Document:

FIFTH
AMENDMENT TO THE 

EMPLOYMENT AGREEMENT

BETWEEN

FOSTER WHEELER INC. 

AND

UMBERTO DELLA SALA

 

This FIFTH AMENDMENT
(this “Amendment”) to the Employment Agreement between FOSTER WHEELER INC., a Delaware corporation (the “Employer”),
and UMBERTO DELLA SALA (the “Executive”), dated as of March 1, 2008 (the “Employment Agreement”),
is made and entered into this November 8, 2012.

 

WHEREAS, Foster
Wheeler Ltd. entered into the Employment Agreement with the Executive on March 1, 2008, Foster Wheeler Ltd. and the Executive entered
into a First Amendment to the Employment Agreement effective as of October 1, 2008, the Employer, with the Executive’s agreement,
assumed the Employment Agreement from Foster Wheeler Ltd. in February 2009, the Employer and the Executive entered into a Second
Amendment to the Employment Agreement, effective February 18, 2010, a Third Amendment to the Employment Agreement, effective November
29, 2010, and a Fourth Amendment to the Employment Agreement, dated as of July 20, 2011 (the Employment Agreement, as so assumed
and amended, the “Agreement”); and

 

WHEREAS, the
Executive and the Employer have agreed, with the approval of the Compensation and Executive Development Committee (the “Committee”)
of Foster Wheeler AG’s Board of Directors, that the Executive will receive the equity grant and other compensation described
below to incentivize him to refrain from retiring, and to instead continue to serve the Employer and Foster Wheeler AG, until December
31, 2013 as President and Chief Operating Officer of Foster Wheeler AG.

 

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 that the Agreement is amended as follows:

 

		1.	Agreement Section 3.3 is hereby revised to read in its entirety as
follows:

 

3.3           Long-Term
Incentive.

 

3.3.1.       New
Grants.The Executive will receive on a date designated by the Committee during the first open trading window subsequent
to the date of this Amendment (such designated date, the “Grant Date”) the following:

 

3.3.1.1.      Restricted
Stock Unit Grant. A grant of a number of restricted stock units which 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 US Dollars
(USD $750,000) (the “Restricted Stock Units”).

 

3.3.1.2      Restricted
Stock Unit (with Performance Goals) Grant. A grant of a number of restricted stock units with performance goals which
will be payable in Shares with an economic value as of the Grant Date equal to approximately Seven Hundred Fifty Thousand US
Dollars (USD $750,000) (the “PRSUs”).

 

    	 

    	 

    

3.3.1.3.    Vesting
and Other Terms. 

 

(a)
The Restricted Stock Units and PRSUs will be granted under the Parent’s Omnibus Incentive Plan as of the Grant Date (the
“Omnibus Plan”) and will be issued on the Grant Date. The Executive shall not be eligible to receive any additional
regular cycle grants under the Omnibus Plan during the Term. For purposes of this Subsection 3.3.1, the determination of the number
of Restricted Stock Units and PRSUs to be granted to the Executive shall be consistent with the methodology used for valuing Restricted
Stock Units and PRSUs granted to employees which has been approved and adopted by the Committee as of the Grant Date.

 

(b)
With respect to the Restricted Stock Units, one-third (1/3rd) shall vest on each of the first (1st), second
(2nd), and third (3rd) anniversaries of a date selected by the Committee within the open trading window that
includes the Grant Date, subject to the vesting rules described below in this Subsection 3.3.1.

 

(c)
If and to the extent the Committee certifies the applicable performance goals were met, the PRSUs shall cliff vest, on the later
of (i) the third (3rd) anniversary of a date selected by the Committee within the open trading window that includes the Grant Date
(provided that in no event shall such third (3rd) anniversary date be later than March 15, 2016) or (ii) the date
the Committee certifies the applicable performance goals were met (provided that in no event shall the Committee’s certification
be made later than March 15, 2016), subject to the vesting described below in this Subsection 3.3.1. The PRSUs will have performance
goals measured by comparing December 2012 to December 2015.

 

(d)
The following special vesting rules shall apply to the Restricted Stock Units and PRSUs (collectively, “the 2012 Equity”):

 

(i)
The termination of the Executive’s employment upon the expiration of the Term shall not result in any acceleration or forfeiture
of the 2012 Equity.

 

    	2

    	 

    

(ii)
With regard to the 2012 Equity, the Executive shall not be eligible for Retirement under and within the meaning of same per the
Omnibus Plan.

 

(iii)
After December 31, 2013, the 2012 Equity will be subject to accelerated vesting only upon death and Disability. For the avoidance
of doubt, even after December 31, 2013 and the Term, the 2012 Equity will remain subject to forfeiture in accordance with Section
11.2 and Section 22.1 (Forfeiture Events) of the Omnibus Plan (it being understood and agreed that (A) the Company’s remedies
for any violation of Section 5.2 of this Agreement shall include, among other things, the forfeiture of the 2012 Equity and (B)
the termination of the Executive’s provision of services upon the expiration of the Term shall not result in any acceleration
or forfeiture of the 2012 Equity) and eligible for adjustments and replacements such as those in accordance with Sections 4.4 (Adjustments
in Authorized Shares), 18.2 (Treatment of Awards), and 19.2 (Adjustment of Awards Upon the Occurrence of Certain Unusual or Nonrecurring
Events) of the Omnibus Plan.

