18.2:
	 
	 	 	“In each case where payment is required under this Section 18.2, such payment shall
be made no later than ten (10) business days after the consummation of such Change
in Control.”
	 
	5.	 	Section 19.4 is replaced in its entirety with the following language:
	 
	 	 	“19.4 Amendment to Conform to Law. Notwithstanding any other provision of this
Plan to the contrary, the Committee may amend the Plan or an Award Agreement, to
take effect retroactively or otherwise, as deemed necessary or advisable for the
purpose of conforming the Plan or an Award Agreement to any present or future law
relating to plans of this or similar nature (including, but not limited to, Code
Section 409A), and to the administrative regulations and rulings promulgated
thereunder. By accepting an Award under this Plan, each Participant agrees to any
amendment made pursuant to this Section 19.4 to any Award granted under the Plan
without further consideration or action.”
	 
	6.	 	Section 22.17 is replaced in its entirety with the following language:
	 
	 	 	“It is the Company’s intent that any Awards granted under this Plan are structured
to be exempt from Code Section 409A, or are structured to comply with the
requirements of deferred compensation subject to Code Section 409A. To the extent
any Award under this Plan constitutes deferred compensation (after taking into
account the definition of Resignation for Good Reason as provided in Section 2(tt),
and any applicable exemptions from Code Section 409A), and to the extent required by
Code Section 409A, no payment will be made to a Participant who is a ‘specified
employee’ (as defined by Code Section 409A) until the earlier of: (i) the first day
following the sixth month anniversary of the Participant’s ‘separation from
service,’ as defined by Code Section 409A, or (ii) the Participant’s date of death;
provided, however, that any payments delayed during this six month period shall be
paid in the aggregate as soon as administratively practicable following the sixth
month anniversary of the Participant’s separation from service. For purposes of
Code Section 409A, each ‘payment’ (as defined by Code Section 409A) made under this
Plan shall be considered a ‘separate payment’ for purposes of Code Section 409A.
Notwithstanding the Company’s intentions, if any Award granted under this Plan would
be considered deferred compensation as defined under Code Section 409A (after taking
into account any applicable exemptions), and if this Plan or the terms of an Award
fail to meet the requirements of Code Section 409A with respect to such Award, then
such Award shall remain in effect and be subject to taxation in accordance with Code
Section 409A. The Company shall have no liability for any tax imposed on a
Participant by Code Section 409A, and if any tax is imposed on the Participant, the
Participant shall have no recourse against the Company for payment of any such tax.”

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	7.	 	The Amendment shall take effect on the date approved by the Board of Directors, i.e., May 6,
2008.

     IN WITNESS WHEREOF, the Company has caused this First Amendment to the Plan to be executed.

	 	 	 	 	 	 	 
	 	 	FOSTER WHEELER LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By: 
	 	/s/ Raymond J. Milchovich	 	 
	 

	 	Name:
	 	 

Raymond J. Milchovich
	 	 
	 

	 	Title:
	 	Chairman and Chief Executive Officer	 	 

3EX-10.41

Exhibit 10.41

FOSTER WHEELER LTD. OMNIBUS INCENTIVE PLAN

Notice of Employee Nonqualified Stock Option Grant

Employee:                                         

     Pursuant to the attached Employee Nonqualified Stock Option Agreement, you have been granted a
nonqualified stock option to purchase shares of common stock, $.01 par value per share (a “Share”),
of Foster Wheeler Ltd., a Bermuda company (the “Company”) as follows:

	 	 	 
	Date of Grant:

	 	May 15, 2008
	 
	 	 
	Exercise Price Per Share:

	 	$                    
per Common Share
	 
	 	 
	Total Number of Shares
Subject to this Option:

	 	                                 shares of common stock
	 
	 	 
	Type of Option:

	 	Nonqualified Stock Option
	 
	 	 
	Expiration Date:

	 	December 31, 2012 
	 
	 	 
	Vesting/Exercise Schedule:

