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Exhibit 10.5    
    

 
 

FLUOR EXECUTIVE
  
    DEFERRED COMPENSATION PROGRAM
  
    (Amended and Restated as of April 21, 2003)    
    

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FLUOR EXECUTIVE
  
    DEFERRED COMPENSATION PROGRAM
  
    (Amended and Restated as of April 21, 2003)    
    

        THIS INSTRUMENT, executed and made effective as of April 21, 2003 by FLUOR CORPORATION, a Delaware corporation, evidences an amendment and restatement of
the terms of the Fluor Executive Deferred Compensation Program (formerly known as the Fluor Corporation and Subsidiaries Executive Deferred Compensation Program) adopted for the benefit of certain key
employees of Fluor Corporation and its subsidiaries. 

 
 

WITNESSETH:    
    

        WHEREAS, the Company has previously amended and restated the terms and conditions of the Fluor Executive Deferred Compensation Program (formerly known as the
Fluor Corporation and Subsidiaries Executive Deferred Compensation Program), referred to herein as the "Plan", on May 1, 1997 and January 1, 2002; and 

        WHEREAS,
the Company is in the process of updating the administrative process respecting the Plan, and for this and other reasons now desires to amend and restate the terms and
conditions of the Plan; 

        NOW,
THEREFORE, the Company hereby declares the current terms and conditions of the Fluor Executive Deferred Compensation Program (formerly known as the Fluor Corporation and
Subsidiaries Executive Deferred Compensation Program) to be, as of April 21, 2003, as follows: 

 
 

ARTICLE I
  
    THE PLAN    
    

	1.1
	NAME.
This Plan shall be known as the "Fluor Executive Deferred Compensation Program".

	1.2
	PURPOSE.
This Plan is adopted for the purpose of providing eligible executive employees with a means to satisfy future financial needs and also for the purpose of providing such
employees with retirement and other benefits which, because of various contribution and benefit accrual limitations, cannot be provided for them under the tax qualified retirement, profit sharing and
savings plans in which such employee is a participant. The Company intends that the Plan constitute an unfunded "top hat" plan maintained for the purpose of providing deferred compensation to a select
group of management or highly compensated employees under applicable provisions of ERISA.

	1.3
	PLAN
ADMINISTRATION. The Plan shall be administered by the Committee in accordance with the following:

	(a)
	The
Committee, on behalf of the Participants and their Beneficiaries, shall enforce the Plan in accordance with its terms, shall be charged with the general administration of the
Plan, and shall have all powers necessary to accomplish its purposes, including, but not by way of limitation, the following:

	(i)
	To
determine all questions relating to the eligibility of employees to participate;

	(ii)
	To
construe and interpret the terms and provisions of this Plan;

	(iii)
	To
compute and certify to the amount and kind of benefits payable to Participants or their Beneficiaries;

	(iv)
	To
maintain all records that may be necessary for the administration of the Plan; 

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	(v)
	To
provide for the disclosure of all information and the filing or provision of all reports and statements to Participants, Beneficiaries or governmental agencies as the
Committee may determine or as shall be required by law;

	(vi)
	To
make and publish such rules for the regulation of the Plan and procedures for the administration of the Plan as are not inconsistent with the terms hereof; and

	(vii)
	To
appoint a plan administrator or any other agent, and to delegate to such person such powers and duties in connection with the administration of the Plan as the
Committee may from time to time prescribe.

	(b)
	The
Committee shall have full discretion to make factual determinations as may be necessary and to construe and interpret the terms and provisions of this Plan, which interpretation
or construction shall be final and binding on all parties, including but not limited to the Company and any Participant or Beneficiary. The Committee shall administer such terms and provisions in a
uniform manner and in full accordance with any and all laws applicable to the Plan.

	(c)
	To
enable the Committee to perform its functions, the Company shall supply full and timely information to the Committee on all Plan matters relating to the Participants, their death
or other cause of termination, and such other pertinent facts as the Committee may require. 

 
 

ARTICLE II
  
    DEFINITIONS    
    

	2.1
	DEFINITIONS.

Accrual Accounts—shall mean a Participant's Excess Benefit Accrual Account and Pre-Effective Date Excess Benefit Accrual
Accounts, if any. 

Beneficiary—The beneficiary designated on a form provided by the Participant's corporate employer, or, if no such designation has been made,
the beneficiary designated by the Participant under the Retirement Plan, or, in the absence of any designation, the personal representative of the Participant's estate. 

Board—shall mean the Board of Directors of Fluor Corporation. 

Change of Control—"Change of Control" of the Company shall be deemed to have occurred if, (i) a third person, including a "group" as
defined in Section 13(d)(3) of the Securities Exchange Act of 1934, acquires shares of the Company having twenty-five percent or more of the total number of votes that may be cast
for the election of directors of the Company; or (ii) as the result of any cash tender or exchange offer, merger or other business combination or any
combination of the foregoing transactions (a "Transaction"), the persons who were directors of the Company before the Transaction shall cease to constitute a majority of the Board of the Company or
any successor to the Company. 

Code—shall mean the Internal Revenue Code of 1986, as amended. 

Committee—shall mean the Executive Compensation Committee of the Company. 

Company—shall mean Fluor Corporation. 

Crediting Options—shall mean the crediting options shown on Schedule A, as modified from time to time. 

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Deferral Account—shall mean collectively, a Participant's Deferred Incentive Award Account, Deferred Salary Account,
Pre-Effective Date Deferral Account, the Pre-Effective Date Deferred Salary Accounts and the Pre-1986 Deferral Accounts. 

Deferred Incentive Award Account—shall have the meaning set forth in Section 6.1 hereof. 

Deferred Salary Account—shall have the meaning set forth in Section 6.1 hereof. 

Effective Date—shall mean May 1, 1995. 

Eligible Employee—shall mean any employee of the Company or its subsidiaries who (a) is eligible to participate in the Retirement
Plan or has been specifically designated as eligible for participation in this Plan by the Committee and (b) is an Executive. 

ERISA—shall mean the Employee Retirement Income Security Act of 1974, as amended. 

Excess Benefit Accrual Account—shall have the meaning set forth in Section 6.2 hereof. 

Excess 401(k) Account—shall mean the accounts maintained pursuant to the Prior Plan to compensate for lost benefits under the Savings Plan
that were attributable to the annual contribution limitations of section 401(k) of the Code. 

Executive shall mean any employee who has been determined to be eligible to participate in the Fluor Corporation and Subsidiaries Executive Incentive
Compensation Program, or any other person which the Committee determines to be eligible for participation. 

Fiscal Year—shall mean the twelve-month period ending on December 31 of each year. 

Incentive Award—shall mean awards made pursuant to the terms of the Fluor Corporation and Subsidiaries Executive Incentive Compensation
Program, and any other incentive program for Executives or other highly compensated employees whose participants the Committee determines to be eligible for participation in this Plan. 

Net Asset Value—shall mean a mutual fund's share value, calculated once a day, based on the closing market price for each security in the
fund's portfolio. It is computed by deducting the fund's liabilities from the portfolio's total assets and dividing this amount by the number of shares outstanding. 

Participant—shall mean any Eligible Employee who has one or more Deferral Accounts and/or one or more Accrual Accounts under this Plan. 

Performance Plan—shall mean the Fluor Performance Plan. 

Plan—shall mean the Fluor Executive Deferred Compensation Program the terms of which are set forth herein. 

Pre-1986 Deferral Account—shall have the meaning set forth in Section 6.1 hereof. 

Pre-Effective Date Deferral Account—shall have the meaning set forth in Section 6.1 hereof. 

Pre-Effective Date Deferred Salary Account—shall have the meaning set forth in Section 6.1 hereof. 

Pre-Effective Date Excess Benefit Accrual Account—shall have the meaning set forth in Section 6.2 hereof. 

Prior Plan—shall mean the Fluor Corporation and Subsidiaries Executive Deferred Salary Program. 

Retirement Plan—shall mean the Fluor Corporation Defined Retirement Plan. 

Salary—shall mean the base salary regularly paid to an employee including the employee's deferrals under Sections 401(k) and 125 of
the Code. 

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Savings Plan—shall mean the Fluor Corporation Salaried Employees' Savings Investment Plan. 

Termination of Service—Termination of the full-time employee/employer relationship between a Participant and Fluor Corporation
or any of its subsidiaries by reason of retirement, death, resignation, involuntary termination, permanent total disability or change in status to a part-time employee, as these terms are
defined for purposes of the Retirement Plan. 

 
 

ARTICLE III
  
    PARTICIPATION    
    

	3.1
	SALARY
DEFERRALS. Any Eligible Employee will, for the period of such membership, be entitled to defer all or a portion of Salary pursuant to the provisions of Section 4.2(a)
hereof for so long as he or she remains an Eligible Employee. If an Eligible Employee is removed as an Executive, such Eligible Employee will, notwithstanding such removal, remain eligible to defer
salary through the end of the calendar year in which such removal occurred.

