Summary of Fluor Corporation Non-Employee Director Compensation
Exhibit 10.18
Summary of Fluor Corporation Non-Employee Director
Compensation
Cash Compensation
Annual Retainer: |
| $ | 90,000 |
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Annual Committee Retainer: |
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Audit Committee Chair: |
| $ | 15,000 |
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Organization and Compensation |
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Committee Chair: |
| $ | 10,000 |
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Governance Committee Chair: |
| $ | 10,000 |
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Lead Director Retainer: |
| $ | 30,000 |
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Retainers are paid quarterly in cash and can be deferred at the directors election under the Fluor Corporation Deferred Directors Fees Program.
Equity Compensation
Each non-employee director will receive an initial grant of up to 2,500 shares of restricted stock plus related restrict ed units in an amount determined by the Organization and Compensation Committee. Restrictions lapse and units become immediately earned and payable with respect to 20% of the award on the date of grant and then subsequently vest at a rate of 20% per year on each anniversary of that date.
Each non-employee director also receives an annual grant of restricted stock and restricted units with a total market value of $90,000. The grant is made on the date of the annual meeting of shareholders. Restrictions on awards granted prior to 2008 lapse at a rate of 20% per year over five years; and restrictions on awards granted in 2008 or later will vest immediately on the first anniversary of the date of grant.
Other Information
Fluor Corporation reimburses directors for their travel and related expenses in connection with attending Board meetings and Board-related activities. Directors also receive life insurance ($75,000 in coverage) and travel insurance ($250,000 in coverage). Directors charitable contributions that meet the guidelines of the Companys employee charitable matching gift program are eligible for matching funds from the Company in an amount up to $5,000 per year.