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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, DC&nbsp;20549&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT PURSUANT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TO SECTION 13 OR 15(d) OF THE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Date of report (Date of earliest event
reported): November 8, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FOSTER WHEELER AG</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in
Its Charter)</P>

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    <TD STYLE="width: 36%; font-weight: bold; text-align: center">Switzerland</TD>
    <TD STYLE="width: 32%; font-weight: bold; text-align: center">001-31305</TD>
    <TD STYLE="width: 32%; font-weight: bold; text-align: center">98-0607469</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or Other Jurisdiction</TD>
    <TD STYLE="text-align: center">(Commission</TD>
    <TD STYLE="text-align: center">(IRS Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">of Incorporation)</TD>
    <TD STYLE="text-align: center">File Number)</TD>
    <TD STYLE="text-align: center">Identification No.)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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    <TD STYLE="width: 90%; font-weight: bold; text-align: center">80 Rue de Lausanne, CH-1202, Geneva, Switzerland</TD>
    <TD STYLE="width: 10%; font-weight: bold; text-align: center">1202</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: center">&nbsp;(Address of Principal Executive Offices)</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;(Zip Code)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Registrant&rsquo;s telephone number, including area code:&nbsp;&nbsp;&nbsp;&nbsp;+<B>41 22 741 8000</B></FONT>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><B>Not applicable</B><BR>
(Former Name or Former Address, if Changed Since Last Report.)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 (<I>see</I> General Instruction
A.2. below):</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&uml;</FONT> Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&uml;</FONT> Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&uml;</FONT> Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&uml;</FONT> Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5.02 Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I><U>Amendment and Restatement of Foster
Wheeler AG Omnibus Incentive Plan</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">On November 8, 2012,
the Compensation and Executive Development Committee (the &ldquo;<B><I>Committee</I></B>&rdquo;) of the Board of Directors of Foster
Wheeler AG, a company existing under the laws of Switzerland (the &ldquo;<B><I>Company</I></B>&rdquo;), approved an amendment and
restatement of the Foster Wheeler AG Omnibus Incentive Plan (the &ldquo;<B><I>Incentive Plan</I></B>&rdquo;). The amendments to
the Incentive Plan (as amended and restated, the &ldquo;<B><I>Restated Incentive Plan</I></B>&rdquo;) became effective on November
8, 2012. A brief description of the material amendments is provided below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The Restated Incentive
Plan amended certain provisions relating to the definition of a change of control and the treatment of awards upon a change of
control. The definition of change of control was amended in the Restated Incentive Plan to exclude business combinations after
which the pre-transaction beneficial owners continue to beneficially own more than 50% of the company resulting from the transaction.
Previously, this exclusion in the Incentive Plan required more than 60% continued ownership. In addition, the Restated Incentive
Plan provides that, unless otherwise set forth in a participant&rsquo;s award agreement, awards granted after November 8, 2012
become immediately vested and exercisable if a participant&rsquo;s employment is involuntarily terminated or the participant resigns
for good reason (each as defined in the Restated Incentive Plan) within the twenty-four months immediately following a change of
control (a &ldquo;double trigger&rdquo; vesting). Previously, the Incentive Plan provided that upon a change of control, awards
immediately vested and became exercisable, regardless of whether or not the participant&rsquo;s employment was terminated (a &ldquo;single
trigger&rdquo; vesting).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The Restated Incentive
Plan also includes revisions to conform to current market and/or Company practice. For instance, the Restated Incentive Plan (i)
precludes share recycling, (ii) prohibits, without prior shareholder approval, the repurchase, or cancellation for payment, of
underwater options or stock appreciation rights and (iii) revises the definition of &ldquo;cause&rdquo; to include a material violation
of the Foster Wheeler AG Code of Business Conduct and Ethics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The foregoing description
of the Restated Incentive Plan does not purport to be complete and is qualified in its entirety by reference to the Restated Incentive
Plan filed as Exhibit 10.1 hereto, which is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B><I><U>Amendment to
Employment Agreement with President and Chief Operating Officer</U></I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">On November 8, 2012,
<FONT STYLE="background-color: white">Foster Wheeler Inc., a subsidiary of the Company, and Umberto della Sala, the Company&rsquo;s
President and Chief Operating Officer (the &ldquo;<B><I>Executive</I></B>&rdquo;), entered into a Fifth Amendment (the &ldquo;<B><I>Amendment</I></B>&rdquo;)
to his Employment Agreement. The Amendment entitles the Executive to additional grants of restricted stock units with a value on
the grant date of $750,000 and restricted stock units with performance goals with a value on the grant date of $750,000, with the
grants to be made during the Company&rsquo;s first open trading window subsequent to the Amendment. The number of restricted stock
units and restricted stock units with performance goals will be determined pursuant to a methodology approved by the Committee.