	 	So long as you are continuously employed by
the Company or any Affiliate, and except as
otherwise set forth in Section 5 of the
Option Agreement, the Shares underlying this
Option shall vest and become exercisable in
accordance with the following schedule:
	 
	 	 
	 

	 	•    One-third of the Shares subject to
the Option shall vest and become exercisable
on December 31, 2008;

	 
	 	 
	 

	 	•    Another one-third of the Shares
subject to the Option shall vest and become
exercisable on December 31, 2009; and

	 
	 	 
	 

	 	•    The remaining one-third of the
Shares subject to the Option shall vest and
become exercisable on December 31, 2010.

 

	 	 	 
	Termination Period:

	 	Following your termination of employment
with the Company and all its Affiliates, the
Option may be exercised, but only as to
Shares that were vested on the date of such
termination, through the Expiration Date set
forth above; provided, however, the Option
may terminate as of an earlier date in
connection with certain events as set forth
in the Plan and in Section 5 of the Option
Agreement.
	 
	 	 
	 

	 	You are responsible for keeping track of the
periods during which the Option may be
exercised, including those periods that
apply following your termination of
employment with the Company and all its
Affiliates for any reason. The Company will
not provide further notice of such exercise
periods.
	 
	 	 
	Transferability:

	 	Unless otherwise provided in the Option
Agreement or the Plan, this Option may not
be transferred.

     By your signature and the signature of the Company’s representative below, you and the Company
agree that this Option is granted under and governed by the terms and conditions of the Foster
Wheeler Ltd. Omnibus Incentive Plan and the Employee Nonqualified Stock Option Agreement, both of
which are attached and made a part of this document.

     In addition, you agree and acknowledge that your rights to any Shares underlying the Option
vest only as you provide services to the Company or its Affiliates over time, that the grant of the
Option is not as consideration for services you rendered to the Company or its Affiliates prior to
your Date of Grant, and that nothing in this Notice or the attached documents confers upon you any
right to continue your employment relationship with the Company or its Affiliates for any period of
time, nor does it interfere in any way with your right or the Company’s (or its Affiliates’) right
to terminate that relationship at any time, for any reason, with or without cause.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	FOSTER WHEELER LTD.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Participant

	 	 	 	By:
	 	Raymond J. Milchovich	 	 
	 

	 	 	 	Its:
	 	Chairman & CEO	 	 

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FOSTER WHEELER LTD. OMNIBUS INCENTIVE PLAN

Employee Nonqualified Stock Option Agreement

     1. Grant of Option. Foster Wheeler Ltd., a Bermuda company (the “Company”),
hereby grants to                                          (“Optionee”), an option (the “Option”) to
purchase the total number of shares of common stock (the “Shares”) subject to the Option,
set forth in the Notice of Employee Nonqualified Stock Option Grant (the “Notice”), at the
exercise price per Share set forth in the Notice (the “Exercise Price”), subject to the
terms, definitions and provisions of the Foster Wheeler Ltd. Omnibus Incentive Plan (the
“Plan”) adopted by the Company, which is incorporated in this Employee Nonqualified Stock
Option Agreement (the “Option Agreement”) by reference. Unless otherwise defined in this
Option Agreement, the terms used in this Option Agreement shall have the meanings defined in the
Plan; provided, however, that the term “Shares” as defined above shall be interpreted to refer to
the specific number of shares set forth in the Notice but shall otherwise have the meaning set
forth in Section 2(ww) of the Plan. This Option Agreement shall be deemed executed by the Company
and Optionee upon execution by such parties of the Notice.

     2. Designation of Option. This Option is intended to be a Nonqualified Stock Option
(as defined in Section 2(bb) of the Plan).

     3. Exercise of Option. This Option shall be exercisable during its term in accordance
with the Vesting/Exercise Schedule set out in the Notice and with the provisions of Section 5 of
this Option Agreement as follows:

          (a) Right to Exercise.

     (i) This Option may not be exercised for a fraction of a share of common stock.

