Document:

Exhibit 10.23

 

WITHOUT PREJUDICE

SUBJECT TO CONTRACT

 

Dated 2 October 2014

 

AMEC plc

 

and

 

J KENT MASTERS

 

COORDINATION AGREEMENT

 

 

Linklaters LLP

One Silk Street

London EC2Y 8HQ

 

Telephone (44-20) 7456 2000

Facsimile (44-20) 7456 2222

 

 

THIS IS AN IMPORTANT LEGAL DOCUMENT. PLEASE REVIEW CAREFULLY WITH YOUR US ATTORNEY AND YOUR UK LEGAL ADVISER BEFORE SIGNING.

 

Coordination Agreement

 

This Agreement (this “Agreement”) is made on 2 October 2014 between:

 

(1)                              AMEC plc registered in England and Wales with registered number 1675285, whose registered office is at Booths Park, Chelford Road, Knutsford, Cheshire, WA16 8QZ (“AMEC”); and

 

(2)                              J KENT MASTERS c/o Foster Wheeler UK, Shinfield Park, Reading, Berkshire RG2 9FW, United Kingdom (the “Executive”).

 

Recitals

 

A.                                 The parties have agreed that, based on a request from AMEC, subject to and with effect from Completion, the Executive will resign as Chief Executive Officer of Foster Wheeler AG and that he will be served with notice to terminate his Employment.  The Parties further agree that such request and Completion constitute “Good Reason” within the meaning of clause 13 d. of the Employment Agreement. Accordingly, despite the fact that notice will be served on the Executive by the Company pursuant to this Agreement, nothing in this Agreement shall prohibit him from exercising his rights under such clause to resign his employment after Completion, (subject to no cure having been effected by the Company during the cure period) and receive the payments and benefits under the Settlement Agreement.

 

B.                                 The parties have entered into this Agreement to record and implement the terms governing the Executive’s termination (including the Notice Period) and the terms on which they have agreed to settle any claims which the Executive has or may have in connection with the Employment or its termination. Having taken independent legal advice, each of the parties agree that the payments and arrangements set out in this Agreement and in the Settlement Agreement are consistent with the commitments set out in the Employment Agreement and do not amend the Employment Agreement.

 

C.                                 The parties intend that the Executive will be appointed as a non-executive director of AMEC immediately following the Termination Date, provided that he is no longer a director of Foster Wheeler AG on that date.

 

D.                                 This Agreement is not intended to govern the terms of the Executive’s appointment as a non-executive director of AMEC and that appointment will be documented separately.

 

E.                                 At the date of this Agreement the Employment Agreement remains in full force and effect.

 

F.                                  AMEC’s remuneration committee has approved the entry by AMEC into the arrangements set out in this Agreement and in the Settlement Agreement.

 

The parties have agreed the following:

 

Definitions

 

“Adviser” means a relevant independent adviser as defined in section 203(3A) of the Employment Rights Act 1996;

 

1

 

“Adviser’s Certificate” means the certificate issued by the Adviser in the form set out in Schedule 4;

 

“COBRA” means the US Consolidated Omnibus Budget Reconciliation Act;

 

“Code” means the US Internal Revenue Code;

 

“Company” means Foster Wheeler Inc. (a Delaware corporation with file number 3368233) of 53 Frontage Road, P.O. Box 9000, Hampton, New Jersey, 08827-9000, USA;

 

“Completion” means the Offer Closing Date as defined in the Implementation Agreement;

 

“Confidential Information” means information in whatever form (including, without limitation, in written, oral, visual or electronic form or on any magnetic or optical disk or memory and wherever located) relating to the business, products, affairs and finances of the Company or any Group Company for the time being confidential to the Company or any Group Company and trade secrets including, without limitation, technical data and know-how relating to the business of the Company or any Group Company or any of its or their suppliers, clients, customers, agents, distributors, shareholders or management including (but not limited to) information that the Executive created, developed, received or obtained in connection with his Employment, whether or not such information (if in anything other than oral form) is marked confidential; provided that Confidential Information shall not include any information which is available in the public domain (other than through unauthorized disclosure by the Executive);

 

“Employment” means the Executive’s employment with the Company, including the terms set out in the letter agreement dated 21 July 2011 as amended by the amendment letter agreement dated 29 October 2012 (together, the “Employment Agreement”), a copy of which is appended to this Agreement as Appendix 6;

 

“Foster Wheeler AG” means Foster Wheeler AG (registered in Switzerland with registered number CHE-114.603.783) whose registered office is at Lindenstrasse 10, 6340 Baar, Canton of Zug, Switzerland;

 

“Group” means all Group Companies;

 

“Group Company” means AMEC and any Subsidiaries and Holding Companies of AMEC from time to time and “Group Companies” will be interpreted accordingly;

 

“Implementation Agreement” means the implementation agreement entered into by AMEC and Foster Wheeler AG relating to the acquisition of Foster Wheeler AG by AMEC dated 13 February 2014, as amended from time to time;

 

“Minder Rules” means the Ordinance Against Excessive Compensation at Public Corporations (Verordung gegen übermässige Vergütungen bei börsenkotierten Aktiengesellschaften) of 20 November 2013, in force in Switzerland since 1 January 2014;

 

“Notice” means the notice given to the Executive in accordance with clause 2.1 of this Agreement as contained in Schedule 2 to this Agreement;

 

“Notice Period” means the period between Completion and the Termination Date;

 

“Option” means an option granted under the Foster Wheeler AG Omnibus Incentive Plan;

 

“PRSU” means a performance unit granted under the Foster Wheeler AG Omnibus Incentive Plan;

 

“Replacement Awards” means awards granted to the Executive by AMEC on the terms of the Foster Wheeler AG Omnibus Incentive Plan (as amended from time to time), in replacement of

 

2

 

RSUs and PRSUs granted to the Executive by Foster Wheeler AG after 8 November 2012, and as described in detail in clause 8 of the Implementation Agreement;

 

“RSU” means a restricted stock unit granted under the Foster Wheeler AG Omnibus Incentive Plan;

 

“Section 409A” means Section 409A of the Code, including all Treasury Regulations and other guidance issued pursuant thereto;

 

“Settlement Agreement” means an agreement in the form of Schedule 1 to this Agreement to be entered into on or after the Termination Date and which is the release required by Section 13 of the Employment Agreement;

 

“Subsidiary” and “Holding Company” mean “subsidiary” and “holding company” as defined in Section 1159 of the UK Companies Act 2006, provided that where a holding company creates security over the shares of a subsidiary, that subsidiary shall be deemed not to cease being a subsidiary of the holding company solely as result of that security and “subsidiaries” and “Holding Companies” will be interpreted accordingly; and

 

“Termination Date” has the meaning given to it in clause 2.2 of this Agreement.

 

1                                        Conditions to the Agreement

 

1.1                            This Agreement is conditional on:

 

1.1.1                   Completion occurring before 31 December 2014; and

 

1.1.2                   neither the Executive nor the Company having terminated the Employment (or given notice to terminate the Employment) prior to Completion.

 

1.2                            In the event that either condition in clause 1.1 above is not satisfied, this Agreement will be null and void, ab initio, and neither party will have any claim against the other in respect of it. In such event, the Employment Agreement shall continue to operate in accordance with its terms.

 

1.3                            Subject to the satisfaction of the conditions in clause 1.1 and in consideration of the payments to be made to the Executive in accordance with the Settlement Agreement and AMEC’s agreement to pay a portion of the Executive’s legal fees in accordance with clause 8.1, the parties have agreed to enter into this Agreement.

 

2                                        Notice

 

2.1                           Provided the conditions in clause 1.1 have been satisfied, the Notice set out in Schedule 2 will become effective as if served by the Company on the day immediately following Completion. By entering into this Agreement, the Executive acknowledges that such notice is effective notice of termination from the Company for the purposes of clause 13 e. of the Employment Agreement.

 

2.2                            The parties agree that the Employment will terminate on the day falling 91 days after the date on which Completion occurs unless terminated prior to that date by the Executive’s resignation (whether for Good Reason in accordance with clause 13 d. of the Employment Agreement or otherwise) or by the Company for Cause in accordance with clause 13 c. of the Employment Agreement (the “Termination Date”).

 

3

 

2.3                            Between Completion and the Termination Date, the terms of Schedule 3 shall apply with regard to Executive’s services to the Company and to the Group. The Executive shall take any accrued but unused holiday entitlement during the Notice Period to the extent feasible.

 

2.4                            The Executive will receive his basic salary and contractual compensation (including allowances) and benefits up to and including the Termination Date (less all deductions the Company is required by law to make).

 

2.5                            On or after the Termination Date, provided the conditions in paragraph 4 of the Settlement Agreement have been satisfied, AMEC agrees to countersign that agreement and deliver it and will procure that Foster Wheeler Inc. will do likewise.

 

3                                        Long term incentive awards

 

The Executive’s outstanding Options, RSUs and PRSUs will be treated on Completion in accordance with clause 8 of the Implementation Agreement. Following Completion, Replacement Awards will continue to be governed by the rules of the Foster Wheeler AG Omnibus Incentive Plan, as amended from time to time, and the applicable Replacement Award agreements. On the Termination Date, provided the Employment has terminated by reason of notice service by the Company pursuant to clause 13 e. of the Employment Agreement or notice served by the Executive pursuant to clause 13 d. of the Employment Agreement, the Replacement Awards shall vest on the basis set out below.

 

	
Time of grant
    	
 
    	
Impact
    	
 
    	
Effect of leaving after Completion by reason of
   termination pursuant to clause 11 d. or 11 e. of
   the Employment Agreement
    
	
Before and on 8   November 2012
    	
 
    	
RSUs / Options

 

·                                          Vest in full on Completion

 
    	
 
    	
N/A
    
	
 
    	
 
    	
PRSUs

 

·                                          Vest on Completion to the extent performance   condition is met
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Post 8 November 2012   (i.e. 2013)
    	
 
    	
RSU / Options

 

·                                          Rolled over at 100%

 
    	
 
    	
As per rules / award agreement /   contract — full vesting of rolled over awards
    
	
 
    	
 
    	
PRSUs

 

·                                          Rolled over at 50% no further performance conditions
    	
 
    	
As per rules / award agreement /   contract — full vesting of rolled over awards
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
2014
    	
 
    	
RSU’s

 

·                                          Rolled over at 100%
    	
 
    	
During 2014

 

·                                          Vest on pro rata basis (calculated by reference to   number of days worked during 2014 including during the notice period as   proportion of 365) regardless of any 
    

 

4

 

	
Time of grant
    	
 
    	
Impact
    	
 
    	
Effect of leaving after Completion by reason of
   termination pursuant to clause 11 d. or 11 e. of
   the Employment Agreement
    
	
 
    	
 
    	
 
    	
 
    	
provisions in any other agreements

 

During 2015

 

·                                          Vest in full

 
    
	
 
    	
 
    	
PRSUs

 

·                                          Rolled over at 50% - no further performance   conditions
    	
 
    	
During 2014

 

·                                          Vest on pro rata basis (calculated by reference to   number of days worked during 2014 including during the notice period as   proportion of 365) regardless of any provisions in any other agreements

 

During 2015

 

·                                          Vest in full
    

 

4                                        Handover

 

During the Notice Period, the Executive will provide such assistance as Samir Brikho (or his successor) may reasonably require to effect an orderly handover of his responsibilities in accordance with paragraph 3(a) of Schedule 3. This includes the Executive making himself reasonably available to deal with requests for information, provide assistance, be available for meetings etc. in accordance with Schedule 3.