Notwithstanding that the term of the Executive&rsquo;s employment under his Employment Agreement, as amended, shall end on December
31, 2013, the restricted stock units will vest </FONT>in equal one-third increments on the first, second and third anniversaries
of a date to be designated by the Committee during the Company&rsquo;s open trading window that includes the grant date (the &ldquo;<B><I>Vesting
Date</I></B>&rdquo;) and the restricted stock units with performance goals will vest in full on the later of the third anniversary
of the Vesting Date or the date the applicable performance criteria are certified to have been met. All of t<FONT STYLE="background-color: white">he
restricted stock units may also vest or be forfeited upon the occurrence of certain events as set forth in the Executive&rsquo;s
Employment Agreement, as amended, or the relevant grant documents. These equity grants will be in accordance with the terms of
the Restated Incentive Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><FONT STYLE="background-color: white"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The foregoing summary
of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment filed as Exhibit
10.2 hereto, which is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01 Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Exhibit No.</TD>
    <TD STYLE="vertical-align: top; width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 89%; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Document Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.1 *</TD>
    <TD>&nbsp;</TD>
    <TD>Foster Wheeler AG Omnibus Incentive Plan, Amended and Restated Effective as of November 8, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.2 *</TD>
    <TD>&nbsp;</TD>
    <TD>Fifth Amendment to the Employment Agreement between Foster Wheeler Inc. and Umberto della Sala, dated as of November 8, 2012</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt">* Management contract or compensation plan or arrangement.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">FOSTER WHEELER AG</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: white 3pt solid"><B>DATE: </B>November 13, 2012</TD>
    <TD STYLE="vertical-align: top; border-bottom: white 3pt solid">By:</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid">&nbsp;&nbsp; /s/ Michelle K. Davies</TD>
    <TD STYLE="vertical-align: top; border-bottom: white 3pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">Michelle K. Davies</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Corporate Secretary</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Exhibit No.</TD>
    <TD STYLE="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 89%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Document Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">10.1 *</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Foster Wheeler AG Omnibus Incentive Plan, Amended and Restated Effective as of November 8, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">10.2 *</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Fifth Amendment to the Employment Agreement between Foster Wheeler Inc. and Umberto della Sala, dated as of November 8, 2012</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt">* Management contract or compensation plan or arrangement.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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[{"type": "8-K", "sequence": "1", "filename": "v327959_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 23894}]
{"company-data": {"conformed-name": "FOSTER WHEELER AG", "cik": "0001130385", "assigned-sic": "1600", "irs-number": "223802649", "state-of-incorporation": "V8", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-31305", "film-number": "121195764"}, "business-address": {"street1": "80 RUE DE LAUSANNE", "city": "GENEVA", "state": "V8", "zip": "CH 1202", "phone": "9087304000"}, "mail-address": {"street1": "PERRYVILLE CORPORATE PARK", "street2": "SERVICE ROAD EAST 173", "city": "CLINTON", "state": "NJ", "zip": "08809"}, "former-company": {"former-conformed-name": "FOSTER WHEELER LTD", "date-changed": "20001221"}}
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): November 8, 2012
FOSTER WHEELER AG
(Exact Name of Registrant as Specified in
Its Charter)
Switzerland
001-31305
98-0607469
(State or Other Jurisdiction
(Commission
(IRS Employer
of Incorporation)
File Number)
Identification No.)
80 Rue de Lausanne, CH-1202, Geneva, Switzerland
1202
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:    +
41 22 741 8000
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):
¨
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
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.