	3.2
	INCENTIVE
AWARD DEFERRALS. Any Eligible Employee who earns an Incentive Award which becomes payable after the Effective Date will be entitled to defer such Incentive Award or portion
thereof pursuant to the provisions of Section 4.2(b) hereof.

	3.3
	EXISTING
ACCOUNTS. All undistributed account balances in the Prior Plan as of the Effective Date are hereby transferred to and made a part of this Plan. The Prior Plan is hereby
merged into this Plan as of the Effective Date and all benefits previously payable under the Prior Plan shall be paid solely from this Plan. Any such account balances will be subject to Adjustment
pursuant to the terms of Section 7.1 hereof and, subject to the deferral period or periods previously elected by the Employee, will be maintained, determined and distributed in accordance with
the terms hereof. All undistributed account balances of Eligible Employees under the Fluor Excess Benefit Plan as of the Effective Date are hereby transferred to and made a part of this Plan and such
account balances will be subject to Adjustment pursuant to the terms of Section 7.1 hereof. On and after the Effective Date all benefits previously payable to Eligible Employees under the Fluor
Excess Benefit Plan shall be paid solely under this Plan.

	3.4
	EXCESS
BENEFIT ACCRUALS. As of the last day of each calendar year each Eligible Employee shall be entitled to receive an Excess Benefit Accrual if and to the extent earned in
accordance with the provisions of Section 5.1 hereof. 

 
 

ARTICLE IV
  
    DEFERRALS    
    

	4.1
	AMOUNTS
SUBJECT TO DEFERRAL. Subject to the effect of any previously authorized or required deductions, reductions or income or employment tax withholdings applicable to such
compensation, an Eligible Employee may elect to defer all or any portion of his or her Salary or any Incentive Award, or his or her distributions upon termination subsequent to a Change in Control, as
described in Section 9.1.

	4.2
	TIMING
AND MECHANICS OF ELECTION.

	(a)
	Salary—The
amount of Salary to be deferred for future payroll periods must be specified by the Eligible Employee in writing to his or her corporate employer as a fixed
percentage of Salary. Such deferral election shall be effective with the first payroll period that begins within the month following receipt of the election by the Company and will continue in effect
until a subsequent election or termination of the election is received by the Company, which change or termination shall also be effective as of the first payroll period that begins within the 

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month
following receipt of such election or termination. The deferral percentage so specified may not be changed, terminated or re-initiated more often than once every month. 

	(b)
	Incentive
Awards—The amount of any Incentive Award to be deferred must be specified by the Eligible Employee in writing to his or her corporate employer no later than the
end of the fiscal period(s) for which performance is measured in determining the amount of the Incentive Award. The amount to be deferred may be specified either as a fixed dollar amount or as a
percentage of the Incentive Award. Such amount or percentage, once specified, is irrevocable as to such Incentive Award.

	(c)
	Change
of Control—The amounts to be deferred under Section 9.1 must be specified by the Eligible Employee in writing to his or her corporate employer at the time
the election is required to be made pursuant to Section 9.1. The amount to be deferred shall be the entire lump sum distribution due upon Change of Control, or this amount taken with all or a
portion of the other moneys due to him or her from the Company upon termination, as described in Section 9.1.

	4.3
	DEFERRAL
PERIODS. Unless otherwise specified by the Eligible Employee at the time of his or her deferral election, payment of such amounts shall be deferred until such Eligible
Employee's Termination of Service. If a specific deferral period has been selected, the deferral period shall end upon the earlier to occur of (a) the Eligible Employee's Termination of Service
or (b) expiration of the specified deferral period. 

 
 

ARTICLE V
  
    OTHER ACCRUALS    
    

	5.1
	EXCESS
BENEFIT ACCRUALS. As of the last business day of each month, the Company shall credit the Excess Benefit Accrual Account of each Eligible Employee with an amount equal to the
excess of the amount of Company contributions which would have been allocated to such Eligible Employee's account under the Retirement Plan for the calendar year but for the limitations imposed by
Sections 401 and 415 of the Code over the actual amount of company contributions allocated to his or her accounts under such plans for the calendar year. As of the last business day of each
calendar month, the Company shall credit the Excess Benefit Accrual Account of each Eligible Employee with an amount equal to the excess of the amount of Company contributions which would have been
made to the account of such Eligible Employee for such month under Section 5.1 and Article VI of the Savings Plan, but for the limitations imposed by Sections 401 and 415 of the
Code over the actual amount of Company contributions allocated to his or her accounts for such month pursuant to such Article VI; provided however, that such amounts will be so credited only if
such Eligible Employee elects, prior to beginning of any such month, to defer an additional portion of his or her Salary which is equal to the amount by which the amounts contributed on behalf of such
Eligible Employee pursuant to Section 5.1 of the Savings Plan for such month were reduced by reason of the limitations imposed by Sections 401 and 415 of the Code. As of the last
business day of each calendar year, the Company shall credit the Excess Benefit Accrual Account of each Eligible Employee with an amount equal to the excess of the amount of company contributions
which would have been allocated to such Eligible Employee's account under the Performance Plan for the calendar year but for the limitations imposed by Sections 401 and 415 of the Code over the
actual amount of Company contributions allocated to his or her accounts under such plan for the calendar year.

	5.2
	COMPENSATING
ACCRUALS. Each Eligible Employee who elects to defer all or a portion of his or her Salary pursuant to Section 4.2(a) hereof will also be credited with additional
accruals to his or her Deferred Salary Account to compensate for reductions in Retirement Plan, Savings Plan, 

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and
Performance Plan contributions that result from such Salary deferral. Such accruals shall be calculated as follows: 

	(a)
	As
of the last business day of each calendar month, there shall be credited to the account of each Eligible Employee, an additional amount that is equal to the amount by
which Company contributions to such Eligible Employee's accounts in the Retirement Plan were reduced by reason of Salary deferrals made under this Plan.

	(b)
	At
the last business day of each calendar month, there shall be credited to the account of each Eligible Employee an additional amount that is equal to the amount by
which Company contributions made under Article VI of the Savings Plan for such month to the account of such Eligible Employee are reduced by reason of Salary deferrals made under this Plan.

	(c)
	As
of the last business day of each calendar year, there shall be credited to the account of each Eligible Employee, an additional amount that is equal to the amount by
which Company contributions to such Eligible Employee's accounts in the Performance Plan were reduced by reason of Salary deferrals made under this Plan. 

 
 

ARTICLE VI
  
    MAINTENANCE OF ACCOUNTS    
    

	6.1
	DEFERRAL
ACCOUNTS. The Company shall maintain one or more of the following separate deferral accounts, as applicable, for Eligible Employees: (1) a Deferred Incentive Award
Account to which shall be credited all amounts of Incentive Awards which have been deferred by such Eligible Employee pursuant to the provisions of Section 4.2(b) hereof; (2) a
Pre-Effective Date Deferral Account which shall include all undistributed amounts relating to Incentive Awards as to which a deferral election had been made prior to the Effective Date,
but not including deferred amounts of Incentive Awards for Fiscal Years ending on or before October 31, 1985; and (3) a Pre-1986 Deferral Account which shall include all
undistributed amounts relating to Incentive Awards for Fiscal Years ending on or before October 31, 1985; (4) a Pre-Effective Date Deferred Salary Account to which shall be
credited the balance as of the Effective Date of the amount standing to the credit of such Eligible Employee under the Prior Plan, reduced by the amount attributable to the Excess 401(k) Account
maintained under such Prior Plan; and (5) a Deferred Salary Account to which shall be credited all amounts of Salary deferred on and after the Effective Date and all amounts credited such
Eligible Employee pursuant to Section 5.2 hereof.

	6.2
	EXCESS
BENEFIT ACCRUAL ACCOUNTS. The Company shall maintain the following separate accrual accounts, as applicable, for Eligible Employees: (1) a Pre-Effective Date
Excess Benefit Accrual Account to which shall be credited as of the Effective Date all amounts then standing to the credit of such Eligible Employees in the Fluor Excess Benefit Plan, and in the
Excess 401(k) Account of the Prior Plan; and (2) an Excess Benefit Accrual Account to which shall be credited all amounts accruing for the benefit of such Eligible Employee pursuant to
Section 5.1 hereof.

	6.3
	ADJUSTMENTS.
Each account of a Participant established pursuant to Sections 6.1 and 6.2 hereof shall be adjusted monthly to reflect any gains and/or losses thereon (the
"Adjustment") in accordance with the provisions of Section 7.1 hereof. 

