Document:

<PAGE>

                                                                    EXHIBIT 10.4

                           ENZON PHARMACEUTICALS, INC.
               NON-QUALIFIED STOCK OPTION CERTIFICATE & AGREEMENT

                                                    Grant Date:

                                                    Certificate No.:

<TABLE>
<CAPTION>
         -------------------------------------------------------------------------------------------------

                                          SUMMARY GRANT INFORMATION
         --------------------------------------------- ---------------------------------------------------
         <S>                                           <C>

         RECIPIENT:
         --------------------------------------------- ---------------------------------------------------

         NUMBER OF SHARES:
         --------------------------------------------- ---------------------------------------------------

         EXERCISE PRICE:
         --------------------------------------------- ---------------------------------------------------

         PLAN:                                         2001 Incentive Stock Plan
         --------------------------------------------- ---------------------------------------------------

         TERMINATION DATE:                             ____________________ (subject to earlier
                                                       termination, as set forth below)
         --------------------------------------------- ---------------------------------------------------

<CAPTION>
         -------------------------------------------------------------------------------------------------
                                            VESTING INFORMATION
         --------------------------------------------- ---------------------------------------------------
                                                        Number of Shares at to which the Option Becomes
                             Date                                         Exercisable
         --------------------------------------------- ---------------------------------------------------
         <S>                                           <C>

         --------------------------------------------- ---------------------------------------------------

         --------------------------------------------- ---------------------------------------------------

         --------------------------------------------- ---------------------------------------------------

         --------------------------------------------- ---------------------------------------------------
</TABLE>

         In accordance with the terms and conditions of the 2001 Incentive Stick
Plan (the "Plan") and the mutual promises and undertakings contained in the
attached pages, intending to be legally bound, the parties hereto agree to the
provisions set forth in the Option Terms attached hereto.

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date set forth above.

ENZON PHARMACEUTICALS, INC.                          RECIPIENT

By:_________________________________                  __________________________
      Name:                                           Name:
      Title:

<PAGE>

                            2001 INCENTIVE STOCK PLAN
                                  OPTION TERMS

         1. Grant of Option. The Company hereby grants Recipient the right and
option (the "Option") to purchase all or any part of an aggregate of the number
of shares of the Company's common stock, par value $0.01 per share (the "Common
Stock") set forth above, at the price per share set forth above (the "Exercise
Price") on the terms and conditions set forth in this Agreement and in the Plan.
It is understood and agreed that the Exercise Price is the per share Fair Market
Value (as defined in the Plan) of such shares on the date of this Agreement. The
Option is not intended to be an Incentive Stock Option within the meaning of
Section 422 of the Internal Revenue Code of 1986, as amended (the "Code"). The
Option is issued pursuant to the Plan and is subject to its terms. A copy of the
Plan has been furnished to Recipient. Recipient hereby confirms he/she has
received and thoroughly read the Plan. The Company invites and encourages
Recipient to contact any member of the Company's Human Resources Department with
any questions he/she may have regarding the Plan or this Agreement.

         2. Expiration. The Option shall terminate at the close of business on
the termination date set forth above or earlier as is prescribed herein.
Recipient shall not have any of the rights of a shareholder with respect to the
shares subject to the Option until such shares shall be issued to Recipient upon
the proper exercise of the Option.

         3. Vesting of Option Rights. Except as otherwise provided in Section 5
of this Agreement, the Option shall become exercisable in portions in accordance
with the schedule set forth above.

         4. Exercise of Option after Termination of Employment/Directorship. The
Option shall terminate and may no longer be exercised if Recipient ceases to be
employed by the Company or its subsidiaries, or, in the case of a Director,
ceases to sit on the Company's board of directors, except that:

                  (a) If Recipient's employment or directorship shall be
         terminated for any reason, voluntary or involuntary, other than for
         "Cause" (as defined in Section 6(d) hereof) or Recipient's death or
         disability (as set forth in Section 4(c) hereof), Recipient may at any
         time within a period of 12 months after such termination exercise the
         Option to the extent the Option was exercisable by Recipient on the
         date of the termination of Recipient's employment or directorship.

                  (b) If Recipient's employment or directorship is terminated
         for Cause (as defined in Section 6(d) hereof), the Option shall be
         terminated as of the date of termination of Recipient's employment or
         directorship.

