Fluor Corporation Retention Award Agreement with Carlos M. Hernandez (November 14, 2019)

Summary

Fluor Corporation is granting Carlos M. Hernandez a special cash retention award of $1,750,000, payable if he remains continuously employed through November 14, 2022. The award will also be paid if his employment ends before that date due to death, permanent disability, a company-initiated termination not for cause, or a qualifying termination as defined in a prior agreement. If he leaves for any other reason, the award is forfeited. The agreement is designed to comply with U.S. tax regulations and requires Carlos's acknowledgment by signature.

EX-10.18 4 ex1018q42019.htm EXHIBIT 10.18 Exhibit

Fluor Corporation

6700 Las Colinas Boulevard

Irving, Texas 75039

USA

469 ###-###-#### tel

469 ###-###-#### fax

November 14, 2019

Carlos M. Hernandez

6700 Las Colinas Blvd

Irving, Texas 75039

Dear Carlos,

It is my pleasure to inform you that the Board of Directors has approved a special retention award for you, which has been structured as follows:

Award Amount: $1,750,000 USD total cash award

Retention Period: November 14, 2019 through November 14, 2022


Retention Agreement:	The entire award (less applicable withholding) will be earned and payable if you remain continuously employed through November 14, 2022.

You will earn your retention award (a) if you remain continuously employed by the Company as stated above or (b) if your employment terminates prior to the above date due to (i) death, (ii) permanent and total disability, (iii) a Company-initiated termination other than on a for-cause basis, or (iv) a Qualifying Termination (as such term is defined in that certain Change in Control Agreement between you and the Company dated June 30, 2010). In the event your employment terminates prior to the date above for any reason other than stated above (including, without limitation, your voluntary termination or a termination for cause), then the retention award will be forfeited.

It is intended that the provisions of this Agreement comply with Section 409A of the U.S. Internal Revenue Code and with the exclusion from Section 409A deferred compensation for so-called short-term deferrals, and all provisions of this Agreement shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes and penalties under Section 409A.

Please indicate your acknowledgment of the terms of the letter by signing in the space provided and returning the letter to Executive Compensation for your employee records (email: ***@***). You should also retain a copy for your file.

Sincerely,

/s/ Alan L. Boeckmann

Alan L. Boeckmann

Executive Chairman

Fluor Corporation

Agreed:



/s/ Carlos M. Hernandez	12/13/19
Carlos M. Hernandez	Date

cc: Stacy Dillow, Karen Roberts