 
 

ARTICLE VII
  
    CREDITING OPTIONS    
    

	7.1
	CREDITING
OPTIONS. The Company has selected certain crediting options, any of which may be changed, modified or deleted, or additional investment options may be added, from time to 

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time
by the Committee in its discretion (the "Crediting Options"), provided however, that (a) the Five Year T-Bill Option will remain available for Pre-Effective Date
Deferral Accounts, Pre-Effective Date Deferred Salary Accounts and Pre-Effective Date Excess Benefit Accrual Accounts and, until the end of the 1995 fiscal year, for Salary
Deferrals put into place prior to the Effective Date; and (b) the Fluor Average Interest Factor option shall always remain available for Pre-1986 Deferral Accounts. At the time that
an Eligible Employee first becomes a Participant, the Participant shall allocate deferrals among the Crediting Options that will be used as a measure of the investment performance of the contents of
each of his or her Deferral and Accrual Accounts on a form provided by the Committee. In making this designation, the Participant may specify that all or any 1% multiple of each of his or her Deferral
and Accrual Accounts be deemed to be invested in one or more of the Crediting Options. Each Participant will be able to reallocate the Crediting Options (1) for each of his or her Deferral and
Accrual Accounts and (2) both for current account balances and for future contributions to these accounts, once every month in 1% multiples on a form provided by the Committee. Said
reallocation will be effective as of the first day of the month following the month in which the form is received by the Committee, unless the form is received after the monthly deadline set from time
to time by the Committee for receipt of reallocation forms, in which case said reallocation will be effective as of the first day of the next subsequent month. Until a Participant delivers a new
Crediting Options form to the Committee, his or her prior Crediting Options shall control. If a Participant has never selected a Crediting Option for deferrals or accruals made after the Effective
Date, he or she shall be deemed to have elected the Money Market Option. The Company shall use the Participant's Crediting Option designations as the basis for calculating the Adjustment component of
each Deferral and Accrual Account. If a Participant changes his or her Crediting Option designations, then such change shall supersede the previous designation effective the first business day of the
month following the month the change is made. The Company shall begin crediting the Participant's Deferral Accounts with the amount deferred by the Participant on the last day of the month in which
the applicable deferral amount would have otherwise been paid. The daily adjustment shall be determined as follows: As of each business day in which any amount remains credited to any Deferral Account
or Accrual Account of a Participant, each portion of such accounts deemed invested in a particular Crediting Option shall either be credited or debited with an amount equal to that determined by
multiplying the portion of such account (as measured by number of shares) deemed invested in a particular Crediting Option by the Net Asset Value reported for that day for the applicable Investment
Option. As to the applicable amount distributed, the Company shall cease crediting or debiting adjustments to the Participant's Deferral and/or Accrual Accounts on the last day of the month prior to
the applicable distribution event set forth in Articles VIII and IX (the "Valuation Date"). 

Allocation
of investment selections shall be made among the Crediting Options. A Participant shall have absolutely no ownership interest in any Crediting Option. The Company shall be the sole owner of
(if any) funds invested in any such Investment Option, as well as all amounts accounted for in the Deferral and Accrual Accounts, all of which shall at all times be subject to the claims of the
Company's creditors. 

A
Participant shall be entitled to payment of an amount equal to the amount in each of his or her Deferral and Accrual Accounts in accordance with Articles VIII and IX hereof. 

 
 

ARTICLE VIII
  
    ACCOUNT DISTRIBUTIONS    
    

	8.1
	NO
DEFERRAL PERIOD SPECIFIED. With respect to any Accrual Account and those portions of any Deferral Account (including, any Adjustments related thereto) as to which no specific
deferral period has been selected by the Participant at the time of deferral: 

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	(a)
	The
lump sum payment or the first installment will be paid in January of the year succeeding termination; provided, however, that the Company may in its sole discretion elect to make
payment on or before December 31 of the year of termination.

	(b)
	In
the event of installment payments, the second installment will be paid in January following the year in which the first installment was paid and all remaining installments will be
paid annually in January.

	(c)
	Payment
in cash in one lump sum will be made to all Participants with aggregate Accrual and Deferral Account balances of less than twenty-five thousand dollars ($25,000).
For all other Participants, payments either in cash in one lump sum or in annual installments will be at the sole discretion of the Participant's corporate employer. The number of installment payments
will not exceed twenty.

	(d)
	In
the event of the death of a Participant prior to commencement of any payments hereunder, payments will be made to his or her Beneficiary in accordance with the foregoing
provisions. In the event of the death of a Participant after commencement of benefit payments in installments but prior to payment of his or her entire entitlement, payment may be made to his or her
Beneficiary in one lump sum or by continuation of installments at the discretion of the Participant's corporate employer. In the event installments continue to the Beneficiary, they will continue to
be subject to Adjustment under Section 7.1 hereof.

	8.2
	SPECIFIED
DEFERRAL PERIOD. With respect to those portions of any Deferral Account (including any Adjustments related thereto) as to which a specified deferral period has been selected
by a Participant at the time of deferral:

	(a)
	Entitlement
to payment will occur upon the earlier of the (i) Participant's Termination of Service or (ii) upon expiration of the specific deferral period.

	(b)
	All
payments will be made in a lump sum in cash unless (i) in the cases where entitlement to payment arises upon expiration of the deferral period, the Participant designates
at the time of deferral that the deferred amount be paid in a specified number (not to exceed twenty) of annual installments or, (ii) in cases where entitlement to payment arises upon
Termination of Service and where the Participant has aggregate Accrual and Deferral Account Balances of twenty-five thousand dollars ($25,000) or more, the Company in its sole discretion
elects to make payments of the deferred amount in a specified number (not to exceed twenty) of annual installments.

	(c)
	The
lump sum payment or the first installment payment will be paid in January of the year succeeding entitlement; provided, however, that the Company may in its sole discretion elect
to make such payment on or before December 31 of the year of entitlement.

	(d)
	If
a Participant's entitlement is paid in installments, the second installment payment will be paid during January of the year following the year in which the first installment was
paid and all remaining installments will be paid annually in the month of January.

	(e)
	In
the event of the death of a Participant prior to commencement of any payments hereunder, payments will be made to his or her Beneficiary in accordance with the foregoing
provisions. In the event of the death of a Participant after commencement of benefit payments in installments but prior to payment of his or her entire entitlement, payment may be made to his or her
Beneficiary in one lump sum or by continuation of the installments all at the discretion of the Participant's corporate employer. If a Participant has received his or her entire entitlement under one
or more, but less than all of his or her deferral elections, and dies prior to commencement of payments under one or more unpaid deferral elections he or she shall be considered to have died prior to
the commencement of any payments hereunder. 

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In
the event installments continue to the Beneficiary, they will continue to be subject to Adjustment pursuant to Section 7.1 hereof until distributed. 

	(f)
	Notwithstanding
the foregoing, in the event of Termination of Service of the Participant after commencement of benefit payments in installments but prior to payment of his or her
entire entitlement, continued payment may be made to Participant by continuation of installments, or may be made pursuant to the provisions of Section 8.1, all at the discretion of the
Participant's corporate employer.

	(g)
	Acceptance
of payment of the distributions required hereunder to a Participant or his or her beneficiary (as applicable) shall constitute a release by such Participant or beneficiary
(as applicable) of all claims against the Company by the Participant or beneficiary (as applicable). 

 
 

ARTICLE IX
  
    OTHER DISTRIBUTION EVENTS    
    

	9.1
	CHANGE
OF CONTROL.

	(a)
	Notwithstanding
any other Section hereof, if a Participant's employment with the Company or its subsidiaries terminates for any reason other than death, within the
two-year period beginning on the date that a Change of Control of the Company occurs, then the Company shall pay to the Participant by the end of the month following the month of
termination a lump sum distribution of all of his or her Deferral Accounts and Accrual Accounts. If the Participant dies after termination of employment but before payment of any amount under this
Section, then such amount shall be paid to the Beneficiary within the first fifteen (15) days of the month following the Participant's death.

	(b)
	A
Participant may elect to waive the lump sum distribution of all of his or her Deferral Accounts and Accrual Accounts provided for in Section 9.1(a) and maintain these
Accounts upon the terms and conditions of this Program. Such an election is permitted in either of two ways, and a Participant may make either or both forms of election. First, such an election can be
made subsequent to the Change of Control and upon termination of the Participant's employment for any reason other than death within the two year period beginning on the date of that Change of
Control. In the event of a distribution pursuant to such an election to waive the lump sum distribution, Participant shall forfeit an amount equal to 10% of the amount that would otherwise have been
distributed to him or her but for the election. Such forfeited amount shall become the property of the Company. Second, such an election can be made no less than three months prior to the date on
which a Change of Control occurs. In the event of such an election, the election shall apply to any Change of Control occurring at least three months later which is followed by termination of that
Participant's employment for any reason other than death within the two-year period beginning on the date of that Change of Control. In the event of a distribution pursuant to such an
election, no forfeiting of 10% of the amount of the distribution shall occur. Participant may include within this second type of election all or a portion of any other moneys which would be due to him
or her from the Company upon termination, including for example but without limitation accrued vacation, sick pay and severance benefits.