 

5                                        Return of Company Property

 

5.1                            Save as agreed with AMEC having regard to the Executive’s future appointment as a non-executive director of AMEC, the Executive will before (or as soon as reasonably practicable after) the Termination Date:

 

5.1.1                   return to the Company in reasonable condition all property belonging to the Company or any Group Company, and any information which the Executive has in his possession whether in hard copy or electronic format as a result of the Employment, including but not limited to;

 

(i)                                  keys, security pass, credit or charge cards, business equipment, company car, mobile phone, blackberry, laptop and printer; and

 

(ii)                               files, records, documents, correspondence, computer disks and data, client/customer lists and contacts and all Company and Group information including but not limited to trade secrets or Confidential Information and copies thereof, however held and whether in physical or electronic form (except that Executive may retain possession of his personal rolodex); and

 

5.1.2                   delete from any device owned by him any files, records, documents, correspondence, data, client/customer lists and contacts and all Company and Group information including but not limited to trade secrets or Confidential Information and copies thereof; provided that, at Executive’s request, he shall be

 

5

 

permitted to retain his cell phone number, and AMEC will cause the Company to port such number to Executive’s cell phone provider; and

 

5.1.3                   return any other property belonging to the Company or any Group Company that the Executive has in his possession or custody or which is under the Executive’s control.

 

5.2                            After the Termination Date, the Executive will not represent himself as being employed in the business of any Group Company (except to the extent agreed by any such company).

 

6                                      Announcements

 

The Executive undertakes that he will not make any announcement, statement or comment (whether to the media or otherwise) concerning the terms of this Agreement or the Settlement Agreement and/or the payments and other arrangements the Company has agreed to make, except as required by law, any regulatory authority, HM Revenue & Customs or the US Internal Revenue Service, or in communications with members of his family (in respect of which he will take reasonable steps to ensure they keep such information confidential) and professional or financial advisers, provided that nothing will prevent the Executive from making any such announcement, statement or comment in terms consistent with any public announcement made, or public documents issued or filed, by AMEC or Foster Wheeler AG and their respective affiliates. Furthermore, nothing in this clause 6 shall prevent Executive from: (i) in connection with seeking future employment or other service arrangements disclosing the status and conditions of his obligations to AMEC and/or Foster Wheeler AG and their respective affiliates (subject to the recipient agreeing to keep the relevant information confidential); (ii) giving evidence in any litigation, arbitration or mediation involving this Agreement or the Settlement Agreement, including, but not limited to, the enforcement of this Agreement or the Settlement Agreement; (iii) disclosing a copy of this Agreement to the Board of Foster Wheeler AG, the General Counsel of Foster Wheeler AG or outside counsel to Foster Wheeler AG (subject to the recipient agreeing to keep the relevant information and documentation confidential); or (iv) from correcting any statement made by AMEC or Foster Wheeler AG about the terms of this Agreement.

 

7                                        Confidential Information

 

Without prejudice to his common law and contractual obligations the Executive undertakes that notwithstanding the termination of the Employment he will not, save as required by law or any regulatory authority, or in the good faith performance of his duties as a director or officer of AMEC or Foster Wheeler AG (or any of their respective affiliates), at any time use or disclose to any person, company, firm, individual or organisation (except with the written consent of the AMEC General Counsel and Company Secretary) trade secrets or Confidential Information of the Company or any Group Company which he obtained during the Employment with the Company or any Group Company. This restriction shall apply without limit in time but shall not apply to any such secrets or information which are or become in the public domain otherwise than through unauthorised disclosure by the Executive.

 

6

 

8                                        Legal fees

 

8.1                            Subject to the conditions in clause 1.1, AMEC agrees to pay directly to the Executive’s counsel, Proskauer Rose LLP, New York, the sum of $100,000 (exclusive of VAT, if applicable) as a contribution to the reasonable professional fees incurred by the Executive in taking legal advice in relation to this Agreement and related documents. Such amount shall be paid promptly after execution of this Agreement subject to delivery of appropriate invoices in respect thereof.

 

9                                        No admissions

 

This Agreement does not constitute an admission by AMEC that it or any Group Company has breached any law or regulation, or that the Executive has any claims against AMEC or any Group Company, or any director, officer, employee, agent or worker (whether past or present) of any such Company.

 

10                                 Miscellaneous

 

10.1                     The UK Contracts (Rights of Third Parties) Act 1999 applies to this Agreement. The Executive’s obligations under clauses 2, 4, 5, 6 and 7 of this Agreement may be enforced by any Group Company.

 

10.2                     No variation of this Agreement shall be valid unless it is in writing and signed by or on behalf of each of the parties.

 

10.3                     This Agreement contains the whole agreement between the parties relating to the subject matter of this Agreement at the date of signing to the exclusion of any terms implied by law which may be excluded by contract and supersedes any previous statement, representation, understanding, assurance or warranty of any person (whether party to this Agreement or not and whether in writing or not) and any written or oral agreement between the parties in relation to the matters dealt with in this Agreement. For the avoidance of doubt, the Employment Agreement shall continue in full force and effect as provided herein and subject to the terms of the Settlement Agreement.

 

10.4                     This Agreement may be entered into in any number of counterparts, all of which taken together shall constitute one and the same instrument. Any party may enter into this Agreement by executing any such counterpart.

 

10.5                     Notwithstanding that this Agreement may be marked “Without Prejudice Subject to Contract” it shall become binding upon the parties when duly executed in accordance with its terms.

 

11                               Law and Jurisdiction

 

11.1                     This Agreement and any documents to be entered into pursuant to it, save as expressly referred to therein, and any non-contractual obligations arising out of or in connection with it and any such documents shall be governed by the law of the U.S. State of New Jersey, without regard to the conflicts of law principles.

 

11.2                     The parties irrevocably agree that the state and Federal courts located in New Jersey are to have exclusive jurisdiction to settle any dispute which may arise out of or in connection with this Agreement and any documents to be entered into pursuant to it and that accordingly any proceedings arising out of or in connection with this Agreement and any

 

7

 

documents to be entered into pursuant to it shall be brought in such courts. Each of the parties irrevocably submits to the jurisdiction of such courts and waives any objection to proceedings in any such court on the ground of venue or on the ground that proceedings have been brought in an inconvenient forum.

 

 

	
 
    	

    	
 
    
	
SIGNED on behalf of
    	
/s/   Samir Brikho
    
	
AMEC plc:
    	
Samir   Brikho
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	

    	
 
    
	
SIGNED by
    	
/s/   J. Kent Masters
    
	
J KENT MASTERS:
    	
J.   Kent Masters
    
	
 
    	
 
    

 

8

 

SCHEDULE 1
 SETTLEMENT AGREEMENT

 

THIS IS AN IMPORTANT LEGAL DOCUMENT CONTAINING A RELEASE OF ALL CLAIMS AGAINST AMEC PLC, FOSTER WHEELER INC AND THE GROUP COMPANIES. PLEASE REVIEW CAREFULLY WITH YOUR US ATTORNEY AND YOUR UK LEGAL ADVISER BEFORE SIGNING.

 

This settlement agreement (this “Settlement Agreement”) is made on [date], between:

 

(1)                              AMEC plc registered in England and Wales with registered number 1675285, whose registered office is at Booths Park, Chelford Road, Knutsford, Cheshire, WA16 8QZ (“AMEC”);

 

(2)                              FOSTER WHEELER INC. (a Delaware corporation with file number [3368233]) of 53 Frontage Road, P.O. Box 9000, Hampton, New Jersey, 08827-9000, USA (the “Company”); and

 

(3)                              J KENT MASTERS c/o Foster Wheeler UK, Shinfield Park, Reading, Berkshire RG2 9FW, United Kingdom (the “Executive”).

 

Definitions

 

“Adviser” means a relevant independent adviser as defined in section 203(3A) of the UK Employment Rights Act 1996;

 

“Adviser’s Certificate” means the certificate issued by the Adviser in the form set out in Schedule 4 of the Coordination Agreement;

 

“COBRA” means the US Consolidated Omnibus Budget Reconciliation Act;

 

“Code” means the US Internal Revenue Code;

 

“Completion” has the meaning given to it in the Implementation Agreement;

 

“Coordination Agreement” means the coordination agreement entered into between AMEC and the Executive on [date].

 

“Employment” means the Executive’s employment with the Company, including the terms set out in the letter agreement dated 21 July 2011 as amended by the amendment letter agreement dated 29 October 2012 (together, the “Employment Agreement”).

 

“Foster Wheeler AG” means Foster Wheeler AG (registered in Switzerland with registered number CHE-114.603.783) whose registered office is at Lindenstrasse 10, 6340 Baar, Canton of Zug, Switzerland;

 

“Group” means all Group Companies;

 

“Group Company” means AMEC and any Subsidiaries and Holding Companies of AMEC from time to time and “Group Companies” will be interpreted accordingly;

 

“Implementation Agreement” means the implementation agreement entered into by AMEC and Foster Wheeler AG relating to the acquisition of Foster Wheeler AG by AMEC dated 13 February 2014, as amended from time to time;

 

9

 

“Minder Rules” means the Ordinance Against Excessive Compensation at Public Corporations (Verordung gegen übermässige Vergütungen bei börsenkotierten Aktiengesellschaften) of 20 November 2013, in force in Switzerland since 1 January 2014;

 

“PRSU” means a performance unit granted under the Foster Wheeler AG Omnibus Incentive Plan;

 

“Replacement Awards” means awards granted to the Executive by AMEC on the terms of the Foster Wheeler AG Omnibus Incentive Plan (as amended from time to time), in replacement of RSUs and PRSUs granted to the Executive by Foster Wheeler AG after 8 November 2012, and as described in detail in clause 8 of the Implementation Agreement;

 

“RSU” means a restricted stock unit granted under the Foster Wheeler AG Omnibus Incentive Plan; and

 

“Subsidiary” and “Holding Company” mean “subsidiary” and “holding company” as defined in Section 1159 of the UK Companies Act 2006, provided that where a holding company creates security over the shares of a subsidiary, that subsidiary shall be deemed not to cease being a subsidiary of the holding company solely as result of that security and “subsidiaries” and “Holding Companies” will be interpreted accordingly.