     (ii) In the event of Optionee’s death, Disability (as defined in Section 2(q)
of the Plan), Retirement (which for purposes of this Option Agreement is as defined
in Section 2(vv) of the Plan), or other termination of employment, the
exercisability of the Option is governed by Section 5 below, subject to the
limitations contained in this Section 3.

     (iii) In no event may this Option be exercised after the Expiration Date of the
Option as set forth in the Notice.

          (b) Method of Exercise.

     (i) This Option shall be exercisable by delivering to the Company a written
Notice of Exercise (containing the information described in Exhibit A
hereto, in the form attached as Exhibit A, or in any other form acceptable
to the Committee) which shall state Optionee’s election to exercise the Option, the
number of Shares in respect of which the Option is being exercised, and such other
representations and agreements as to the holder’s investment intent with respect to
such Shares as may be required by the Company pursuant to the provisions of the
Plan. Such written notice shall be signed by Optionee and shall be delivered to the
Company by such means as are determined by the Committee in its discretion to
constitute adequate delivery.

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The written notice shall be accompanied by payment of the Exercise Price. This
Option shall be deemed to be exercised upon receipt by the Company of such written
notice accompanied by payment of the Exercise Price.

     (ii) As a condition to the exercise of this Option and as further set forth in
Article 20 of the Plan, Optionee agrees to make adequate provision for federal,
state or other tax withholding obligations, if any, which arise upon the vesting or
exercise of the Option. Optionee may satisfy withholding tax obligations through
either (a) giving instructions to a broker for the sale on the open market of a
sufficient number of shares of common stock of the Company to pay the applicable
withholding tax or (b) depositing with the Company an amount of funds equal to the
estimated withholding tax liability. If Optionee fails to satisfy such obligations
in this regard, the Company may require that the Shares otherwise scheduled to
become vested on any given date be forfeited.

     (iii) The Company is not obligated, and will have no liability for failure, to
issue or deliver any Shares upon exercise of the Option unless such issuance or
delivery would comply with the Applicable Laws (as defined in Section 2(c) of the
Plan), with such compliance determined by the Company in consultation with its legal
counsel. This Option may not be exercised if the issuance of such Shares upon such
exercise or the method of payment of consideration for such shares would constitute
a violation of any applicable federal or state securities or other law or
regulation, including any rule under Part 221 of Title 12 of the Code of Federal
Regulations as promulgated by the Federal Reserve Board, or other Applicable Laws.
As a condition to the exercise of this Option, the Company may require Optionee to
make any representation and warranty to the Company as may be required by the
Applicable Laws. Assuming such compliance, for income tax purposes the Shares shall
be considered transferred to Optionee on the date on which the Option is exercised
with respect to such Shares. The Company may postpone issuing and delivering any
Shares for so long as the Company reasonably determines to be necessary to satisfy
the following:

     (A) its completing or amending any securities registration or
qualification of the Shares or its or the Optionee’s satisfying any
exemption from registration under any federal or state law, rule, or
regulation;

     (B) its receiving proof it considers satisfactory that a person seeking
to exercise the Option after the Optionee’s death is entitled to do so;

     (C) the Optionee complying with any requests for representations under
the Plan;

     (D) the Optionee complying with any federal, state, or local tax
withholding obligations; and

     (E) its compliance with the restrictions of Code Section 409A to the
extent applicable, including any final regulations issued pursuant thereto,
including the Committee’s right to amend any provision of this Option
Agreement, to the extent necessary to comply with Code Section 409A.

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     4. Method of Payment. Payment of the Exercise Price (in US dollars) shall be by any
of the following, or a combination of the following, at the election of Optionee:

          (a) cash or cashier’s check;

          (b) through a cashless (broker-assisted) exercise; or

          (c) a combination of paragraphs (a) and (b) immediately above.