	9.2
	UNFORESEEABLE
EMERGENCY.

	(a)
	A
distribution of a portion of a Participant's Deferral Accounts and Accrual Accounts because of an Unforeseeable Emergency will be permitted only to the extent required by the
Participant to satisfy the emergency need. Whether an Unforeseeable Emergency has occurred will be determined solely by the Committee. Distributions in the event of an Unforeseeable 

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Emergency
may be made by and with the approval of the Committee upon written request by a Participant. 

	(b)
	An
"Unforeseeable Emergency" is defined as a severe financial hardship to the Participant caused by sudden and unexpected illness or accident of the Participant or of a dependent of
the Participant (as defined in Code Section 152(a), as interpreted by Treas. Reg. 1457-2(h)(iv) and (v) and Rev. Proc. 92-65), loss of the Participant's property
due to casualty, or other extraordinary and unforeseeable circumstances caused by a result of events beyond the Participant's control. The circumstances that will constitute an unforeseeable emergency
will depend upon the facts of each case, but, in any event, any distribution under this Section shall not exceed the amount required by the Participant to resolve the hardship after
(i) reimbursement or compensation through insurance or otherwise, (ii) obtaining liquidation of the Participant's assets, to the extent such liquidation would not itself cause a severe
financial hardship, or (iii) suspension of deferrals under the Plan.

	9.3
	WITHDRAWALS.
A Participant may elect by filing with the Company a form specified by the Committee, to receive an amount equal to ninety percent of his or her Deferral Accounts and
Accrual Accounts at any time prior to his or her Termination of Service. If a Participant makes an election described in this Section 9.3 the balance of the Participant's Deferral Accounts not
distributed to the Participant shall be forfeited to the Company; the amount to which he or she is entitled under this Section 9.3 shall be distributed to the Participant in a single lump sum
as soon as administratively practical following such election; the Participant shall be prohibited from participating in deferral portions of the Plan for the balance of the Fiscal Year in which this
distribution is made and the following Fiscal Year; any elections previously made pursuant to Section 4.2 of this Plan shall cease to be effective.

	9.4
	HUMANE
TREATMENT DISTRIBUTION. In the event of the divorce or legal separation of a Participant, and the awarding of all or a portion of the Deferral Accounts and Accrual Accounts to
the spouse of the Participant by court order,, such spouse may elect, by filing with the Committee a form specified by the Committee and by providing such other information as the Committee may in its
discretion reasonably request in order to confirm that the applicable facts and circumstances are present, to receive a distribution of his or her portion of the Deferral Accounts and Accrual Accounts
pursuant and subject to the terms of Section 8.1. 

 
 

ARTICLE X
  
    MISCELLANEOUS PROVISIONS    
    

	10.1
	PARTICIPANT
RIGHTS IN THE UNFUNDED PLAN. Any liability of the Company to any Participant with respect to any benefit shall be based solely upon the contractual obligations created by
the Plan; no such obligation shall be deemed to be secured by any pledge or any encumbrance on any property of the Company. The Company's obligations under this agreement shall be an unfunded and
unsecured promise to pay. No Participant or his or her designated beneficiaries shall have any rights under the Plan other than those of a creditor of the Company. Assets segregated or identified by
the Company for the purpose of paying benefits pursuant to the Plan remain general corporate assets subject to the claims of the Company's creditors.

	10.2
	NON-ASSIGNABILITY.
Neither the Participant nor his or her Beneficiary shall have any power or right to transfer, assign, anticipate, hypothecate or otherwise encumber any
part or all of the amounts payable hereunder, which are expressly declared to be unassignable and non-transferable. Any such attempted assignment or transfer shall be void and the Company
shall thereupon have no further liability to such Participant or such Beneficiary hereunder. No amount payable hereunder shall, prior to actual payment thereof, be subject to seizure by any creditor
of any 

11

 

Participant
or Beneficiary for the payment of debt, judgment or other obligation, by a proceeding at law or in equity, nor transferable by operation of law in the event of the bankruptcy, insolvency
or death of the Participant, his or her designated Beneficiary or any other beneficiary hereunder. 

	10.3
	TERMINATION
OR AMENDMENT OF PLAN. The Company retains the right, at any time and in its sole discretion, to amend or terminate the Plan, in whole or in part. Any amendment of the
Plan shall be approved by the Board, shall be in writing, and shall be communicated to the Participants. Notwithstanding the above, the Committee shall have the authority to change the requirements of
eligibility or to modify the Crediting Options hereunder. No amendment of the Plan shall materially impair or curtail the Company's contractual obligations arising from deferral elections previously
made or for benefits accrued prior to such amendment. Notwithstanding any other provision herein to the contrary, in the event of Plan termination, payment of Deferral and Accrual Accounts shall occur
not later than the last business day of the month following the month in which the termination is made effective.

	10.4
	CONTINUATION
OF EMPLOYMENT. This Plan shall not be deemed to constitute a contract of employment between the Company and a Participant. Nothing in the Plan or in any instrument
executed pursuant to the Plan will confer upon any Participant any right to continue in the employ of the Company or any Subsidiary or affect the right of the Company or any Subsidiary to terminate
the employment of any Participant at any time with or without cause. Nothing in the Plan will otherwise affect any Participant's employment relationship with the Company.

	10.5
	RESPONSIBILITY
FOR LEGAL EFFECT. Neither the Committee nor the Company makes any representations or warranties, express or implied, or assumes any responsibility concerning the
legal, tax or other implications or effects of this Plan.

	10.6
	WITHHOLDING.
The Company shall withhold from or offset against any payment or accrual made under the Plan any taxes the Company determines it is required to withhold by applicable
federal, state or local laws.

	10.7
	OTHER
COMPENSATION PLANS. The adoption of the Plan shall not affect any other incentive or other compensation plans in effect for the Company or any subsidiary, nor shall the Plan
preclude the Company from establishing any other forms of incentive or other compensation for employees of the Company or any subsidiary.

	10.8
	PLAN
BINDING ON SUCCESSORS. The Plan shall be binding upon the successors and assigns of the Company.

	10.9
	SINGULAR,
PLURAL. Wherever appropriate in this Plan, nouns in the singular shall include the plural.

	10.10
	CONTROLLING
LAW. The Plan shall be governed by and construed in accordance with the internal law, without regard to conflict of law principles, of the State of California to the
extent not pre-empted by the laws of the United States of America. 

12

QuickLinks

Exhibit 10.5

FLUOR EXECUTIVE DEFERRED COMPENSATION PROGRAM (Amended and Restated as of April 21, 2003)

FLUOR EXECUTIVE DEFERRED COMPENSATION PROGRAM (Amended and Restated as of April 21, 2003)

WITNESSETH

ARTICLE I THE PLAN

ARTICLE II DEFINITIONS

ARTICLE III PARTICIPATION

ARTICLE IV DEFERRALS

ARTICLE V OTHER ACCRUALS

ARTICLE VI MAINTENANCE OF ACCOUNTS

ARTICLE VII CREDITING OPTIONS

ARTICLE VIII ACCOUNT DISTRIBUTIONS

ARTICLE IX OTHER DISTRIBUTION EVENTS

ARTICLE X MISCELLANEOUS PROVISIONSQuickLinks
 -- Click here to rapidly navigate through this document
 

 

 
 

Exhibit 10.8    
    

 
 

FLUOR EXECUTIVES'
  
    SUPPLEMENTAL BENEFIT PLAN
  
    (Amended and Restated as of January 1, 2008)    
    

1

 
 
 

AMENDED AND RESTATED
  
    FLUOR EXECUTIVES' SUPPLEMENTAL BENEFIT PLAN    
    

        The purpose of this Fluor Executives' Supplemental Benefit Plan, which is hereby amended and restated effective as of January 1, 2008, is to provide
specified benefits to a select group of management and highly paid executives of Fluor Corporation, a Delaware corporation, and its subsidiaries, if any, that sponsor the Plan (collectively with the
Trust (as defined below), the "Company"), in accordance with the following terms and conditions. The Plan shall be interpreted in a manner consistent with Code section 409A, the final
regulations issued thereunder, and any other applicable guidance from the Internal Revenue Service. This amendment and restatement of the Plan shall not apply to any Executive whose entire Benefit is
a Grandfathered Benefit, and the previous version of the Plan shall apply to any such Executive. 