 

Termination

 

1                                      The Employment terminated on [•] (the “Termination Date”).

 

2                                      By signing this Settlement Agreement the Executive confirms he has received basic salary and benefits up to and including the Termination Date and he has no accrued but untaken holiday entitlement (other than in accordance with paragraph 3.1.1 below).

 

3                                        Payments to Executive

 

3.1                            Subject to and only subject to all the conditions in paragraph 4 below being satisfied at the Termination Date and as at any subsequent date(s) that any payments or benefits referred to in this paragraph become due, and to the provisions of Exhibit B of the Employment Agreement which provide for reduction, of the payments in the limited circumstances proscribed in that exhibit, the Company will pay or provide to the Executive in accordance with the terms of the Employment Agreement as follows:

 

3.1.1                   any entitlements pursuant to clause 13(h) of the Employment Agreement;

 

3.1.2                   base salary (at the rate of US$1,050,000 per annum) as at the Termination Date for 24 months following the Termination Date, payable bi-weekly in accordance with the Executive’s payroll schedule as at the date of this Settlement Agreement, beginning with the first payroll date following the Termination Date;

 

3.1.3                   two payments, each equal to 100% of the Executive’s target short term incentive award as at the Termination Date (being 110% of base salary), to be paid at the same time as short term incentive awards are paid to active employees of the Company, in 2015 and 2016 or, if the Termination Date falls in 2015, these payments will be made in 2016 and 2017 respectively. Such payments will be made not later than 15 March in each year;

 

3.1.4                   an amount equal to the product of (i) one hundred percent (100%) of the Executive’s target short term incentive award as at the Termination Date (being

 

10

 

110% of base salary) for the year including the Termination Date and (ii) a fraction, the numerator of which is the number of days in that year through the Termination Date, and the denominator of which is the total number of days in the fiscal year, paid in a lump sum in cash as soon as practicable following the expiration of the revocation period set forth in the Settlement Agreement, but in no event later than sixty (60) days following the Termination Date; provided, that if the terms of the short term incentive award program in effect for the year that includes the Termination Date provide for a payment to the Executive of a portion of his short term incentive award for such year upon the termination of employment, the amount described in this paragraph 3.1.4 shall be paid only to the extent it exceeds such payment;

 

3.1.5                   for a period of 24 months following the Termination Date, health and welfare benefits. The health arrangements will be governed by all terms of COBRA and will satisfy any Group Company’s obligations to provide continuation coverage under COBRA, except that coverage shall be continued for 24 months if not otherwise terminated in accordance with the provisions of COBRA related to participation in health plans of a new employer, and the Executive will be reimbursed monthly for the difference between the premium normally charged under COBRA and the premium paid by active employees for the entire 24 month period;

 

3.1.6                   career transition assistance/outplacement counselling up to a maximum value of US$8,000 (including VAT) with a firm selected by the Executive. Payment shall be made to the outplacement agency direct on receipt of a VAT invoice addressed to the Company;

 

3.1.7                   the Executive’s reasonable costs associated with his repatriation to the United States, details of which the Executive agrees to notify to Samir Brikho (or his successor) before they are incurred, to the extent such prior notification is reasonably feasible; and

 

3.1.8                   where the Employment terminates following expiry of notice or cure period (as applicable) given in accordance with clauses 13 d. or 13 e. of the Employment Agreement, the vesting of all of the Executive’s Replacement Awards, subject to the applicable provisions of the Implementation Agreement and the Replacement Award certificates in accordance with clause 3 of the Coordination Agreement. For the avoidance of doubt, clause 3 of the Coordination Agreement does not set out the treatment of the Executive’s Replacement Awards in other circumstances such as death, disability or termination for Cause (as defined in the Employment Agreement).

 

3.2                            The parties agree that the payments set out in paragraph 3.1 are consistent with the commitments set out in the Employment Agreement and do not amend the Employment Agreement or alter the Executive’s entitlements under the Employment Agreement.

 

3.3                            Notwithstanding anything else herein, to the extent any payments due under Sections 3.1.2, 3.1.3, 3.1.6 and 3.1.7 are due prior to expiration of the revocation period under paragraph 12 hereof, the last sentence of clause 13 i.  of the Employment Agreement shall apply except that if the longest potential execution and revocation period could span two calendar years, such amounts will be paid in the second calendar year. Paragraph 15 below shall apply to all such payments.

 

11

 

3.4                            If the Termination Date falls in 2015, the short-term incentive award for 2014 shall be determined and paid in accordance with the terms of the Implementation Agreement paragraph 9.4.

 

3.5                            For the avoidance of doubt, in no circumstances will the Executive be involved in the final decision regarding the determination of his own short-term incentive awards.

 

3.6                            Any hypothetical tax, calculated under the Foster Wheeler Inc. tax equalization policy (the “Policy”) in effect of 1 August 2014 will be withheld at source prior to payment of Taxable Pay (as defined in paragraph 14 below). For this purpose, Taxable Pay will exclude assignment-related allowances, benefits or payments in respect of severance. These exclusions will be subject to tax gross-up and paid net of tax according to the Policy. The Company (or at the Company’s sole discretion, the Company’s third party tax advisers) will calculate, withhold and remit actual income, social security and, where applicable, wealth tax on all Taxable Pay as provided for under the law of the taxing jurisdictions where the income is sourced (or, in the case of the United States, which taxes on the basis of citizenship, is otherwise subject to tax).

 

4                                        Conditions to payment

 

The payments and benefits referred to in paragraph 3 shall be subject to and conditional on the following conditions:

 

4.1                            the Executive entering into and the Company receiving a copy of this Settlement Agreement duly executed by the Executive;

 

4.2                            the Executive’s employment not having been terminated for Cause pursuant to clause 13 c. of the Employment Agreement prior to the Termination Date;

 

4.3                           the Executive not having tendered his resignation from his Employment (other than for Good Reason pursuant to clause 13 d. of the Employment Agreement) prior to the Termination Date;

 

4.4                            the Executive having delivered to AMEC on Completion (or such later date(s) as it has specified) a resignation letter (or letters) signed by the Executive resigning from his directorship and other offices in the terms of Schedule 5 and, at the request of the Company, doing any act(s) reasonably necessary and/or executing any documents to effect his removal from any office held in relation to or in connection with the Employment;

 

4.5                            the Company receiving a copy of this Settlement Agreement signed by the Executive on or no later than 21 days after the Termination Date (and not revoking during the applicable seven day revocation period as set forth in paragraph 12 and this Settlement Agreement becoming effective in accordance with paragraph 12); and

 

4.6                            the Company receiving a signed copy of the Adviser’s Certificate signed on or after the Termination Date in the terms set out in Schedule 4 to the Coordination Agreement.

 

Settlement of claims and waiver of statutory complaints

 

5                                      The terms of this Settlement Agreement are in full and final settlement of all and any claims or other rights of action whatsoever and howsoever arising (whether under the laws of England and Wales, Switzerland, those of the European Union, those of the United States of America, or any other law arising out of the Employment or its termination, and whether

 

12

 

such claims are known or unknown to the parties and whether or not they are or could be in the contemplation of the parties at the time of signing this Settlement Agreement, including claims which as a matter of law do not at the date of this Settlement Agreement exist and whose existence cannot currently be foreseen and any claims or rights of action arising from a subsequent retrospective change or clarification of the law) which the Executive now has or may in the future have against the Company or any Group Company or any of its or their respective directors, officers, employees, workers or agents (whether past or present) including but not limited to the claims specified in paragraph 6 and the Executive hereby agrees to waive any such claims or rights of action. For the avoidance of doubt, save in respect of any payments or other arrangements expressly referred to in this Settlement Agreement, the Executive waives any right that the Executive has or may have to payment of bonuses or to any benefit or award programme or grant of equity interest or to any other benefit, payment or award. There will be excluded from this waiver (i) any rights of action which would render it void or unenforceable (whether in whole or in part); (ii) any rights or claims that cannot lawfully be released; (iii) any rights of the Executive under this Settlement Agreement and any rights to enforce this Settlement Agreement; (iv) to the extent not prohibited by law, any rights to indemnification or director’s and officer’s liability insurance coverage provided to Executive by any agreement with the Company or Group Company or pursuant to any governing documents or application of law subject to and in accordance with the terms of such rights, insurance coverage, agreements or documents; and (iv) any rights to vested or accrued benefits under any employee benefit plan or contractual arrangement.

 

6                                      The Executive agrees that he will refrain, in particular, from instituting or continuing with a complaint:

 

6.1.1                   for breach of contract, tort, wrongful dismissal, impairment of economic opportunity, defamation, breach of fiduciary duty, or intentional infliction of emotional distress, under U.S. federal, state or local law or the national or local law of any other country (statutory or decisional);

 

6.1.2                   of discrimination based upon race, colour, ethnicity, sex, age, national origin, religion, disability, sexual orientation or any other unlawful criterion or circumstance, under U.S. federal, state or local law or the national or local law of any other country (statutory or decisional);

 

6.1.3                   related to whistleblowing, including, but not limited to, complaints arising under the N.J. Conscientious Employee Protection Act;

 

6.1.4                   of unfair dismissal pursuant to Part X of the Employment Rights Act 1996;

 

6.1.5                   that the Executive has been subjected to a detriment having made a protected disclosure, in contravention of section 48 of the Employment Rights Act 1996;

 

6.1.6                   pursuant to Part II of the Employment Rights Act 1996 that an unauthorised deduction from wages has been made;

 

6.1.7                   of discrimination, harassment or victimisation related to sex pursuant to section 120 of the Equality Act 2010;

 

6.1.8                   of discrimination, harassment or victimisation related to race pursuant to section 120 of the Equality Act 2010;

 

6.1.9                   of disability discrimination pursuant to section 120 of the Equality Act 2010;

 

13

 

6.1.10            of discrimination, harassment or victimisation related to sexual orientation pursuant section 120 of the Equality Act 2010;

 

6.1.11            of discrimination, harassment or victimisation related to religion or belief pursuant to section 120 of the Equality Act 2010;

 

6.1.12            of discrimination, harassment or victimisation related to age pursuant to section 120 of the Equality Act 2010;