     5. Termination of Relationship; Vesting Acceleration on Certain Events. Following the
date of the Optionee’s termination of employment for any reason (the “Termination Date”), Optionee
may exercise the Option only as set forth in the Notice and this Section 5. To the extent that
Optionee is not vested in the Shares as of his or her Termination Date, the Option shall terminate
as to unvested Shares as of the Termination Date. If Optionee does not exercise this Option as to
vested Shares prior to the earlier of the Expiration Date of the Option as set forth in the Notice
or the relevant dates specified below in this Section 5, the Option shall terminate in its
entirety. In no event, may the Option be exercised as to any Shares after the Expiration Date of
the Option as set forth in the Notice.

     (a) Termination as a Result of Death or Disability. In the event of the
Optionee’s termination of employment as a result of his or her death or Disability (as
defined in Section 2(q) of the Plan), any unvested Shares under the Option shall immediately
become fully vested and exercisable and all remaining Shares subject to the Option shall
remain exercisable until the earlier of:

     (i) the Expiration Date; or

     (ii) the one (1) year anniversary of the day the Optionee terminates employment
or service due to death or Disability.

In the event of the Optionee’s death, the Optionee’s beneficiary or estate may exercise the
vested Shares under the Option.

     (b) Termination as a Result of Involuntary Termination or Resignation for Good
Reason. In the event of the Optionee’s termination of employment as a result of his or
her Involuntary Termination (as defined in Section 2(aa) of the Plan) or Resignation for
Good Reason (as defined in Section 2(tt) of the Plan), any unvested Shares under the Option
shall immediately become fully vested and exercisable and all remaining Shares subject to
the Option shall remain exercisable until the earlier of:

     (i) the Expiration Date; or

     (ii) the six (6) month anniversary of the day the Optionee terminates
employment due to an Involuntary Termination or Resignation for Good Reason;
provided, however, that in the event that applicable securities law (including
Section 306 of the Sarbanes-Oxley Act), a rule or listing requirement of the
principal stock exchange on which the Company’s Shares are listed, or the Company’s
blackout or stock trading policy prohibits the Optionee from trading in Shares
(collectively, a

5

 

“Blackout”) during any portion of the six-month exercise period, then the
running of such six-month exercise period shall be suspended until the first date on
which the Blackout is lifted by the Company as it relates to the Optionee, or in the
opinion of the Company’s legal counsel or legal compliance officer, the Blackout no
longer applies, but in no event shall such Option be exercisable after the
Expiration Date.

     (c) Termination as a Result of Retirement. In the event of the Optionee’s
termination of employment as a result of his or her Retirement, the vesting of the Option
shall accelerate such that Optionee shall be vested in and able to exercise the Option as of
the Termination Date as to that number of Shares subject to the Option that equals the
product of:

     (i) the total number of Shares subject to the Option, times

     (ii) a ratio, the numerator of which is the total number of months of
employment from May 15, 2008 to the end of the month in which the date of
termination due to Retirement occurs, and the denominator of which is thirty-one
and one-half (31.5), rounded to the nearest whole number; less

     (iii) the total number of Shares in which you have previously vested prior to
your date of Retirement.

The remaining portion of the unvested and unexercisable Option which is not accelerated for
vesting purposes shall be immediately forfeited.

Example: The following example is included merely for demonstrative
purposes.

Ann is granted 1,000 Options on May 15, 2008. She will vest in her Options as
follows: (1) 333 Options on December 31, 2008, (2) 333 Options on December 31,
2009, and (3) 334 Options on December 31, 2010. Ann subsequently announces her
Retirement effective June 1, 2009.

As of June 1, 2009, Ann will immediately vest in additional Shares underlying the
unvested Options equal to the amount of 111 (equal to 1,000 Options multiplied by 14
months of employment divided by 31.5 reduced by 333 Shares previously vested).

All vested Shares subject to the Option (including those Shares under the Option which
become immediately vested and exercisable pursuant to this paragraph (c)) shall remain
exercisable until the earlier of:

     (A) the Expiration Date; or

     (B) the thirty-sixth (36) month anniversary of the day the Optionee
terminates employment due to Retirement.