	1.
	Definitions.    For purposes of this Plan, unless otherwise clearly apparent from the context, the following phrases or terms
(and their related meanings) shall have the following indicated meanings:

	(a)
	"Committee"
shall mean the Executive Compensation Committee appointed pursuant to Section 8 below.

	(b)
	"Administrator"
shall have the meaning set forth in Section 8 below.

	(c)
	"Adverse
Change in Employment Condition" shall mean, with respect to an Executive, any of the following:

	(i)
	The
Executive experiences a Termination of Employment for any reason other than a voluntary resignation.

	(ii)
	The
Executive experiences any material change of his or her duties with a material reduction in his or her responsibilities or compensation.

	(iii)
	The
Executive experiences any mandatory change in the geographic location of his or her principal place of business with a reduction in his or her compensation.

	(d)
	"Beneficiary"
shall mean the person or persons designated as such in accordance with Section 7.

	(e)
	"Beneficiary
Designation Form" shall mean the form established from time to time by the Committee that an Executive completes, signs and returns to the Committee to designate one or
more Beneficiaries.

	(f)
	"Benefit"
shall mean, with respect to an Executive, the Executive's Pre-Retirement Death Benefit, Retirement Benefit, Disability Benefit or Change in Control Benefit, as
determined in accordance with Section 6. 

2

 

	(g)
	A
"Change in Control Event" shall occur if there is a change in ownership of the Company or a change in the effective control of the Company within the meaning of Code
section 409A. For example, a change in the ownership of the Company occurs on the date that any one person, or more than one person acting as a group (as determined pursuant to the regulations
under Code section 409A), acquires ownership of stock of the Company that, together with stock held by such person or group, constitutes more than 50 percent of the total fair market
value or total voting power of the stock of the Company. In addition, for example, a change in effective control of the Company occurs on either of the following dates: (1) the date any one
person, or more than one person acting as a group acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons)
ownership of stock of the Company possessing 30 percent or more of the total voting power of the stock of the Company, or (2) the date a majority of members of the Company's Board of
Directors is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Company's Board of Directors before the date
of the appointment or election.

	(h)
	"Code"
shall mean the Internal Revenue Code of 1986, as amended.

	(i)
	"Company"
shall mean Fluor Corporation, a Delaware Corporation, and its subsidiaries, if any, which sponsor the Plan. Notwithstanding the foregoing, if the context so requires,
"Company" shall also mean the Trust.

	(j)
	"Death
Benefit" shall mean, with respect to an Executive, the Executive's Pre-Retirement Death Benefit.

	(k)
	"Disability"
or "Disabled" shall mean a determination that an Executive is disabled made by either (i) the carrier of any individual or group long-term disability
insurance policy, sponsored by the Company, or (ii) the Social Security Administration. Upon request by the Company, the Executive must submit proof of the carrier's or Social Security
Administration's determination.

	(l)
	"Employment"
shall mean full-time or substantially full-time employment by the Company or any Subsidiary of the Company, including any approved leave of
absence.

	(m)
	"Endorsement"
shall mean, with respect to an Executive, the endorsement, in favor of the Executive and contained in the Policy, in the amounts set forth in
Schedule A-1 and A-2 of Section 2 of the Executive's Plan Agreement, and in a form acceptable to the Insurer, entitling the Executive to designate a Beneficiary
to receive the Executive's Pre-Retirement Death Benefit, if any, from the Policy. Notwithstanding any other provision of this Plan that may be construed to the contrary, the Endorsement
shall be null and void and of no further effect upon and after the Endorsement Termination Date, and any proceeds under the Policy shall be paid to the Company thereafter.

	(n)
	"Endorsement
Termination Date" shall mean the date on which occurs the first of the following events:

	(i)
	The
Executive Retires;

	(ii)
	The
Executive experiences a Termination of Employment;

	(iii)
	The
second anniversary of the date the Executive experiences a Disability; or

	(iv)
	The
Plan is terminated by the Executive or the Company in accordance with Section 13.

	(o)
	"ERISA"
shall mean the Employee Retirement Income Security Act of 1974, as amended. 

3

 

	(p)
	"Executive"
shall mean an employee of the Company, or any Subsidiary of the Company, who is selected by the Administrator to participate in this Plan, and who enters into a Plan
Agreement and completes a Beneficiary Designation Form accepted by the Administrator.

	(q)
	"Form
of Retirement Benefit" shall mean, with respect to an Executive, the Lump Sum Benefit or the Salary Continuation Benefit as set forth in Section 6(c).

	(r)
	"Grandfathered
Benefit" shall mean, as to each Executive, the portion of his or her Benefit that is earned and vested as of December 31, 2004 (as determined pursuant to
applicable Internal Revenue Service guidance).

	(s)
	"Insurer"
shall mean, as to each Executive, the insurer(s) specified in his or her Plan Agreement.

	(t)
	"Lump
Sum Benefit", with respect to an Executive at a particular age, shall have the following meanings:

	(i)
	For
(a) a Normal Retirement, or (b) a Change in Control Benefit at age
fifty-five (55) or older, the Executive's Lump Sum Benefit shall be the amount set forth as such in Schedule B of Section 2 of the Executive's Plan Agreement.

	(ii)
	For
a Change in Control Benefit at age fifty-four (54) or younger, the Executive's Lump Sum Benefit shall be equal to the Lump Sum Benefit set forth as such in
Schedule B of Section 2 of the Executive's Plan Agreement for a Change in Control Benefit, discounted at a rate equal to 7.5% per annum, compounded, for each year that the Executive is
younger than age fifty-five (55), including any partial year.

	(u)
	"Non-Grandfathered
Benefit" shall mean, as to each Executive, the portion of his or her Benefit that is not a Grandfathered Benefit.

	(v)
	"Normal
Retirement" shall mean, with respect to an Executive, severance from employment with the Company on or after the date upon which the sum of his or her age and service with the
Company is at least 55 years for any reason, other than leave of absence, death or disability.

	(w)
	"Plan"
shall mean the Amended and Restated Fluor Executives' Supplemental Benefit Plan, which shall be evidenced by this instrument and by each Plan Agreement, as they may be amended
from time to time. The Plan is hereby amended and restated effective as of January 1, 2008.

	(x)
	"Plan
Agreement" shall mean, with respect to an Executive, a written agreement, as may be amended from time to time, which is entered into by and between the Company and an Executive.
Each Plan Agreement shall provide for the entire benefit to which such Executive is entitled under the Plan; should there be more than one Plan Agreement, the Plan Agreement bearing the latest date of
execution by the Company shall supersede all previous Plan Agreements in their entirety and shall govern such entitlement. The terms of any Plan Agreement may be different for any Executive, and any
Plan Agreement may provide additional benefits not set forth in the Plan or limit the benefits otherwise provided under the Plan; provided, however, that any such additional benefits or benefit
limitations must be agreed to by both the Company and the Executive.

	(y)
	"Policy"
shall mean that policy of life insurance as described in Section 2 below.

	(z)
	"Premium"
shall mean, as to any particular time, the premium as determined under the terms of the Policy. 

4

 

	(aa)
	"Pre-Retirement
Death Benefit" shall mean, with respect to an Executive, the death proceeds payable under the Policy by the Insurer to the Executive's Beneficiary, in the
amounts set forth in the Endorsement. The Company shall not be responsible in any way for the tax status of the Pre-Retirement Death Benefit.

	(bb)
	"Retirement",
"Retires", or "Retired" shall mean, with respect to an Executive, separation from service with the Company on account of his or her Normal Retirement.

	(cc)
	"Salary
Continuation Benefit", means the amount set forth as such in Schedule B of Section 2 of the Executive's Plan Agreement.

	(dd)
	"Subsidiary"
shall mean any corporation, partnership, Limited Liability Company, venture or other entity in which the Company has at least a 50% equity ownership interest.

	(ee)
	"Termination
of Employment" shall mean, with respect to an Executive, a "separation from service" within the meaning of Code section 409A, for any reason other than
Retirement, Disability, death or an authorized leave of absence.

	(ff)
	"Trust"
shall mean the trust established pursuant to that certain Master Trust Agreement, dated as of October 2, 1961, between the Company and the trustee named therein, as
amended from time to time.

	(gg)
	"Year"
shall mean a period of twelve (12) consecutive calendar months.

	2.
	Acquisition
of Policy; Ownership of Insurance; Enrollment Requirements.

	(a)
	Acquisition of Policy; Ownership of Insurance.    The parties to this Plan shall cooperate in applying for and obtaining the
Policy. The Policy shall be issued to the Company as its sole and exclusive owner, subject to the Endorsement in favor of the Executive.

