Document:

EX-10.23

 Exhibit 10.23 
 FOSTER WHEELER AG OMNIBUS INCENTIVE PLAN 
 Employee Restricted Stock
Unit Award Agreement (with Performance Goals) 
  

			
	 Name of Participant:
	  	[__________]          
		
	 Grant Date:
	  	[__________], 2014
		
	 Restricted Stock Unit Award at Target Level Payout:
	  	[__________]          

 Pursuant to the Foster Wheeler AG Omnibus Incentive Plan (the “Plan”), a copy of which
has been delivered to you, along with a prospectus describing the material terms of the Plan, and in accordance with the terms and conditions of the Plan and your agreement to such additional terms, conditions and restrictions as are set forth
below, you have been granted as of the date set forth above a Restricted Stock Unit Award (the “Restricted Stock Unit Award” or “Award”), meaning the right to receive registered shares of Foster Wheeler AG (the
“Company”) on the terms and conditions set forth herein. Unless otherwise defined in this Restricted Stock Unit Award Agreement (this “Agreement”) (including, for the avoidance of doubt, definition by incorporation
through Section 2 of this Agreement), the terms used in this Agreement shall have the meanings defined in the Plan. 
 You
must accept this Restricted Stock Unit Award by responding to the cover e-mail to which this Award is attached in accordance with the instructions contained in the e-mail. If you do not accept this Award, you will have no further rights or
obligations under this Agreement, and will not be eligible to receive any other grants in lieu of this Award. However, failing to accept this Award will not affect any other grants you may have previously received, or may receive in the
future, under the Plan. 
 If you accept this Award, you will be bound by and agree to all terms of this Agreement. In addition,
you acknowledge that your rights to any Shares underlying this Award vest only as you provide services to the Company or its Affiliates over time, that the grant of this Award is not as consideration for services you rendered to the Company or its
Affiliates prior to the Grant Date, and that nothing in this Agreement or the documents attached or provided herewith confers upon you any right to continue your service 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. 

1. Grant and Acceptance of Restricted Stock Unit Award. Subject to the terms and conditions of this Agreement and
the Plan (the terms of which are incorporated herein by reference) and effective as of the date set forth above, the Company hereby grants to you, and you hereby accept, the grant of the right to earn the number of Restricted Stock Units (the
“Units”) set forth in this Agreement. Exhibit A to this Agreement sets forth the performance goals (the “Performance Goals”) that the Committee must certify to have been met by the Company in order for a
number of Units in the amount of the Target Level Payout of Restricted Stock Unit Award set forth above (the “Target”) to be vested and settled in Shares; it also sets forth the extent to which a number of Units equal to a fraction or a
multiple of the Target may be vested and settled in Shares if the Performance Goals are met at below or above the Target level. Units will be settled only in Shares of the Company on a one Share for one Unit basis, rounded down to the nearest whole
Share, and not in cash. 

 2. Relation of Restricted Stock Unit Award to Other Agreement(s). As an
express condition to acceptance of this Restricted Stock Unit Award, you agree that: 
 (a) Except to the extent
you are or subsequently become a party to an Other Agreement (which, for the avoidance of doubt and for purposes of this Agreement, is as defined in the Plan), the only vesting and lapse of forfeiture restriction provisions that govern the
Restricted Stock Unit Award under this Agreement are set forth in Section 3 of this Agreement; 
 (b) To
the extent that the vesting and lapse of forfeiture restriction provisions of this Agreement or the Plan’s terms are inconsistent with an Other Agreement, the provisions of your Other Agreement shall govern and control, only as provided under
(i) Section 3(c) and/or (ii) Section 3(g)(ii) (which governs certain Change in Control situations, subject to the condition provided therein) of this Agreement; provided, however, that if the provisions of the Other
Agreement do not specify the extent to which the performance goals of a performance-based award are to be deemed to have been met if certain events occur, the applicable provision of Section 3 of this Agreement shall apply; 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 Restricted Stock Unit Award governed by this Agreement. 
 3.
Vesting; Termination; Assignment; Calculation & Settlement; Par Value. 
 (a)
General Vesting Rule. You will be issued Shares in settlement of the Units only if you vest in the Restricted Stock Unit Award. So long as you remain continuously employed by the Company or any Affiliate through the third
(3rd) anniversary of [the Grant Date] (the “Employment Date”), and provided also that the Committee certifies that the Performance Goals have been met at least at the Threshold Level Payout set forth in Exhibit A, then,
except as otherwise set forth in this Section 3, the Restricted Stock Unit Award shall vest, and your right to receive and retain the Shares in settlement of such Units in the amount determined by the extent to which the Performance Goals are
met will become nonforfeitable, only on the later of the Employment Date or the date the Committee certifies the extent to which the Performance Goals have been met pursuant to paragraph (i) of this Section 3. Any and all vested Units
shall be settled in whole Shares in accordance with this Section 3. 
 (b) Termination as a Result of
Death or Disability. In the event of your termination of employment prior to the Employment Date as a result of your death or Disability, any unvested Units shall immediately vest as of the date of such termination for death or Disability.
In such event, the amount of the Units that vest shall be determined as follows: (A) if the Committee has issued its certification in accordance with paragraph (i) of this Section 3 by the date of your termination, in accordance with
the Committee’s certification, or (B) if the Committee has not issued its certification in accordance with paragraph (i) of this Section 3 by the date of your termination, as if the Performance Goals had been met at the Target
level set forth in Exhibit A. Any Units that become vested in accordance with this paragraph (b) shall be settled in Shares as soon as practicable, but not more than ninety (90) days, after the date of termination. 

  
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 (c) Termination as a Result of Involuntary Termination or Resignation
for Good Reason. In the event of your termination of employment prior to the Employment Date and other than during a Change in Control Period but as a result of your Involuntary Termination or Resignation for Good Reason, any and all
unvested Units shall be immediately forfeited; provided, however, that if you are a party to an Other Agreement and such Other Agreement contains provisions regarding the vesting or forfeiture of Units upon Involuntary Termination or
Resignation for Good Reason other than during a Change in Control Period (or the substantial equivalent thereof), the unvested Units shall vest or be forfeited in accordance with the terms of your Other Agreement. If such Other Agreement provides
for vesting upon Involuntary Termination or Resignation for Good Reason other than during a Change in Control Period (or the substantial equivalent thereof) but does not contain express provisions as to whether and the extent to which performance
goals must be met for an award to vest upon such an Involuntary Termination or Resignation for Good Reason (or the substantial equivalent thereof), the amount of the Units that vest upon such an Involuntary Termination or Resignation for Good Reason
(or the substantial equivalent thereof) shall be determined as follows: (A) if the Committee has issued its certification in accordance with paragraph (i) of this Section 3 by the date of your termination, in accordance with the
Committee’s certification, or (B) if the Committee has not issued its certification in accordance with paragraph (i) of this Section 3 by the date of your termination, as if the Performance Goals had been met at the Target level.
Any Units that become vested in accordance with this paragraph (c) shall be settled in Shares as soon as practicable, but not more than ninety (90) days, after the date of termination. 

(d) Termination as a Result of Retirement. In the event of your termination of employment prior to the
Employment Date as a result of your Retirement (which, for the avoidance of doubt and for purposes of this Agreement, is as defined in the Plan), the unvested Units shall vest pro-rata due to Retirement based on the following formula: 

(i) the total number of Units that would have vested and been settled in Shares if you had remained continuously employed
through the Employment Date, based upon the extent to which the Performance Goals are met, times  

(ii) a ratio, the numerator of which is the total number of months of employment from the Grant Date to the end of the
month in which the date of termination due to Retirement occurs, and the denominator of which is thirty-six (36), rounded to the nearest whole number. 
 Such Units shall vest and be settled in Shares at the same time that Units are vested and settled in Shares for Participants who remain employed through the Employment Date in accordance with
Section 3(i) of this Agreement. The remaining Units that are not vested in accordance with this Section 3(d) shall be forfeited. 
 Example: The following example is included merely for demonstrative purposes. 
 Ann is granted a Restricted Stock Unit Award on March 4, 2011, with a Target of 100 Units. Ann subsequently terminates her employment by Retirement effective August 18, 2012. In February 2014,
the Committee certifies that the Company achieved its Performance Goal at a level that corresponds to a Restricted Stock Unit Award payment equal to 150% of the Target. 
 Ann is entitled to 50% of her Restricted Stock Unit Award (equal to 18 months of employment divided by 36). In March 2014, Ann will receive 75 Shares in settlement of her Units. (100 Target
times 150% for performance times 50% vested percentage.) 

  
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 (e) Termination for Cause. In the event your employment is
terminated for Cause, all unvested Units and any and all Shares received in settlement of vested Units shall expire immediately, be forfeited and considered null and void, and the provisions of Section 4 of this Agreement shall control.

 (f) Termination — General. In the event of your termination of employment prior to the
Employment Date other than as a result of your death, Disability, Involuntary Termination, Resignation for Good Reason, Retirement, or Cause, all unvested Units shall expire immediately, be forfeited and considered null and void. 

(g) Change in Control. 

(i) In 2014: In the event of your termination of employment as a result of your Involuntary Termination or
Resignation for Good Reason (x) during a Change in Control Period and (y) on or before December 31, 2014, any unvested Units shall vest pro-rata, effective as of the date of such Involuntary Termination or Resignation for Good Reason,
based on the following formula: 
  

	 	(A)	the number of Units that would have vested and been settled in Shares if the Performance Goals had been met at the Target level, times 

  

	 	(B)	a ratio, the numerator of which is the total number of days of your employment by the Company or any Affiliate during 2014 through and including the date of your
termination, and the denominator of which is three hundred sixty-five (365), rounded to the nearest whole number; and 

  

	 	(C)	vesting shall be pursuant to this formula whether or not you are a party to an Other Agreement and such Other Agreement contains provisions regarding the vesting or
forfeiture of Units upon Involuntary Termination or Resignation for Good Reason during a Change in Control Period (or the substantial equivalent of any of the foregoing). 

