Document:

[FW LOGO]

                               FOSTER WHEELER LTD.

RAYMOND J. MILCHOVICH                                   TEL 908-730-5060
Chairman, President and                                 FAX 908-730-4600
Chief Executive Officer

REVISED
April 17, 2002

VIA MESSENGER
-------------
PERSONAL AND CONFIDENTIAL
-------------------------

Mr. Henry E. Bartoli
6 Bamboo Lane
Far Hills, NJ 07931

Dear Hank:

This revised letter confirms our discussions regarding your separation from
employment with Foster Wheeler Ltd., including its subsidiaries, divisions and
affiliates (collectively the "Company"). The details of our discussions are set
out below.

1.    Separation from Employment

It is understood that your separation from employment with the Company was
effective Monday, April 15, 2002.

Except as otherwise provided herein (i) all salary and any employee benefits due
to you as of your separation date according to the established policies, plans
and procedures of the Company shall be paid or made available to you in
accordance with the terms of those established policies, plans and procedures,
and (ii) any employee benefit continuation or conversion rights existing under
such established plans of the Company shall be made available to you in
accordance with the terms of such established plans. If you have any questions
regarding your benefits, please contact James E. Schessler.

2.    Separation Benefits and Additional Benefits

On the condition that (i) ON OR BEFORE JUNE 7, 2002 you sign, date and return to
me a copy of this letter agreement and the Waiver and Release Agreement attached
hereto as Attachment I, and (ii) you do not revoke the signed Waiver and Release
Agreement, you will receive from the Company the following separation benefits
and additional benefits:

         (a)      Separation benefits

                  (i)      The Company shall record in its personnel records
                           that your separation from employment with the Company
                           was not for cause.

<PAGE>

Mr. Henry E. Bartoli
REVISED April 17, 2002
Page 2

                  (ii)     Senior management of the Company shall furnish you
                           with a neutral reference in response to inquiries
                           from prospective employers.

                  (iii)    The Company hereby waives, releases and discharges
                           you, including your heirs and assigns, from any and
                           all known or unknown actions, causes of action,
                           claims or liabilities of any kind which have or could
                           be asserted against you arising out of or related to
                           your employment with and/or separation from
                           employment with the Company and/or any other
                           occurrence up to and including your separation date,
                           but excluding any unlawful actions by you. The
                           Company has no knowledge at present of any unlawful
                           actions by you while you were employed by the
                           Company.

         (b)      Additional benefits

                  (i)      As separation pay, the Company shall pay to you one
                           hundred and four (104) weeks of your current base
                           salary payable in installments in accordance with the
                           Company's regular payroll payment schedule. Payment
                           of separation pay shall commence after the seven (7)
                           day revocation period described below has passed.

                  (ii)     For the two (2) year period commencing with your
                           separation date, your coverage under the Company
                           sponsored health and welfare benefit plans (excluding
                           vacation and sick leave accrual) will be continued as
                           if you were an active employee of the Company,
                           including the relative Company and active employee
                           portions of the cost of coverage.

                  (iii)    Under the Company's Supplemental Employee Retirement
                           Plan ("SERP"), you will be eligible to receive your
                           SERP benefit in a single lump sum payment on or after
                           the second anniversary of your separation date. Your
                           SERP benefit shall be determined on the second
                           anniversary of your separation date to include your
                           age on April 15, 2004 and two (2) additional years of
                           service for the period April 15, 2002 to April 15,
                           2004. In addition, under the Company's defined
                           benefit pension plan you will receive two (2)
                           additional years of service for the period April 15,
                           2002 to April 15, 2004.

                  (iv)     As soon as practicable, the Company shall cause all
                           transfer and other restrictions to be removed from
                           all shares of capital stock of the Company then
                           registered in your name and any stock options which
                           you hold to purchase shares of the capital stock of
                           the Company will be fully vested.

<PAGE>
Mr. Henry E. Bartoli
REVISED April 17, 2002
Page 3

                  (v)      For the one (1) year period commencing with your
                           separation date, you shall be permitted to retain use
                           of the automobile currently leased by the Company for
                           you.

                  (vi)     The Company shall pay you not later than June 30,
                           2002 the amount of $48,435.00 in a single lump sum
                           payment for your two hundred fifty-seven (257) hours
                           of accrued but unpaid vacation time. It is
                           acknowledged and agreed that you are not eligible for
                           payment of any accrued sick pay.

