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Exhibit 10.90  

 
 

AMENDED AND RESTATED
  EMPLOYMENT RETENTION AGREEMENT
  FOR MIRANT SERVICES LLC    
    

        This Amended and Restated Employment Retention Agreement ("Agreement") is made and entered into by and between
Mirant Services LLC (the "Company") and John Ragan (the "Employee")
on                        , 2002, to be
effective as of March 1, 2002 

W I T N E S S E T H: 

        WHEREAS,
the Employee is an employee of the Company or another Mirant Subsidiary; and 

        WHEREAS,
the Company wishes to continue to encourage the Employee to remain with the Company; and 

        WHEREAS,
Company desires to provide Employee with additional compensation for services Employee has or will provide for the Company; 

        NOW,
THEREFORE, in consideration of the premises, and the agreements of the parties set forth in this Agreement, and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereby agree as follows: 

        1.     Definitions.    For purposes of this Agreement, the following terms shall have the following meanings: 

        (a)   "Award Amount" shall mean the retention award payments payable to the Employee under Section 2 of this Agreement. 

        (b)   "Change in Control" shall have the meaning of such term as set forth in the Change in Control Benefit Plan Determination
Policy. 

        (c)   "Change in Control Benefit Plan Determination Policy" shall mean the Mirant Corporation Change in Control Benefit Plan
Determination Policy, as approved by the Board of Directors of Mirant, as such policy may be amended from time to time in accordance with the provisions therein. 

        (d)   "Company" shall mean Mirant Services LLC, its successors and assigns. 

        (e)   "Effective Date" shall mean the date of execution of this Agreement, unless otherwise provided herein. 

        (f)    "Mirant" shall mean Mirant Corporation, a Delaware corporation, its successors and assigns. 

        (g)   "Termination for Cause" or "Cause" shall have the meaning of such term as
set forth in the Change in Control Benefit Plan Determination Policy. 

        2.     Payment of Award Amounts.    Employee will receive the Award Amounts as follows: 

$245,000
on the earliest of (i) September 30, 2004, (ii) the occurrence of a Change in Control, or (iii) the termination of Employee's employment with the Company or
another Mirant Subsidiary due to the Employee's death, Disability or termination by the employer without Cause.; and 

$245,000
on the earliest of (i) September 30, 2005, (ii) the occurrence of a Change in Control, or (iii) the termination of Employee's employment with the Company or
another Mirant Subsidiary due to the Employee's death, Disability or termination by the employer without Cause 

To
receive these Award Amounts, Employee must (i) have remained as a Company or Mirant Employee up to the Award Amount payment date(s); and (ii) must be performing in a satisfactory
manner at that time (as determined by Employee's most recent performance evaluation). 

        3.     Termination for Cause or Employee Resignation.    In the event of (i) the Employee's Termination for
Cause; (ii) the Employee's resignation for any reason, or (iii) the Employee's retirement, prior to the payment dates as set forth in Section 2, the Employee shall forfeit any Award
Amount the Company has not yet paid, and the Company will have no further obligations with respect to any unpaid amount under this Agreement. 

        4.     Confidentiality and Legal Process.    The Employee represents and agrees that he will keep the terms, amount and
fact of this Agreement confidential and that he will not hereafter disclose any information concerning this Agreement to anyone other than his personal agents, including, but not limited to, any past,
present, or prospective employee or applicant for employment with the Company or any Mirant Subsidiary. Notwithstanding the foregoing, nothing in this Agreement is intended to prohibit the Employee
from performing any duty or obligation that shall arise as a matter of law. Specifically, the Employee shall continue to be under a duty to respond truthfully to matters of law and shall continue to
be under a duty to respond truthfully to any legal and valid subpoena or other legal process. This Agreement is not intended in any way to proscribe the Employee's right and ability to provide
information to any federal, state or local government in the lawful exercise of such government's governmental functions. If Employee breaches the restrictive covenants as set forth in this Section 4,
then Company reserves the right to render this Agreement null and void and opt not to make any or future Award Amount payments to Employee as stipulated by this Agreement. 

        5.     Assignability.    Neither the Employee, his estate, his beneficiaries, nor his legal representative shall have
any rights to commute, sell, assign, transfer or otherwise convey the right to receive any payments under this Agreement, which payments and the rights thereto are expressly declared to be
nonassignable and nontransferable. Any attempt to assign or transfer the right to payments of this Agreement shall be void and have no effect. 

        6.     Unsecured General Creditor.    Unless the Company shall in its discretion determine otherwise, the benefits
payable to the Employee under this Agreement shall not be funded in any manner and shall be paid by the Company out of its general assets, which assets are subject to the claims of the Company's
creditors. 