The remaining Units that do not vest in accordance with this Section 3(g)(i) shall expire immediately, be forfeited and considered
null and void. For the avoidance of doubt, if you are party to an Other Agreement and such Other Agreement contains provisions regarding the vesting or forfeiture of Units upon Involuntary Termination or Resignation for Good Reason during a Change
in Control Period (or the substantial equivalent of any of the foregoing), such Other Agreement shall not affect the vesting of any unvested Units covered by this Section 3(g)(i). 

(ii) In 2015 or Thereafter: In the event of your termination of employment as a result of your Involuntary
Termination or Resignation for Good Reason (x) prior to the Employment Date, (y) during a Change in Control Period and (z) on or after January 1, 2015, any unvested Units shall immediately become fully vested, effective as of the
date of such Involuntary Termination or Resignation for Good Reason. The amount of the Units that vest upon such an Involuntary Termination or Resignation for Good Reason shall be determined as follows: (A) if the Committee has issued its
certification in 

  
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accordance with paragraph (i) of this Section 3 by the date of your termination, in accordance with the Committee’s certification, or (B) if the Committee has not issued its
certification in accordance with paragraph (i) of this Section 3 by the date of your termination, as if the Performance Goals had been met at the Target level. The remaining Units that do not vest in accordance with this
Section 3(g)(ii) shall expire immediately, be forfeited and considered null and void. 
 Notwithstanding
the foregoing, if you are a party to an Other Agreement and such Other Agreement contains provisions regarding the vesting or forfeiture of Units upon Involuntary Termination or Resignation for Good Reason during a Change in Control Period (or the
substantial equivalent of any of the foregoing) in a manner consistent with Article 18 of the Plan, the unvested Units shall vest or be forfeited in accordance with the terms of your Other Agreement. If such Other Agreement provides for vesting upon
Involuntary Termination or Resignation for Good Reason during a Change in Control Period (or the substantial equivalent thereof) but does not contain express provisions as to whether and the extent to which performance goals must be met for an award
to vest upon such an Involuntary Termination or Resignation for Good Reason (or the substantial equivalent thereof), the amount of the Units that vest upon such an Involuntary Termination or Resignation for Good Reason (or the substantial equivalent
thereof) shall be determined as set forth at (ii)(A) or (ii)(B) of this paragraph (g), whichever is applicable. Notwithstanding the foregoing, in connection with the vesting of any unvested Units covered by this Section 3(g)(ii), you shall
receive the greater of the benefits provided under Article 18 of the Plan or any such Other Agreement to which you are a party, without duplication. 
 Any Units that become vested in accordance with this paragraph (g) shall be settled in Shares as soon as practicable, but not more than ninety (90) days, after the date of termination. For the
avoidance of doubt, (x) in the event of your termination of employment after the Employment Date and during a Change in Control Period as a result of your Involuntary Termination or Resignation for Good Reason, the Units shall vest and be
settled in accordance with paragraphs (a) and (i) of this Section 3; and (y) in the event of a Change in Control described in Section 18.2 of the Plan, if a replacement award is not issued in lieu of this Restricted Stock
Unit Award, this Restricted Stock Unit Award shall terminate and the Company (or successor) shall pay you an amount for this Restricted Stock Unit Award determined, using the Change-in-Control Price, as if the Performance Goals had been met at the
Target level. 
 (h) Other Termination Events. Notwithstanding anything to the contrary contained
in this Agreement, the Units 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 4 of this Agreement shall control. 

(i) Calculation and Settlement of Restricted Stock Unit Award. Except as otherwise provided in paragraph
(b)(death or Disability), (c)(Involuntary Termination or Resignation for Good Reason) or (g)(Change in Control) of this Section 3, your Units shall vest and be settled in Shares only if, after, and to the extent the Committee certifies the
extent to which the Performance Goals have been met. Any and all vested Units shall be settled in Shares as soon as practicable after the later of (A) the Employment Date or (B) the date upon which the Committee makes such certification,
but in no event later than the March 15 of the year immediately after the year that includes the later of (Y) the Employment Date or (Z) the last date used to measure performance in accordance with Exhibit A hereto, and the
Committee shall complete its determinations and make its certification in time to permit all Restricted Stock Unit 

  
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Awards to be settled by such March 15. For the avoidance of doubt, (W) any unvested Units that are not vested in accordance with Section 3 of this Agreement shall be forfeited, and
(X) the Committee’s determinations about your Units, this Restricted Stock Unit Award, and whether and the extent to which the Performance Goals have been met or not met shall be binding and conclusive. 

(j) Forfeiture Price. In the event that any Shares previously issued to you in settlement of the Units are
required to be forfeited under this Agreement, then the Company will have the right (but not the obligation) to repurchase any or all of such forfeited Shares for $0.001 per Share. The Company will have ninety (90) days from the date of any
event giving rise to forfeiture under this Agreement within which to effect a repurchase of any or all of the Shares subject to such forfeiture conditions. The Company’s right to repurchase the Shares under this paragraph (j) is assignable
by the Company, in its sole discretion, to an Affiliate or other party to whom such rights can be assigned under the Applicable Laws. 
 (k) Assignment and Transfer. For the sole purpose of enabling electronic trading of the awarded Shares on the NASDAQ Global Select Market, the awarded Shares must be assigned and transferred
to Cede & Co., the Nominee of the Depository Trust Company, a US clearing agency. By signing this Agreement, you make such assignment and transfer to Cede & Co., effective upon the date of delivery of Shares under this Agreement.
By signing this Agreement, you also (i) appoint the Company’s Secretary and each of its Assistant Secretaries your proxy with the right of substitution to make such assignment and transfer to Cede & Co. and (ii) agree to
execute and deliver any further documents as the Company or Cede & Co. may require in order to effectuate such assignment and transfer to Cede & Co., all with such assignment and transfer being effective upon the date of delivery
of Shares under this Agreement. For the avoidance of doubt, the foregoing assignment and transfer will not adversely affect your beneficial ownership of, or ability to trade, the awarded Shares. 

(l) Exercise Notice. Swiss law requires the execution of an exercise notice for Shares to issue out of the
conditional capital of the Company. By signing this Agreement, you appoint the Company’s Secretary and each of its Assistant Secretaries your proxy with the right of substitution to execute and deliver an exercise notice at or about the time
you vest in the Units. The Company reserves the right to require you to sign and deliver an exercise notice substantially in the form attached hereto as Exhibit B, with it being understood that any payment of par value will be in accordance
with paragraph (m) of this Section 3. 
 (m) Payment of Par Value. Swiss law and the
Company’s Articles of Association require that par value be paid in cash to the Company for any Shares issued in settlement of your Restricted Stock Unit Award if the Company does not have treasury shares available on the date of delivery of
such Shares. However, if such cash payment is required, your employer has arranged with the Company to make the payment on your behalf as part of your award. Accordingly, you yourself will not have to make any such payment. 

(n) Termination of Relationship. The Committee shall have the discretion to determine whether your
employment has been terminated as well as the date of such termination of employment for purposes of this Restricted Stock Unit Award. 
 4. Forfeiture Events. In addition to the rights available to the Company under Section 3 above, upon the occurrence of any of the events set forth in Section 11.2 of the
Plan (a “Forfeiture Event”), you, without any further action by the Company or you, shall forfeit, as of the first day of any such Forfeiture Event: 

  
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 (a) all rights and interest to these Units; 

(b) any Shares received in settlement of these Units then owned by you or by another person for your benefit; and

 (c) any and all profits realized by you, on an after-tax basis, pursuant to any sales or transfer of any
Shares received in settlement of these Units 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 and other documents implementing the above-described forfeiture to its transfer agent, Cede & Co., the depository or any of its nominees,
and/or any other person with respect to these Units and the Shares, and the Company further shall be entitled to reimbursement from you 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 4. By accepting this Restricted Stock Unit Award, you hereby consent to a deduction from any amounts the Company owes to you from time to time (including amounts owed to you as compensation as well
as any other amounts owed to you by the Company), to the extent of any amounts that you owe to the Company under this Section 4. 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 you owe to the Company, calculated as set forth above, you agree to pay immediately the unpaid balance to the Company. You hereby grant the Company a proxy on your behalf, and you hereby agree to execute any documents
necessary or appropriate to carry out the foregoing. 
 5. Form of Shares. The Company is authorized to
issue registered shares in certificated or uncertificated form and it may choose the form of issuance if and when registered shares issue. 
 6. 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 Units for any increase or decrease in the number of issued and outstanding registered shares 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 registered shares of the Company effected without the receipt of consideration by the Company; 
 (b) if the Company is a participating corporation in any merger or consolidation and provided the Units are not terminated upon consummation of such merger or consolidation, modify such Units to pertain
to and apply to the securities or other property to which a holder of the number of shares subject to the Units would have been entitled upon such consummation; and 

(c) for the avoidance of doubt, make any other adjustments, modifications, replacements, or exchanges permitted by the
Plan, including without limit, the Plan’s Articles 18 and 19. 
 Notwithstanding anything to the contrary, any such actions taken by the
Committee shall be final, binding and conclusive. 
 7. [Reserved.] 