 

6.1.13            that a statutory redundancy payment has not been made pursuant to Part XI of the Employment Rights Act 1996;

 

6.1.14            in relation to working time or holiday pay under regulation 30 of the Working Time Regulations 1998; and/or

 

6.1.15            under regulations 45 and 51 of the Companies (Cross-Border Mergers) Regulations 2007;

 

6.1.16            for violations of any of the following laws (as amended): the U.S. Equal Pay Act, Title VII of the U.S. Civil Rights Act of 1964, the U.S. Civil Rights Act of 1991, the U.S. Age Discrimination in Employment Act of 1967 as amended by the Older Workers Benefit Protection Act (“ADEA”), the U.S. Americans with Disabilities Act of 1991, the U.S. Employee Retirement Income Security Act of 1974 (“ERISA”), the U.S. Worker Adjustment Retraining and Notification Act, the U.S. Family and Medical Leave Act, the U.S. Rehabilitation Act, Executive Order 11246, and the New Jersey Law Against Discrimination; and/or

 

6.1.17            for violations of any other applicable labour or employment statute or law,

 

against the Company, AMEC or any Group Company or any of their respective directors, officers, employees, workers or agents (whether past or present) before an employment tribunal or court of competent jurisdiction in respect of the Employment or termination thereof. In relation to any complaint that an employment tribunal has jurisdiction to hear and which is referred to above, the Executive’s agreement to refrain from instituting or continuing with such a complaint shall apply equally to any other court or tribunal in which the complaint may be made, such forums not to be limited under sections 120 or 127 of the Equality Act 2010. For the avoidance of doubt, references in this paragraph and in paragraph 20 to the Employment Rights Act 1996, the Equality Act 2010, the Working Time Regulations 1996 and the Companies (Cross-Border Merger) Regulations 2007 are to laws of England and Wales.

 

The Executive further certifies and represents that he is not a child support judgment debtor in the State of New Jersey or any other state.  The Executive agrees to indemnify AMEC and its subsidiaries and affiliates and their attorneys for any claims arising from the requirements of N.J.S.A. 2A:17-56.23b.

 

7                                      The Executive undertakes that neither he, nor anyone acting on his behalf, will present or issue any application, claim form, summons, proceedings or process against any company or person referred to in paragraphs 5 and 6 above.

 

8                                      In addition, so far as permitted by law, the Executive waives any and all rights under the laws of any jurisdiction in the United States, Switzerland, England and Wales, the European Union or any other country, that limit a general release to those claim that are known or suspected to exist in his favour as of the date of this Settlement Agreement.

 

14

 

9                                      Notwithstanding paragraph 5, with respect to claims under ADEA, the Executive understands that he is not releasing any claims arising after execution of this Settlement Agreement. For the avoidance of doubt, this Settlement Agreement is not intended to restrict the Executive’s right to participate in a U.S. Equal Employment Opportunity Commission investigation or proceeding, but the Executive hereby waives any and all rights to monetary damages in connection with any such investigation or proceeding.

 

10                               Without limiting the generality of the foregoing, the Executive expressly agrees that the scope of the claims released hereby prohibit him from acting as a class representative regarding any action under ERISA or otherwise bringing an action under ERISA on behalf of a plan or trust or otherwise. The Executive agrees that he is waiving any right he may have to obtain or receive any monetary damages or other relief of any kind (including but not limited to settlement proceeds) as a result of any action or proceeding brought by him or by any other person or entity on his behalf regarding any of the released claims, and, to the extent permitted by law, the Executive agrees that he will not seek or accept any monetary damages or other relief of any kind in any such action or proceeding.

 

Warranties

 

11                               For the purposes of paragraphs 11.1 to 11.3 inclusive, “Group Company” means Foster Wheeler AG and its Subsidiaries. The Executive acknowledges that AMEC and the Company have entered into this Settlement Agreement in reliance on the warranties and representations set out in this paragraph 11. Accordingly, the Executive warrants and represents that:

 

11.1                     he was advised in writing to consult with an attorney prior to executing this Settlement Agreement;

 

11.2                     before receiving advice from the Adviser he disclosed to the Adviser all facts or circumstances that may give rise to a claim against the Company or any Group Company or its or their respective shareholders, directors, officers, employees or agents (whether past or present);

 

11.3                     save for the claims or rights to claim detailed in paragraphs 5 and 6 of this Settlement Agreement, he is not aware of any other claim, whether statutory or not, that he may have against the Company or any Group Company or its or their directors, officers, employees or agents (whether past or present) and has been advised as such by the Adviser and the Executive is not aware of any facts or circumstances that may give rise to any claim against the Company or any Group Company or any of its or their directors, officers, employees or agents (whether past or present) other than those claims or rights to claim specified in paragraphs 5 and 6 of this Settlement Agreement;

 

11.4                     there are no circumstances of which he is aware or of which he ought to be aware which would constitute a material breach of any express or implied term of the Employment Agreement and/or which would entitle or would have entitled the Company to terminate the Employment for Cause (as defined in the Employment Agreement) or otherwise without notice or any payment in lieu of notice;

 

11.5                     save in respect of the payments and benefits referred to in the last sentence of paragraph 5 and paragraphs 3, 14 and 16 of this Settlement Agreement and clause 8 of the Coordination Agreement he is not owed any sum by the Company or any Group Company;

 

15

 

11.6                     he has read and, following consultation with an attorney, fully understands the terms contained in this Settlement Agreement and that the payments and benefits set forth in this Settlement Agreement constitute adequate consideration for this Settlement Agreement and are in addition to anything to which the Executive is already entitled; and

 

11.7                     his signature is binding on him and on his successors, assigns, and any other person claiming rights on his behalf, and his signature below indicates that he entered into this Settlement Agreement freely, knowingly and voluntarily with a full understanding of its terms.

 

Revocation of this Settlement Agreement as it relates to the ADEA

 

12                               The Executive represents and warrants that he has been given not less than 21 days to consider signing this Settlement Agreement (and, for the avoidance of doubt, any changes hereto shall not restart the running of such 21-day period), and has seven days following his signing to revoke and cancel this Settlement Agreement, and the terms and conditions of this Settlement Agreement will not become effective or enforceable until the revocation period has expired. The Executive agrees that a revocation will only be effective if he furnishes written notice to the General Counsel and Company Secretary of AMEC within such seven-day period.

 

Breach of representations and warranties

 

13.1                     The Executive acknowledges that the Company has agreed to the terms of this Settlement Agreement in reliance on the representations set out in paragraph 11 above and that in the event of any breach of those representations that part of the payment which is equal to the losses incurred by the Company as a result of such breach (or if the losses to the Company exceed the payments made, the entire amount) must be repaid to the Company immediately on demand.

 

13.2                     The Executive further agrees, and without prejudice to any other rights or remedies of the Company or any Group Company arising from such action, that if in breach of this Settlement Agreement, he institutes or continues any proceedings against the Company or any Group Company and if any award is made to the Executive in respect of such proceedings:

 

13.2.1            exceeds the total value of the payments set out in paragraph 4 of this Settlement Agreement, then the Executive shall repay the said payments and benefits to the Company immediately on demand; or

 

13.2.2            is less than the total value of the payments set out in paragraph 4 of this Settlement Agreement, then the Executive will repay to the Company a sum equal to the award immediately on demand.

 

14                                 Tax Equalization

 

14.1                     The Employment Agreement contains a commitment by the Company in relation to tax equalisation. Having taken independent legal advice, each of the parties have agreed the following parameters and mechanics for effectively implementing that contractual commitment. The Company will tax equalise those components of the pay, severance, equity awards, benefits and allowances paid or provided to the Executive in connection

 

16

 

with his employment by the Company (together “Taxable Pay”) arising in connection with the Executive’s assignment to the UK and Switzerland (as laid out in the Employment Agreement).  Tax equalisation shall be applied under the Policy.  In the event the Policy does not address a specific circumstance or component of Taxable Pay paid to the Executive, the Policy will be interpreted by AMEC’s third-party expatriate tax advisers in order to arrive at a fair outcome consistent with generally accepted practice by corporate peer organisations and the terms of the employment agreement.  The following rules apply:

 

14.1.1            Tax equalization on all severance benefits and long term equity awards subject to accelerated vesting will be equalised under the premise that the Executive is resident in the United States in the state of Florida when the payouts are received.  If the Executive is not resident in the United States in the state of Florida when the payouts are received, the Company’s tax equalization costs will be capped at the amount payable had the Executive been tax resident in the United States in the state of Florida when then payouts are received.

 

14.1.2            Tax equalisation will not include any personal income or investment income, irrespective of the Company’s tax equalization policy or precedents by way of exceptions to the Company’s tax equalization policy, provided that it will cover any residual Switzerland wealth tax resulting from Executive’s prior residence in Switzerland whilst employed by the Company, if any.

 

14.1.3            In any year where tax equalization is applied to Taxable Pay, the Executive agrees to use AMEC’s third-party tax advisers for the completion of his tax returns. The fees for the third-party advisor in connection with such tax returns shall be for the Company’s account, including fees related to notices or audits of tax returns prepared in accordance with this paragraph so long as the notices or audits are not the result of negligence or frivolousness by the Executive, as defined by the US Internal Revenue Code. Neither shall AMEC nor any other Group Company be responsible for penalties or interest arising through non-compliance with the Company’s expatriate tax programme.  If the Executive chooses to employ his own tax advisers, the associated tax fees shall be for his own account and he agrees to furnish AMEC’s or the Company’s (as applicable) third party tax advisers with a copy of his completed income tax returns so that the tax equalization calculation may be prepared. Under no circumstances will the tax assistance provided hereunder include tax planning advice, tax consulting or tax advisory services.

 

14.1.4            To the extent tax equalization results in any excess foreign tax credit carry-forwards, these will be the property of the Company.  The Company may, at its discretion, collect income tax refunds arising as a result of Company-funded tax credits through the mechanism of a tax reconciliation.  The Executive agrees to cooperate with the Company’s third-party tax advisers so that such a reconciliation can be prepared, either by providing a copy of the Executive’s completed income tax returns to the third party tax advisers, or by agreeing to use the Company’s third party tax advisers for the preparation of his income tax returns.

 

14.2                    The parties agree that parameters set out in paragraph 14.1 implement and are consistent with the commitments set out in the Employment Agreement and do not amend the Employment Agreement or alter the Executive’s entitlements under the Employment Agreement.