                  (c) If Recipient shall die while the Option is still
         exercisable according to its terms, or if Recipient's employment or
         directorship is terminated because Recipient has become disabled
         (within the meaning of Code Section 22(e)(3)) while in the employ of
         the Company, or while sitting on the Company's board of directors, and
         Recipient shall not have fully exercised the Option, such Option may be
         exercised at any time within 12 months after the latter of Recipient's
         death or date of termination of employment or directorship for
         disability by Recipient, by his/her personal representatives or
         administrators, or by his/her guardians, as applicable, or by any
         person or persons to whom the Option is transferred by will or the
         applicable laws of descent and distribution, to the extent of the full
         number of shares Recipient was entitled to purchase under the Option on
         the date of death or, if earlier, date of termination for such
         disability.

<PAGE>

                  (d) Notwithstanding the above, in no case may the Option be
         exercised to any extent by anyone after the termination date of the
         Option.

         5. Acceleration of Exercisability Upon Change in Control.

                  (a) Notwithstanding any installment or delayed exercise
         provision contained in this Agreement that would result in the Option
         becoming exercisable in full or in part at a later date, upon the
         occurrence of a "Change in Control" (as defined below) during the time
         Recipient is employed by the Company, or sits on the Company's board of
         directors, then all or any portion of the Option which has not vested
         in accordance with the terms of Section 3 of this Agreement as of the
         effective date of such Change in Control (the "Non-Vested Portion")
         shall vest immediately prior to such effective date and the Option will
         continue to remain exercisable in accordance with the terms herein.

                  (b) if the Option is continued pursuant to Section 5(a) or
         10(e) hereof, and the shares of Common Stock issuable upon exercise of
         the Option (to the extent the Continuing Directors have not elected
         either of the determinations in Section 5(c) hereof) are replaced with
         other equity securities, such other securities must be registered under
         the Securities Act of 1933 and be freely transferable under all
         applicable federal and state securities laws and regulations. In such
         event, the number of shares issuable upon exercise of the Option shall
         be determined by using the exchange ratio used for other outstanding
         shares of the Company's Common Stock in connection with the Change in
         Control, or if there is no such ratio, an exchange ratio to be
         determined by the Continuing Directors, and the exercise price per
         share shall be adjusted accordingly so as to preserve the same economic
         value in the Option as existed prior to the Change in Control. Also in
         the event of any such Change in Control, all references herein to the
         Common Stock shall thereafter be deemed to refer to the replacement
         equity securities issuable upon exercise of the Option, references to
         the Company shall thereafter be deemed to refer to the issuer of such
         replacement securities, and all other terms of the Option shall
         continue in effect except as and to the extent modified by this Section
         5(b).

                  (c) Notwithstanding any contrary provision in this Agreement
         or in the Plan, if a Change in Control shall occur, the Continuing
         Directors in their sole discretion, and without the consent of
         Recipient, (i) may determine that Recipient shall receive, in lieu of
         some or all of the shares of Common Stock subject to the Option, as of
         the effective date of any such Change in Control, cash in an amount
         equal to the excess of the Fair Market Value of such shares on the
         effective date of such Change in Control over the Exercise Price,
         subject to any applicable withholding for income or payroll taxes
         and/or (ii) terminate the Option to the extent it is not exercised as
         of the date of any such Change in Control (in which event, the holder
         of the Option shall be provided a reasonable opportunity to exercise
         all or any portion of the Option prior to the effective date of the
         Change in Control).

         6. Definitions. For purposes hereof, the following terms shall have the
definitions set forth below:

                                       2
<PAGE>

                  (a) "Change in Control" shall mean:

                           (i) the public announcement (which, for purposes of
                  this definition, shall include, without limitation, a report
                  filed pursuant to Section 13(d) of the Securities Exchange Act
                  of 1934, as amended (the "Exchange Act") that any person,
                  entity or "group", within the meaning of Section 13(d)(3) or
                  14(d)(2) of the Exchange Act, other than the Company or any of
                  its subsidiaries, has become the beneficial owner (within the
                  meaning of Rule 13d-3 promulgated under the Exchange Act) of
                  35% or more of the combined voting power of the Company's then
                  outstanding voting securities in a transaction or series of
                  transactions; or