	(b)
	Enrollment Requirements.    As a condition of participation, each selected Executive must complete, execute and return a Plan
Agreement and a Beneficiary Designation Form to the Administrator. In addition, the Administrator (or the Administrator, upon and after a Change in Control Event) shall establish from time to time
such other enrollment requirements as it determines, in its sole discretion, are necessary.

	(c)
	Executive's and Beneficiary's Tax Liability.    The Executive acknowledges that, prior to the Endorsement Termination Date,
under current law, he or she shall have taxable income equal to the value of the "economic benefit" derived by the Executive from the Policy's insurance protection, as determined for Federal income
tax purposes under applicable Internal Revenue Service guidance.

	3.
	Premium Payments.    Prior to the Endorsement Termination Date, the Company shall pay to the Insurer each Premium on or before
the date that it is due. In the event that the Company fails to pay a Premium, or a portion thereof, the Executive may pay, but is not required to pay, such Premium or portion thereof, and the Company
shall immediately reimburse the Executive for any amount so paid. Upon and after the Endorsement Termination Date, the Company shall be entitled to exercise all of the rights of the owner under the
Policy, including the right in its sole and absolute discretion to pay or not to pay additional Premiums when due in order to keep the Policy in force for the sole benefit of the Company. Therefore,
upon and after the Endorsement Termination Date, the Executive shall have no right to be reimbursed by the Company for any subsequent payment of Premiums by the Executive to the Insurer. 

5

 
	4.
	Rights and Interests in the Policy.

	(a)
	Rights of Company.    Except for those rights granted to the Executive in the Endorsement pursuant to Section 4(b)
below, the Company shall have all of the rights of the owner under the Policy and shall be entitled to exercise all of such rights, options and privileges without the consent of the Executive;
provided, however, the Company agrees not to exercise any right to surrender the Policy before the Endorsement Termination Date.

	(b)
	Endorsement and Endorsement Termination Date.    The Endorsement to the Policy, as specified in
Schedules A-1 and A-2 of Section 2 of the Plan Agreement, shall be in full force and effect prior to the Endorsement Termination Date. The Endorsement while in
effect shall grant to the Executive the right to designate a Beneficiary under the Policy to receive the Executive's Pre-Retirement Death Benefit, and to change such designation at any
time. Upon and after the Endorsement Termination Date: the Endorsement shall be immediately null, void and of no further effect; the interest of the Executive in the Policy shall irrevocably
terminate; no further benefits shall be due the Executive or his or her Beneficiary under the Policy; and the Executive shall have no further right to designate a Beneficiary under the Policy.

	(c)
	Conflict.    As between the parties hereto, in the event of conflict between the terms of the Endorsement and this Plan, the
terms of this Plan shall prevail. The Insurer shall be bound, however, only by the terms of the Policy and any Endorsement thereto, and shall not be required to pay any amounts to any person in excess
of its obligations under the terms of the Policy.

	(d)
	Collection of Policy Proceeds and Source of Payment of Death Benefit.

	(i)
	If
the Executive dies while employed by the Company, and a Pre-Retirement Death Benefit is due under Section 6(e), the following steps shall occur promptly
following the Executive's death: (A) the Company and the Executive's Beneficiary shall take all steps necessary to collect the gross proceeds under the Policy; (B) the Insurer shall pay
the Executive's Pre-Retirement Death Benefit to his or her Beneficiary as specified in Schedule C of the Plan Agreement; and (C) the Insurer shall pay to the Company the
amount, if any, by which the gross proceeds under the Policy exceed the Pre-Retirement Death Benefit.

	(ii)
	If
the Executive dies, and no Death Benefit is due under Section 6(e), the following steps shall occur promptly following the Executive's death: (A) the Company and the
Executive's Beneficiary shall take all steps necessary to collect the gross proceeds, if any, under the Policy; (B) the Insurer shall pay the gross proceeds, if any, under the Policy to the
Company; and (C) neither the Insurer or the Company shall pay any death benefit to the Executive's Beneficiary.

	5.
	Insurer.    The Insurer is not a party to this Plan, shall in no way be bound by or charged with notice of its terms, and is
expressly authorized to act only in accordance with the terms of the Policy. The Insurer shall be fully discharged from any and all liability under the Policy upon payment or other performance of its
obligations in accordance with the terms of the Policy.

	6.
	Benefits.

	(a)
	One Benefit.    Notwithstanding any other provision of this Plan that may be construed to the contrary, in no event shall an
Executive or his or her Beneficiary or both receive more than one Benefit under this Plan. 

6

 

	(b)
	Retirement Benefit Elections.    Subject to the Executive's continuous employment from the effective date of his or her Plan
Agreement until his or her Retirement, the Executive shall have the right to elect one Form of Retirement Benefit set forth in Section 6(c) below; provided, however, that notwithstanding any
other provision of this Plan that may be construed to the contrary, in no event shall an Executive or his or her Beneficiary or both receive more than one Form of Retirement Benefit under this Plan.
The Executive's elections shall be governed by the provisions set forth in this Section 6(b). The Executive shall elect his or her Form of Retirement Benefit no later than December 31,
2008 (or such earlier time as specified in applicable Internal Revenue Service guidance).

	(i)
	Elections In General; Default Election.    An Executive, in connection with his or her commencement of participation in the
Plan (or, if later, by December 31, 2008 (or such earlier time as specified in applicable Internal Revenue Service guidance)), shall do one of the following:
(a) the Executive shall elect on his or her Plan Agreement to receive one (1) Form of Retirement Benefit set forth in Section 6(c) in the
event of his or her Retirement; or (b) with respect to the Grandfathered Benefit only, the Executive may decline to make an election under clause
(a) until the last day of the Year preceding the Year in which Retirement occurs. If an Executive does not make any election with respect to the Form of
Retirement Benefit, or fails to make a timely election after deferring an election according to the clause (b) above, then the Executive shall be deemed
to have elected the Lump Sum Benefit as his or her Form of Retirement Benefit.

	(ii)
	Changing Elections; Time before Retirement.    An Executive may change his or her Form of Retirement Benefit to an allowable
alternative Form of Retirement Benefit by submitting a new Plan Agreement to the Administrator, provided that any such Plan Agreement is submitted at least one (1) Year prior to the date of the
Executive's Retirement. Notwithstanding the foregoing, with respect to the Executive's Non-Grandfathered Benefit, such election shall be effective only to the extent it further defers
payment of the Benefit for at least five (5) years from when it otherwise would have been paid. Subject to the preceding sentence, the Plan Agreement most recently accepted by the Administrator
shall determine which Form of Retirement Benefit under Section 6(c) shall be received by the Executive.

	(c)
	Form of Retirement Benefit.    The Form of Retirement Benefit and its payment shall be as follows:

	(i)
	Lump Sum Benefit.    If the Executive elects to receive the Lump Sum Benefit as the Form of Retirement Benefit, the
Executive's Lump Sum Benefit shall be paid to the Executive no later than six (6) months after the date of the Executive's Retirement (provided that, with respect to the
Non-Grandfathered Benefit, such Lump Sum Benefit shall be paid on the six (6) month anniversary of such Retirement). The Executive acknowledges that, under current tax law, he or
she will be considered to have taxable compensation income on such payment date(s) in an amount equal to the Lump Sum Benefit. The Executive's Plan Agreement shall terminate when the Lump Sum Benefit
is paid to the Executive. 

7

 

	(ii)
	Salary Continuation Benefit.    If the Executive elects to receive the Salary Continuation Benefit as the Form of Retirement
Benefit, the Executive shall be paid his or her Salary Continuation Benefit in 120 equal payments over a period of 120 months, which payments shall commence no later than six (6) months
after the date of the Executive's Retirement (provided that, with respect to the Non-Grandfathered Benefit, such Benefit shall commence on the six (6) month anniversary of such
Retirement). Notwithstanding any provision of this Plan that may be construed to the contrary, if an Executive who elects the Salary Continuation Benefit provided for by this Section 6(c)(ii)
dies after his or her Retirement but before his or her Salary Continuation Benefit is paid in full, the Executive's unpaid Salary Continuation Benefit payments shall continue and shall be paid to the
Executive's Beneficiary over the remaining number of months and in the same amounts as the Salary Continuation Benefit payments would have been paid to the Executive had the Executive survived. The
Executive acknowledges that he or she and/or his or her Beneficiary will be considered to have taxable compensation income attributable to the Salary Continuation Benefit payments under this
Section 6(c)(ii). The Executive's Plan Agreement shall terminate when the final Salary Continuation Benefit payment is made to the Executive or the Executive's Beneficiary.