 

17

 

15                                 Section 409A

 

The provisions of Exhibit C of the Employment Agreement are hereby incorporated herein by reference as if fully set forth herein. Furthermore, any payments payable to Executive in respect of tax equalization shall be made no later than the end of the second taxable year of the Executive beginning after the taxable year of the Executive in which his U.S. Federal income tax return is required to be filed (including any extensions) for the year to which the compensation subject to the tax equalization payment relates, or, if later, the second taxable year of the Executive beginning after the latest such taxable year in which the Executive’s foreign tax return or payment is required to be filed or made for the year to which the compensation subject to the tax equalization payment relates. Tax equalization payments shall be made no later than the end of the calendar year next following the Executive’s tax year in which Executive remits the related taxes.  Payment of any expenses related to a tax audit or litigation as to the amount of tax liability shall be made no later than the end of the audit or Executive’s tax year next following the year in which the Executive’s taxes which are the subject of the audit or litigation are verified or if no taxes are determined due, by the end of the Executive’s tax year next following the Executive’s tax year in which the audit is completed or there is a final and non-appealable settlement or other resolution.

 

16                                 Benefits in kind

 

16.1                     The Company will reimburse the Executive’s reasonable fees in relation to his tax filings for all years (current and future) during which he receives compensation and benefits (including without limitation, severance benefits and equity payments), and for reasonable support for any tax authority audit relating to any such year provided the arrangements are consistent with those in place prior to the date of the Coordination Agreement and that the Executive engages the same advisers as he instructed for 2014 (or otherwise selects new advisers in consultation with AMEC or the Company).

 

16.2                     The Company will pay the Executive all outstanding expenses properly and legitimately incurred on behalf of the Company in the proper performance of the Executive’s duties to the Termination Date on production of appropriate invoices and receipts in accordance with normal Company policy provided that such claims are submitted within 60 days of the Termination Date.

 

16.3                     The Executive will not continue to accrue any further pension benefits under the Company’s pension scheme after the Termination Date.

 

17                               Minder Rules

 

17.1                     The parties acknowledge that all payments and arrangements in this Settlement Agreement are subject to the Minder Rules to the extent applicable.

 

17.2                     The parties agree that there shall be no obligation to make the payments and arrangements (or certain of them) in this Settlement Agreement (including any long term incentive awards referred to in clause 3 of the Coordination Agreement) if doing so would be in contravention of the Minder Rules. The Executive shall have no claim against any Group Company, whether for any compensation or otherwise, in respect of any such payment(s) or arrangement(s) in such circumstances.

 

18

 

17.3                     Notwithstanding clause 17.4 below, if a court of competent jurisdiction determines in a final, non-appealable order that any payments or arrangements paid or provided to the Executive by the Company or any Group Company were in breach of the Minder Rules, AMEC (for itself and/or on behalf of any Group Company) may require the Executive immediately to repay or reimburse the Company for such payments or arrangements. The Executive agrees to hold on trust for the Company or relevant Group Company the relevant payments and/or arrangements after any first instance judgment by a court or tribunal of competent jurisdiction that any such payments or arrangements are in breach of the Minder Rules, pending any final appellate determination.

 

17.4                     Having taken independent legal advice, each of the parties agree that the payments and arrangements set out in this Agreement and in the Settlement Agreement are consistent with the commitments set out in the Employment Agreement and do not amend the Employment Agreement.

 

18                                 Restrictions

 

Exhibit A of the letter agreement dated 21 July 2011 shall continue to have effect after the Termination Date (with any applicable time periods running from that date rather than the date on which the Executive ceases to be a director of AMEC or the Group) subject to and in accordance with the terms of that Exhibit, save to the extent that such obligations would prevent the Executive from performing his duties as a non-executive director of AMEC.

 

Independent Advice

 

19                               The Executive acknowledges that, before signing this Settlement Agreement, he received independent legal advice from an Adviser, Daniel Ornstein, a solicitor in practice with Proskauer Rose LLP as to the terms and effect of this Settlement Agreement and in particular its effect on the Executive’s ability to pursue his rights before an employment tribunal or a court.

 

20                               The conditions regulating settlement agreements and compromise agreements under Section 203 of the Employment Rights Act 1996, Regulation 35 of the Working Time Regulations 1998, Regulation 41 of the Transnational Information and Consultation of Executives Regulations 1999, and section 147 of the Equality Act 2010 (together, the “Relevant Statutes”) are satisfied in relation to this Settlement Agreement.

 

21                               By signing a certificate in the form set out at Schedule 4 to the Coordination Agreement on or following the Termination Date an in respect of this Settlement Agreement, the Adviser confirms that:

 

21.1                     he has advised the Executive as to the terms and effect of this Settlement Agreement under the laws of England and Wales and in particular its effect on the Executive’s ability to pursue his rights before an employment tribunal or a court; and

 

21.2                     he is covered by a contract of insurance, or an indemnity provided for members of a profession or professional body covering the risk of a claim by the Executive in respect of loss arising in consequence of the advice; and

 

21.3                     at the time of giving the advice, he was a “qualified lawyer” and “independent” as defined in section 203(4) and section 203(3B) respectively of the Employment Rights Act 1996 and the analogous provisions of each of the Relevant Statutes.

 

19

 

No admissions

 

22                              This Settlement Agreement does not constitute an admission by AMEC that it or any Group Company has breached any law or regulation, or that the Executive has any claims against the Company or any Group Company, or any director, officer, employee or agent (whether past or present) of the Company or any Group Company.

 

Miscellaneous

 

23                               The UK Contracts (Rights of Third Parties) Act 1999 applies to this Settlement Agreement. The Executive’s obligations under this Settlement Agreement may be enforced by any Group Company with respect to paragraphs 5, 6, 13, 17 and 18 and any of their directors, officers, employees or agents (whether past or present) as to Section 5.

 

24                               This Settlement Agreement and the Coordination Agreement (together, the “Agreements”) contain the whole agreement between the parties relating to the subject matter of the Agreements at the date of signing to the exclusion of any terms implied by law which may be excluded by contract and the Agreements supersede any previous written or oral agreement between the parties in relation to the matters dealt with in the Agreements.

 

25                               This Settlement Agreement may be entered into in any number of counterparts (which may be executed by fax or email of a scanned copy (provided that executed hard copies are exchanged between the parties within three days of such fax or email execution)), all of which taken together shall constitute one and the same instrument. Any party may enter into this Settlement Agreement by executing any such counterpart.

 

26                               Notwithstanding that this Settlement Agreement may be marked “Without Prejudice Subject to Contract” it shall become binding upon the parties when duly executed in accordance with its terms.

 

26.1                     This Settlement Agreement and any documents to be entered into pursuant to it, save as expressly referred to therein, and any non-contractual obligations arising out of or in connection with it and any such documents shall be governed by the law of the U.S. State of New Jersey, without regard to the conflicts of law principles.

 

26.2                     All of the parties to this Settlement Agreement have thoroughly reviewed the Employment Agreement and acknowledge and agree that all of the payments and benefits payable to the Executive under this Settlement Agreement are fully consistent with Executive’s entitlements provided for under the Employment Agreement.

 

26.3                     If any provision of this Settlement Agreement shall be determined or held to be invalid, illegal or unenforceable, including if such invalidity, illegality or unenforceability is due to the Minder Rules, the validity, legality and enforceability of the remaining provisions of this Settlement Agreement shall not in any way be affected or impaired thereby.

 

26.4                     The parties irrevocably agree that the state and Federal courts located in New Jersey are to have exclusive jurisdiction to settle any dispute which may arise out of or in connection with this Settlement Agreement and any documents to be entered into pursuant to it and that accordingly any proceedings arising out of or in connection with this Settlement Agreement and any documents to be entered into pursuant to it shall be brought in such courts. Each of the parties irrevocably submits to the jurisdiction of such courts and waives any objection to proceedings in any such court on the ground of venue or on the ground that proceedings have been brought in an inconvenient forum.

 

20

 

	
 

SIGNED on behalf of
    AMEC plc:
    	

    	
 
    

 

 

	
 

SIGNED by
    Foster   Wheeler Inc.:
    	

    	
 
    

 

 

	
 

SIGNED by
    J KENT   MASTERS:
    	

    	
 
    

 

[Do not execute prior to Termination Date]

 

21

 

SCHEDULE 2
 NOTICE LETTER

 

J Kent Masters

 

[Address]

 

[Date]

 

Dear Kent

 

In accordance with clause 13 e. of the letter agreement dated 21 July 2011 (as amended by the amendment letter dated 29 October 2012) governing your terms and conditions of employment (the “Employment Agreement”), this letter is written notice to terminate your employment without Cause (as defined in your Employment Agreement) with Foster Wheeler Inc. (the “Company”).

 

In accordance with clause 13 e. of the Letter Agreement, the Company is required to give you 90 days’ written notice to terminate your employment. Accordingly, your employment will terminate 91 days after Completion (as defined in the Implementation Agreement entered into by AMEC plc and Foster Wheeler AG relating to the acquisition of Foster Wheeler AG by AMEC dated 13 February 2014).

 

 

Yours sincerely

 

 

[Name], [Company]

 

Acting as agent for Foster Wheeler Inc

 

22

 

SCHEDULE 3
 DUTIES DURING THE NOTICE PERIOD

 

1.                                   The Executive will not, without prior written consent of Samir Brikho (or his successor), be employed as an employee of any other entity during the Notice Period. Further, the Executive will not save to the extent requested by Samir Brikho (or his successor) remain or become involved in any aspect of the business, finances or affairs of the Company or any other Group Company except as requested by Samir Brikho (or his successor).

 

2.                                   During the Notice Period:

 

(a)                               the Executive will provide such assistance as Samir Brikho (or his successor), reasonably requires in relation to any matters with which he has knowledge and/or to effect an orderly handover of his responsibilities to any individual or individuals appointed by the Company or any Group Company to take over his role or responsibilities;

 

(b)                               the Executive will make himself available to deal with requests for information, provide assistance, be available for meetings and to advise on matters relating to work; and

 

(c)                                the Executive will perform such tasks and duties commensurate with the prestige level of his former position with the Company, as the Company or any Group Company may reasonably request at such location (including the Executive’s home) as Samir Brikho (or his successor), may reasonably decide.

 

3.                                   It is the parties’ expectation that the handover and other duties performed by the Executive during the Notice Period will be at a level that is no less than 20.1 percent of the average level of services the Executive performed for the Company during the 36-month period immediately preceding the Completion Date.

 

4.                                   All duties of the Employment (whether express or implied), including without limitation the Executive’s duties of fidelity, good faith and exclusive service, shall continue throughout the Notice Period save as expressly varied by this Schedule 3. Furthermore, all rights to indemnification and director’s and officer’s liability insurance coverage shall continue to be provided to the Executive at a level not less favourable that that provided to senior executives of the Company during that period.