                           (ii) the "Continuing Directors" (as defined below)
                  cease to constitute a majority of the Company's board of
                  directors; or

                           (iii) the shareholders of the Company approve:

                                    (A) any consolidation or merger of the
                           Company in which the Company is not the continuing or
                           surviving corporation, other than a merger of the
                           Company in which shareholders of the Company
                           immediately prior to the merger have the same
                           proportionate ownership of stock of the surviving
                           corporation immediately after the merger; or

                                    (B) any consolidation or merger of the
                           Company following which either the Company or a
                           corporation that, prior to the merger or
                           consolidation, was a subsidiary of the Company, shall
                           be the surviving entity and a majority of the then
                           outstanding voting securities of the Company (the
                           "Outstanding Company Voting Securities") is owned by
                           a Person or Persons (as defined in Section 13(d)(3)
                           or 14(d)(2) of the Securities Exchange Act of 1934,
                           as amended) who were not "beneficial owners" of a
                           majority of the Outstanding Company Voting Securities
                           immediately prior to such merger or consolidation;

                           (iv) any sale, lease, exchange or other transfer (in
                  one transaction or a series of related transactions) of all or
                  substantially all of the assets of the Company; or

                           (v) any plan of liquidation or dissolution of the
                  Company; or

                           (vi) the majority of the Continuing Directors
                  determine in their sole and absolute discretion that there has
                  been a change in control of the Company.

                  (b) "Continuing Director" shall mean any person who is a
         member of the board of directors of the Company, who, while such a
         person is a member of the board of directors, is not an Acquiring
         Person (as hereinafter defined) or an Affiliate or Associate (as
         hereinafter defined) of an Acquiring Person, or a representative of an
         Acquiring Person or of any such Affiliate or Associate, and who (A) was
         a member of the board of directors on the date of this Agreement or (B)
         subsequently becomes a member of the board of directors, if such
         person's initial nomination for election or initial election to the
         board of directors is recommended or approved by a majority of the
         Continuing Directors.

                                       3
<PAGE>

                  (c) "Acquiring Person" shall mean any "person" (as such term
         is used in Sections 13(d) and 14(d) of the Exchange Act) who or which,
         together with all Affiliates and Associates of such person, is the
         "beneficial owner" (as defined in Rule 13d-3 promulgated under the
         Exchange Act), directly or indirectly, of securities of the Company
         representing 35% or more of the combined voting power of the Company's
         then outstanding securities, but shall not include the Company, or any
         subsidiary of the Company; and "Affiliate" and "Associate" shall have
         the respective meanings ascribed to such terms in Rule 12b-2
         promulgated under the Exchange Act.

                  (d) For purposes of this Agreement, termination of employment
         or directorship for "Cause" shall mean termination by the Company (or
         any successor company or affiliated entity with which Recipient is then
         employed or sits on the board of directors) of Recipient's employment
         or directorship based upon (i) the willful and continued failure by
         Recipient substantially to perform his or her duties and obligations
         (other than any such failure resulting from his or her incapacity due
         to physical or mental illness), (ii) the Recipient's conviction or plea
         bargain in connection with the commission or alleged commission of any
         felony or gross misdemeanor involving moral turpitude, fraud or
         misappropriation of funds, or (iii) the willful engaging by Recipient
         in misconduct which causes substantial injury to the Company (or any
         successor company or affiliated entity with which Recipient is then
         employed or sits on the board of directors), its employees, directors
         or clients, whether monetarily or otherwise. For purposes of this
         paragraph, no action or failure to act on Recipient's part shall be
         considered "willful" unless done, or omitted to be done, by Recipient
         in bad faith and without reasonable belief that his or her action or
         omission was in the best interests of the Company (or any successor
         company or affiliated entity with which Recipient is then employed or
         sits on the board of directors).

         7. Transfer and Assignment. The Option may only be transferred or
assigned in accordance with subsection 10(d) of this Agreement.