  
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 8. Tax Withholding Obligations. As a condition to receipt of Shares in
settlement of the Units, you acknowledge your obligation with respect to any tax or similar withholding obligations that may arise in connection with receipt or vesting of the Units and/or receipt of the Shares. Pursuant to Article 20 of the Plan,
you 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 to pay the applicable withholding tax or (b) depositing with the Company an
amount of funds equal to the estimated withholding tax liability. If you fail to satisfy such obligations in either of these ways, the Company may require that the Shares otherwise scheduled to be delivered in settlement upon vesting of the Units on
any given date be forfeited. You understand that the Company’s rights to ensure satisfaction of applicable withholding obligations with respect to the settlement of Units may require planning on your part, in advance of the expected vesting
date(s) specified in Section 3 above. The Company will not deliver any of the Shares until and unless you have made proper provision for all applicable tax and similar withholding obligations. 

9. US Tax Consequences. Below is a brief summary as of the date of this Restricted Stock Unit Award of certain
United States federal tax consequences of the award of the Units and disposition of the Shares delivered in settlement of the Units under the laws in effect as of the Grant Date. THIS SUMMARY IS INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE
SUBJECT TO CHANGE. YOU SHOULD CONSULT A TAX ADVISER BEFORE SETTLEMENT OF THIS RESTRICTED STOCK UNIT AWARD OR DISPOSING OF THE SHARES ISSUED IN SETTLEMENT. There may be a regular federal (and state) income tax liability when the Units vest on the
vesting date(s) specified in Section 3 above. You will be treated as having received compensation income (taxable at ordinary income tax rates) equal to the current Fair Market Value of the Shares underlying the Units on the date of vesting
(i.e., when the forfeiture provisions lapse). If Shares issued upon vesting of this Restricted Stock Unit Award 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 receiving this Restricted Stock Unit Award to satisfy any applicable withholding obligations that apply thereto. 

10. Effect of Agreement. You acknowledge receipt of a copy of the Plan and represent that you are familiar with the
terms and provisions thereof (and have had an opportunity to consult counsel regarding the Restricted Stock Unit Award’s terms), and hereby accept this Restricted Stock Unit Award and agree to be bound by its contractual terms as set forth
herein and in the Plan. You hereby agree to accept as binding, conclusive and final all decisions and interpretations of the Committee regarding any questions relating to the Restricted Stock Unit Award. In the event of a conflict between the terms
and provisions of the Plan and the terms and provisions of this Agreement, and, for the avoidance of doubt, in the event this Agreement does not address an issue addressed by the Plan, the Plan terms and provisions shall prevail. 

11. Restriction on Transferability. Until settlement of the Units and issuance to you of the Shares subject thereto,
the Units may not be sold, transferred, pledged, assigned or otherwise alienated at any time. Any attempt to do so contrary to the provisions hereof shall be null and void. Notwithstanding the above and subject to Section 13 below, distribution
can be made pursuant to will, the laws of descent and distribution, intra-family transfer instruments or to an inter vivos trust. 
 12. Voting Rights. You will have no voting or any other rights as a shareholder of the Company with respect to the Units prior to the date on which you are issued the Shares in
settlement thereof. Upon delivery of the Shares in settlement of the Units, you will, subject to and governed by the procedures under the Company’s Articles of Association, obtain voting and other rights. 

  
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 13. Designation of Beneficiaries. You may, in accordance with
procedures established by the Committee, designate one or more beneficiaries to receive all or part of any Shares to be distributed to you hereunder in settlement of Units in the case of your death, and you may change or revoke such designation at
any time. In the event of your death, any Shares distributable hereunder that are subject to such a designation (to the extent such a designation is enforceable under the Applicable Laws) will be distributed to such beneficiary or beneficiaries in
accordance with this Agreement. Any other Shares distributable will be distributed to your estate. If there is any question as to the legal right of any beneficiary to receive a distribution hereunder, the amount in question will be paid over to
your estate, in which event neither the Company nor any affiliate of the Company will have any further liability to anyone with respect to such amount. 
 14. Amendment of Restricted Stock Unit Award. 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 Agreement without your consent. 
 15. Governing Law. The laws of the state of New Jersey, without giving effect to principles of conflicts of law, will apply to the Plan, this Restricted Stock Unit Award and this
Agreement. The Company agrees, and you agree as a condition to acceptance of the Restricted Stock Unit Award, to submit to the jurisdiction of the courts located in the jurisdiction in which you are employed, or were most recently employed, by the
Company. 
 16. Data Protection. You acknowledge and agree (by executing this Agreement) to the collection,
use, processing and transfer of certain personal data as described in this Section 16. You understand that you are not obliged to consent to such collection, use, processing and transfer of personal data. However, you understand your failure to
provide such consent may affect your ability to participate in the Plan. You understand that the Company may hold certain personal information about you, including your 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 its 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 elsewhere throughout the world. You authorize 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 Unit on your behalf by
a broker or other third party with whom you may elect to deposit any Shares subject to the Unit acquired pursuant to the Plan. You understand that you may, at any time, review Data with respect to you and require any necessary amendments to such
Data. You also understand that you may withdraw the consents to use Data herein by notifying the Company in writing; however, you understand that by withdrawing your consent to use Data, you may affect your ability to participate in the Plan.

 17. Employment Matters. This Restricted Stock Unit Award does not form part of your entitlement to
remuneration or benefits in terms of your employment by the Company. Your terms and conditions of employment are not affected or changed in any way by this Restricted Stock Unit Award or by the terms of the Plan or this Agreement. No provision of
this Agreement or of the Restricted Stock Unit Award granted hereunder shall give you any right to continue in the employment of the Company or any Affiliate, create any inference as to the length of your employment, affect the right of the Company
or any Affiliate to terminate your employment, with or without Cause, or give you any right to participate in 

  
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any employee welfare or benefit plan or other program (other than the Plan) of the Company or any Affiliate. You acknowledge and agree (by executing this Agreement) that the granting of the
Restricted Stock Unit Award under this Agreement is made on a fully discretionary basis by the Company and that this Agreement does not lead to a vested right to further awards in the future. Further, the Restricted Stock Unit Award set forth in
this Agreement constitutes a non-recurrent benefit and the terms of this Agreement are only applicable to the Units awarded pursuant to this Agreement. 
 18. Tax Provisions Applicable to Non-US Persons. This Section 18 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 the Restricted Stock Unit Award and during the period in which you hold this Restricted Stock Unit Award or the Shares issued in settlement thereof. 

(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 Restricted
Stock Unit Award, vesting of the Restricted Stock Unit Award or the issuance of the Shares in settlement. 
 (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 in settlement of the Units) 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. 
 If you are unable to satisfy your Tax Liability pursuant to either subparagraph (i) or
clause (ii) above, the Company may additionally cause the forfeiture of any Shares otherwise scheduled to become vested under the Restricted Stock Unit Award on a given date to avoid imposition of any Tax Liability to you. 

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

20. 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. 
 21. Representations. As a condition to your receipt of this Restricted Stock Unit Award and the
Shares to be issued in settlement thereof, 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 Restricted Stock Unit Award; 

  
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 (b) You are acquiring the Restricted Stock Unit Award 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; 

(c) You understand that neither the Units 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 in settlement of these Units 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 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 settlement of these Units, the Company may require you to furnish contemporaneously dated representations similar to those set forth in this Section 21. 

  
 11 

 EXHIBIT A 
 FOSTER WHEELER AG OMNIBUS INCENTIVE PLAN 
 Performance Goals

  

					
	 Performance Level
	  	 TSR
	  	 Payout

	 Minimum
	  	Below 25th Percentile	  	0% of Target
	 Threshold
	  	25th Percentile	  	25% of Target
	 Target
	  	50th Percentile	  	100% of Target
	 Maximum
	  	75th Percentile or higher	  	200% of Target

 Definitions: 
 “Peer Group” means: 
  

			
	AECOM (ACM)	  	McDermott International, Inc. (MDR)
	Chicago Bridge & Iron Co. (CBI)	  	SNC-Lavalin Group Inc. (SNC)
	Fluor Corporation (FLR)	  	Tutor Perini Corporation (TPC)
	Granite Construction Incorporated (GVA)	  	Technip (TEC.PA)
	Jacobs Engineering Group Inc. (JEC)	  	URS Corporation (URS)
	KBR Inc. (KBR)	  	WorleyParsons Limited (WOR.AX)

 “Percentile” means Foster Wheeler AG’s TSR ranking as compared to the Peer Group. 

“Target” means the number of Restricted Stock Units set forth on the first page of this Agreement. 

“TSR” means Total Shareholder Return as calculated by Standard & Poors. TSR shall be based on cumulative three-year TSR and shall be
calculated by comparing monthly average share price in December 2013 to monthly average share price in December 2016 (including reinvestment of dividends). If Standard & Poors ceases to provide TSR information, the Committee shall
obtain substantially similar information from any other source it in its absolute discretion may choose. 
 If TSR information for any member(s)
of the Peer Group ceases to be reasonably available from Standard & Poors or otherwise, the Committee may make whatever adjustments to the Peer Group it in its absolute discretion deems appropriate, including, without limit, removing such
member from the Peer Group or replacing that member with a company the Committee deems to have similar attributes. 
 Linear Interpolation /
Maximum / Threshold 
 If Foster Wheeler AG’s Percentile is between the 25th and 50th Percentile, or between the 50th and 75th Percentile, the Payout shall be based on a linear interpolation between the applicable Percentiles. For the avoidance
of doubt, there shall be no payout if Foster Wheeler AG is below the 25th Percentile, and the Maximum Level Payout shall be 200% of the Target even if Foster Wheeler AG is above the 75th Percentile. 