                  (vii)    The Company shall pay for executive level career
                           transition assistance services for you by a career
                           transition assistance firm selected by you and
                           approved in writing by the Company. You must commence
                           the executive level career transition assistance
                           program within sixty (60) days after your separation
                           date. In lieu of, and not in addition to, the
                           foregoing executive level career transition
                           assistance services, you may elect in writing by June
                           30, 2002 to utilize the services of a financial
                           advisor for a one year period for which the Company
                           shall pay directly or reimburse you up to $8,000.00
                           upon presentation of statements by such financial
                           advisor.

                  (viii)   For calendar years 2002 and 2003, you shall be
                           eligible to receive a bonus under the Company's
                           Incentive Compensation Plan (or any successor plan
                           which may be adopted in lieu of such Incentive
                           Compensation Plan). Such bonus shall be that
                           percentage amount of your annual base salary equal to
                           the average percentage of base salaries paid as
                           bonuses under the annual segment of the Company's
                           Incentive Compensation Plan (or successor plan) to
                           the senior executive officers of the Company at your
                           former executive level during each such calendar
                           year. For purposes of such bonus determination, such
                           senior executive officers of the Company are the
                           Company's Senior Vice President and General Counsel,
                           Senior Vice President Human Resources and
                           Administration, Treasurer, Secretary, and the Deputy
                           General Counsel. Such bonus shall be paid to you at
                           the same time as payments are made to the
                           participants in the Incentive Compensation Plan (or
                           successor plan).

You acknowledge that the foregoing separation benefits are extra benefits which
you would not be entitled to under the Company's established policies, plans and
procedures and the separation benefits are in exchange for your signing the
letter agreement and signing (and not later revoking) the Waiver and Release
Agreement. You further acknowledge and agree that the Company's offer of the
separation benefits and additional benefits to you and your signing of this
letter agreement and the Waiver

<PAGE>
Mr. Henry E. Bartoli
REVISED April 17, 2002
Page 4

and Release Agreement does not in any way indicate that you have any viable
claims against the Company or that the Company has or admits any liability to
you whatsoever.

You are encouraged to consult with an attorney of your choice at your own
expense prior to signing a copy of this letter agreement and the Waiver and
Release Agreement, and you acknowledge that you have been given at least
twenty-one (21) days within which to consider this letter agreement and the
Waiver and Release Agreement. You acknowledge that the modifications reflected
in this revised letter will not restart the running of the twenty-one (21) day
period referenced hereinabove which began on April 17, 2002.

You are further advised that you may revoke the signed Waiver and Release
Agreement within seven (7) days after its signing. Any such revocation must be
made in writing and be received by me within the seven (7) day period. All
legally required taxes and any monies owed the Company shall be deducted from
the separation benefits and additional benefits provided under this letter
agreement. The Company acknowledges that your separation benefits and additional
benefits shall continue if you obtain employment with another employer, provided
that you are not in breach of this letter agreement and/or the Waiver and
Release Agreement.

3.       Company Property/Expenses

You agree to immediately return to the Company all files, records, documents,
reports, computers, and other business equipment, keys, credit cards and calling
cards, unused airline tickets, ID cards, cellular telephones and beepers,
employee handbook, and other physical or personal property of the Company in
your possession or control and you further agree that you will not keep,
transfer or use any copies or excerpts of the foregoing items. You must also
ensure that all business expenses for which you are entitled to reimbursement
under the Company's expense reimbursement policy are documented and submitted
for approval within thirty (30) days after your separation date.

4.       Confidentiality/Cooperation/Obligations

You agree from and after today to keep strictly confidential the existence and
terms of this letter agreement and you further agree that you will not disclose
them to any person or entity, other than to your immediate family, your
attorney, and your financial advisor, or except as may be required by law or to
enforce this letter agreement. The Company agrees from and after today to keep
strictly confidential the existence and terms of this letter agreement and
further agrees that it will not disclose them to any person or entity, other
than to employees on a need-to-know basis, its attorneys and financial advisors,
or except as may be required by law or to enforce this letter agreement.