 

5.                                   During the Notice Period, the Executive will continue to retain his office, his assistant, administrative support, e-mail on the Company network, his telephone number (and voicemail), his current Iphone, ipad and other equipment and the Company will not terminate his work permit before the Termination Date.

 

23

 

SCHEDULE 4
 ADVISER’S CERTIFICATE

 

[Date]

 

For the attention of Will Searle, HR Director, AMEC plc

 

1                                      I, Daniel Ornstein of Proskauer Rose, whose address is 10 Bishops Square, London E1 6EG, United Kingdom am a solicitor who holds a current practising certificate.

 

2                                      I have advised J Kent Masters as to the UK terms and effect of this Settlement Agreement insofar as it related to the laws of England and Wales and in particular their effect on J Kent Masters’ ability to pursue his rights before an employment tribunal.

 

3                                      I am covered by a contract of insurance, or an indemnity provided for members of a profession or professional body covering the risk of a claim by J Kent Masters in respect of loss arising in consequence of the advice.

 

4                                      At the time of giving the advice, I was a “qualified lawyer” and “independent” as defined in Section 203(4) and Section 203(3B) respectively of the Employment Rights Act 1996 and the analogous provisions of each of the Relevant Statutes.

 

	
Signed:
    	
 
    	
 
    	
Date: 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
Daniel Ornstein
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
Executive’s Adviser
    	
 
    	
 
    	
 
    

 

24

 

SCHEDULE 5
 LETTER OF RESIGNATION FROM DIRECTORSHIPS

 

[EMPLOYEE ADDRESS]

 

The Board of Directors
 [company name and address]

 

[Completion Date]

 

Dear Sirs

 

I hereby resign as a director of [company] [and those of its subsidiaries (as defined in section 1159 Companies Act 2006) of which I am also a director,] such resignation(s) to take immediate effect.

 

I confirm that, save for my rights under the Settlement Agreement (including the items not waived or released thereunder) dated [date], I have no claim outstanding against the [company/companies] named above or any Group Company (as defined in that agreement) and/or any of their respective directors, officers, employees or agents (whether past or present).

 

	
Yours faithfully
    
	
 
    
	
 
    
	
J Kent Masters
    

 

25Exhibit 10.24

 

[FW AG LETTERHEAD]

 

STRICTLY PRIVATE & CONFIDENTIAL

 

26 August 2013

 

For the attention of: François Lafaix, Head of Strategy
 AMEC plc 4th Floor
 Old Change House 
 128 Queen Victoria Street 
 London EC4V 4BJ

 

Dear Sirs,

 

Foster Wheeler AG (“FW”) and AMEC plc (“AMEC”) have each requested the other to make available, subject to the provisions of this letter agreement, certain confidential information (as defined below) concerning the other and its Affiliates for the purposes of evaluating a possible transaction involving FW and AMEC that the board of directors of FW would be prepared to recommend to its shareholders (the “Possible Transaction”).

 

The parties, for their mutual benefit, wish to exchange certain Confidential Information subject to the terms of this letter agreement.

 

In consideration of it agreeing to disclose Confidential Information, each party to this letter agreement in its capacity as Disclosing Party (as defined below) requires that the other party to this letter agreement in its capacity as the Receiving Party (as defined below) agrees with and undertakes to the Disclosing Party and its Affiliates, each of whom will be entitled to rely upon and enforce all the terms of this letter agreement directly against the Receiving Party, as follows.

 

1                                      DEFINITIONS AND INTERPRETATION

 

1.1                            In this letter agreement, unless the context otherwise requires:

 

(a)                               “Affiliate” means, in relation to a body corporate, any subsidiary, holding company, subsidiary undertaking or parent undertaking of such body corporate, and any subsidiary or subsidiary undertaking of any such holding company or parent undertaking, in each case from time to time;

 

(b)                               “Business Day” means a day (other than a Saturday or Sunday) on which banks in the City of London are open for ordinary banking business;

 

(c)                                “Confidential Information” means:

 

(i)                                  all business, technical, financial, operational, administrative, customer, marketing, legal, economic and other information in whatever form (including in written, oral, visual or electronic form) relating to the relevant Disclosing Party and its Group that is directly or indirectly disclosed on or after the date of this letter agreement, to the Receiving Party or any of its Representatives, by the Disclosing Party or any of its Representatives;

 

(ii)                               all information in whatever form (including in written, oral, visual or electronic form) relating to the existence, status or progress of the Possible Transaction including the existence and contents of this letter agreement

 

1

 

and the fact that discussions and negotiations may be taking place in relation to the Possible Transaction; and

 

(iii)                            all documents that contain or reflect or are generated from any of the foregoing and all copies of any of the foregoing;

 

(d)                               “Disclosing Party” means either party to this letter agreement, as applicable, as the provider of Confidential Information (either directly or through its Representatives) to the other party to this letter agreement or their Representatives;

 

(e)                                “Group” means, in the case of either party to this letter agreement, that party and each of its subsidiaries and Affiliates from time to time;

 

(f)                                 “Receiving Party” means either party to this letter agreement, as applicable, as the recipient of Confidential Information (either directly or through its Representatives) from the other party to this letter agreement or their Representatives;

 

(g)                                “Representatives” means, in relation to a party to this letter agreement, its Affiliates and their relevant respective directors, officers, employees, agents, consultants and advisers;

 

(h)                               “holding company” and “subsidiary” mean “holding company” and “subsidiary” respectively as defined in section 1159 of the Companies Act 2006 and “subsidiary undertaking” and “parent undertaking” mean “subsidiary undertaking” and “parent undertaking” respectively as defined in section 1162 of the Companies Act 2006;

 

(i)                                   references to a “person” includes any individual, partnership, body corporate, corporation sole or aggregate, state or agency of a state, and any unincorporated association or organisation, in each case whether or not having separate legal personality;

 

(j)                                  words introduced by the word “other” shall not be given a restrictive meaning because they are preceded by words referring to a particular class of acts, matters or things; and

 

(k)                               general words shall not be given a restrictive meaning because they are followed by words which are particular examples of the acts, matters or things covered by the general words and the words “includes” and “including” shall be construed without limitation.

 

2                                      DUTY OF CONFIDENTIALITY

 

2.1                           The Receiving Party will hold the Confidential Information in strict confidence and will not disclose, reproduce or distribute any Confidential Information in whole or in part, directly or indirectly, (or permit any of the foregoing) to any persons, other than to its Representatives to the extent that such disclosure, reproduction or distribution is necessary for the purposes of evaluating, negotiating and/or advising on the Possible Transaction.

 

2.2                            Neither the Receiving Party nor any of its Representatives will, without the Disclosing Party’s prior written consent:

 

(a)                               use any Confidential Information for any purpose other than the evaluation or negotiation of the Possible Transaction; or

 

2

 

(b)                               make, permit or assist any other person to make any public announcement in relation to a possible transaction involving FW and AMEC.

 

2.3                            The Receiving Party will:

 

(a)                               take all reasonable steps to ensure that proper and secure storage is provided for all Confidential Information to protect against theft or unauthorised access with no lesser degree of care and no less robust security measures than those which would apply to its own confidential information;

 

(b)                               maintain and, upon the Disclosing Party’s request, immediately provide the Disclosing Party with a list of the names and addresses of all persons to whom Confidential Information has been disclosed; and

 

(c)                                immediately inform the Disclosing Party if it or any of its Representatives become aware or suspect that Confidential Information has been disclosed to or has come into the possession of any unauthorised person with details of the full circumstances thereof and take such reasonable steps as the Disclosing Party may request to retrieve such Confidential Information and/or protect it from further disclosure.

 

2.4                            The Receiving Party shall ensure that each Representative is informed of the terms of this letter agreement and it shall procure that each Representative adheres to the terms of this letter agreement as if it had entered into this letter agreement in the Receiving Party’s place (notwithstanding that it is not a party hereto) and the Receiving Party will be responsible to the extent that any Representative does not do so.

 

3                                      PERMITTED DISCLOSURE

 

3.1                            The undertakings in paragraphs 2.1 and 2.2 will not apply to Confidential Information which the Receiving Party can establish to the Disclosing Party’s reasonable satisfaction:

 

(a)                               is, at the time of disclosure to the Receiving Party or a Representative, or subsequently becomes, public knowledge (other than as a direct or indirect result of the information being disclosed in breach of this letter agreement) and could be obtained by any person with no more than reasonable diligence;

 

(b)                               was known to the Receiving Party or a Representative before the date of this letter agreement and such person was not under any obligation of confidence in respect of that information;

 

(c)                                the Receiving Party or a Representative found out from a source not connected with the Disclosing Party or any of its Representatives and which is not under any obligation of confidence in respect of that information; or

 

(d)                               forms part of the day-to-day business dealings between the parties to this letter agreement and/or their respective Affiliates where such information is provided for purposes other than the Possible Transaction.

 

3.2                            The undertakings in paragraphs 2.1 and 2.2 will not apply to any disclosure of Confidential Information that is required by:

 

(a)                               any law or regulation of any country with jurisdiction over the affairs of either party hereto or any of its subsidiaries;

 

(b)                               any stock exchange or competent governmental or regulatory authority; or

 

3

 

(c)                                a valid and effective subpoena, order or other document issued by any court of competent jurisdiction.

 

3.3                            If the Receiving Party or any of its Representatives are obliged to disclose Confidential Information to any third party pursuant to paragraph 3.2 it shall, to the extent permitted by law:

 

(a)                               consult with the Disclosing Party as to possible steps to avoid or limit disclosure and take any such steps which would not result in significant adverse consequences to the Receiving Party;

 

(b)                               take all reasonable steps to agree the contents of the disclosure with the Disclosing Party prior to making the disclosure;

 

(c)                                use its reasonable endeavours to gain assurances as to confidentiality from the body to whom the information is to be disclosed;

 

(d)                               co-operate with the Disclosing Party if it wishes to issue legal or other proceedings to challenge the validity of the requirement to disclose such Confidential Information;

 

(e)                                disclose only the minimum amount of information necessary in order to satisfy such requirement as advised by legal counsel and exercise reasonable effort (at the Disclosing Party’s expense) to obtain reliable assurance that confidential treatment will be accorded the Confidential Information disclosed; and

 

(f)                                 keep the Disclosing Party fully and promptly informed of the full circumstances of any such disclosure and all related matters and developments.

 

4                                      RETURN OR DESTRUCTION OF CONFIDENTIAL INFORMATION

 

4.1                            The Receiving Party will keep a record of the Confidential Information provided to it or any of its Representatives and, so far as reasonably practicable, of its location.