 

3.3.1.4.   Grant
Agreements. The Restricted Stock Units and PRSUs will be governed by separate agreements entered into between the Executive
and the Parent in the usual form approved by the Committee as of the Grant Date (conformed as appropriate to reflect the terms
of the Employment Agreement as amended by its Second through Fifth Amendments), and in the event of any inconsistency between
such separate agreements and the terms of the Employment Agreement as amended by its Second through Fifth Amendments (including,
but not limited to its 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.

 

3.3.2      General.
For the avoidance of doubt, (a) the grants under Subsection 3.3.1 are in addition to, and not in lieu of, the grants already made
under the Employment Agreement and its Second Third, and Fourth Amendments, which grants continue to be subject to the terms and
conditions set out in the Agreement as well as the separate grant agreements, and (b) as to such grants already made, in the event
of any inconsistency between any separate grant agreements and the terms of the Employment Agreement as amended by its Second,
Third, and Fourth Amendments (including, but not limited to its Section 4), this Agreement shall govern and control (provided,
however, that 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

    	 

    

		2.	All other terms and conditions of the Agreement not expressly modified
by this Amendment remain valid and unchanged.

 

		3.	This Amendment may be executed in any number of counterparts, all
of which taken together shall constitute one and the same amendatory instrument, and any of the parties hereto may execute this
Amendment by signing any such counterpart.

 

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

 

	 	FOSTER WHEELER INC.
	 	 	 
	 	By:	/s/ J. Kent Masters
	 	Name:	J. Kent Masters
	 	Title:	President & CEO
	 	 	 
	 	 	 
	 	 	/s/ Umberto della Sala
	 	 	UMBERTO DELLA SALA

 

    	4Exhibit 10.3

 

AMENDMENT TO EMPLOYMENT AGREEMENT

 

Amendment Number 2

 

 

 

THIS AMENDMENT NUMBER 2 TO EMPLOYMENT AGREEMENT (“Amendment
Number 2”) effective as of November 9, 2012 (the “Effective Date”), is by and between INNODATA INC., f/k/a Innodata
Isogen, Inc., a Delaware corporation (the “Company”), and O’NEIL NALAVADI (the “Executive”).

 

WHEREAS, the Company and the Executive originally entered into
an employment agreement effective as of October 11, 2009, as subsequently amended by Amendment Number 1 effective as of July 12,
2011(collectively, the “Employment Agreement”); and

 

WHEREAS, Paragraph 13(c) of the Employment Agreement provides
that the Employment Agreement may be amended by written agreement of both parties thereto; and

 

WHEREAS, the Company and the Executive now desire to amend the
Employment Agreement;

 

NOW, THEREFORE, the Company and the Executive hereby agree as
follows, effective as of the Effective Date:

 

		1.	Paragraph 4 of the Employment Agreement is hereby amended in its entirety to read as follows:

 

“The Term of this Agreement shall commence
on November 9, 2009, and shall end on November 8, 2015 (the “Term”) unless terminated earlier pursuant to this Agreement.
In the event that the Executive's employment with the Company continues beyond the Term of this Agreement without the parties executing
a new written agreement, nothing herein shall be construed as an automatic, constructive renewal of this Agreement for any specified
term. By not later than May 8, 2015, the Company shall notify the Executive in writing in accordance with Paragraph 13(a) if the
Company does not intend to extend the Term. If the Company provides a notice of non-extension on or before May 8, 2015, the Executive’s
employment with the Company shall terminate at the end of the Term. If the Company does provide such a notice of non-extension,
but does so after May 8, 2015, or if the Company and the Executive do not execute a new employment agreement or an amendment to
this Employment Agreement prior to the end of the Term, then the Company shall continue to employ the Executive for a period of
six (6) months from the date on which such notice is provided or upon which the Term ends, as applicable, and the Executive shall
be an employee-at-will of the Company during any part of such period that extends past the end of the Term; provided, however,
that alternatively and at the sole discretion of the Company, in lieu of continuing the Executive's employment with the Company
for all or part of such period that extends past the end of the Term, the Company may continue to pay the Executive his Base Salary,
in the same amounts and at the same times as if his employment with the Company had not terminated, and provide the Executive with
continued coverage under the Company’s group medical and dental insurance, in each case for such six (6) month period or
applicable portion thereof.”

  

    	 

    	 	

    
 

Exhibit 10.3

 

		2.	Paragraph 6(d) of the Employment Agreement is hereby amended to add the following language at the end of this Paragraph:

 

“Effective November 9, 2012 all such expenses
referred to in clauses (i) through (iii) to be limited in the aggregate to Forty Six Thousand Dollars ($46,000.00) for each twelve
(12) consecutive month period.”

 

Except as expressly modified by this Amendment Number 2, all
other terms and conditions of the Employment Agreement shall remain unchanged and in full force and effect. In the event of any
inconsistency between the terms and conditions of this Amendment Number 2 and the terms and conditions of the Employment Agreement,
the terms and conditions of this Amendment Number 2 will govern and control.

 

 

 

IN WITNESS WHEREOF, the parties have executed this Amendment
Number 2 on the date indicated below. 

 

	Innodata Inc.	 	O’Neil Nalavadi
	 	 	 	 
	By:	 /s/ Jack Abuhoff	 	By:	/s/ O’Neil Nalavadi
	Name:	Jack Abuhoff	 	Date:	November 8, 2012
	 	 	 	 	 
	Title:	Chairman and CEO	 	 	 
	Date:	November 8, 2012

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