Except as otherwise provided in this letter agreement or required under the
terms of the Company sponsored employee benefit plans, following your separation
date the

<PAGE>
Mr. Henry E. Bartoli
REVISED April 17, 2002
Page 5

Company will have no further obligations to you and you will have no further
obligations to the Company. You acknowledge that after your separation date you
shall not represent yourself to be an employee of the Company nor take any
action which may bind the Company with regard to any customer, client, supplier,
vendor or any other party with whom you have had contact while performing your
duties as an employee of the Company.

You further agree that from and after today you shall not take any actions or
make any statements to the public, future employers, current, former or future
Company employees, or any other third party whatsoever that disparage or reflect
negatively on the Company and its affiliates, and its and their officers,
directors, or employees. Senior management of the Company agrees that senior
management shall not take any actions or make any statements to the public or
any third party whatsoever that disparage or reflect negatively on you.

You further agree from and after your separation date to make yourself available
to the Company to provide reasonable cooperation and assistance to the Company
with respect to areas and matters in which you were involved during your
employment, including any threatened or actual litigation concerning the
Company, and to provide to the Company, if requested, information and counsel
relating to ongoing matters of interest to the Company. The Company will, of
course, take into consideration your personal and business commitments, will
give you as much advance notice as reasonably possible, and ask that you be
available at such time or times as are reasonably convenient to you and the
Company. The Company agrees to (i) reimburse you for the actual out-of-pocket
expenses you incur as a result of your complying with this provision, subject to
your submission to the Company of documentation substantiating such expenses as
the Company may require, and (ii) after April 15, 2004, pay you for your time at
the rate of Two Hundred Dollars ($200.00) per hour.

Proprietary information, confidential business information and trade secrets
(hereinafter collectively "Confidential Information") which became known to you
as an employee of the Company remains the property of the Company. Such
Confidential Information includes, but is not limited to, materials, records,
books, products, business plans, business proposals, software, lists of actual
or potential customers or suppliers, financial information, computer disks,
computer printouts, documents, information stored electronically, personnel
information and data of the Company and its customers, but excludes information
which is generally known to the public or becomes known except through your
actions. You agree from and after today that you will not at any time, directly
or indirectly, disclose Confidential Information to any third party or otherwise
use such Confidential Information for your own benefit or the benefit of others.
Also, you acknowledge that the terms and conditions of your Confidential
Information And Patent Agreement dated December 15, 1992 remains in effect in
accordance with its terms, including all of your obligations thereunder. You
covenant and agree that during the twelve (12) month period from your separation
date, you will

<PAGE>
Mr. Henry E. Bartoli
REVISED April 17, 2002
Page 6

not perform services which are the same as or substantially similar to the
services you provided for the Company, for, or on behalf of the four entities,
including any of such entities' subsidiaries or affiliates, listed on the
attached Attachment II.

You covenant and agree that during the twelve (12) month period from your
separation date, you shall not at any time, directly or indirectly, solicit any
client/customer of the Company with respect to the Company related projects
listed on the attached Attachment III. You also covenant and agree that during
the twelve (12) month period from your separation date, you shall not at any
time, directly or indirectly, solicit any client/customer of the Company listed
in the customer alliance portion of the attached Attachment III with respect to
the scope of work delineated in the alliance/relationship agreement between the
Company and such customer/client. If you request in writing, the Company shall
furnish you with the above-referenced scope of work provisions.

You covenant and agree that during the twenty-four (24) month period from your
separation date, you shall not at any time, directly or indirectly, induce or
solicit any employee of the Company to terminate his or her employment with the
Company or to obtain employment elsewhere.

You covenant and agree that during the twenty-four (24) month period from your
separation date, you shall furnish a copy of this Paragraph 4 in its entirety to
any prospective employer prior to accepting employment with such prospective
employer.

If any court determines that any portion of this Paragraph 4 is invalid or
unenforceable, the remainder of this Paragraph 4 shall not thereby be affected
and shall be given full effect without regard to the invalid provision. If any
court construes any of the restrictions in this Paragraph 4 to be unreasonable
because of the duration or scope of such provision, such court shall have the
power to reduce the duration or scope of such provision and to enforce such
provision as so reduced.