         8. Method of Exercise of Option. Subject to the foregoing and the other
terms and conditions hereof, and provided that the sale of the Company's shares
pursuant to such exercise will not violate any state or federal securities or
other laws, the Option may be exercised in whole or in part from time to time by
Recipient or other proper party serving written notice of exercise on the
Company at its principal office within the period during which the Option is
exercisable as provided in this Agreement. The notice shall state the number of
shares as to which the Option is being exercised and shall be accompanied by
payment in full of the Exercise Price for all shares designated in the notice.
Payment of the Exercise Price shall be made in cash (including bank check,
personal check or money order payable to the Company), or, with the approval of
the Company (which may be given in its sole discretion), by delivering to the
Company for cancellation shares of the Company's Common Stock already owned by
Recipient having a Fair Market Value equal to the full purchase price of the
shares being acquired or a combination of cash and such shares.

         9. Forfeiture of Option and Option Gain Resulting From Certain
Activities.

                                       4
<PAGE>

                  (a) IF, AT ANY TIME THAT (I) IS WITHIN TWO (2) YEARS AFTER THE
         DATE THAT RECIPIENT HAS EXERCISED THE OPTION OR (II) IS WITHIN TWO (2)
         YEARS AFTER THE DATE OF THE TERMINATION OF RECIPIENT'S EMPLOYMENT WITH
         THE COMPANY FOR ANY REASON WHATSOEVER WHILE AN OPTION AGREEMENT UNDER
         THE PLAN IS IN EFFECT, WHICHEVER IS LONGER, RECIPIENT ENGAGES IN ANY
         FORFEITURE ACTIVITY (AS DEFINED BELOW) THEN (I) THE OPTION SHALL
         IMMEDIATELY TERMINATE EFFECTIVE AS OF THE DATE ANY SUCH ACTIVITY FIRST
         OCCURRED, AND (II) ANY GAIN RECEIVED BY RECIPIENT PURSUANT TO THE
         EXERCISE OF THE OPTION GRANTED HEREUNDER MUST BE PAID TO THE COMPANY
         WITHIN 30 DAYS OF DEMAND BY THE COMPANY. FOR PURPOSES HEREOF, THE GAIN
         ON ANY EXERCISE OF THE OPTION SHALL BE DETERMINED BY MULTIPLYING THE
         NUMBER OF SHARES PURCHASED PURSUANT TO THE OPTION TIMES THE EXCESS OF
         THE FAIR MARKET VALUE OF A SHARE OF THE COMPANY'S COMMON STOCK ON THE
         DATE OF EXERCISE (WITHOUT REGARD TO ANY SUBSEQUENT INCREASE OR DECREASE
         IN THE FAIR MARKET VALUE) OVER THE EXERCISE PRICE.

                  (b) AS USED HEREIN, RECIPIENT SHALL BE DEEMED TO HAVE ENGAGED
         IN A FORFEITURE ACTIVITY IF RECIPIENT (I) BREACHES ANY NON-COMPETE OR
         NON-DISCLOSURE AGREEMENT BETWEEN THE COMPANY AND THE RECIPIENT OR (II)
         FAILS TO HOLD IN A FIDUCIARY CAPACITY FOR THE BENEFIT OF THE COMPANY
         ALL CONFIDENTIAL, PROPRIETARY OR TRADE SECRET INFORMATION, KNOWLEDGE
         AND DATA, INCLUDING RESEARCH AND DEVELOPMENT INFORMATION, FINANCIAL
         INFORMATION, SALES OR MARKETING INFORMATION, TECHNICAL INFORMATION
         CUSTOMER LISTS AND INFORMATION, BUSINESS PLANS AND BUSINESS STRATEGY
         ("CONFIDENTIAL DATA") RELATING IN ANY WAY TO THE BUSINESS OF THE
         COMPANY FOR SO LONG AS SUCH CONFIDENTIAL DATA REMAINS CONFIDENTIAL.

                  (c) IF ANY COURT OF COMPETENT JURISDICTION SHALL DETERMINE
         THAT THE FOREGOING FORFEITURE PROVISION IS INVALID IN ANY RESPECT, THE
         COURT SO HOLDING MAY LIMIT SUCH COVENANT EITHER OR BOTH IN TIME, IN
         AREA OR IN ANY OTHER MANNER WHICH THE COURT DETERMINES SUCH THAT THE
         COVENANT SHALL BE ENFORCEABLE AGAINST RECIPIENT. RECIPIENT ACKNOWLEDGES
         THAT THE REMEDY OF LAW FOR ANY BREACH OF THE COVENANT NOT TO COMPETE
         REFERENCED ABOVE WILL BE INADEQUATE TO PROTECT THE COMPANY'S INTERESTS
         AND COMPENSATE FOR THE HARM FLOWING FROM SUCH BREACH, AND THAT THE
         COMPANY SHALL BE ENTITLED, IN ADDITION TO ANY REMEDY OF LAW, TO
         PRELIMINARY AND PERMANENT INJUNCTIVE RELIEF.