Amendment and Restatement of Foster
Wheeler AG Omnibus Incentive Plan
On November 8, 2012,
the Compensation and Executive Development Committee (the "
Committee
") of the Board of Directors of Foster
Wheeler AG, a company existing under the laws of Switzerland (the "
Company
"), approved an amendment and
restatement of the Foster Wheeler AG Omnibus Incentive Plan (the "
Incentive Plan
"). The amendments to
the Incentive Plan (as amended and restated, the "
Restated Incentive Plan
") became effective on November
8, 2012. A brief description of the material amendments is provided below.
The Restated Incentive
Plan amended certain provisions relating to the definition of a change of control and the treatment of awards upon a change of
control. The definition of change of control was amended in the Restated Incentive Plan to exclude business combinations after
which the pre-transaction beneficial owners continue to beneficially own more than 50% of the company resulting from the transaction.
Previously, this exclusion in the Incentive Plan required more than 60% continued ownership. In addition, the Restated Incentive
Plan provides that, unless otherwise set forth in a participant's award agreement, awards granted after November 8, 2012
become immediately vested and exercisable if a participant's employment is involuntarily terminated or the participant resigns
for good reason (each as defined in the Restated Incentive Plan) within the twenty-four months immediately following a change of
control (a "double trigger" vesting). Previously, the Incentive Plan provided that upon a change of control, awards
immediately vested and became exercisable, regardless of whether or not the participant's employment was terminated (a "single
trigger" vesting).
The Restated Incentive
Plan also includes revisions to conform to current market and/or Company practice. For instance, the Restated Incentive Plan (i)
precludes share recycling, (ii) prohibits, without prior shareholder approval, the repurchase, or cancellation for payment, of
underwater options or stock appreciation rights and (iii) revises the definition of "cause" to include a material violation
of the Foster Wheeler AG Code of Business Conduct and Ethics.
The foregoing description
of the Restated Incentive Plan does not purport to be complete and is qualified in its entirety by reference to the Restated Incentive
Plan filed as Exhibit 10.1 hereto, which is incorporated herein by reference.
Amendment to
Employment Agreement with President and Chief Operating Officer
On November 8, 2012,
Foster Wheeler Inc., a subsidiary of the Company, and Umberto della Sala, the Company's
President and Chief Operating Officer (the "
Executive
"), entered into a Fifth Amendment (the "
Amendment
")
to his Employment Agreement. The Amendment entitles the Executive to additional grants of restricted stock units with a value on
the grant date of $750,000 and restricted stock units with performance goals with a value on the grant date of $750,000, with the
grants to be made during the Company's first open trading window subsequent to the Amendment. The number of restricted stock
units and restricted stock units with performance goals will be determined pursuant to a methodology approved by the Committee.
Notwithstanding that the term of the Executive's employment under his Employment Agreement, as amended, shall end on December
31, 2013, the restricted stock units will vest
in equal one-third increments on the first, second and third anniversaries
of a date to be designated by the Committee during the Company's open trading window that includes the grant date (the "
Vesting
Date
") and the restricted stock units with performance goals will vest in full on the later of the third anniversary
of the Vesting Date or the date the applicable performance criteria are certified to have been met. All of t
he
restricted stock units may also vest or be forfeited upon the occurrence of certain events as set forth in the Executive's
Employment Agreement, as amended, or the relevant grant documents. These equity grants will be in accordance with the terms of
the Restated Incentive Plan.
The foregoing summary
of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment filed as Exhibit
10.2 hereto, which is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.
Document Description
10.1 *
Foster Wheeler AG Omnibus Incentive Plan, Amended and Restated Effective as of November 8, 2012
10.2 *
Fifth Amendment to the Employment Agreement between Foster Wheeler Inc. and Umberto della Sala, dated as of November 8, 2012
* Management contract or compensation plan or arrangement.
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 AG
DATE:
November 13, 2012
By:
/s/ Michelle K. Davies
Michelle K. Davies
Corporate Secretary
EXHIBIT INDEX
Exhibit No.
Document Description
10.1 *
Foster Wheeler AG Omnibus Incentive Plan, Amended and Restated Effective as of November 8, 2012
10.2 *
Fifth Amendment to the Employment Agreement between Foster Wheeler Inc. and Umberto della Sala, dated as of November 8, 2012
* Management contract or compensation plan or arrangement.