You acknowledge and agree that your obligations set forth in this Paragraph 4
are reasonably necessary to protect the Company and its legitimate interests.
You further acknowledge the adequacy of consideration for these obligations
based on any one of the Company promises contained in Paragraph 2 above. You
further acknowledge and agree that damages may not be an adequate remedy for
your material breach of any provision of this Paragraph 4, and further agree
that the Company shall be entitled to obtain appropriate injunctive and/or other
equitable relief for any such material breach, without the posting of any bond
or other security.

5.       General Matters

You acknowledge and agree that in signing this letter agreement (including
Attachment I) you do not rely and have not relied on any representation or
statement by the Company or by its employees, agents, representatives, or
attorneys with regard to the subject matter, basis or effect of the letter
agreement (including Attachment I).

<PAGE>
Mr. Henry E. Bartoli
REVISED April 17, 2002
Page 7

This letter agreement as revised is deemed made and entered into in the State of
New Jersey, and in all respects shall be interpreted, enforced and governed
under the laws of the State of New Jersey, without given effect to its choice of
laws provisions, to the extent not preempted by federal law. Any dispute under
this letter agreement (including Attachment I) shall be adjudicated by a court
of competent jurisdiction in the State of New Jersey.

The language of all parts of this letter agreement shall in all cases be
construed as a whole, according to its fair meaning, and not strictly for or
against either party. The provisions of this letter agreement shall survive any
termination of this letter agreement when necessary to effect the intent and
terms of this letter agreement expressed herein.

If any of the provisions of this letter agreement (including Attachment I) shall
be held to be invalid by a court of competent jurisdiction, such holding shall
not in any way whatsoever affect the validity of the remainder of this letter
agreement (including Attachment I).

This letter agreement supersedes any and all prior oral or written
understandings regarding your voluntary or involuntary separation from
employment with the Company and contains the entire agreement between you and
the Company with respect to the matter of your separation from employment. No
modification of any provision of this letter agreement shall be effective unless
made in writing and signed by you and the President and Chief Executive Officer
of the Company. This letter agreement shall not be assignable by you.

This letter agreement shall be binding upon and inure to the benefit of you and
the Company and our respective successors, assigns, heirs, estates and legal
representatives, including any entity with which the Company may merge or
consolidate or to which all or substantially all of its assets may be
transferred, or to any affiliate of the Company or such entity following the
transactions referred to hereinabove.

Should you require further clarification of any aspect of the above
arrangements, or wish to discuss their implementation, please contact me or
James E. Schessler.

Please indicate your agreement and acceptance of these provisions by signing and
dating the enclosed copy of this letter agreement and the Waiver and Release
Agreement and returning them to me on or before June 6, 2002. Following your
acceptance, the arrangements will be implemented and administered as described
herein.

So that there is no misunderstanding, please understand that if for any reason I
do not receive the signed copy of this letter agreement and the Waiver and
Release Agreement from you on or before June 6, 2002, the proposed arrangements
described in this letter agreement will be deemed to be withdrawn.

Best wishes for success in your future endeavors.

                                        Sincerely yours,

                                        FOSTER WHEELER LTD.

                                        By  /S/Raymond J. Milchovich
                                           ---------------------------
                                           Raymond J. Milchovich
                                           President and Chief Executive Officer

AGREED AND ACCEPTED:

/S/HENRY E. BARTOLI
---------------------
  Henry E. Bartoli

6/6/02
---------
 Date

<PAGE>[FW LOGO]

                               FOSTER WHEELER LTD.

RAYMOND J. MILCHOVICH                                  TEL 908-730-5060
Chairman, President and                                FAX 908-730-4600
Chief Executive Officer

Revised May 21, 2002

VIA HAND DELIVERY
-----------------
PERSONAL AND CONFIDENTIAL
-------------------------

Mr. Gilles Renaud
20 Kalan Farm Road
Hampton, NJ 08827

Dear Gilles:

This revised letter confirms our discussions regarding your separation from
employment with Foster Wheeler Ltd., including its subsidiaries, divisions and
affiliates (collectively the "Company"). The details of our discussions are set
out below.

1.       SEPARATION FROM EMPLOYMENT
         --------------------------
It is understood that your separation from employment with the Company is
effective today, Tuesday, May 21, 2002.