         10. Miscellaneous.

                  (a) In the event that any provision of this Agreement
         conflicts with or is inconsistent in any respect with the terms of the
         Plan, the terms of the Plan shall control.

                  (b) Neither the Plan nor this Agreement shall (i) be deemed to
         give any individual a right to remain either an employee or member of
         the board of directors of the Company, (ii) restrict the right of the
         Company or its shareholders to discharge any employee or member of the
         board of directors, with or without cause, or (iii) be deemed to be a
         written contract of employment or directorship.

                  (c) The exercise of all or any parts of the Option shall only
         be effective at such time that the sale of shares of Common Stock
         pursuant to such exercise will not violate any state or federal
         securities or other laws.

                                       5
<PAGE>

                  (d) The Option shall not be transferred, except by will or the
         laws of descent and distribution to the extent provided in Section
         4(c), and, except for as provided in the Plan or this Agreement, during
         the Recipient's lifetime the Option is exercisable only by the
         Recipient. Notwithstanding the foregoing, Recipient may transfer the
         Option to any Family Member, provided, however, that (i) Recipient may
         not receive any consideration for such transfer, (ii) the Family Member
         must agree in writing not to make any subsequent transfers of the
         Option other than by will or the laws of the descent and distribution
         and (iii) the Company receives prior written notice of such transfer.
         For purposes of this Section 10(d), the definition of Family Member
         shall be the definition adopted by the Committee administering the Plan
         as of the date of the attempted transfer of the Option.

                  (e) If there shall be any change in the Common Stock subject
         to the Option through merger, consolidation, reorganization,
         recapitalization, dividend or other distribution, stock split or other
         similar corporate transaction or event of the Company, appropriate
         adjustments shall be made by the Company in the number and type of
         shares (or other securities or other property) and the price per share
         of the shares subject to the Option in order to prevent dilution or
         enlargement of the Option rights granted hereunder; provided, however,
         that the number of shares subject to the Option shall always be a whole
         number.

                  (f) The Company shall at all times during the term of the
         Option reserve and keep available such number of shares of the
         Company's Common Stock as will be sufficient to satisfy the
         requirements of this agreement.

                  (g) In order to provide the Company with the opportunity to
         claim the benefit of any income tax deduction which may be available to
         it upon the exercise of the Option and in order to comply with all
         applicable federal or state income tax laws or regulations, the Company
         may take such action as it deems appropriate to insure that, if
         necessary, all applicable federal or state payroll, withholding, income
         or other taxes are withheld or collected from Recipient.

                  (h) The Company, in its sole and absolute discretion, may
         allow Recipient to satisfy Recipient's federal and state income tax
         withholding obligations upon exercise of the Option by (i) having the
         Company withhold a portion of the shares of Common Stock otherwise to
         be delivered upon exercise of the Option having a Fair Market Value
         equal to the amount of federal and state income tax required to be
         withheld upon such exercise, in accordance with such rules as the
         Company may from time to time establish, or (ii) delivering to the
         Company shares of its Common Stock other than the shares issuable upon
         exercise of the Option with a Fair Market Value equal to such taxes, in
         accordance with such rules.

                                       6Prepared and filed by St Ives Financial

Exhibit 10.1

EMPLOYMENT AGREEMENT

          EMPLOYMENT AGREEMENT (this “Agreement”) dated as of October 10, 2005, between FOSTER WHEELER LTD., a Bermuda company (the “Company”), and Peter J. Ganz (the “Executive”).