	(d)
	Disability Benefit.    In the event that the Administrator determines that the Executive has experienced a Disability, then,
regardless of any election by the Executive to the contrary, the only Benefit payable with respect to such Executive shall the Pre-Retirement Death Benefit; provided, however, that such
Benefit shall be payable as a Disability Benefit pursuant to this Section 6(d) only if the Executive dies on or before the second anniversary of the date he or she becomes Disabled (the "Second
Anniversary Date"). After the Second Anniversary Date, the obligation of the Company to provide any Benefit whatsoever with regard to such Executive under this Plan shall terminate.

	(e)
	Pre-Retirement Death Benefit.    If the Executive dies prior to the Endorsement Termination Date and prior to
experiencing a Termination of Employment, then his or her Pre-Retirement Death Benefit shall be paid pursuant to Section 4(d). The Pre-Retirement Death Benefit shall be
paid to his or her Beneficiary no later than six (6) months after the date the Administrator is provided with proof, that is satisfactory to the Insurer and the Administrator, of the
Executive's death.

	(f)
	Change in Control Benefit.    If the Executive's Termination of Employment occurs due to an Adverse Change in Employment
Condition (but before the Executive is eligible to Retire (within twenty-four (24) months following a Change in Control Event, the Executive shall receive his or her Benefit in the
form of a Lump Sum Benefit on the six (6) month anniversary of such Termination of Employment (provided, however, that if the Executive is eligible to Retire, his or her Benefit shall be paid
in the form of a Lump Sum Benefit on the six (6) month anniversary of the date the Executive separates from service regardless of the reason for such separation). The six-month
delayed referred to in this Section 6(f) shall apply only to the extent the Executive is a "specified employee" within the meaning of Code section 409A, and the Lump Sum Benefit referred
to herein shall be paid immediately upon Termination of Employment or Retirement to the extent the Executive is not a specified employee (e.g., because the Company's stock is not publicly
traded on an established securities market). 

8

 

	7.
	Beneficiary Designation.

	(a)
	Beneficiary.    Each Executive shall have the right, at any time, to designate his or her Beneficiary(ies) (both primary as
well as contingent) to receive any benefits payable under the Plan to a beneficiary upon the death of an Executive. The Beneficiary designated under this Plan may be the same as or different from the
Beneficiary designation under any other plan of the Company in which the Executive participates.

	(b)
	Beneficiary Designation; Change; Spousal Consent.    An Executive shall designate his or her Beneficiary by completing and
signing the Beneficiary Designation Form, and returning it to the Administrator or its designated agent. An Executive shall have the right to change a Beneficiary by completing, signing and otherwise
complying with the terms of the Beneficiary Designation Form and the Administrator's rules and procedures, as in effect from time to time. If the Executive names someone other than his or her spouse
as a Beneficiary, a spousal consent, in the form designated by the Administrator, must be signed by that Executive's spouse and returned to the Administrator. Upon the acceptance by the Administrator
of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be canceled. The Administrator shall be entitled to rely on the last Beneficiary Designation Form filed by
the Executive and accepted by the Administrator prior to his or her death.

	(c)
	Acknowledgment.    No designation or change in designation of a Beneficiary shall be effective until received and
acknowledged in writing by the Administrator or its designated agent.

	(d)
	No Beneficiary Designation.    If an Executive fails to designate a Beneficiary as provided in Sections 7(a), 7(b) and
7(c) above, or if all designated Beneficiaries predecease the Executive or die prior to complete distribution of the Executive's benefits, then the Executive's designated Beneficiary shall be deemed
to be his or her surviving spouse. If the Executive has no surviving spouse, the benefits remaining under the Plan to be paid to a Beneficiary shall be payable to the executor or personal
representative of the Executive's estate.

	(e)
	Doubt as to Beneficiary.    If the Administrator has any doubt as to the proper Beneficiary to receive payments pursuant to
this Plan, the Administrator shall have the right, exercisable in its discretion, to withhold such payments until this matter is resolved to the Administrator's satisfaction.

	(f)
	Discharge of Obligations.    The payment of benefits under the Plan to a Beneficiary shall fully and completely discharge the
Company from all further obligations under this Plan with respect to the Executive, and that Executive's Plan Agreement shall terminate upon such full payment of benefits.

	8.
	Administration of Plan.

	(a)
	Prior to a Change in Control Event.    Prior to a Change in Control Event, this Plan shall be administered by the Committee.
Members of the Committee may be Executives under this Plan. The Committee shall also have the discretion and authority to (i) make, amend, interpret, and enforce all appropriate rules and
regulations for the administration of this Plan and (ii) decide or resolve any and all questions including interpretations of this Plan, as may arise in connection with the Plan. Any individual
serving on the Committee who is an Executive shall not vote or act on any matter relating solely to himself or herself. 

9

 

	(b)
	Upon and After a Change in Control Event.    For purposes of this Plan, the Company shall be the "Administrator" at all times
prior to the occurrence of a Change in Control Event. Upon and after the occurrence of a Change in Control Event, the "Administrator" shall be an independent third party selected by the individual
who, immediately prior to such event, was the Company's Chief Executive Officer or, if not so identified, the Company's highest ranking officer (the "Ex-CEO"). The Administrator shall have
the discretionary power to determine all questions arising in connection with the administration of the Plan and the interpretation of the Plan including, but not limited to benefit entitlement
determinations. When making a determination or calculation, the Administrator shall be entitled to rely on information furnished by an Executive or the Company. Upon and after the occurrence of a
Change in Control Event the Company must: (i) pay all reasonable administrative expenses and fees of the Administrator; (ii) indemnify the Administrator against any costs, expenses and
liabilities including, without limitation, attorney's fees and expenses arising in connection with the performance of the Administrator hereunder, except with respect to matters resulting from the
gross negligence or willful misconduct of the Administrator or its employees or agents; and (iii) supply full and timely information to the Administrator or all matters relating to the Plan,
the Executives and their Beneficiaries, the date of circumstances of the NormalRetirement, Disability, death or Termination of Employment of the Executives, and such other pertinent information as the
Administrator may reasonably require. Upon and after a Change in Control Event, the Administrator may be terminated (and a replacement appointed) only by the approval of the Ex-CEO. Upon
and after a Change in Control Event, the Administrator may not be terminated by the Company.

	(c)
	Binding Effect of Decisions.    The decision or action of the Administrator with respect to any question arising out of or in
connection with the administration, interpretation and application of the Plan and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any
interest in the Plan.

	(d)
	Indemnity of Administrator.    The Company shall indemnify and hold harmless the members of the Administrator, and any person
to whom duties of the Committee may be delegated, against any and all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Plan, except in
the case of willful misconduct by the Administrator, any of its members, or any such person.

	(e)
	Information.    To enable the Administrator to perform its functions, the Company shall supply full and timely information to
the Administrator on all matters relating to the compensation of its Executives, the date and circumstances of the Normal Retirement, Disability, death or Termination of Employment of its Executives,
and such other pertinent information as the Administrator may reasonably require.

	9.
	Plan; Named Fiduciary.

 
	(a)
	 Plan.    This Plan is part of the Fluor Corporation Amended and Restated Executive's Supplemental Benefit Plan, and is comprised of the Plan
described in this instrument plus all Plan Agreements that so reference their association with the Plan.

	(b)
	Fiduciary.    The Company is the named fiduciary of the Plan for purposes of this Plan. 

10

 

	10.
	Claims Procedure.

 
	(a)
	 Presentation of Claim.    The Executive, or his or her Beneficiary (such Executive or Beneficiary being referred to below as a "Claimant") may
deliver to the Administrative Committee a written claim for a determination with respect to the amounts distributable to such Claimant from the Plan. If such a claim relates to the contents of a
notice received by the Claimant. The claim must be made within sixty (60) days after such notice was received by the Claimant. All other claims must be made within 180 days of the date
on which the event that caused the claim to arise occurred. The claim must state with particularity the determination desired by the Claimant.

	(b)
	Notification of Decision.    The Administrative Committee shall consider a Claimant's claim within a reasonable time, but no
later than ninety (90) days after receiving the claim. If the Administrative Committee determines that special circumstances require an extension of time for processing the claim, written
notice of the extension shall be furnished to the Claimant prior to the termination of the initial ninety (90) day period. In no event shall such extension exceed a period of ninety
(90) days from the end of the initial period. The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the Administrative Committee
expects to render the benefit determination. The Administrative Committee shall notify the Claimant in writing.

	(i)
	that
the Claimant's requested determination has been made, and that the claim has been allowed in full; or

	(ii)
	that
the Administrative Committee has reached a conclusion contrary, in whole or in part, to the Claimant's requested determination, and such notice must set forth in a manner
calculated to be understood by the Claimant:

	(A)
	the
specific reason(s) for the denial of the claim, or any part of it;

	(B)
	specific
reference(s) to pertinent provisions of the Plan upon which such denial was based;

	(C)
	a
description of any additional material or information necessary for the Claimant to perfect the claim, and an explanation of why such material or information is necessary;

	(D)
	an
explanation of the claim review procedure set forth in Section 10(c) below; and

	(E)
	a
statement of the Claimant's right to bring a civil action under ERISA Section 502(a) following an adverse benefit determination on review.