  
 12 

 EXHIBIT B 
 FOSTER WHEELER AG OMNIBUS INCENTIVE PLAN 
 Exercise Notice of RSUs of
Foster Wheeler AG 
  

			
	Date:	  	[Date]
		
	From:	  	[Name, Address, e-mail]
		
	To:	  	Foster Wheeler AG
		  	 c/o Foster Wheeler Inc.

Perryville Corporate Park
 53 Frontage
Road
 PO Box 9000
 Hampton, NJ
08827-9000

 Ladies and Gentlemen, 
 I herewith exercise [number of RSUs] granted to me in the Restricted Stock Unit Award Agreement dated [date of award agreement] under the [name of plan] which entitle me to [number of shares, which number
should be equal to the number of RSUs set forth above] registered shares of Foster Wheeler AG with a par value of x Swiss francs (CHF). 
 I unconditionally subscribe for the number of registered shares as stated above and undertake to pay as the exercise price an equal amount of at least x CHF
per share, paid in US dollars (USD) while taking into consideration a CHF-USD exchange rate as effective on the day of the delivery of the shares. 
 I request that Foster Wheeler AG deliver [number of shares] out of its conditional capital according to Article 5 of its Articles of Association after the receipt of my payment and I herewith assign and
transfer these shares to Cede & Co. in its capacity as Nominee of the Depository Trust Company, New York City, in order to and with the sole purpose of enabling the electronic trading of the aforementioned shares on the NASDAQ Global Select
Market. 
  

	
	Yours sincerely,
	
	  

	[Name]

  
 13EX-10.43

 Exhibit 10.43 
 EMPLOYMENT AGREEMENT 
 EMPLOYMENT AGREEMENT (this
“Agreement”) dated effective as of June 1, 2009, between FOSTER WHEELER ASIA PACIFIC PTE. LTD., a Singaporean company (the “Company”), and ROBERTO PENNO (the “Executive” or “you”).

 WHEREAS, the Executive and the Company desire to have an employment relationship on the terms and conditions set forth
in this Agreement. 
 Accordingly, the Company and the Executive hereby agree as follows: 

1. Employment, Duties and Acceptance. 

1.1 Employment, Duties. The Company hereby agrees to employ the Executive for the Term (as defined in
Section 2.1), to render exclusive and full-time services to the Company; provided, however, that the Executive may participate in civic, charitable, industry, and professional organizations to the extent that such participation does not
materially interfere with the performance of Executive’s duties hereunder. As the Company may require, the services the Executive provides to the Company may include serving as the chief executive of the Parent’s (as defined below) Global
E&C Global Sales and Marketing Group and/or as an officer or director of the Company and/or one or more of its affiliates. Initially, and for the period described in the Letter of Overseas Assignment attached hereto as Exhibit A (the
“Assignment Letter”), the Executive will be seconded to the Company’s affiliate, Foster Wheeler Energy Limited (UK). However, notwithstanding the Assignment Letter or anything else in this Agreement, the Company’s termination or
revision of the assignment described in the Assignment Letter shall not be deemed to provide the Executive with Good Reason (as defined below) to resign. 
 1.2 Acceptance. The Executive hereby accepts such employment and agrees to render the services described above. During the Term, and consistent with the above, the Executive agrees to serve
the Company faithfully and to the best of the Executive’s ability, to devote the Executive’s entire business time, energy and skill to such employment, and to use the Executive’s best efforts, skill and ability to promote the
Company’s interests. 
 1.3 Fiduciary and Similar Duties to the Company. Executive
acknowledges and agrees that Executive owes a fiduciary duty of loyalty, fidelity and allegiance to act at all times in the best interests of the Company and to do no act which would, directly or indirectly, injure the Company’s business,
interests, or reputation. It is agreed that any direct or indirect interest in, connection with, or benefit from any outside activities, particularly commercial activities, which interest might in any way adversely affect Company, involves a
possible conflict of interest, regardless of whether such interest interferes with the performance of the Executive’s duties with the Company. In keeping with Executive’s fiduciary duties to the Company, Executive agrees that Executive
shall not knowingly become involved in a conflict of interest with the Company, or upon discovery thereof, allow such a conflict to continue. Moreover, Executive shall not engage in any activity which might involve a possible conflict of interest
without first obtaining approval in accordance with the Company’s policies and procedures. As part of the Executive’s duties and responsibilities, the Executive shall follow and fulfill the obligations to respect the Company’s and its
affiliates’ policies and procedures, Delegation(s) of Authority, and Code of Ethics, copies of which have been provided to the Executive. The Code of Ethics forms part of this Agreement and has been signed by the Executive and returned to the
Company. 

 1.4 Location. The duties to be performed by the Executive
hereunder shall be performed primarily at the Company’s affiliate’s offices in Reading, England, subject to travel requirements consistent with the nature of the Executive’s duties from time to time on behalf of the Company. Given the
nature of the Executive’s duties, the parties expect that he will spend a considerable amount of time traveling on behalf of the Company. The Executive shall keep Executive’s primary residence within reasonable daily commute of the
Reading, England area throughout the Term. The parties agree that the Company may, upon 30 days written notice, relocate the Executive’s primary office location, in which case the Executive shall within a reasonable time relocate his primary
residence to within a reasonable daily commute of the relocated primary office. 
 1.5 Working
Hours. With the exception of staff members engaging in special duties and subject to any changes which may be implemented by the Company, the Company’s basic working hours will be forty (40) hours per week. According to the
Executive’s role and responsibilities the Executive will be requested to perform his job based on its requirements independently from any time limit restrictions. There will be no payment for overtime. 

2. Term of Employment. 
 2.1 Terms. The term of the Executive’s employment under this Agreement (the “Term”) shall commence on June 1, 2009 (the “Effective Date”), and shall end on the
date on which the Term is terminated pursuant to Section 4. 
 3. Compensation; Benefits. 

3.1 Salary. As compensation for all services to be rendered pursuant to this Agreement, the Company agrees
to pay to the Executive during the Term a base salary at the initial annual rate of One Hundred Ninety Thousand Euros (€190,000) (the “Base Salary”). On each anniversary of the Effective Date or such other appropriate date during
each year of the Term when the salaries of executives at the Executive’s level are normally reviewed, the Company shall review the Base Salary and determine if, and by how much, the Base Salary should be increased provided, however, the
Base Salary under this Agreement, including as subsequently adjusted upwards, may not be decreased thereafter without the written consent of Executive, except for across-the-board changes for executives at the Executive’s level. All payments of
Base Salary or other compensation hereunder shall be less such deductions or withholdings as are required by applicable law and regulations. 
 3.2 Bonus. The Executive shall be eligible to participate, as determined by the Company in the Company’s annual incentive program as in effect from time to time for executives at the
Executive’s level. The Executive shall be eligible for an annual incentive bonus at a target opportunity of forty percent (40%) of Base Salary (up to a maximum opportunity of eighty percent (80%) of Base Salary) based upon the
achievement of certain business unit objectives established in advance by the Company (the “Annual Bonus”). The actual amount of any Annual Bonus shall be determined by and in accordance with the terms of the Company’s annual
incentive program as in effect from time to time and the Executive shall have no absolute right to an Annual Bonus in any year. 
 3.3 Equity Awards. The Executive shall be eligible for annual equity awards, as determined by the Company, under the Company’s equity award plan covering executives at the
Executive’s level, as in effect from time to time. 
 3.4 Other Plans and Programs. During the
Term, the Executive shall be entitled to participate in those defined benefit, defined contribution, group insurance, medical, dental, disability and other benefit plans, vacation programs, automobile allowance programs, and business expense

  
 2 

 
reimbursement programs of the Company as from time to time in effect for those at the Executive’s level and in the Executive’s circumstances. As of the Effective Date, those programs
include those listed on Exhibit B hereto, but the parties recognize and agree that the Company retains the right to make changes to those programs that would apply across-the-board and/or to Executives at the Executive’s level.

 3.5 Singapore Personal Income Tax Liability. The Executive shall be responsible for his own
personal income tax liability in accordance with Singapore Income Tax Act and similar laws, provided, however, that the Assignment Letter may provide details regarding income tax liability during the term of the Assignment Letter and that any such
details shall prevail over this Section 3.5 if such details conflict with this Section 3.5. 
 3.6
Additional Terms While in Reading. During the term of the Assignment Letter, its additional terms and conditions shall apply. Notwithstanding anything else in this Agreement, those additional terms and conditions shall prevail over
Section 3.4 above it they conflict with Section 3.4 above. 
 4. Termination. 