Except as otherwise provided herein (i) all salary and any employee benefits due
to you as of your separation date according to the established policies, plans
and procedures of the Company shall be paid or made available to you in
accordance with the terms of those established policies, plans and procedures,
and (ii) any employee benefit continuation or conversion rights existing under
such established plans of the Company shall be made available to you in
accordance with the terms of such established plans. If you have any questions
regarding your benefits, please contact James E. Schessler.

2.       SEPARATION BENEFITS
         -------------------

In accordance with your February 16, 2000 offer letter and its February 21, 2000
addendum, you will receive from the Company the following separation benefits:

     (a)  As separation pay, the Company shall pay to you one hundred and four
          (104) weeks of your current base salary payable in installments in
          accordance with the Company's regular payroll payment schedule.

     (b)  The Company shall pay to you an annual bonus for calendar years 2002
          and 2003 in the annual amount of One Hundred Sixty Thousand Dollars
          ($160,000). Such annual bonus shall be paid to you at the same time as
          annual bonuses for those calendar years are normally paid to senior

<PAGE>
Mr. Gilles Renaud
Revised May 21, 2002
Page 2

          executives of the Company, but in no event later than February 28,
          2003 and February 28, 2004 respectively.

     (c)  For three (3) years from your separation date, your coverage under the
          Company sponsored health plan will be continued as if you were an
          active employee of the Company, including the relative Company and
          active employee portions of the cost of health coverage.

     (d)  The Company shall pay to you the present value of your accrued benefit
          under the Company sponsored pension plan, Ninety Eight Thousand Nine
          Hundred Seventy Dollars ($98,970.00), in a single lump sum payment on
          or before July 15, 2002.

     (e)  As soon as practicable, the Company shall cause all transfer and other
          restrictions to be removed from all restricted shares of capital stock
          of the Company then registered in your name, including the vesting
          restriction.

3.       ADDITIONAL BENEFITS
         -------------------

On the condition that (i) ON OR BEFORE JULY 5, 2002 you sign, date and return to
me a copy of this letter agreement and the Waiver and Release Agreement attached
hereto as Attachment I, and (ii) you do not revoke the signed Waiver and Release
Agreement, you will receive from the Company as additional benefits the
following:

     (a)  The Company shall permit you the continued use (including maintenance
          costs and insurance) of the automobile currently leased for you by the
          Company. The Company shall continue to lease that automobile, or a
          comparable automobile if the current automobile cannot be driven due
          to accidental damage, for twenty-four (24) months following your
          separation date.

     (b)  The Company hereby waives, releases and discharges you, including your
          heirs and assigns, from any and all known or unknown actions, causes
          of action, claims or liabilities of any kind which have or could be
          asserted against you arising out of or related to your employment with
          and/or separation from employment with the Company and/or any other
          occurrence up to and including your separation date, but excluding any
          unlawful actions by you.

     (c)  The Company shall pay to you for estate planning and financial
          planning services the sum of Eleven Thousand Dollars ($11,000.00) on
          or before July 15, 2002.

     (d)  The Company confirms those rights to indemnification to which you are
          entitled under the Company's charter and by-laws.

<PAGE>
Mr. Gilles Renaud
Revised May 21, 2002
Page 3

You acknowledge that the foregoing additional benefits are extra benefits which
you would not be entitled to under the Company's established policies, plans and
procedures and the additional benefits are in exchange for your signing the
letter agreement and signing (and not later revoking) the Waiver and Release
Agreement. You further acknowledge and agree that the Company's offer of the
additional benefits to you and your signing of this letter agreement and the
Waiver and Release Agreement does not in any way indicate that you have any
viable claims against the Company or that the Company has or admits any
liability to you whatsoever.

You are encouraged to consult with an attorney of your choice at your own
expense prior to signing a copy of this letter agreement and the Waiver and
Release Agreement, and you acknowledge that you have been given at least
twenty-one (21) days within which to consider this letter agreement and the
Waiver and Release Agreement.

You are further advised that you may revoke the signed Waiver and Release
Agreement within seven (7) days after its signing. Any such revocation must be
made in writing and be received by me within the seven (7) day period. All
legally required taxes and any monies owed the Company shall be deducted from
the separation benefits and additional benefits provided under this letter
agreement.