The unvested portion of the Option shall be immediately forfeited.

     (d) Termination for Cause. In the event the Optionee’s employment is
terminated for Cause (as defined in Section 2(i) of the Plan), all unvested Shares under the
Option and all unexercised, vested Shares under the Option shall expire immediately, be

6

 

forfeited and considered null and void, and the provisions of Section 9 of this Option
Agreement shall control.

     (e) Termination — General. In the event of the Optionee’s termination of
employment other than as a result of Optionee’s death, Disability (as defined in Section
2(q) of the Plan), Involuntary Termination (as defined in Section 2(aa) of the Plan),
Resignation for Good Reason (as defined in Section 2(tt) of the Plan), Retirement, or Cause
(as defined in Section 2(i) of the Plan), Optionee may, to the extent he or she is otherwise
vested in the Option at the Termination Date, exercise such Options and such Options shall
remain exercisable until the earlier of:

     (i) the Expiration Date; or

     (ii) the date which is thirty (30) days after the day the Optionee terminates
employment for reasons other than as a result of Optionee’s death, Disability (as
defined in Section 2(q) of the Plan), Involuntary Termination (as defined in Section
2(aa) of the Plan), Resignation for Good Reason (as defined in Section 2(tt) of the
Plan), Retirement, or Cause (as defined in Section 2(i) of the Plan); provided,
however, that in the event of a Blackout during any portion of the 30-day exercise
period, then the running of such 30-day exercise period shall be suspended until the
first date on which the Blackout is lifted by the Company as it relates to the
Optionee, or in the opinion of the Company’s legal counsel or legal compliance
officer, the Blackout no longer applies, but in no event shall such Option be
exercisable after the Expiration Date.

The unvested portion of the Option shall be immediately forfeited.

     (f) Change in Control Acceleration. In the event of a Change in Control (as
defined in Section 2(j) of the Plan) which closes on a date prior to an Optionee’s
termination of employment, any unvested Shares under the Option shall immediately become
fully vested and exercisable and all remaining Shares subject to the Option shall remain
exercisable through their Expiration Date, effective as of immediately prior to consummation
of the Change in Control. Notwithstanding the foregoing, to the extent that an employment,
change in control or other agreement or arrangement with the Company or an Affiliate
provides benefits of greater value upon a Change in Control that those provided in this
paragraph (f), the rights set forth in such other agreement shall supersede the provisions
of this paragraph (f). Comparatively, to the extent that an employment, change in control
or other agreement or arrangement with the Company or an Affiliate provides benefits of
lesser value upon a Change in Control that those provided in this paragraph (f), the rights
set forth in this paragraph (f) shall supersede the provisions of such other agreement.

     (g) Other Termination Events. Notwithstanding anything to the contrary
contained in this Option Agreement, the Option will terminate and expire immediately upon
the occurrence of the circumstances set forth in Section 11.2 of the Plan, and the
provisions of Section 9 of the Option Agreement shall control.

     6. Relation of Other Agreement(s) to Option. As an express condition to acceptance of
this Option, subject to the special exception provided under Section 5(f) of this Option Agreement
(which governs a Change in Control situation), you agree that:

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     (a) Except to the extent you are or subsequently become a party to a written service or
other agreement with the Company (such agreement(s), which for the avoidance of doubt, do
not include any agreements entered into with Affiliates or Subsidiaries of the Company) (the
“Other Agreement”), the only vesting and lapse of forfeiture restriction provisions that
govern the Option under this Option Agreement are set forth in Section 5 of this Option
Agreement;

     (b) To the extent that the vesting and lapse of forfeiture restriction provisions of
this Option Agreement or the Plan’s terms are inconsistent with an Other Agreement, the
provisions of your Other Agreement shall govern and control, subject to the special
exception provided under Section 5(f) of this Option Agreement (which governs a Change in
Control situation); and

     (c) Except as expressly provided in paragraph (b) above, the terms of any Other
Agreement shall in no way alter or amend, or provide additional rights or benefits, under
the Option governed by this Option Agreement.