4.1 Termination Events. 

4.1.1 The Executive’s employment and the Term shall terminate immediately upon the occurrence of any of the
following: 
 (i) Death: the death of the Executive; 

(ii) Disability: the physical or mental disability of the Executive, whether totally or partially, such
that with or without reasonable accommodation the Executive is unable to perform the Executive’s material duties, for a period of not less than one hundred and eighty (180) consecutive days; or 

(iii) For Cause by the Company: notice of termination for “Cause,” with immediate notice and
without compensation to the Executive. As used herein, “Cause” means (a) committing an offence; (b) actual or attempted theft or embezzlement of the Company’s assets; (c) use of illegal drugs; (d) a breach of the
Employment Agreement that is not cured within thirty (30) days after the Company has given the Executive notice of the said breach, which shall be given within sixty (60) days of the Company’s knowledge of the occurrence of the said
breach; (e) commission of an act of moral turpitude that in the judgment of the Company can reasonably be expected to have an adverse effect on the business, reputation or financial situation of the Company and/or the Executive’s ability
to perform the Executive’s duties; (f) gross negligence or wilful misconduct in the performance of the Executive’s duties; (g) breach of fiduciary duty to the Company; (h) wilful refusal to perform the duties of the
Executive’s position; or (i) a material violation of the Foster Wheeler Code of Business Conduct and Ethics. 
 4.1.2 For Good Reason by the Executive: The Executive may with immediate notice and without compensation to the Company resign the Executive’s position for Good Reason and, in such
event, the Term shall terminate. As used herein, “Good Reason” means a material negative change in the employment relationship without the Executive’s consent, as evidenced by the occurrence of any of the following: (i) reduction
of Base Salary and benefits except for across-the-board changes for executives at the Executive’s level; (ii) exclusion from executive benefit/compensation plans; (iii) material breach of the Agreement by the Company (it being agreed
that a termination or revision of the assignment described in the Assignment Letter shall not constitute such a material breach); or (iv)

  
 3 

 
resignation in compliance with securities/corporate governance applicable law (such as the US Sarbanes-Oxley Act and the Singaporean Securities and Futures Act, Cap. 289) or rules of professional
conduct specifically applicable to such Executive. For each event described above in this Section 4.1.2, the Executive must notify the Company within ninety (90) days of the occurrence of the event and the Company shall have thirty
(30) days after receiving such notice in which to cure. During such notice periods, the Company may require that the Executive cease performing some or all of the Executive’s duties and/or not be present at the Company’s offices
and/or other facilities. 
 4.1.3 Without Cause by the Company: The Company may terminate the
Executive’s employment thirty (30) days following notice of termination without Cause given by the Company and, in such event, the Term shall terminate. During such thirty (30) day notice period, the Company may require that the
Executive cease performing some or all of the Executive’s duties and/or not be present at the Company’s offices and/or other facilities. 
 4.1.4 Without Good Reason by the Executive: The Executive may voluntarily resign from the Company without Good Reason by giving the Company thirty (30) days written prior notice of
resignation and the Term shall terminate upon the expiration of such notice period. During such notice period, the Company may require that the Executive cease performing some or all of the Executive’s duties and/or not be present at the
Company’s offices and/or other facilities. 
 4.1.5 Definition of Termination Date. The date
upon which Executive’s employment and the Term terminate pursuant to this Section 4.1 shall be the Executive’s “Termination Date” for all purposes of this Agreement. 

4.2 Payments Upon a Termination Event. 

4.2.1 Entitlements Upon Termination for any Reason. Following any termination of the Executive’s
employment, the Company shall pay or provide to the Executive, or the Executive’s estate or beneficiary, as the case may be, (i) Base Salary earned through the Termination Date; (ii) the balance of any awarded (i.e., the amount and
payment of the specific award has been fully approved by the Company, including, where applicable, approval by the Parent’s Board’s Compensation Committee) but as yet unpaid, annual cash incentive or other incentive awards for any calendar
year prior to the calendar year during which the Executive’s Termination Date occurs provided, however, if the Executive’s employment is terminated by the Company for Cause, such incentive award, even if awarded, shall be
immediately forfeited if permitted under applicable law; (iii) a payment representing the Executive’s accrued but unused vacation; (iv) any vested, but not forfeited benefits on the Termination Date under the Company’s employee
benefit plans in accordance with the terms of such plans; and (v) benefit continuation and conversion rights to which the Executive is entitled under the Company’s employee benefit plans. 

4.2.2 Payments Upon Involuntary Termination by the Company Without Cause or Voluntary Termination of the Executive
with Good Reason. Following a termination by the Company without Cause or by the Executive for Good Reason, the Company shall pay or provide to the Executive in addition to the payments and benefits in Section 4.2.1 above: 

(i) Base Salary at the rate in effect on the Termination Date and continuing in installments for twelve (12) months
thereafter, payable at the same intervals at which active employees at the Executive’s level are paid; and 

(ii) an amount equal to one hundred percent (100%) of the Executive’s annual cash incentive payment at target,
payable once in a lump sum at the same time that the Company pays annual cash incentives to its active employees pursuant to its then current annual incentive program; and 

  
 4 

 (iii) twelve (12) months of continued health or medical benefit plan
coverage for the Executive and his authorized family following the Termination Date at active employee levels and costs, if and to the extent the Executive and/or his authorized family were participating in any such plans on the Termination Date;
and 
 (iv) executive level career transition assistance services by a firm selected by the Executive and
approved by the Company in an amount not to exceed €6,000 in the aggregate (which amount includes any applicable gross-up for any taxes due for such payment). 
 Notwithstanding any other provision of this Agreement, as consideration for the pay and benefits that the Company shall provide the Executive pursuant to this Section 4.2.2, the Executive shall
provide the Company an enforceable waiver and release agreement in a form that the Company normally requires. 

4.3 Change of Control. 

4.3.1 Definitions. 
 (i) Affiliated Company. For purposes of this Agreement, “Affiliated Company” means any company, directly or indirectly, controlled by, controlling or under common control with the
Parent. 
 (ii) Change of Control. For the purpose of this Agreement, a “Change of
Control” shall mean: 
 (A) The acquisition by any individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of voting
securities of the Parent where such acquisition causes such Person to own 20% or more of the combined voting power of the then outstanding voting securities of the Parent entitled to vote generally in the election of directors (the “Outstanding
Parent Voting Securities”), provided, however, that for purposes of this subparagraph (A), the following acquisitions shall not be deemed to result in a Change of Control: (I) any acquisition directly from the Parent or any
corporation or other legal entity controlled, directly or indirectly, by the Parent, (II) any acquisition by the Parent or any corporation or other legal entity controlled, directly or indirectly, by the Parent, (III) any acquisition by any employee
benefit plan (or related trust) sponsored or maintained by the Parent or any corporation or other legal entity controlled, directly or indirectly, by the Parent or (IV) any acquisition by any corporation pursuant to a transaction that complies with
clauses (I), (II) and (III) of subparagraph (C) below; and provided, further, that if any Person’s beneficial ownership of the Outstanding Parent Voting Securities reaches or exceeds 20% as a result of a transaction described in
clauses (I) or (II) above, and such Person subsequently acquires beneficial ownership of additional voting securities of the Parent, such subsequent acquisition shall be treated as an acquisition that causes such Person to own 20% or more of
the Outstanding Parent Voting Securities; or 
 (B) Individuals who, as of the date hereof, constitute the
Parent’s Board of Directors (such Board of Directors, the “Board”; such individuals, the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual
becoming a director subsequent to the date hereof whose election, or nomination for election by the Parent’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as
though such individual were a member of the 

  
 5 

 
incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the
election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or 
 (C) The approval by the shareholders of the Parent of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Parent (“Business
Combination”) or, if consummation of such Business Combination is subject, at the time of such approval by shareholders, to the consent of any government or governmental agency, the obtaining of such consent (either explicitly or implicitly by
consummation); excluding, however, such a Business Combination pursuant to which (I) all or substantially all of the individuals and entities who were the beneficial owners of the Outstanding Parent Voting Securities immediately prior to such
Business Combination beneficially own, directly or indirectly, more than 60% of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the
election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation that as a result of such transaction owns the Parent or all or substantially all of the
Parent’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Parent Voting Securities, (II) no Person (excluding
any (1) corporation owned, directly or indirectly, by the beneficial owners of the Outstanding Parent Voting Securities as described in subclause (I) immediately preceding, or (2) employee benefit plan (or related trust) of the Parent
or such corporation resulting from such Business Combination, or any of their respective subsidiaries) beneficially owns, directly or indirectly, 20% or more of, respectively, the then outstanding shares of common stock of the corporation resulting
from such Business Combination or the combined voting power of the then outstanding voting securities of such corporation except to the extent that such ownership existed prior to the Business Combination and (III) at least a majority of the members
of the board of directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination;
or 
 (D) approval by the shareholders of the Parent of a complete liquidation or dissolution of the Parent.

 (iii) Change of Control Period. For purposes of this Agreement, the “Change of Control
Period” shall mean the period commencing on the date of a Change of Control and ending on the twenty-fourth-month anniversary of such date. 
 (iv) Parent. For purposes of this Agreement, “Parent” shall mean Foster Wheeler AG, a Swiss corporation. 