4.       COMPANY PROPERTY/EXPENSES
         -------------------------
You agree to immediately return to the Company all files, records, documents,
reports, computers, and other business equipment, keys, credit cards and calling
cards, unused airline tickets, ID cards, cellular telephones and beepers,
employee handbook, and other physical or personal property of the Company in
your possession or control and you further agree that you will not keep,
transfer or use any copies or excerpts of the foregoing items. You must also
ensure that all business expenses for which you are entitled to reimbursement
under the Company's expense reimbursement policy are documented and submitted
for approval within sixty (60) days after your separation date.

5.     CONFIDENTIALITY/COOPERATION/OBLIGATIONS
       -----------------------------------------

You agree from and after today to keep strictly confidential the existence and
terms of this letter agreement and you further agree that you will not disclose
them to any person or entity, other than to your immediate family, your
attorney, and your financial/tax advisor, or except as may be required by law or
to enforce this letter agreement. The Company agrees from and after today to
keep strictly confidential the existence and terms of this letter agreement and
further agrees that it will not disclose them to any person or entity, other
than to employees on a need-to-know basis, its attorneys and financial advisors,
or except as may be required by law or to enforce this letter agreement.

<PAGE>
Mr. Gilles Renaud
Revised May 21, 2002
Page 4

Except as otherwise provided in this letter agreement or required under the
terms of the Company sponsored employee benefit plans, following your separation
date the Company will have no further obligations to you and you will have no
further obligations to the Company. You acknowledge that after your separation
date you shall not represent yourself to be an employee of the Company nor take
any action which may bind the Company with regard to any customer, client,
supplier, vendor or any other party with whom you have had contact while
performing your duties as an employee of the Company.

You further agree that from and after today you shall not take any actions or
make any statements to the public, future employers, current, former or future
Company employees, or any other third party whatsoever that disparage or reflect
negatively on the Company and its affiliates, and its and their officers,
directors, or employees. Senior management of the Company agrees that current
and future senior management shall not take any actions or make any statements
to the public or any third party whatsoever that disparage or reflect negatively
on you.

You further agree from and after your separation date to make yourself available
to the Company to provide reasonable cooperation and assistance to the Company
with respect to areas and matters in which you were involved during your
employment, including any threatened or actual litigation concerning the
Company, and to provide to the Company, if requested, information and counsel
relating to ongoing matters of interest to the Company. The Company will, of
course, take into consideration your personal and business commitments, will
give you as much advance notice as reasonably possible, and ask that you be
available at such time or times as are reasonably convenient to you and the
Company. The Company agrees to (i) reimburse you for the actual out-of-pocket
expenses you incur as a result of your complying with this provision, subject to
your submission to the Company of documentation substantiating such expenses as
the Company may require, and (ii) after May 21, 2004, pay you for your time at
the rate of Two Hundred Dollars ($200.00) per hour.

Proprietary information, confidential business information and trade secrets
(hereinafter collectively "Confidential Information") which became known to you
as an employee of the Company remains the property of the Company. Such
Confidential Information includes, but is not limited to, materials, records,
books, products, business plans, business proposals, software, lists of actual
or potential customers or suppliers, financial information, computer disks,
computer printouts, documents, information stored electronically, personnel
information and data of the Company and its customers, but excludes information
which is generally known to the public or becomes known except through your
actions. You agree from and after today that you will not at any time, directly
or indirectly, disclose Confidential Information to any third party or otherwise
use such Confidential Information for your own benefit or the benefit of others.
Also, you acknowledge that the terms and conditions of your Confidential
Information And Patent Agreement remains in effect in accordance with its terms,

<PAGE>
Mr. Gilles Renaud
Revised May 21, 2002
Page 5

including all of your obligations thereunder. You covenant and agree that during
the twelve (12) month period from your separation date, you will not perform
services which are the same or substantially similar to the services you
provided for the Company for or on behalf of the entities, including any of such
entities' subsidiaries or affiliates listed on the attached Attachment II.

You covenant and agree that during the twelve (12) month period from your
separation date, you shall not at any time, directly or indirectly, solicit any
client/customer of the Company with respect to the Company related projects
listed on the attached Attachment III. You also covenant and agree that during
the twelve (12) month period from your separation date, you shall not at any
time, directly or indirectly, solicit any client/customer of the Company listed
in the customer alliance portion of the attached Attachment III with respect to
the scope of work delineated in the alliance/relationship agreement between the
Company and such customer/client. If you request in writing, the Company shall
furnish you with the above-referenced scope of work provisions.