          The Executive and the Company wish to enter into 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, in the capacity
          of Executive Vice President and General Counsel of the Company and to
          perform such other duties consistent with such position (including service
          as a director or officer of any affiliate of the Company if elected)
          as may be assigned by the Chairman, President and Chief Executive Officer;
          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. The Executive’s title shall be Executive Vice
          President and General Counsel, or such other titles of at least equivalent
          level consistent with the Executive’s duties from time to time
          as may be assigned to the Executive by the Company consistent with
          such position, and the Executive shall have all authorities as are
          customarily
          and ordinarily exercised by executives in similar positions in similar
          businesses of similar size in the United States. 

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     Location.
            The duties to be performed by the Executive hereunder shall be performed
            primarily at the Company’s offices in Clinton, New Jersey, subject
            to reasonable travel requirements consistent with the nature of the Executive’s
            duties from time to time on behalf of the Company. The Executive shall
            keep Executive’s primary residence within reasonable daily commute
          of the Clinton, New Jersey area throughout the Term.

2.     Term of Employment. 

 2.1     Term.
        The term of the Executive’s employment under this Agreement (the “Term”)
        shall commence on October 10, 2005 (the “Effective Date”),
        and shall end on the date on which the Term is terminated pursuant to
        Section 4.

2

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,
        payable monthly in arrears, at the initial annual rate of Four Hundred
        and Twenty-Five Thousand Dollars ($425,000.00) (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.
        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.  

 3.2.1     Executive
        shall be eligible to participate, as determined by the Compensation Committee
        of the Board of Directors of the Company (the “Board”), in
        the Company’s annual incentive program as in effect from time to
        time for executives at the Executive’s level. Initially, the Executive’s
        participation shall be in the discretionary bonus program designated
        the “Foster Wheeler Annual Incentive Plan for 2002 and Subsequent
        Years.” The Executive shall be eligible for an annual incentive
        bonus at a target opportunity of seventy percent (70%) of Base Salary
        (up to a maximum opportunity of two hundred and ten percent (210%) of
        Base Salary) based upon the achievement of certain business unit objectives
        established in advance by the Chairman. The actual amount of any annual
        incentive 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 incentive
        bonus in any year.  

3.2.2     The
        Company shall pay to the Executive on the Effective Date a signing bonus
        in the amount of Five Hundred Thousand Dollars ($500,000.00) (the “Signing
        Bonus”). If the Company terminates the Executive for Cause (as
        defined below) or if the Executive terminates employment with the Company
        other than with Good Reason (as defined below), in either event before
        the first anniversary of the Effective Date, the Executive shall repay
        to the Company, within thirty (30) days of such termination, the gross
        amount of the Signing Bonus on a pro-rated basis by multiplying the Signing
        Bonus by a fraction, the numerator of which is the number of calendar
        days from the date of termination of employment to the first anniversary
        of the Effective Date and the denominator of which is three hundred and
        sixty-five (365). 

3.3     Long-Term
          Incentive. Executive will receive the following: 

3.3.1     A
        grant of a number of shares of Common Stock with an aggregate fair market
        value, determined by the average of the high and low prices of a share
        of Common Stock on October 7, 2005, of $521,645.00 (the “Restricted
        Stock”). The Restricted Stock will be granted under a Restricted
        Stock Plan on terms and conditions substantially the same as applicable
        to those applicable to grants under the Foster Wheeler Ltd. Management
        Restricted Stock Plan. The Restricted Stock will be issued either on
        the Effective Date, or as soon thereafter as the Company can complete
        the filing of an effective registration statement with the Securities
        and Exchange Commission on Form S-8 covering the issuance of the Restricted
        Stock. 

3

3.3.2     A
        grant of options to purchase 52,165 shares of Common Stock (the “Options”).
        The Options will be granted under the Foster Wheeler Ltd. 2004 Stock
        Option Plan, and for purposes of such Plan (a) the Options will be Nonstatutory
        Options, (b) the Exercise Price will be equal to the average of the high
        and low prices of a share of Common Stock on October 7, 2005, and
        (c) the Expiration Date will be the last business day immediately preceding
        the third anniversary of your first day of employment. The Options will
        be issued on the Effective Date.  

Thirty-three and one third percent (33-1/3%) of both the Restricted Stock and the Options will vest on December 31, 2005, and the remaining 66 2/3% will vest on December 31, 2006, provided Executive is still employed on such dates, and subject to the remaining provisions of the Restricted Stock and Stock Option Plans. 