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

4.3.2 Obligations of the Company upon Executive’s Voluntary Termination with Good Reason or the Company’s
Involuntary Termination of Executive Without 

  
 6 

 
Cause (Other Than for Death or Disability) During Change of Control Period. If, during the Change of Control Period, the Company terminates the Executive’s employment
without Cause (other than for death or Disability) or the Executive terminates his employment for Good Reason, the Company shall pay or provide to the Executive the following: 

(i) Accrued Obligations. The sum of (I) the Executive’s Annual Base Salary through the
Termination Date to the extent not theretofore paid, and (II) any compensation previously deferred by the Executive (together with any accrued interest or earnings thereon) and any accrued vacation pay, in each case, to the extent not theretofore
paid (the sum of the amounts described in subclauses (I) and (II), the “Accrued Obligations”), all in a lump sum in cash within 30 days following the Termination Date; and 

(ii) Base Salary. Base Salary at the rate in effect on the Termination Date and continuing in installments
for two (2) years thereafter, payable at the same intervals at which active employees at the Executive’s level are paid; and 
 (iii) Bonus. Two (2) payments, each in an amount equal to one hundred percent (100%) of the Executive’s annual cash incentive payment at target, one (1) of each such
payments being payable in each of the two (2) years following the Termination Date at the same time that the Company pays annual cash incentives to its active employees pursuant to its then current annual incentive program; and 

(iv) Medical Coverage. For two (2) years after the Executive’s Termination Date, or such longer
period as may be provided by the terms of the appropriate health or medical plan, program, practice or policy, the Company shall continue benefits to the Executive and/or the Executive’s authorized family at least equal to those which would
have been provided to them in accordance with the health or medical plans, programs, practices and policies if the Executive’s employment had not been terminated or, if more favorable to the Executive, and to the extent he otherwise is or
becomes eligible therefor, as in effect generally at any time thereafter with respect to other similarly situated peer executives of the Company and the Affiliated Companies and their authorized families, all at active employee costs; provided,
however, that if the Executive becomes reemployed with another employer and is eligible to receive health or medical benefits under another employer provided plan, the health and medical benefits described herein shall be secondary to those
provided under such other plan during such applicable period of eligibility. For purposes of determining eligibility (but not the time of commencement of benefits) of the Executive for any retiree benefits pursuant to such plans, practices, programs
and policies, the Executive shall be considered to have remained employed until the second anniversary of the Termination Date and to have retired on such second anniversary; and 

(v) Outplacement Services. The Company shall, at its sole expense as incurred, in an amount not to exceed
€6,000 in the aggregate (which amount includes any applicable gross-up for any taxes due for such payment), provide the Executive with outplacement services the scope and provider of which shall be selected by the Executive in the
Executive’s sole discretion; and 
 (vi) Other Benefits. To the extent not theretofore paid
or provided, the Company shall timely pay or provide to the Executive any other amounts or benefits required to be paid or provided or which the Executive is eligible to receive under any plan, program, policy or practice or contract or agreement of
the Company and the Affiliated Companies (such other amounts and benefits shall be hereinafter referred to as the “Other Benefits”). 
 4.3.3 Obligations of the Company upon Executive’s Death. If the Executive’s employment is terminated by reason of the Executive’s death during the Change of Control

  
 7 

 
Period, the Company shall provide the Executive’s estate or beneficiaries with the Accrued Obligations and the timely payment or delivery of the Other Benefits, and shall have no other
severance obligations under this Agreement. The Accrued Obligations shall be paid to the Executive’s estate or beneficiary, as applicable, in a lump sum in cash within 30 days of the Termination Date. With respect to the provision of Other
Benefits, the term “Other Benefits” as utilized in this Subsection 4.3.3 shall include, without limitation, and the Executive’s estate and/or beneficiaries shall be entitled to receive, benefits at least equal to the most favorable
benefits provided by the Company and the Affiliated Companies to the estates and beneficiaries of similarly situated peer executives of the Company and the Affiliated Companies under such plans, programs, practices and policies relating to death
benefits, if any, as in effect with respect to other similarly situated peer executives and their beneficiaries at any time during the 120-day period immediately preceding the Start Date or, if more favorable to the Executive’s estate and/or
the Executive’s beneficiaries, as in effect on the date of the Executive’s death with respect to other similarly situated peer executives of the Company and the Affiliated Companies and their beneficiaries. 

4.3.4 Obligations of the Company upon Executive’s Disability. If the Executive’s employment is
terminated by reason of the Executive’s “Disability” (defined to mean any physical or mental disability suffered by the Executive, whether total or partial, such that with or without reasonable accommodation, the Executive is unable
to perform his material duties for a period of not less than one hundred and eighty (180) consecutive days) during the Change of Control Period, the Company shall provide the Executive with the Accrued Obligations and the timely payment or
delivery of the Other Benefits, and shall have no other severance obligations under this Agreement. The Accrued Obligations shall be paid to the Executive in a lump sum in cash within 30 days of the Termination Date. With respect to the provision of
Other Benefits, the term “Other Benefits” as utilized in this Subsection 4.3.4 shall include and the Executive shall be entitled after the disability start date to receive, disability and other benefits at least equal to the most favorable
of those generally provided by the Company and the Affiliated Companies to similarly situated disabled executives and/or their families in accordance with such plans, programs, practices and policies relating to disability, if any, as in effect
generally with respect to other similarly situated peer executives and their families at any time during the 120-day period immediately preceding the Start Date or, if more favorable to the Executive and/or the Executive’s family, as in effect
at any time thereafter generally with respect to other similarly situated peer executives of the Company and the Affiliated Companies and their families. 
 4.3.5 Obligations of the Company upon Executive’s Voluntary Termination Without Good Reason or the Company’s Involuntary Termination of Executive With Cause During Change of Control
Period. If the Executive’s employment is terminated for Cause during the Change of Control Period, the Company shall provide to the Executive (i) the Executive’s Annual Base Salary through the Termination Date, (ii) the
amount of any compensation previously deferred by the Executive, and (iii) Other Benefits, in each case to the extent theretofore unpaid, and shall have no other severance obligations under this Agreement. If the Executive voluntarily
terminates employment during the Change of Control Period, excluding a termination for Good Reason, the Company shall provide to the Executive the Accrued Obligations and the timely payment or delivery of Other Benefits, and shall have no other
severance obligations under this Agreement. In such case, all Accrued Obligations shall be paid to the Executive in a lump sum in cash within 30 days of the Termination Date. 

4.4 No Mitigation. Upon termination of the Executive’s employment with the Company, the Executive shall
be under no obligation to seek other employment or otherwise mitigate the obligations of the Company under this Agreement. 
 5.
Protection of Confidential Information; Non-Competition; Non-Solicitation. 

  
 8 

 5.1 Confidential Information. The Executive acknowledges that
the Executive’s services will be unique, that they will involve the development of Company-subsidized relationships with key customers, suppliers, and service providers as well as with key Company employees and that the Executive’s work
for the Company will give the Executive access to highly confidential information not available to the public or competitors, including trade secrets and confidential marketing, sales, product development and other date and information which it
would be impracticable for the Company to effectively protect and preserve in the absence of this Section 5 and the disclosure or misappropriation of which could materially adversely affect the Company. Accordingly, the Executive agrees:

 5.1.1 except in the course of performing the Executive’s duties provided for in Section 1.1, not at
any time, whether before, during or after the Executive’s employment with the Company, to divulge to any other entity or person any confidential information acquired by the Executive concerning the Company’s or its subsidiaries’ or
affiliates’ financial affairs or business processes or methods or their research, development or marketing programs or plans, or any other of its or their trade secrets. The foregoing prohibitions shall include, without limitation, directly or
indirectly publishing (or causing, participating in, assisting or providing any statement, opinion or information in connection with the publication of) any diary, memoir, letter, story, photograph, interview, article, essay, account or description
(whether fictionalized or not) concerning any of the foregoing, publication being deemed to include any presentation or reproduction of any written, verbal or visual material in any communication medium, including any book, magazine, newspaper,
theatrical production or movie, or television or radio programming or commercial. In the event that the Executive is requested or required to make disclosure of information subject to this Section 5.1.1 under any court order, subpoena or other
judicial process, then, except as prohibited by law, the Executive will promptly notify the Company, take all reasonable steps requested by the Company to defend against the compulsory disclosure and permit the Company to control with counsel of its
choice any proceeding relating to the compulsory disclosure. The Executive acknowledges that all information, the disclosure of which is prohibited by this section, is of a confidential and proprietary character and of great value to the Company and
its subsidiaries and affiliates; and 
 5.1.2 to deliver promptly to the Company on termination of the
Executive’s employment with the Company, or at any time that the Company may so request, all confidential memoranda, notes, records, reports, manuals, drawings, software, electronic/digital media records, blueprints and other documents (and all
copies thereof) relating to the Company’s (and its subsidiaries’ and affiliates’) business and all property associated therewith, which the Executive may then possess or have under the Executive’s control. 

5.2 Company Protections. In consideration of the Company’s entering into this Agreement, the Executive
agrees that at all times during the Term and thereafter for twenty-four (24) months, in the event the executive’s employment is terminated pursuant to Section 4.3.2 hereof, or for twelve (12) months, in the event the
Executive’s employment terminates for any other reason, the Executive shall not, directly or indirectly, for Executive or on behalf of or in conjunction with, any other person, company, partnership, corporation, business, group, or other entity
(each, a “Person”): 
 5.2.1 Non-Competition: engage in any activity for or on behalf of
a Competitor, as director, employee, shareholder (excluding any such shareholding by the Executive of no more than 5% of the shares of a publicly-traded company), consultant or otherwise, which is the same as or similar to activity in which
Executive engaged at any time during the last two (2) years of employment by the Company; or 
 5.2.2
Non-Solicitation: (i) call upon any Person who is, at such Termination Date, engaged in activity on behalf of the Company or any subsidiary or affiliate of the Company for the

  
 9 

 
purpose or with the intent of enticing such Person to cease such activity on behalf of the Company or such subsidiary or affiliate; or (ii) solicit, induce, or attempt to induce any customer
of the Company or any subsidiary or affiliate of the Company to cease doing business in whole or in part with or through the Company or a subsidiary or affiliate, or to do business with any Competitor. 