     7. Non-Transferability of Option. This Option may not be transferred in any manner
otherwise than by will or by the laws of descent or distribution and may be exercised during the
lifetime of Optionee only by him or her. The terms of this Option shall be binding upon the
executors, administrators, heirs, successors and assigns of Optionee.

     8. Changes in Company’s Capital Structure. Subject to any required action by the
Company’s Board and stockholders, as may be determined to be appropriate and equitable by the
Committee, to prevent dilution or enlargement of rights, the Committee shall:

     (a) adjust proportionately the number of Shares covered by the Option and the Exercise
Price for any increase or decrease in the number of issued and outstanding shares of common
stock resulting from a subdivision or combination of such shares or the payment of a stock
dividend or any other increase or decrease in the number of such outstanding shares of
common stock of the Company effected without the receipt of consideration by the Company;
and

     (b) if the Company is a participating corporation in any merger or consolidation and
provided the Option is not terminated upon consummation of such merger or consolidation,
modify such Option to pertain to and apply to the securities or other property to which a
holder of the number of shares subject to the unexercised portion of this Option would have
been entitled upon such consummation.

Notwithstanding anything to the contrary, such adjustments by the Committee shall be final, binding
and conclusive.

     9. Forfeiture Events. Upon the occurrence of any of the events set forth in Section
11.2 of the Plan (a “Forfeiture Event”), Optionee, without any further action by the Company or
Optionee, shall forfeit, as of the first day of any such Forfeiture Event:

     (a) all right, title and interest to this Option;

     (b) any Shares issued upon exercise of the Option then owned by the
Optionee;

8

 

and

          (c) any and all profits realized by the Optionee, on an after-tax basis, pursuant to
any sales or transfer of any Shares previously subject to the Option within the six (6)
month period prior to the date of such Forfeiture Event.

Additionally, the Company shall have the right to issue a stop transfer order and other appropriate
instructions to its transfer agent with respect to this Option and the Shares, and the Company
further shall be entitled to reimbursement from the Optionee of any fees and expenses (including
attorneys’ fees) incurred by or on behalf of the Company in enforcing the Company’s rights under
this Section 9. By accepting this Option Grant, the Optionee hereby consents to a deduction from
any amounts the Company owes to Optionee from time to time (including amounts owed to the Optionee
as compensation as well as any other amounts owed to Optionee by the Company), to the extent of any
amounts that the Optionee owes to the Company under this Section 9. Whether or not the Company
elects to make any set-off in whole or in part, if the Company does not recover by means of set-off
the full amount the Optionee owes to the Company, calculated as set forth above, the Optionee
agrees to pay immediately the unpaid balance to the Company.

     10. US Tax Consequences. Below is a brief summary as of the date of this Option of
certain United States federal tax consequences of exercise of this nonqualified stock option and
disposition of the Shares under the laws in effect as of the Date of Grant. THIS SUMMARY IS
INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. OPTIONEE SHOULD CONSULT A TAX
ADVISER BEFORE EXERCISING THIS OPTION OR DISPOSING OF THE SHARES. There may be a regular federal
(and state) income tax liability upon your exercise of the Option. You will be treated as having
received compensation income (taxable at ordinary income tax rates) equal to the excess, if any, of
the Fair Market Value of the Shares on the date of exercise over the Exercise Price. If you are an
Employee (as defined in Section 2(s) of the Plan), the Company will be required to withhold from
your compensation or collect from you and pay to the applicable taxing authorities an amount of
income and employment taxes equal to a percentage of this compensation income at the time of
exercise. If Shares issued upon exercise of this Option are held for at least one year, any gain
realized on disposition of those Shares will be treated as long-term capital gain for federal
income tax purposes. You are obligated as a condition of exercise of this Option to satisfy any
applicable withholding tax obligations that apply thereto.