 

4.2                            Where the Receiving Party determines that it does not wish to proceed with the Possible Transaction or where the Disclosing Party, in its sole discretion, at any time, so demands in writing, the Receiving Party and each of its Representatives will within five Business Days destroy or return to the Disclosing Party any documents containing Confidential Information provided to it or its Representatives and use best endeavours to expunge all such Confidential Information from any computer, word processor or other device containing such Confidential Information except any automatically generated back up files. Where any such Confidential Information is destroyed rather than returned to the Disclosing Party an authorised officer supervising the destruction of such Confidential Information shall promptly certify any such destruction to the Disclosing Party in writing. Notwithstanding any return or destruction of Confidential Information, the Receiving Party will continue to be bound by the obligations of confidentiality and other obligations hereunder in accordance with the terms hereof.

 

4.3                            The provisions of paragraph 4.2 shall not apply to the Receiving Party or a Representative in relation to any document which such person is required to maintain by applicable law or the rules of any regulatory authority or securities exchange to which such person is subject (including professional standards) provided, however, that such retained Confidential Information shall be maintained in compliance with the terms of this letter agreement and will be kept only in the Receiving Party or Representative’s archives.

 

4

 

5                                      NO REPRESENTATION OR WARRANTY

 

5.1                            Each party to this letter agreement will be responsible for making its own decision regarding a Possible Transaction and each party hereto acknowledges and agrees that no representation or warranty is made by any person as to the accuracy, reliability or completeness of any of the Confidential Information provided by the other party or its Representatives and that only those representations and warranties in any final definitive agreement regarding the Possible Transaction (when, and if, executed and subject to such limitations and restrictions as may be specified therein) will have any legal effect.

 

5.2                            The Receiving Party agrees, on its own behalf and on behalf of each of its Representatives, with the Disclosing Party on its own behalf and on behalf of each of its Representatives that, unless and until a final definitive agreement regarding a Possible Transaction has been executed, neither the Disclosing Party nor any of its Representatives shall:

 

(a)                               have any liability to the Receiving Party, its Representatives or any other person resulting from the use of Confidential Information by the Receiving Party or them;

 

(b)                               be under any obligation to provide further Confidential Information, to update Confidential Information or to correct any inaccuracies; or

 

(c)                                owe any duty of care to the Receiving Party or any Representative.

 

This paragraph does not exclude any liability for, or remedy in respect of, fraud.

 

5.3                            This letter agreement and the supply of Confidential Information does not constitute an offer by either party to this letter agreement to enter into a transaction or an invitation to purchase or tender for any securities of either party hereto or any of their Affiliates and does not impose an obligation on either party hereto to continue discussions or negotiations in connection with a Possible Transaction and should not be construed in any way as a recommendation, invitation or inducement (direct or indirect) to engage in investment activity.

 

5.4                            All Confidential Information will remain the sole property of the Disclosing Party or of the applicable subsidiary or Affiliate of the Disclosing Party. Nothing in this letter agreement is intended to grant any right to the Confidential Information except as expressly set forth herein.

 

6                                      NO OBLIGATION TO CONSIDER OFFER

 

Each party hereto will not be obliged to accept, review or consider any proposal or offer that the other party submits. Neither party will be under any legal obligation of any kind whatsoever in relation to the Possible Transaction by virtue of this letter agreement or any written or oral communication in relation to it, except for the matters specifically set out in this letter agreement.

 

7                                     RESTRICTIVE COVENANTS

 

7.1                            Each party hereto agrees that all: (i) communication regarding the Possible Transaction; (ii) requests for Confidential Information; (iii) requests for facility tours or management meetings; and (iv) discussions or questions regarding procedures will be submitted or directed to such persons as each party may designate in writing to be responsible for such

 

5

 

actions, in the case of FW with a copy to Michelle Davies and in the case of AMEC with a copy to Alison Yapp.

 

7.2                            Neither party hereto nor any of their respective Representatives will make or have any contact whatsoever, either directly or indirectly, with any past or present officer, employee, customer, supplier, adviser, contractor or sub-contractor of the other party hereto or any of its Affiliates in relation to the Possible Transaction or any Confidential Information without the other party’s prior written consent. Nothing in this paragraph will prevent either party or any of their Representatives from making contact with its existing customers and suppliers, contractors or sub-contractors in the ordinary course of its or their existing business, provided it does not refer in any way to the Possible Transaction in the course of doing so.

 

7.3                            The parties hereto further agree that, for a period of two years from the date hereof, each party will not solicit for employment or employ any corporate officer or management level employee of the other party or any of its Affiliates with whom such party first had direct and significant contact through the process of the evaluation of the Possible Transaction; provided, however, that this provision shall not prohibit the solicitation or employment of any such person: (i) resulting from general advertisement for employment; (ii) if such person approaches the party on an unsolicited basis; (iii) following the termination by the other party of such person’s employment with the other party; or (iv) resulting from solicitation by a recruiting firm that is not requested to specifically solicit that person for employment.

 

7.4                            Until the earliest of: (i) the execution and delivery by the parties hereto of a final definitive agreement regarding the Possible Transaction; or (ii) one year from the date of this letter agreement, each party agrees that no employee of such party that participated in the evaluation of the possible Transaction shall initiate or maintain contact (except for those contacts made in the ordinary course of business) with any key employee (defined as any elected or appointed officer or director) of the other party regarding its business, assets, operations, prospects or finances, except with the express permission of a duly authorised executive officer of the other party.

 

7.5                            The undertakings in this paragraph 7 are intended for the benefit of each party hereto and for the benefit of the Representatives of each party hereto and apply to actions carried out by either party hereto or any Representative in any capacity and whether directly or indirectly, on either party’s behalf, on behalf of any other person or jointly with any other person.

 

7.6                            Each party hereto hereby agrees that each of the restrictions and undertakings contained in paragraph 7 are reasonable and necessary for the protection of each party’s legitimate interests in the goodwill of its company and each of its subsidiaries and shall be construed as separate and independent undertakings.

 

8                                      FINANCIAL PROMOTION

 

8.1                            Each party hereto represents and warrants that for the purposes of any communication to be received by the other party pursuant to the Possible Transaction, it is, either:

 

(a)                               an investment professional as defined in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 to whom it may lawfully be communicated; or

 

6

 

(b)                               a high net worth entity, a director, officer or employee of a high net worth entity or any other person to whom it may otherwise lawfully be communicated, as defined in Article 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005.

 

9                                      STANDSTILL AND INSIDE INFORMATION IN RESPECT OF AMEC

 

9.1                            FW acknowledges that AMEC’s ordinary shares are admitted to the premium listing segment of the Official List of the UK Listing Authority and to trading on the London Stock Exchange plc’s main market for listed securities. Accordingly, with respect to the Confidential Information, FW:

 

(a)                               confirms that it is fully aware of the criminal offences relating to insider dealing contained in Part V of the Criminal Justice Act 1993 and undertakes to bring them to the attention of each of the persons to whom the Confidential Information is disclosed as contemplated by this letter agreement;

 

(b)                               confirms that it is fully aware of the prohibition on market abuse contained in Part VIII of the Financial Services and Markets Act 2000, including the prohibitions on the misuse of information which is generally not available to the market and insider dealing and undertakes to bring this to the attention of each of the persons to whom Confidential Information is disclosed as contemplated by this letter agreement; and

 

(c)                                undertakes to AMEC that it and its Affiliates who receive Confidential Information will not, and it will instruct its Representatives not to, base any behaviour on any of the Confidential Information in relation to any securities or other qualifying investments which would or would be likely to amount to market abuse or insider dealing.

 

9.2                            For a period of eighteen months from the date of this letter agreement, FW shall not, and shall procure that none of its Affiliates or Representatives shall, either alone or with other persons, directly or indirectly, whether alone or acting in concert with others, without AMEC’s prior written consent:

 

(a)                               acquire, procure or induce any other person to acquire any interest (including beneficial ownership) in securities issued by AMEC or any of its Affiliates (“AMEC Securities”) or enter into any agreement, arrangement or understanding (whether legally binding or not) as a result of which it or any other person may acquire such an interest;

 

(b)                               make, announce, procure or induce any other person to make or announce any offer for all or any interest in AMEC Securities, or enter into any agreement, arrangement or understanding (whether legally binding or not) as a result of which any person may become obliged to make or announce an offer for such an interest;

 

(c)                                enter into any agreement, arrangement or understanding (whether legally binding or not) which imposes (directly or indirectly) obligations or restrictions on any party to such agreement, arrangement or understanding with respect to the exercise of voting rights attaching to any interest in AMEC Securities;

 

(d)                               take any action that would or would reasonably be expected to force AMEC to make a public announcement regarding any of the types of matters set out in this paragraph;

 

7

 

(e)                                otherwise act, alone or in concert with others, to seek to control or influence, in any manner, the management, board of directors or policies of AMEC or any of its Affiliates, or to obtain representation on the board of AMEC;

 

(f)                                 have any discussions or enter into any arrangements, understandings or agreements (whether written or oral) with, or advise, finance, assist or encourage, any other person in connection with any of the foregoing, or make any investment in any other person that knowingly engages, or offers or proposes to engage, in any of the foregoing; or

 

(g)                                make any publicly disclosed proposal regarding any of the foregoing.

 

9.3                            The restrictions in paragraph 9.2 shall not apply:

 

(a)                               so as to prevent any of FW’s advisers from taking any action in the normal course of that person’s investment or advisory business, provided such action is not taken on the instructions of, or otherwise in conjunction with or on behalf of, FW or anyone else in receipt of Confidential Information;

 

(b)                               from the time any offer by FW or any of its Affiliates for all or part of AMEC’s share capital is publicly announced, provided that at the time of such announcement, such offer is recommended by the relevant party’s directors; or

 

(c)                                so as to prevent FW and its Representatives, from acquiring any company which holds, or is interested in, any of AMEC Securities except where the principal reason for the purchase is to acquire an interest in such securities.

 

9.4                            In paragraph 9, references to an “interest in securities”, “offer” and “acting in concert” shall be interpreted in accordance with those terms as defined in the City Code on Takeovers and Mergers.

 

10                               STANDSTILL AND SECURITIES LAWS RESTRICTIONS IN RESPECT OF FW

 

10.1                     AMEC acknowledges that it is, and agrees that its Representatives that receive Confidential Information will be advised to be, aware that the United States securities laws generally prohibit any person who has material non-public information about a company from purchasing or selling securities of such company, or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to use such information in connection with the purchase or sale of such securities and AMEC agrees to refrain from purchasing or selling any securities of FW while in possession of material non-public Confidential Information in respect of FW, its Affiliates and their respective businesses.