For purposes of this Agreement, “Competitor” means a person or entity who or which is engaged in a material line of business
conducted by the Company and/or any subsidiary or affiliate of the Company. For purposes of this Agreement, “a material line of business conducted by the Company and/or any subsidiary or affiliate of the Company” means an activity of the
Company and/or any subsidiary or affiliate of the Company generating gross revenues to the Company and/or any subsidiary or affiliate of the Company of more than twenty-five million dollars ($25,000,000) in the immediately preceding fiscal year of
the Company. 
 5.3 Remedies and Injunctive Relief. If the Executive commits a breach or threatens
to breach any of the provisions of Section 5.1 or 5.2 hereof, the Company shall have the right and remedy to have the provisions of this Agreement specifically enforced by injunction or otherwise by any court having jurisdiction, it being
acknowledged and agreed that any such breach will cause irreparable injury to the Company in addition to money damage and that money damages alone will not provide a complete or adequate remedy to the Company, it being further agreed that such right
and remedy shall be in addition to, and not in lieu of, any other rights and remedies available to the Company under law or in equity. 
 5.4 Severability. If any of the covenants contained in Sections 5.1, 5.2 or 5.3, or any part thereof, hereafter are construed to be invalid or unenforceable, the same shall not affect the
remainder of the covenant or covenants, which shall be given full effect, without regard to the invalid portions. 
 5.5 Extension of Term of Covenants Following Violation. The period during which the prohibitions of Section 5.2 are in effect shall be extended by any period or periods during which the
Executive is in violation of Section 5.2. 
 5.6 Blue Penciling by Court. If any of the
covenants contained in Sections 5.1 or 5.2, or any part thereof, are held to be unenforceable, the parties agree that the court making such determination shall have the power to revise or modify such provision to make it enforceable to the maximum
extent permitted by applicable law and, in its revised or modified form, said provision shall then be enforceable. 
 5.7 Blue Penciling by One Court Not to Affect Covenants in Another State. The parties hereto intend to and hereby confer jurisdiction to enforce the covenants contained in Sections 5.1, 5.2
and 5.3 upon the courts of any state within the geographical scope of such covenants. In the event that the courts of any one or more of such states shall hold such covenants wholly unenforceable by reason of the breadth of such covenants or
otherwise, it is the intention of the parties’ hereto that such determination not bar or in any way affect the Company’s right to the relief provided above in the courts of any other states within the geographical scope of such covenants
as to breaches or such covenants in such other respective jurisdictions, the above covenants as they relate to each state being for this purpose severable into diverse and independent covenants. 

6. Intellectual Property. 
 6.1 Company’s Rights. Notwithstanding and without limiting the provisions of Section 5, the Company shall be the sole owner of all the products and proceeds of the Executive’s
services hereunder, including, but not limited to, all materials, ideas, concepts, formats, suggestions, 

  
 10 

 
developments, arrangements, packages, programs and other intellectual properties that the Executive may acquire, obtain, develop or create in connection with or during the Term, free and clear of
any claims by the Executive (or anyone claiming under the Executive) of any kind or character whatsoever (other than the Executive’s right to receive payments hereunder), the Executive shall, at the request of the Company, execute such
assignments, certificates or other instruments as the Company may from time to time deem necessary or desirable to evidence, establish, maintain, perfect, protect, enforce or defend its right, title or interest in or to any such properties.

 7. Indemnification. 
 7.1 General Rule. In addition to any rights to indemnification to which the Executive is entitled under the Company’s charter and by-laws, to the extent permitted by applicable law, the
Company will indemnify, from the assets of the Company supplemented by insurance in an amount determined by the Company, the Executive at all times, during and after the Term, and to the maximum extent permitted by applicable law, shall pay the
Executive’s expenses (including reasonable attorneys’ fees and expenses, which shall be paid in advance by the Company as incurred, subject to recoupment in accordance with applicable law) in connection with any threatened or actual
action, suit or proceeding to which the Executive may be made a party, brought by any shareholder of the Company directly or derivatively or by any third party by reason of any act or omission or alleged act or omission in relation to any affairs of
the Company or any subsidiary of affiliate of the Company of the Executive as an officer, director or employee of the Company or of any subsidiary or affiliate of the Company. The Company shall use its best efforts to maintain during the Term and
thereafter insurance coverage sufficient in the determination of the Company to satisfy any indemnification obligation of the Company arising under this Section 7. 
 8. Notices. 
 All notices, requests, consents and other
communications required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given if delivered personally, one day after sent by overnight courier or three days after mailed first class, postage prepaid, by
registered or certified mail, as follows (or to such other address as either party shall designate by notice in writing to the other in accordance herewith): 
 If to the Company, to: 
 Foster Wheeler Asia Pacific Pte. Ltd. 

32 Maxwell Road 

#02-03 Singapore 069115 
 Attention: Chief Legal Officer 
 with a copy to: 

Foster Wheeler AG 

c/o Foster Wheeler Inc. 
 Perryville Corporate Park 
 Clinton, NJ 08809-4000 

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

  
 11 

 9. General. 

9.1 Governing Law and Jurisdiction. This Agreement shall be governed by and construed and enforced in
accordance with the laws of Singapore applicable to agreements made between residents thereof and to be performed entirely in Singapore. Each party hereby irrevocably submits to the non-exclusive jurisdiction of the courts of Singapore. 

9.2 Headings. The section headings contained herein are for reference purposes only and shall not in any way
affect the meaning or interpretation of this Agreement. 
 9.3 Entire Agreement; Non-exclusivity.
This Agreement sets forth the entire agreement and understanding of the parties relating to the subject matter hereof, and supersedes all prior agreements, arrangements and understandings, written or oral, relating to the subject matter hereof. No
representation, promise or inducement has been made by either party that is not embodied in this Agreement, and neither party shall be bound by or liable for any alleged representation, promise or inducement not so set forth. 

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

9.4 Full Settlement. The Company’s obligation to make the payments provided for in this Agreement and
otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against the Executive or others. The Company agrees to pay as incurred
(within ten days following the Company’s receipt of an invoice from the Executive, which invoice the Executive must submit to the Company no later than March 1 of the year following the year in which the expenses were incurred), to the
full extent permitted by law, all legal fees and expenses which the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company, the Executive or others of the validity or enforceability of, or
liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus in each case interest on any delayed
payment at the rate provided for under applicable law. 

  
 12 

 9.5 Assignability. This Agreement, and the Executive’s
rights and obligations hereunder, may not be assigned by the Executive, nor may the Executive pledge, encumber or anticipate any payments or benefits due hereunder, by operation of law or otherwise. The Company may upon notice to Executive with
immediate effect assign its rights, together with its obligations, hereunder (i) to any affiliate or (ii) to a third party in connection with any sale, transfer or other disposition of all or substantially all of any business to which the
Executive’s services are then principally devoted, provided that no assignment pursuant to this Section 9.6 shall relieve the Company from its obligations hereunder to the extent the same are not timely discharged by such assignee.

 9.6 Assumption of Agreement by Successor. The Company will require any successor (whether direct
or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company
would be required to perform it if no such succession had taken place. 
 9.7 Survival. The
respective rights and obligations of the parties hereunder shall survive any termination of this Agreement or the Term to the extent necessary to the intended preservation of such rights and obligations. 

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

9.9 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed
to be an original but all of which together will constitute one and the same instrument. 
 9.10
Acknowledgement of Ability to Have Counsel Review. The parties acknowledge that this Agreement is the result of arm’s-length negotiations between sophisticated parties each afforded the opportunity to utilize representation by
legal counsel. Each and every provision of this Agreement shall be construed as though both parties participated equally in the drafting of same, and any rule of construction that a document shall be construed against the drafting party shall not be
applicable to this Agreement. 
 10. Free to Contract. 

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

  
 13 

 11. Subsidiaries and Affiliates. 

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

The Executive acknowledges and agrees (by executing this Agreement) to the collection, use, processing and transfer of certain personal
data as described in this Section. The Executive understands that he is not obliged to consent to such collection, use, processing and transfer of personal data. However, he also understands that failure to provide such consent may affect his
ability to receive some or all of the benefits and/or payments described in this Agreement. The Executive understands that the Company may hold certain personal information about him, including his name, social security number (or other tax
identification number) salary, nationality, job title, position evaluation rating along with details of benefits and/or payments described in or provided in connection with the Agreement (the “Data”). The Company, and/or its affiliates and
subsidiaries, may transfer Data amongst themselves as necessary for the purpose of implementation, administration and management of the Agreement and the benefits and/or payments described in or provided in connection with it (the
“Purpose”). The Company and/or any of its affiliates may further transfer Data to any third parties assisting the Company for the Purpose. These various recipients of Data may be located anywhere throughout the world. The Executive
authorizes these various recipients of Data to receive, possess, use, retain and transfer the Data, in electronic or other form, for the Purpose. The Executive understands that he may, at any time, review his Data and require any necessary
amendments to such Data. The Executive also understands that he may withdraw the consents to use Data herein by notifying the Company in writing; however, the also understands that by withdrawing his consent to use Data, he may affect his ability to
participate in the benefits and/or receive the payments described in or provided in connection with the Agreement. 
 [Space
Intentionally Left Blank] 

  
 14 

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

			
	FOSTER WHEELER ASIA PACIFIC PTE. LTD.
		
	By:	 	 /s/ Franco Aselmi

	Name:	 	F. Anselmi
	Title:	 	Managing Director

  

	
	ROBERTO PENNO
	
	 /s/ Roberto Penno

  
 15 

 EXHIBIT A 

Assignment Letter 
 We are pleased to confirm your overseas assignment to Foster Wheeler Energy Limited (FWEL) in Reading in accordance with the terms and conditions as detailed below: 

ASSIGNMENT DETAILS 
 Basis of
Assignment 
  

			
	 Client:/Host Company
	  	Foster Wheeler Energy Limited
		
	 Location:
	  	Reading, UK
		
	 Assignment Job Title:
	  	Managing Director, GSM, E&C Group
		
	 Status of Assignment:
	  	Single
		
	 Assignment Start Date:
	  	1st June 2009
		
	 Proposed End Date of Assignment:
	  	31st May 2011 or such earlier date as to which the Company provides the Executive 30 days written notice.