The Restricted Stock and Options will constitute Executive’s long-term incentive opportunity for the remainder of 2005 and 2006.  Commencing with 2007, Executive will be entitled to a long term incentive value opportunity equivalent to 1.5 times Base Salary per year, the form and conditions of which will be established by the Compensation Committee.

The Restricted Stock and Options will be governed by separate agreements entered into between Executive and the Company, and in the event of any inconsistency between such separate agreements and the terms of this Agreement (including, but not limited to, Section 4.2.2(iv)), the separate agreements shall govern and control.  For avoidance of doubt, nothing in the preceding sentence shall be construed to limit the application of any provision of such separate agreements that expressly refers to and incorporates a provision of this Agreement.

3.4     Business Expenses.  The Company shall pay or reimburse the Executive for all reasonable expenses actually incurred or paid by the Executive during the Term in the performance of the Executive’s services under this Agreement, subject to and in accordance with applicable expense reimbursement and related policies and procedures as in effect from time to time.

3.5     Vacation.  During the Term, the Executive shall be entitled to an annual paid vacation period or periods in accordance with the applicable executive vacation policy as in effect from time to time.

3.6     Benefits and Perquisites.  

3.6.1     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 of the Company as from time to time in effect and on a basis no less favorable than any other executive at the Executive’s level.

3

3.6.2     During the Term, the Executive shall be entitled to receive the following perquisites:

(i)     Company-furnished automobile or automobile allowance at a level no less favorable than any other executive at the Executive’s level;

(ii)     Reimbursement net of taxes for the cost of annual financial planning services at a level no less favorable than any other executive at the Executive’s level;

(iii)     Reimbursement net of taxes on a one-time basis for legal expenses associated with estate planning at a level no less favorable than any other executive at the Executive’s level;

(iv)     Facsimile machine for use at the Executive’s home; and

(v)     Annual physical examination at a level no less favorable than any other executive at the Executive’s level.

               3.7     Change of Control.  The Executive shall be covered under the Company’s Change in Control Agreement as in effect from time to time for executives at the Executive’s level.  Any amounts and/or benefits payable, paid or provided to the Executive under such Change in Control Agreement shall be in lieu of and not in addition to amounts and/or benefits payable or provided under this Agreement.  This Agreement is not intended to preclude benefits payable under the Change in Control Agreement should the events described therein occur.

4.     Termination.

4.1     Termination Events.  

4.1.1     Executive’s employment and the Term shall terminate immediately upon the occurrence of any of the following:

(i)     the death of the Executive;

(ii)     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)     notice
    of termination for “Cause”.  As used herein, “Cause” means
    (i) conviction of a felony; (ii) actual or attempted theft or embezzlement
    of Company assets; (iii) use of illegal drugs; (iv) material breach of the
    Agreement that the Executive has not cured within thirty (30) days after
    the Company has provided the Executive notice of the material breach which
    shall be given within sixty (60) days of the Company’s knowledge of the occurrence
    of the material breach; (v) commission of an act of moral turpitude that
    in the judgment of the Board can reasonably be expected to have an adverse
    effect on the business, reputation or financial situation of the Company
    and/or the ability of the Executive to perform the Executive’s duties; (vi)
    gross negligence or willful misconduct in performance of the Executive’s
    duties; (vii) breach of fiduciary duty to the Company; or (viii) willful
    refusal to perform the duties of Executive’s titled position. 

4

4.1.2     The Executive may immediately resign the Executive’s position for Good Reason and, in such event, the Term shall terminate.  As used herein, “Good Reason” means without the Executive’s consent (i) material diminution in title, duties, responsibilities or authority; (ii) reduction of Base Salary and benefits except for across-the-board changes for executives at the Executive’s level; (iii) exclusion from executive benefit/compensation plans; (iv) relocation of the Executive’s principal business location by the Company of greater than fifty (50) miles; (v) material breach
of the Agreement that the Company has not cured within thirty (30) days after the Executive has provided the Company notice of the material breach which shall be given within sixty (60) days of the Executive’s knowledge of the occurrence of the material breach; or (vi) resignation in compliance with applicable law or rules of professional conduct.