     11. Effect of Agreement. Optionee acknowledges receipt of a copy of the Plan and
represents that he or she is familiar with the terms and provisions thereof (and has had an
opportunity to consult counsel regarding the Option terms), and hereby accepts this Option and
agrees to be bound by its contractual terms as set forth herein and in the Plan. Optionee hereby
agrees to accept as binding, conclusive and final all decisions and interpretations of the
Committee (as defined in Section 2(m) of the Plan) regarding any questions relating to the Option.
In the event of a conflict between the terms and provisions of the Plan and the terms and
provisions of the Notice and this Option Agreement, the Plan terms and provisions shall prevail.

     12. Governing Law. The laws of the state of New Jersey, without giving effect to
principles of conflicts of law, will apply to the Plan, to the Option and the Option Agreement
(including the Notice). The Company agrees, and Optionee agrees as a condition to acceptance of
the Option, to submit to the jurisdiction of the courts located in the jurisdiction in which the
Optionee is employed, or was most recently employed, by the Company.

9

 

     13. Data Protection. Optionee acknowledges and agrees (by executing this Option
Agreement) to the collection, use, processing and transfer of certain personal data as described in
this Section 13. The Optionee understands that he or she is not obliged to consent to such
collection, use, processing and transfer of personal data. However, the Optionee understands that
his or her failure to provide such consent may affect his or her ability to participate in the
Plan. The Optionee understands that the Company may hold certain personal information about the
Optionee, including his or her name, social security number (or other tax identification number),
salary, nationality, job title, position evaluation rating along with details of all past awards
and current awards outstanding under the Plan, for the purpose of managing and administering the
Plan (the “Data”). The Company, or its Affiliates, will transfer Data amongst themselves as
necessary for the purpose of implementation, administration and management of the Plan. The
Company and/or any of it Affiliates may further transfer Data to any third parties assisting the
Company in the implementation, administration and management of the Plan. These various recipients
of Data may be located in elsewhere throughout the world. The Optionee authorizes these various
recipients of Data to receive, possess, use, retain and transfer the Data, in electronic or other
form, for the purposes of implementing, administering and managing the Plan, including any required
transfer of such Data as may be required for the subsequent holding of Shares subject to the Option
on the Optionee’s behalf by a broker or other third party with whom the Optionee may elect to
deposit any Shares subject to the Option acquired pursuant to the Plan. The Optionee understands
that he or she may, at any time, review Data with respect to the Optionee and require any necessary
amendments to such Data. The Optionee also understands that he or she may withdraw the consents to
use Data herein by notifying the Company in writing; however, the Optionee understands that by
withdrawing his or her consents to use Data, the Optionee may affect his or her ability to
participate in the Plan.

     14. Employment Matters. The award of this Option does not form part of your
entitlement to remuneration or benefits in terms of your employment with your employer. Your terms
and conditions of employment are not affected or changed in any way by this Option or by the terms
of the Plan or this Option Agreement. No provision of this Option Agreement or of the Option
granted hereunder shall give the Optionee any right to continue in the service or employ of the
Company or any Affiliate, create any inference as to the length of employment or service of the
Optionee, affect the right of the Company or any Affiliate to terminate the employment or service
of the Optionee, with or without Cause (as defined in Section 2(i) of the Plan), or give the
Optionee any right to participate in any employee welfare or benefit plan or other program (other
than the Plan) of the Company or any Affiliate. Optionee acknowledges and agrees (by executing
this Option Agreement) that the granting of Options under this Option Agreement are made on a fully
discretionary basis by the Company and that this Option Agreement does not lead to a vested right
to further Option awards in the future. Further, the Options set forth in this Option Agreement
constitute a non-recurrent benefit and the terms of this Option Agreement are only applicable to
the Options distributed pursuant to this Option Agreement.

     15. Tax Provisions Applicable to Non-US Persons. This Section 15 shall apply to you
if you are resident in and/or subject to the laws of a country other than the United States at the
time of grant of this Option and during the period in which you hold this Option or the Shares
issued pursuant thereto.

