- Current report filing (8-K)
October 14 2008 - 6:37AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT PURSUANT
TO
SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of report (Date of earliest event reported): October 8,
2008
FOSTER
WHEELER LTD.
(Exact
Name of Registrant as Specified in Its Charter)
Bermuda
(State
or Other Jurisdiction
of
Incorporation)
|
001-31305
(Commission
File
Number)
|
22-3802649
(IRS
Employer
Identification
No.)
|
Perryville
Corporate Park, Clinton, New Jersey
(Address
of Principal Executive Offices)
|
08809-4000
(Zip
Code)
|
Registrant’s
telephone number, including area code:
908-730-4000
|
Not
applicable
(Former
Name or Former Address, if Changed Since Last Report.)
|
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (
see
General
Instruction A.2. below):
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting
material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e
-4(c))
Item
5.02
|
Departure
of Directors or Certain Officers; Election of Directors; Appointment
of
Certain Officers; Compensatory Arrangements of Certain
Officers.
|
Employment
Agreement with Executive Officer
On
October 8, 2008, Foster Wheeler Energy Limited, or FWEL, an indirect subsidiary
of Foster Wheeler Ltd., entered into a Deed of Variation (the “Deed”) amending
its November 28, 2002 employment agreement with David Wardlaw, who is employed
by FWEL and is also our Vice President, Project Risk Management Group. Except
as
the context otherwise requires, the terms “Foster Wheeler,” “us,” and “we,” as
used herein, include Foster Wheeler Ltd. and its direct and indirect
subsidiaries.
The
Deed
is attached hereto as Exhibit 10.1 and is incorporated into this Item 5.02
by
reference. The following summary is qualified in its entirety by reference
to
the attached Deed.
The
Deed
requires Mr. Wardlaw to keep confidential all information regarding us that
he
receives during the term of his employment. He has also agreed that, for 24
months following a change of control termination without cause (as defined
below) and a change of control resignation with good reason (as defined below),
and for 12 months following all other terminations, he will not (i) provide
services to certain of our competitors which are the same or similar to services
he provided to us or (ii) solicit certain of our employees and
customers.
In
the
event of termination of employment by FWEL without cause, or by Mr. Wardlaw
for
good reason, Mr. Wardlaw would receive (i) 12 months of his base salary at
the
rate in effect on the date of termination, (ii) a payment in an amount equal
to
100% of his annual short-term incentive compensation at target, paid at the
same
time as active employees receive their annual incentive payments, (iii) 12
months of continued medical coverage at active employee costs or payment in
lieu
thereof, and (iv) career transition services in an amount not to exceed $8,000.
If,
within 24 months of a “change of control,” as defined in the Deed, FWEL
terminates Mr. Wardlaw’s employment other than for cause (a “change of control
termination without cause”) or disability, or if Mr. Wardlaw terminates his
employment for good reason (a “change of control resignation for good reason”),
Mr. Wardlaw would receive (i) 24 months of his base salary at the rate in effect
on the date of termination, (ii) two annual payments, each in an in an amount
equal to 100% of his annual short-term incentive compensation at target, paid
in
each of the two years following his termination at the same time as active
employees receive their annual incentive payments, (iii) 24 months of continued
medical coverage at active employee costs or payment in lieu thereof, and (iv)
career transition services in an amount not to exceed $8,000.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits
Exhibit No.
|
Description
|
|
|
10.1
|
Deed
of Variation, dated as of October 8, 2008, between Foster Wheeler
Energy
Limited and David Wardlaw.
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
|
FOSTER
WHEELER LTD.
|
|
|
DATE:
October
14, 2008
|
By:
|
/s/
Peter J. Ganz
Peter
J. Ganz
Executive
Vice President, General Counsel and
Secretary
|
EXHIBIT
INDEX
Exhibit No.
|
Description
|
|
|
10.1
|
Deed
of Variation, dated as of October 8, 2008, between Foster Wheeler
Energy
Limited and David Wardlaw.
|
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