        7.     Mirant Guarantee.    If the Company fails or refuses to make payments under this Agreement, the Employee may
have the right to obtain payment by Mirant under the terms of the "Guarantee Agreement Concerning Mirant Services LLC Compensation and Benefit Arrangements" entered into by the Company and Mirant. The
Employee's right to payment is not increased as a result of this Guarantee. The Employee has the same right to payment from Mirant as from the Company. Any demand to enforce this Guarantee should be
made in writing and should reasonably and briefly specify the manner and the amount the Company has failed to pay. 

        8.     Amendment; Modification; Termination.    Except as otherwise provided herein, this Agreement may be emended,
modified, or terminated only by a writing executed by the parties hereto. 

        9.     No Effect On Other Arrangements.    It is expressly understood and agreed that the payments made in accordance
with this Agreement are in addition to any other benefits or compensation to which the Employee may be entitled or for which he may be eligible, whether funded or unfunded, by reason of his employment
with the Company. 

        10.   Tax Withholding.    There shall be deducted from each payment under this Agreement the amount of any tax
required by any governmental authority to be withheld and paid over by the Company to such governmental authority for the account of the Employee. 

        11.   Compensation.    Any compensation contributed on behalf of the Employee under this Agreement shall not be
considered "compensation", as the term is defined in the Mirant Services LLC Employee Savings Plan, or the Mirant Services LLC Pension Plan. Payment of the Award Amount to 

the
Employee shall not be considered wages, salaries or compensation under any other employee benefit plan. 

        12.   No Guarantee of Employment.    No provision of this Agreement shall be construed to affect in any manner the
existing rights of the Company to suspend, terminate, alter, or modify, whether or not for Cause, the employment relationship of the Employee and the Company. 

        13.   Transfer of Employment to Mirant or another Mirant Subsidiary.    In the event that the Employee's employment
by the Company is terminated prior to the scheduled payment date of the Award Amount, and the Employee becomes immediately re-employed by Mirant or another Mirant Subsidiary, the Company shall assign
this Agreement to Mirant or such Mirant Subsidiary; Mirant or such Mirant Subsidiary shall accept such assignment or cause such Mirant Subsidiary to accept such assignment; such assignee shall become
the "Company" for all purposes under this Agreement; and this Agreement shall be amended to appropriately reflect the performance of such assignee. In the event of such assignment, the expense of this
Agreement shall be the Company's sole responsibility. 

        14.   Governing Law.    This Agreement, and all its rights under it, shall be governed by and construed in accordance
with the laws of the State of Georgia. 

        IN
WITNESS WHEREOF, this Agreement has been executed by the parties first listed above on the date first listed above, to be effective as of the Effective Date. 

	

 	
 	

MIRANT SERVICES LLC
	

 	
 	

By:	
 	

/s/  VANCE BOOKER      

	

 	
 	

EMPLOYEE:
	

 	
 	

/s/  JOHN W. RAGAN      

	

Attest:	
 	

 
	

By:	
 	

 	
 	

 
	 	 	
	 	 

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AMENDED AND RESTATED EMPLOYMENT RETENTION AGREEMENT FOR MIRANT SERVICES LLCExhibit 4.8

 

SUPPLEMENTAL INDENTURE

 

SUPPLEMENTAL INDENTURE (the “Supplemental Indenture”), dated as of
                    
, 2004, to the Indenture (defined below) made by and among Foster Wheeler Ltd.,
a company organized under the laws of Bermuda (the “Company”), Foster Wheeler LLC, a limited
liability company organized under the laws of Delaware (the “Guarantor”), and BNY
Midwest Trust Company, an Illinois trust company, not in its individual
capacity but solely as Trustee (the “Trustee”).

 

W I T N E S S E T
H

 

WHEREAS, the Company
issued its 6.50% Convertible Subordinated Notes due 2007 guaranteed by
Guarantor (the “Convertible Notes”)
pursuant to the Indenture dated as of May 31, 2001 among the Company,
Guarantor and the Trustee;

 

WHEREAS, the Company
desires to amend the Indenture for the purpose of changing and eliminating
certain provisions;

 

WHEREAS, Section 7.2
of the Indenture provides that the Indenture may be amended, subject to certain
exceptions, with the consent of the Holders of a majority in aggregate
principal amount of the outstanding Convertible Notes;

 

WHEREAS, the Company has
received consents to the following amendments from the Holders of at least a
majority in aggregate principal amount of the outstanding Convertible Notes;
and

 

WHEREAS, all conditions
precedent to amend the Indenture and to make this Supplemental Indenture a
valid and binding instrument in accordance with its terms have been satisfied.

 

NOW, THEREFORE, in
consideration of the foregoing and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company, the
Guarantor and the Trustee agree as follows:

 

ARTICLE I

EFFECTIVENESS AND EFFECT

 

SECTION 1.01.  Effectiveness and
Effect.