 Assignment Salary 
 You shall continue to receive your monthly salary per company’s procedure. The salary will be paid into your preferred bank account within or outside Singapore as opted by you. 

Mobility Bonus 
 A lump
sum sign-on bonus of US $50,000 will be paid at commencement of assignment. 
 Mobilization and Demobilization 

Mobilization and demobilization tickets (business class) will be provided by the company. Two (2) days travel is allowable each way.

 Settling-In 

The Company will pay for or reimburse actual and reasonable costs of temporary hotel lodging, food and transportation on a receipted basis
when permanent housing is not available. Expense report is required for reimbursement. Settling in limited to a maximum of 30 calendar days. 

Location Allowance 
 Not
applicable. 

  
 16 

 Accommodation & Utilities 

You will reside in an approved furnished apartment, one-bedroom suitable to accommodate your family (wife and 2 teenage children) whenever
they visit. 
 Local Transport 
 A sole use car will be provided in Reading. Fuels are reimbursed at costs upon presentation of expense report with documented receipts and bills. 
 Commuting Trips to Milan 
 Home leave is not applicable. However, you shall
be entitled to one (1) return trip (economy class) to Milan every month. One day travel is allowed. 
 Timing of leave has
to be agreed in advance to suit business schedules. 
 Personal Income Taxes Liability 

You will be tax-equalized during the assignment period. 
 In relation to the assignment period, the Host Company will be responsible for the payment and administration of your overseas personal income tax. You will be responsible for the Singapore hypothetical
tax as per attached tax calculation. This monthly tax equalization withholding will be recovered via the payroll. This is the only liability you have with regard to personal tax under this contract. 

In order for the Host Company to manage your overseas personal income tax on your behalf, you may be required to sign a form authorizing
the Host Company, or its agent, to act on your behalf. This may include applying for a local tax ID number and filing a tax return in the assignment location. The Host Company will use its external tax advisor to support this process. Where the
assignment location tax liability relates primarily to Assignment Related Employment Income, the Host Company will settle the liability in full in the first instance and seek any contribution due from you for any tax on personal income (not
employment related income). 
 Where appropriate you will receive a mobilization tax briefing in Singapore and in the assignment
location (by Tax Manager) to ensure you are familiar with your tax compliance obligations whilst on assignment. 
 As the Host
Company will be responsible for the cost of overseas taxes, the Host Company reserves the right to receive any amounts refunded from the Revenue Authorities that relate to this assignment. In the case of any monies being paid directly to you, this
may be recovered via either the payroll or payment of living allowance. 
 Relocation Expenses 

You will be reimbursed for all reasonable fees incurred in procuring passports, visas, medical examinations, immunization, vaccinations
and necessary photographs in preparation for travel and residence as an expatriate. 

  
 17 

 Shipping Costs and Personal Possessions 

Upon expatriation and repatriation, you will be reimbursed for the cost of accompanying baggage in excess of free allowance up to an
amount of $500 US; receipts are required. 
 Upon repatriation to your home country at the end of the assignment, the Company
will pay shipping costs for unaccompanied baggage of up to 3.0 cubic meters (gross) per authorized person for shipment by sea freight. 

Medical and Dental Expenses 
 Allowable medical costs will be borne by the company for the Executive and his dependents through the AIG insurance contract. Copy of the contract is attached. 

Schooling — Dependent Children 
 Day school fees (tuition and registration) and bus costs are paid by the company for 2 schooling children in Milan, Italy. The 2 year of private schooling privileges for kids starting in September 2009.
Reimbursement via expense report with documented receipts/bills. Books and uniforms are payable by the assignee. 
 Holidays 

UK local Public Holidays taken in lieu of Singapore Public Holidays. 
 Administration 
 During your assignment in Reading are required to submit
your time sheet on a seven-day basis as per company’s procedure. 
 Termination 

The assignment described in this Assignment Letter may be terminated by the Company on 30 days written notice. 

  
 18 

 EXHIBIT B 

 

	1.	CENTRAL PROVIDENT FUND 

Contribution to the Central Provident Fund (CPF) from both the Company and the Executive will apply at the rate applicable to Singapore
Citizen and Singapore Permanent Resident as amended from time to time. 
  

	2.	VACATION LEAVE 

 The
Executive shall be entitled to annual leave of twenty-five (25) working days within a calendar year. The annual leave entitlement will be pro-rated according to the completed month of service if the Executive’s employment with the Company
is less than a calendar year. 
 Annual leave shall be taken in accordance with the Company business requirements and with the
expressed approval of the CEO of the Global Engineering and Construction Business Group. 
  

	3.	HEALTH ASSISTANCE 

 The
Executive and his authorized family shall take up the individual health plan as recommended by the Company. The Company shall reimburse the Executive the annual insurance premium per insurance policy. 

Allowable medical costs will be borne by the Company for the Executive and his authorised family through the AIG insurance health plan (or
a generally similar successor plan). 
 Days of absence due to illness will be paid leave. The Executive is entitled to a maximum
of fourteen (14) days of sick leave per year and sixty (60) days per year hospitalization leave, including the 14 days’ outpatient sick leave, if hospitalization is required. Medical certificate is to be presented for verification.

 Days of sick leave and hospitalization leave besides the maximum limits above indicated will not be paid. 

 

	4.	PERSONAL ACCIDENT INSURANCE 

 The Executive is covered against death and permanent disability arising out of accident worldwide 24 hours per day. The coverage is S$800,000 maximum. 

 

	5.	PUBLIC HOLIDAYS 

 The
Executive shall be entitled to 11 days of paid Public Holidays, unless an applicable Assignment Letter provides otherwise. 

  
 19 

 Basic Tax Calculator for Tax Resident individuals 

Name of Employee: Roberto Penno (#2248) 

Employment/assignment period: 12 months 
  

															
	 	  	S$	 	  	 	  	 	 	  	 	 
	 INCOME
	  				  		  				  			
	 Employment income
	  	 	374,000	  	  		  				  			
	 Less: Employment expenses
	  				  		  				  			
	 TOTAL EMPLOYMENT INCOME
	  	 	374,000	  	  		  				  			
	 Add: OTHER INCOME
	  				  		  				  			
	 Annuity (recurring annual payments)
	  				  		  				  			
	 Business income
	  				  		  				  			
	 Charge (alimony/maintenance payments)
	  				  		  				  			
	 Estate/trust income
	  				  		  				  			
	 Pension
	  				  		  				  			
	 Rent & net annual value (NAV from property)
	  				  		  				  			
	 Royalty
	  				  		  				  			
	 Withdrawal from Supplementary Retirement Scheme (SRS)
	  				  		  				  			
		  	  
	  
	 	  		  				  			
	 TOTAL INCOME
	  	 	374,000	  	  		  				  			
	 Less: DONATIONS
	  				  		  				  			
	 ASSESSABLE INCOME
	  	 	374,000	  	  		  				  			
	 Less: PERSONAL RELIEFS
	  				  		  				  			
	 Course fees relief
	  				  		  				  			
	 CPF cash top-up relief (self, dependent & Medisave acct.)
	  				  		  				  			
	 CPF/provident Fund relief
	  				  		  				  			
	 Earned income relief
	  	 	1,000	  	  		  				  			
	 Foreign maid levy relief
	  				  		  				  			
	 Grandparent caregiver relief
	  				  		  				  			
	 Handicapped brother/sister relief
	  				  		  				  			
	 Life insurance relief
	  				  		  				  			
	 Human (Self/wife/parent) relief
	  				  		  				  			
	 Parents/handicapped parents relief
	  				  		  				  			
	 Qualifying/handicapped child relief
	  	 	8,000	  	  		  				  			
	 Supplementary Retirement Scheme (SRS) relief
	  				  		  				  			
	 Wife/handicapped spouse relief
	  	 	2,000	  	  		  				  			
	 Working mother’s child relief
	  				  		  				  			
	 CHARGEABLE INCOME
	  	 	363,000	  	  		  				  			
	 Tax Payable on Chargeable Income
	  	 	51,300.00	  	  		  				  			
	 First 320,000
	  	 	42,700.00	  	  		  				  			
	 Next 20% of the balance
	  	 	8,600.00	  	  		  				  			
	 Less: Tax credit and other reliefs (if applicable)
	  				  		  				  			
		  	  
	  
	 	  		  				  			
	 Tax Payable/Repayable before rebate
	  	 	51,300.00	  	  		  				  			
	 Less: One-Off Personal Tax Rebate (20%)
	  	 	2,000.00	  	  		  				  			
		  	  
	  
	 	  		  				  			
	 Tax Payable/Repayable offer One-Off Personal Tax Rebate
	  	 	49,300.00	  	  		  				  			
	 Less: Parenthood Tax Rebate
	  				  		  				  			
		  				  	Euro 1 = SGD2.0271	  	  			
		  	  
	  
	 	  		  				  			
	 NET TAX PAYABLE/REPAYABLE
	  	 	49,300.00	  	  		  	 	24,320	  	  			
		  	  
	  
	 	  		  	  
	  
	 	  			
		  	 	4,108	  	  		  	 	2,026	  	  	 	per month	  
		  				  		  	  
	  
	 	  			
	To be deducted monthly via payroll

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00227-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00227-of-00352.parquet"}]]