 

10.2                     For a period of eighteen months from the date of this letter agreement, AMEC shall not, and shall procure that none of its Affiliates or Representatives shall, either alone or with other persons, directly or indirectly, whether alone or acting in concert with others, without FW’s prior written consent:

 

(a)                               acquire, or propose, offer or agree to acquire, any of the securities of FW (or beneficial ownership thereof), any warrant or option to acquire any securities of FW (or beneficial ownership thereof), any security or agreement convertible into, exchangeable for or the value of which is determined by reference to the securities of FW (or beneficial ownership thereof) or any other right to acquire the securities of FW (or beneficial ownership thereof);

 

8

 

(b)                               make any public announcement with respect to, submit a proposal or offer for, or agree to any acquisition, merger, consolidation, business combination, tender or exchange offer, restructuring, liquidation, recapitalisation, dissolution or similar transaction involving FW or any of its Affiliates, securities or assets;

 

(c)                                make, or participate in, any “solicitation” of proxies or consents within the meaning of Rule 14a-1 under the Securities Exchange Act of 1934 (the “Exchange Act”) disregarding clause (iv) of Rule 14a-1(1 )(2) and including any otherwise exempt solicitation pursuant to Rule 14a-2(b) with respect to the securities of FW, or seek to advise or influence any person with respect to the management, governance or voting of the securities of FW;

 

(d)                               form, join or participate in a “group” (within the meaning of Section 13(d)(3) of the Exchange Act) with respect to any of the foregoing;

 

(e)                                take any action that would or would reasonably be expected to force FW to make a public announcement regarding any of the types of matters set out in this paragraph;

 

(f)                                 otherwise act, alone or in concert with others, to seek to control or influence, in any manner, the management, board of directors or policies of FW or any of its Affiliates, or to obtain representation on the board of FW;

 

(g)                                have any discussions or enter into any arrangements, understandings or agreements (whether written or oral) with, or advise, finance, assist or encourage, any other person in connection with any of the foregoing, or make any investment in any other person that knowingly engages, or offers or proposes to engage, in any of the foregoing; or

 

(h)                               make any publicly disclosed proposal regarding any of the foregoing.

 

10.3                     The restrictions in paragraph 10.2 shall not apply:

 

(a)                               so as to prevent any of AMEC’s advisers from taking any action in the normal course of that person’s investment or advisory business, provided such action is not taken on the instructions of, or otherwise in conjunction with or on behalf of, AMEC or anyone else in receipt of Confidential Information;

 

(b)                               from the time any offer by AMEC or any of its Affiliates for all or part of FW’s share capital is publicly announced, provided that at the time of such announcement, such offer is recommended by the relevant party’s directors; or

 

(c)                                so as to prevent AMEC and its Representatives, from acquiring any company which holds, or is interested in, any of FW’s securities except where the principal reason for the purchase is to acquire an interest in such securities.

 

11                               PRIVILEGE

 

The Receiving Party acknowledges and agrees that access to the Confidential Information is granted to it and its Representatives without any waiver by the Disclosing Party or any of its Representatives of confidentiality and/or legal professional privilege and/or common interest privilege which attaches to any of the Confidential Information. The Receiving Party acknowledges and agrees that it shall not, and it shall procure that its Representatives shall not, at any time, waive, assign or compromise privilege or confidentiality in relation to the Confidential Information in any way.

 

9

 

12                               TERMINATION

 

12.1                     This letter agreement will survive completion of negotiations between the parties hereto, whether or not the Possible Transaction is implemented, and will remain in full force and effect unless and until such time as:

 

(a)                               this letter agreement is terminated by mutual written agreement of the parties;

 

(b)                               either party completes the purchase of the other party hereto; or

 

(c)                                the second anniversary of the date of this letter agreement,

 

upon which this letter agreement shall be of no further effect except for any rights or liabilities that have accrued prior to termination.

 

13                               ENFORCEMENT

 

Without prejudice to any other rights or remedies that each party may have, each party hereto acknowledges and agrees that a person with rights under this letter agreement may be irreparably harmed by any breach of its terms and that damages alone may not be an adequate remedy. Accordingly, a person bringing a claim under this letter agreement shall be entitled, without proof of special damages, to the remedies of injunction, specific performance or other equitable relief for any threatened or actual breach of the terms of this letter agreement.

 

14                               COSTS

 

Each party hereto confirms that it will be responsible for any costs incurred by it or on its behalf or by any of its Representatives in connection with the Possible Transaction and/or the consideration and evaluation of the Confidential Information.

 

15                               ASSIGNMENT

 

Neither party hereto may assign this letter agreement or any of its rights or obligations hereunder without the other party’s prior written consent.

 

16                               GENERAL

 

16.1                     The rights, powers, privileges and remedies provided in this letter agreement are cumulative and not exclusive of any rights, powers, privileges or remedies provided by law.

 

16.2                     No delay or omission by any party at any time to require performance of any provision of this letter agreement shall affect its right to enforce such provision at a later time. A waiver of any right or remedy under this letter agreement shall only be effective if given in writing and shall not be deemed a waiver of any subsequent breach or default.

 

16.3                     No variation or amendment of this letter agreement shall be valid unless it is in writing and duly executed by or on behalf of all of the parties.

 

16.4                     Where any provision of this letter agreement is or becomes illegal, invalid or unenforceable in any respect under the laws of any jurisdiction then such provision shall be deemed to be severed from this letter agreement and, if possible, replaced with a lawful provision which, as closely as possible, gives effect to the intention of the parties and, where permissible, that shall not affect or impair the legality, validity or enforceability in that, or any other, jurisdiction of any other provision of this letter agreement.

 

10

 

16.5                     Any notice or other communication given under this letter agreement or in connection with the matters contemplated herein shall, except where otherwise specifically provided, be in writing in the English language, addressed as provided in paragraph 16.6 and served:

 

(a)                               by personal delivery in which case it shall be deemed to have been given upon delivery at the relevant address;

 

(b)                               if within the United Kingdom, by first class pre-paid post, in which case it shall be deemed to have been given two Business Days after the date of posting;

 

(c)                                if from or to any place outside the United Kingdom, by air courier, in which case it shall be deemed to have been given two Business Days after its delivery to a representative of the courier;

 

(d)                               if from or to any place outside the United Kingdom, by pre-paid airmail, in which case it shall be deemed to have been given five Business Days after the date of posting;

 

(e)                                by e-mail, in which case it shall be deemed to have been given when despatched subject to confirmation of delivery by a delivery receipt,

 

provided that in the case of sub-paragraph (e) above any notice despatched other than on a Business Day between the hours of 9:30 a.m. to 5:30 p.m. shall be deemed to have been given at 9:30 a.m. on the next Business Day.

 

16.6                     Notices under this letter agreement shall be sent for the attention of the person and to the address, or e-mail address, subject to paragraph 16.7, as set out below:

 

	
Name:
    	
Foster Wheeler AG
    
	
 
    	
 
    
	
For the attention of:
    	
Michelle Davies
    
	
 
    	
EVP, General   Counsel & Corporate Secretary
    
	
 
    	
 
    
	
Address:
    	
Shinfield Park,   Reading, Berkshire RG2 9FW
    
	
 
    	
 
    
	
E-mail address:
    	
michelle_davies@fwuk.fwc.com
    
	
 
    	
 
    
	
Name:
    	
AMEC plc
    
	
 
    	
 
    
	
For the attention of:
    	
Alison Yapp
    
	
 
    	
General   Counsel & Company Secretary
    
	
 
    	
 
    
	
Address:
    	
Old Change House,   128 Queen Victoria Street, London EC4V 4BJ
    
	
 
    	
 
    
	
E-mail address:
    	
alison.yapp@amec.com
    

 

16.7                     Any party to this letter agreement may notify the other party of any change to its address or other details specified in paragraph 16.6 provided that such notification shall only be effective on the date specified in such notice or five Business Days after the notice is given, whichever is later.

 

16.8                     This letter agreement will inure to the benefit of and be binding upon each of the parties and their respective successors and permitted assigns.

 

16.9                     Save for the Affiliates of each party, any person who is not a party to this letter agreement shall have no right under the Contracts (Rights of Third Parties) Act 1999 (the “Third Party Rights Act”) to enforce any of its terms. Each party to this letter agreement represents to the other that their respective rights to terminate, rescind or agree any amendment,

 

11

 

variation, waiver or settlement under this letter agreement are not subject to the consent of any person that is not a party to this letter agreement. The provisions of this letter agreement are intended to confer a benefit on the Affiliates of each party to this letter agreement and are intended to be enforceable by each such Affiliate pursuant to the Third Party Rights Act. Notwithstanding the foregoing, this letter agreement may be terminated or varied in any way and at any time by the parties hereto, without the consent of any Affiliate of either party.

 

16.10              This letter agreement may be executed in any number of counterparts. Each counterpart shall constitute an original of this letter agreement but all the counterparts together shall constitute but one and the same instrument.

 

16.11              This letter agreement sets out the entire agreement between the parties relating to the subject matter set out herein.

 

16.12              This letter agreement and any non-contractual rights or obligations arising out of or in connection with it shall be governed by and construed in accordance with the laws of England and Wales.

 

16.13              The parties to this agreement irrevocably agree that the courts of England and Wales shall have exclusive jurisdiction to settle any Disputes, and waive any objection to proceedings before such courts on the grounds of venue or on the grounds that such proceedings have been brought in an inappropriate forum. For the purposes of this paragraph, “Dispute” means any dispute, controversy, claim or difference of whatever nature arising out of, relating to, or having any connection with this letter agreement, including a dispute regarding the existence, formation, validity, interpretation, performance or termination of this letter agreement or the consequences of its nullity and also including any dispute relating to any non-contractual rights or obligations arising out of, relating to, or having any connection with this letter agreement.

 

Please confirm that you agree to the terms set out in this letter agreement by signing and returning to us the enclosed duplicate copy.

 

	
Yours faithfully,
    	
 
    
	
 
    	
 
    
	
/s/ Michelle K.   Davies
    	
 
    
	
 
    	
 
    
	
For and on behalf   of FW
    	
 
    
	
 
    	
 
    
	
Michelle K. Davies
    	
 
    
	
 
    	
 
    
	
VP General   Counsel & Corporate Secretary
    	
 
    
	
 
    	
 
    
	
We acknowledge receipt of this letter agreement and agree to be bound   by its terms.
    
	
 
    	
 
    
	
/s/ Francois   Lafaix
    	
 
    
	
 
    	
 
    
	
For and on behalf   of AMEC
    	
 
    
	
 
    	
 
    
	
26/08/13
    	
 
    

 

12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00236-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00236-of-00352.parquet"}]]