	(c)
	Review of a Denied Claim.    On or before sixty (60) days after receiving a notice from the Administrative Committee
that a claim has been denied in whole or in part, a Claimant (or the Claimant's duly authorized representative) may file with the Administrative Committee a written request for a review of the denial
of the claim. The Claimant (or the Claimant's duly authorized representative):

	(i)
	may,
upon request and free of charge have reasonable access to, and copies of, all documents, records and other information relevant to the claim for benefits;

	(ii)
	may
submit written comments or other documents; and/or

	(iii)
	may
request a hearing, which the Administrative Committee, in its sole discretion, may grant. 

11

 

	(d)
	Decision on Review.    The Administrative Committee shall render its decision on review promptly, and no later than sixty
(60) days after the Administrative Committee receives the Claimant's written request for a review of the denial of the claim. If the Administrative Committee determines that special
circumstances require an extension of time for processing the claim, written notice of the extension shall be furnished to the Claimant prior to the termination of the initial sixty (60) day
period. In no event shall such extension exceed a period of sixty (60) days from the end of the initial period. The extension notice shall indicate the special circumstances requiring an
extension of time and the date by which the Administrative Committee expects to render the benefit determination. In rendering its decision, the Administrative Committee shall take into account all
comments, documents, records and other information submitted by the Claimant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit
determination. The decision must be written in a manner calculated to be understood by the Claimant, and it must contain:

	(i)
	specific
reasons for the decision;

	(ii)
	specific
reference(s) to the pertinent Plan provisions upon which the decision was based;

	(iii)
	a
statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to and copies of, all documents, records and other information relevant (as
defined in applicable ERISA regulations) to the Claimant's claim for benefits; and

	(iv)
	a
statement of the Claimant's right to bring a civil action under ERISA Section 502(a).

	(e)
	Legal Action.    A Claimant's compliance with the foregoing provisions of this Section 10 is a mandatory prerequisite
to a Claimant's right to commence any legal action with respect to any claim for benefits under this Plan.

	11.
	Withholding; Income and Employment Taxes.

	(a)
	Prior
to the Endorsement Termination Date, if the Executive has an economic benefit under this Plan, the Company shall withhold from that Executive's cash compensation, or the
Beneficiary's payment, in a manner determined by the Company, the Executive's or Beneficiary's share of all federal, state and local income taxes, FICA and other employment taxes on such economic
benefit.

	(b)
	The
Company, or the trustee of the Trust, shall withhold from any Benefit accruals or payments made to an Executive or his or her Beneficiary under this Plan all federal, state and
local income taxes, FICA and other employment taxes required to be withheld by the Company, or the trustee of the Trust, in connection with such Benefit payments, in amounts and in a manner to be
determined in the sole discretion of the Company and the trustee of the Trust.

	12.
	Protective Provisions.    The Executive will cooperate with the Company by furnishing any and all information requested by
the Company in order to facilitate the payments of benefits hereunder, taking such physical examinations as the Company may deem necessary and taking such other action as may be required by the
Company. If any Executive commits suicide during the two-year period commencing upon the date of his or her Plan Agreement, or if an Executive makes any material misstatements of
information or nondisclosure of medical history, then no benefits shall be payable hereunder, or, in the sole discretion of the Company's board of directors, benefits may be payable in a reduced
amount. 

12

 
	13.
	Amendment of Plan; Termination.    This Plan shall not be modified or amended except by a writing signed by the Company and
the Executive. Except as otherwise provided in the next sentence, either party may terminate this Plan, and Executive's participation in the Plan, at any time, provided that the obligations of the
party terminating the Plan and the Plan with respect to the Executive are performed in full under the Plan as of the time of the termination. Notwithstanding the foregoing and any other provision of
this Plan that may be construed to the contrary, upon and after a Change in Control Event, neither this Plan, nor the Executive's participation in this Plan, may be terminated by the Company without
the express written consent of the Executive, which consent may be unreasonably withheld.

	14.
	Binding Plan.    This Plan shall inure to the benefit of, be binding upon, and be enforceable by the heirs, administrators,
executors, successors and assigns of each party to this Plan.

	15.
	State Law.    Except to the extent preempted by ERISA, this Plan shall be subject to and be construed under the internal laws
of the State of Delaware, without regard to its conflicts of laws principles.

	16.
	Validity.    In case any provision of this Plan shall be illegal or invalid for any reason, said illegality or invalidity
shall not affect the remaining parts of this Plan, but this Plan shall be construed and enforced as if such illegal or invalid provision had never been inserted in this Plan.

	17.
	Not a Contract of Employment.    The terms and conditions of this Plan shall not be deemed to constitute a contract of
employment between the Company and the Executive. Such employment is hereby acknowledged to be an "at will" employment relationship that can be terminated at any time for any reason, with or without
cause, unless expressly provided in a separate written employment Plan. Nothing in this Plan shall be deemed to give the Executive the right to be retained in the service of the Company or to
interfere with the right of the Company to discipline or discharge the Executive at any time.

	18.
	Notice.    Any notice or filing required or permitted to be given under this Plan to the Company or to the Insurer shall be
sufficient if in writing and hand-delivered, or sent by registered or certified mail, to the address below: 

If
to the Company:

        Fluor Corporation

        6700 Las Colinas Blvd.

        Irving, Texas 75039

        Attn: Executive Director, Executive Compensation Services 

If
to the Insurer:

        Security Life Insurance Company of Denver, Inc.

        Security Life Center

        1290 Broadway

        Denver, Colorado 80203

        Sun Life Assurance Company of Canada

        Sun Life Executive Park, SC 2145

        Wellesley Hills, MA 02181 

	19.
	Unsecured General Creditor.    Executives and their Beneficiaries, heirs, successors and assigns shall have no legal or
equitable rights, interests or claims in any property or assets of the Company. For purposes of the payment of benefits under this Plan, any and all of the Company's assets shall be, and remain, the
general, unpledged, unrestricted assets of the Company. The Company's obligation under the Plan shall be merely that of an unfunded and unsecured promise to pay money in the future. 

13

 
	20.
	Discharge of Obligations.    The full payment of Benefits due under the Plan to an Executive or his or her Beneficiary shall
fully and completely discharge the Company from all further obligations under the Plan with respect to the Executive and his or her Beneficiary, and the Executive's Plan Agreement shall terminate upon
such full payment of Benefits.

	21.
	Legal Fees To Enforce Rights After Change in Control Event.    The Company is aware that upon the occurrence of a Change in
Control Event, the board of directors of the Company (which might then be composed of new members) or a shareholder of the Company or of any successor corporation might then cause or attempt to cause
the Company or such successor to refuse to comply with its obligations under the Plan and might cause or attempt to cause the Company to institute, or may institute, litigation seeking to deny the
Executive the benefits intended under the Plan. In these circumstances, the purpose of the Plan could be frustrated. Accordingly, if, following a Change in Control Event, it should appear to any
Executive or the Administrator that the Company or any successor corporation has failed to comply with any of its obligations under the Plan or any agreement thereunder or, if the Company or any other
person takes any action to declare the Plan void or unenforceable or institutes any litigation or other legal action designed to deny, diminish or to recover from any Executive the benefits intended
to be provided, then the Company irrevocably authorizes such Executive or the Administrator or both to retain counsel of his or her or their choice(s) at the expense of the Company to represent such
Executive or the Administrator or both, as the case may be, in connection with the initiation or defense of any litigation or other legal action, whether by or against the Company or any director,
officer, shareholder or other person affiliated with the Company, or any successor thereto in any jurisdiction. The Executive or the Administrator or both, as the case may be, shall be entitled to
receive advances from the Company promptly on demand in the amount of the attorney's fees and expenses incurred in accordance with this Section 21. In all events, any payments made pursuant to
this Section 21 shall be made no later than the end of the year following the year in which the related expense is incurred.

	22.
	Entire Plan.    This Plan constitutes the entire Plan between the parties hereto with regard to the subject matter of this
Plan and supersedes all previous negotiations, Plans and commitments in respect thereto. No oral explanation or oral information by either of the parties to this Plan shall alter the meaning or
interpretation of this Plan. This Plan may not be amended or modified except by a written instrument executed by the Company and the Executive 

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QuickLinks

Exhibit 10.8

FLUOR EXECUTIVES' SUPPLEMENTAL BENEFIT PLAN (Amended and Restated as of January 1, 2008)

AMENDED AND RESTATED FLUOR EXECUTIVES' SUPPLEMENTAL BENEFIT PLAN

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