4.1.3     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     The Executive may voluntarily resign the Executive’s position effective thirty (30) days following notice to the Company of the Executive’s intent to voluntarily resign without Good Reason 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.  

4.1.5     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     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 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; (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.

5

4.2.2     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 in Section 4.2.1 above, (i) Base Salary at the rate in effect on the Termination Date (“Termination Base Salary Rate”), payable monthly following the Termination Date and continuing for twenty-four months thereafter; (ii) an annual cash incentive payment for the calendar year that includes the Executive’s Termination Date and the following calendar year equal to a percentage of the Termination Base Salary Rate equal to the
average percentage of base salaries paid as bonuses to the executives of the Company at the Executive’s level under the Company’s annual incentive program during such applicable calendar year and payable at the time that the Company pays annual cash incentive payments to other participants in such program; (iii) two years of continued health and welfare benefit plan coverage following the Termination Date (excluding any additional vacation accrual or sick leave) at active employee levels and active employee cost; (iv) except as prohibited by law, removal of transfer and other restrictions from all shares of capital stock of the Company registered in the Executive’s name; and (v) executive level career transition assistance services by a firm selected by the Executive and
approved by the Company in an amount not to exceed $8,000.00.  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     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.

5.1     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 data 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.

6

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     In consideration of the Company’s entering into this Agreement, the Executive agrees that at all times during the Term and thereafter for the time period described hereinbelow, 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     until the first anniversary of the Termination Date, engage in any activity for or on behalf of a Competitor, as director, employee, shareholder, 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;

5.2.2     until the second anniversary of the Termination Date, (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 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 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.  For purposes of this Agreement, “a material line of business conducted by the Company” means an activity of the Company generating gross revenues to the Company of more than twenty-five million dollars ($25,000,000) in the immediately preceding fiscal year of the Company.  

5.3     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.

7

5.4     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     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     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     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 of 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.

          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, 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.

          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 or 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

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, Inc.
Perryville Corporate Park

Clinton, NJ 08809-4000
Attention:  Chairman, President and

                   Chief Executive Officer

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

9.     General.

9.1     This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New Jersey applicable to agreements made between residents thereof and to be performed entirely in New Jersey.

9.2     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     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.

9

9.4     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 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 clause (ii) shall relieve the Company from its
obligations hereunder to the extent the same are not timely discharged by such assignee.

9.5     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.

9.6     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.

9.7     This Agreement may be executed in two or more counterparts, each of which shall he deemed to be an original but all of which together will constitute one and the same instrument.

9.8     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.     Dispute Resolution.  

Subject to the rights of the Company pursuant to Section 5.3 above, any controversy, claim or dispute arising out of or relating to this Agreement, the breach thereof, or the Executive’s employment by the Company shall be settled by arbitration with three arbitrators.  The arbitration will be administered by the American Arbitration Association in accordance with its National Rules for Resolution of Employment Disputes.  The arbitration proceeding shall be confidential, and judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction.  Any such arbitration shall take place in the Clinton, New Jersey area, or in any other mutually agreeable
location.  In the event any judicial action is necessary to enforce the arbitration provisions of this Agreement, sole jurisdiction shall be in the federal and state courts, as applicable, located in New Jersey.  Any request for interim injunctive relief or other provisional remedies or opposition thereto shall not be deemed to be a waiver or the right or obligation to arbitrate hereunder.  The arbitrator shall have the discretion to award reasonable attorneys’ fees, costs and expenses to the prevailing party.  To the extent a party prevails in any dispute arising out of this Agreement or any of its terms and provisions, all reasonable costs, fees and expenses relating to such dispute, including the parties’ reasonable legal fees, shall be borne by the party not prevailing in
the resolution of such dispute, but only to the extent that the arbitrator or court, as the case may be, deems reasonable and appropriate given the merits of the claims and defenses asserted.

10

11.     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.

12.     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.

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

	 	 	FOSTER WHEELER LTD. 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	By:	/s/ Raymond J. Milchovich
	 	 	

    
	 	Name:	Raymond J. Milchovich
	 	Title:	 Chairman, President and Chief Executive Officer
	 	 	 
	 	 	 
	 	 	 /s/ Peter J. Ganz
	 	 	

    
	 	 	Peter J. Ganz

11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00093-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00093-of-00352.parquet"}]]