          (a) Applicable if you are not a US person (including as to UK persons): You
hereby agree to indemnify and keep indemnified the Company and any Affiliate from and
against any liability for, or obligation to pay, income tax and employer’s and/or employee’s
national insurance or social security contributions arising on the grant of the Option,
vesting

10

 

of the Shares or the exercise of the Option.

          (b) Applicable if you are a UK person: Where any obligation to pay income tax
or employee’s national insurance contributions or social security contributions (any such
obligation or contribution, a “Tax Liability”) arises, the Company or any Affiliate may
recover from you an amount of money sufficient to meet the Tax Liability by any of the
following arrangements:

               (i) deduction from salary or other payments due to you; or

               (ii) withholding from the issuance to you of that number of Shares (otherwise
to be acquired by you on exercise of the Option) whose aggregate Fair Market Value
on the date of exercise is, so far as possible, equal to but neither less than nor
more than the amount of Tax Liability.

     16. Severability. In the event that any provision of this Option Agreement shall be
held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining
parts of this Option Agreement, and this Option Agreement shall be construed and enforced as if the
illegal or invalid provision had not been included.

     17. Waiver; Cumulative Rights. The failure or delay of either party to require
performance by the other party of any provision hereof shall not affect its right to require
performance of such provision unless and until such performance has been waived in writing. Each
and every right hereunder is cumulative and may be exercised in part or in whole from time to time.

     18. Amendment of Nonqualified Stock Option. The Committee may at any time amend,
alter, suspend or discontinue the Plan, but no amendment, alteration, suspension or discontinuation
(other than as explicitly permitted under the Plan) shall be made that would adversely affect your
rights under this Option Agreement without your consent.

     19. Representations. As a condition to your receipt of this Option, you represent and
warrant the following:

          (a) You are aware of the Company’s business affairs and financial condition and have
acquired sufficient information about the Company to reach an informed and knowledgeable
decision to accept this Option;

          (b) You are acquiring the Option and the Shares subject thereto for investment only for
your own account, and not with a view, or for resale in connection with, any “distribution”
thereof under Applicable Law (as defined in Section 2(c) of the Plan);

          (c) You understand that neither Option nor the Shares have been registered in all State
jurisdictions within the United States, and that the exemption(s) from registration relied
upon may depend upon your investment intent as set forth above;

          (d) You further understand that prior to any resale by you of the Shares acquired upon
exercise of this Option without registration of such resale in relevant State jurisdictions,
the Company may require you to furnish the Company with an opinion of counsel acceptable to
the Company that you may sell or transfer such Shares pursuant to an available exemption

11

 

under Applicable Law;

          (e) You understand that the Company is under no obligation to assist you in this
process by registering the Shares in any jurisdiction or by ensuring that an exemption from
registration is available; and

          (f) You further agree that as a condition to exercise of this Option, the Company may
require you to furnish contemporaneously dated representations similar to those set forth in
this Section 19.

12

 

EXHIBIT A

FOSTER WHEELER LTD. OMNIBUS INCENTIVE PLAN

Employee’s Notice of Exercise of Nonqualified Stock Option

	 	 	 
	To:

	 	Foster Wheeler Ltd.
	Attn:

	 	Stock Option Administrator
	Subject:

	 	Notice of Intention to Exercise Stock Option

     This is official notice that the undersigned (“Optionee”) intends to exercise Optionee’s
option to purchase                      Common Shares of Foster Wheeler Ltd., under and pursuant to the
Company’s Omnibus Incentive Plan and the Option Agreement dated                    :

	 
	Date of Exercise:

	 

	Number of Shares:

	 

	Exercise Price:

	 

	Method of Payment of Exercise Price:

	 

	Social Security Number:

	 

The Shares should be issued as follows:

	 
	Name:

	 

	Address:

	 

	Signed:

	 

	Date:

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