You covenant and agree that during the twenty-four (24) month period from your
separation date, you shall not at any time, directly or indirectly, induce or
solicit any employee of the Company to terminate his or her employment with the
Company or to obtain employment elsewhere.

You covenant and agree that during the twenty-four (24) month period from your
separation date, you shall furnish a copy of this Paragraph 5 in its entirety to
any prospective employer prior to accepting employment with such prospective
employer.

If any court determines that any portion of this Paragraph 5 is invalid or
unenforceable, the remainder of this Paragraph 5 shall not thereby be affected
and shall be given full effect without regard to the invalid provision. If any
court construes any of the restrictions in this Paragraph 5 to be unreasonable
because of the duration or scope of such provision, such court shall have the
power to reduce the duration or scope of such provision and to enforce such
provision as so reduced.

You acknowledge and agree that your obligations set forth in this Paragraph 5
are reasonably necessary to protect the Company and its legitimate interests.
You further acknowledge the adequacy of consideration for these obligations
based on any one of the Company's promise contained in Paragraph 3 above. You
further acknowledge and agree that damages may not be an adequate remedy for
your breach of any provision of this Paragraph 5, and further agree that the
Company shall be entitled to obtain appropriate injunctive and/or other
equitable relief for any such breach, without the posting of any bond or other
security.

6.       GENERAL MATTERS
         ---------------
You acknowledge and agree that in signing this letter agreement (including
Attachment I) you do not rely and have not relied on any representation or
statement by the

<PAGE>
Mr. Gilles Renaud
Revised May 21, 2002
Page 6

Company or by its employees, agents, representatives, or
attorneys with regard to the subject matter, basis or effect of the letter
agreement (including Attachment I).

This letter agreement is deemed made and entered into in the State of New
Jersey, and in all respects shall be interpreted, enforced and governed under
the laws of the State of New Jersey, without given effect to its choice of laws
provisions, to the extent not preempted by federal law. Any dispute under this
letter agreement (including Attachment I) shall be adjudicated by a court of
competent jurisdiction in the State of New Jersey.

The language of all parts of this letter agreement shall in all cases be
construed as a whole, according to its fair meaning, and not strictly for or
against either party. The provisions of this letter agreement shall survive any
termination of this letter agreement when necessary to effect the intent and
terms of this letter agreement expressed herein.

If any of the provisions of this letter agreement (including Attachment I) shall
be held to be invalid by a court of competent jurisdiction, such holding shall
not in any way whatsoever affect the validity of the remainder of this letter
agreement (including Attachment I).

This letter agreement supersedes any and all prior oral or written
understandings regarding your voluntary or involuntary separation from
employment with the Company and contains the entire agreement between you and
the Company with respect to the matter of your separation from employment. No
modification of any provision of this letter agreement shall be effective unless
made in writing and signed by you and the President and Chief Executive Officer
of the Company. This letter agreement shall not be assignable by you.

Should you require further clarification of any aspect of the above
arrangements, or wish to discuss their implementation, please contact me or
James E. Schessler.

Please indicate your agreement and acceptance of these provisions by signing and
dating the enclosed copy of this letter agreement and the Waiver and Release
Agreement and returning them to me on or before July 5, 2002. Following your
acceptance, the arrangements will be implemented and administered as described
herein.

So that there is no misunderstanding, please understand that if for any reason I
do not receive the signed copy of this letter agreement and the Waiver and
Release Agreement from you on or before July 5, 2002, the proposed arrangements
described in Paragraph 3 of this letter agreement will be deemed to be
withdrawn.

<PAGE>

Best wishes for success in your future endeavors.

                                        Sincerely yours,

                                        FOSTER WHEELER LTD.

                                        By /S/ RAYMOND J. MILCHOVICH
                                          ------------------------------------
                                          Raymond J. Milchovich
                                          President and Chief Executive Officer

cc:      James E. Schessler

AGREED AND ACCEPTED:

/S/ GILLES RENAUD
    -------------
    Gilles Renaud

    JULY 3, 2002
    ------------
      Date

<PAGE>

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