 

This Supplemental Indenture shall take effect on the
date hereof.  The provisions set forth
in this Supplemental Indenture shall be deemed to be, and shall be construed as
part of, the Indenture.  All references
to the Indenture in the Indenture or in any other agreement, document or
instrument delivered in connection therewith or pursuant thereto shall be
deemed to refer to the Indenture as amended by this Supplemental Indenture.

 

 

ARTICLE II

AMENDMENT OF CERTAIN PROVISIONS OF THE INDENTURE

 

SECTION 2.01.  Deletion of Certain Provisions.

 

(a)  The
section headings and the text of Sections 6.1 and 9.4 of the
Indenture are hereby deleted and eliminated in their entirety and replaced with
“[Intentionally Deleted by Amendment]”.

 

(b)  All
references in the Indenture, as amended by this Section 2.01, to any of
the provisions deleted and eliminated as provided above, or to terms defined in
such provisions, shall also be deemed deleted and eliminated.

 

ARTICLE III

MISCELLANEOUS

 

SECTION 3.01.  Indenture Effective.

 

Except as amended and supplemented hereby, the
Indenture is hereby ratified and confirmed in all respects and shall remain in
full force and effect.

 

SECTION 3.02.  Amendment; Discharge.

 

No provisions of this Supplemental Indenture may be
changed, waived, discharged or terminated orally, but only by an instrument in
writing signed by the parties hereto.

 

SECTION 3.03.  Notices.

 

All notices provided hereunder shall be deemed made
when delivered to the principal executive offices of the party to be notified.

 

SECTION 3.04.  Governing Law.

 

This Supplemental Indenture shall be governed by and
construed in accordance with the internal laws of the State of New York
applicable to agreements made and to be performed entirely within such State,
without regard to the conflicts of law principles of such State.

 

SECTION 3.05.  Counterparts.

 

This Supplemental Indenture may be executed in
counterparts, each of which when so executed shall be an original, but all such
counterparts shall together constitute one and the same instruments.

 

SECTION 3.06.  Trustee.

 

The Trustee makes no representations as to the
validity or sufficiency of this Supplemental Indenture.  The statements and recitals herein are
deemed to be those of the Company not of the Trustee.

 

2

 

SECTION 3.07.  Trust Indenture Act to Control.

 

If and to the extent that any provision of this
Supplemental Indenture limits, qualifies or conflicts with the duties imposed
by Sections 310 to 318, inclusive, of the TIA, such imposed duties shall
control.  If any provision of this
Supplemental Indenture modifies or excludes any provision of the TIA that may
be so modified or excluded, the latter provision shall be deemed to apply to
this Supplemental Indenture as so modified or excluded, as the case may be.

 

SECTION 3.08.  Headings.

 

The titles and headings of the articles and sections
of this Supplemental Indenture have been inserted for convenience of reference
only, are not to be considered a part hereof, and shall in no way modify or
restrict any of the terms or provisions hereof.

 

SECTION 3.09.  Separability.

 

In case any one or more of the provisions contained in
this Supplemental Indenture shall for any reason be held to be invalid, illegal
or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect any other provisions of this Supplemental
Indenture, but this Supplemental Indenture shall be construed as if such
invalid or illegal or unenforceable provision had never been contained herein
or therein.

 

SECTION 3.10.  Benefits of Supplemental Indenture.

 

Nothing in this Supplemental Indenture or the
Indenture, express or implied shall give to any Person, other than the parties
hereto and thereto and their successors hereunder and thereunder and the
Holders of Convertible Notes, any benefit of any legal or equitable right,
remedy or claim under the Indenture or this Supplemental Indenture.

 

SECTION 3.11.  Assignment.

 

The Company will have the right at all times to assign
any of its respective rights or obligations under this Supplemental Indenture
to a direct or indirect wholly owned Subsidiary of the Company; provided
that, in the event of any such assignment, the Company will remain liable for
all such obligations.  Subject to the
foregoing, this Supplemental Indenture is binding upon and inures to the
benefit of the parties thereto and their respective successors and
assigns.  This Supplemental Indenture
may not otherwise be assigned by the parties thereto.

 

SECTION 3.12.  Definitions.

 

Capitalized terms used but not defined herein shall
have the respective meanings ascribed to them in the Indenture.

 

3

 

IN WITNESS WHEREOF, the Company, the Guarantor and the
Trustee have caused this Supplemental Indenture to be executed and delivered as
of the date first written above.

 

 

	
   

  	
  FOSTER WHEELER LTD.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FOSTER WHEELER LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BNY MIDWEST TRUST
  COMPANY,

  
	
   

  	
  As Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

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