<html>
  <head>
    <title>
      Unassociated Document
</title><!-- Licensed to: VF-->
<!-- Document Created using EDGARIZER HTML 3.0.0.39895 -->
<!-- Copyright 2005 EDGARfilings, Ltd., an IEC company.-->
<!-- All rights reserved EDGARfilings.com -->
</head>
  <body bgcolor="#ffffff">
    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><strong><font size="2">UNITED
        STATES</font></strong></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><strong><font size="2">SECURITIES
        AND EXCHANGE
        COMMISSION</font></strong></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><strong><font size="2">WASHINGTON,
        DC 20549</font></strong></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><strong><font size="2">FORM
          8-K</font></strong></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><strong><font size="2">CURRENT
            REPORT PURSUANT</font></strong></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><strong><font size="2">TO
            SECTION 13 OR 15(D) OF
            THE</font></strong></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><strong><font size="2">SECURITIES
            EXCHANGE ACT OF
            1934</font></strong></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font size="2">Date
              of report (Date of earliest event reported)
</font><strong><u><font size="2">October 10, 2005</font></u></strong></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><u><font size="2">FOSTER
                WHEELER LTD.</font></u></div><font size="2">(Exact Name of Registrant as Specified
              in Its Charter)</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><strong><u><font size="2">Bermuda</font></u></strong></div><font size="2">(State
                or Other Jurisdiction of Incorporation)</font></div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div align="center">
              <div>
                <table bgcolor="#ffffff" cellpadding="0" cellspacing="0" width="100%">

                    <tr bgcolor="#ffffff">
                      <td width="50%">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<strong><u>001-31305</u></strong></font></div>
                      </td>
                      <td width="50%">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>&#160;<strong>22-3802649</strong></u></font></div>
                      </td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td width="50%">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;(Commission
                          File Number)</font></div>
                      </td>
                      <td width="50%">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;(IRS
                          Employer Identification No.)</font></div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>&#160;</div>
              <div>&#160;</div>
              <div>
                <table bgcolor="#ffffff" cellpadding="0" cellspacing="0" width="100%">

                    <tr bgcolor="#ffffff">
                      <td width="50%">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<strong><u>Perryville
                          Corporate Park, Clinton, New Jersey</u></strong></font></div>
                      </td>
                      <td width="50%">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<strong><u>08809-4000</u></strong></font></div>
                      </td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td width="50%">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;(Address
                          of Principal Executive Offices)</font></div>
                      </td>
                      <td width="50%">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;(Zip
                          Code)</font></div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><strong><u><font size="2">(908)
                730-4000</font></u></strong></div><font size="2">(Registrant&#8217;s Telephone Number,
              Including Area Code)</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><strong><u><font size="2">Not
              applicable</font></u></strong></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font size="2">(Former
              Name or Former Address, if Changed Since Last
              Report)</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font><font size="2">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 (<em>see </em>General Instruction A.2. below):</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font size="2"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">r</font>&#160;Written
                  communications pursuant to Rule 425 under the Securities Act (17
                  CFR
                  230.425)</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font size="2"><font style="FONT-FAMILY: Wingdings">r</font>&#160;Soliciting
                    material pursuant to
                    Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font size="2"><font style="FONT-FAMILY: Wingdings">r</font>&#160;Pre-commencement
                      communications
                      pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
                      240.14d-2(b))</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font size="2"><font style="FONT-FAMILY: Wingdings">r</font>&#160;Pre-commencement
                        communications
                        pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
                        240.13e-4(c))</font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div id="FTR">
                          <div id="GLFTR" style="WIDTH: 100%" align="left">
                          </div>
                        </div>
                        <div id="PN" style="PAGE-BREAK-AFTER: always">
                          <div style="WIDTH: 100%; TEXT-ALIGN: center">
                          </div>
                          <div style="WIDTH: 100%; TEXT-ALIGN: center">
                            <hr style="COLOR: black" noshade size="2">
                          </div>
                        </div>
                        <div id="HDR">
                          <div id="GLHDR" style="WIDTH: 100%" align="right">
                          </div>
                        </div>
                      </div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><strong><font size="2">Item
                          1.01</font></strong><font size="2">&#160;</font><strong><font size="2">Entry
                          Into a Material Definitive
                          Agreement.</font></strong></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font size="2">Foster
                            Wheeler Ltd. (the &#8220;Company&#8221;) has elected Mr. Peter J. Ganz to serve as the
                            Company&#8217;s Executive Vice President and General Counsel. In connection
                            therewith,
                            the Company and Mr. Ganz entered into an employment agreement,
                            dated October 10,
                            2005. The employment agreement shall terminate upon the
                            occurrence of Mr. Ganz&#8217;s
                            death, physical or mental disability, notice of termination
                            for cause,
                            resignation for good reason, termination without cause
                            or voluntary resignation.
                            Pursuant to the terms of the employment agreement, Mr.
                            Ganz is entitled to a
                            base salary of $425,000, which amount is to be reviewed
                            by the Company at each
                            anniversary date or other appropriate date when the salaries
                            of executives at
                            comparable employment levels are normally reviewed. </font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font size="2">Mr.
                              Ganz&#8217;s agreement provides for an annual incentive bonus
                              target of &#160;70% of
                              base salary up to a maximum of 210% of base salary
                              based upon targeted business
                              unit objectives established in advance by the Chairman.&#160;</font><font size="2">Commencing in 2007, Mr. Ganz
                              will be entitled to a long-term incentive
                              value opportunity equivalent to 1.5 times base salary
                              per year, the form and
                              conditions of which will be established by the Company&#8217;s Compensation Committee.
</font><font size="2">Further pursuant to the employment
                              agreement, Mr. Ganz also
                              received a signing bonus in the amount of $500,000.
                              In the event Mr. Ganz
                              voluntarily terminates employment with the Company
                              without good reason
                              or&#160;is terminated by the Company for cause prior
                              to the first anniversary
                              date, he will repay within 30 days of such termination
                              the gross amount of the
                              signing bonus on a pro-rated basis by multiplying the
                              signing bonus by the
                              number of calendar days from the date of termination
                              of employment to the first
                              anniversary of the employment agreement, divided by
                              three hundred and sixty-five
                              (365).</font></div>
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
                                the
                                terms of his employment agreement, the Company granted
                                Mr. Ganz options to
                                acquire 52,165 common shares of the Company at a
                                strike price of $29.95 under,
                                and subject to the terms of, the Company's 2004 Stock
                                Option Plan (the "Stock
                                Options"). Further pursuant to the employment agreement,
                                the Company also
                                expects to grant Mr. Ganz 17,417 restricted common
                                shares with an effective date
                                of October 24, 2005 (the "Restricted Shares"). One-third
                                of both the Restricted
                                Shares and the Stock Options will vest at the end
                                of the 2005 calendar year with
                                the remaining two-thirds vesting on the first anniversary
                                thereof, provided that
                                Mr. Ganz is employed on such dates. Following the
                                grant of the Restricted
                                Shares, Mr. Ganz will be the registered owner of
                                the Restricted Shares and will
                                be entitled to all of the rights of a common shareholder
                                of the Company. In
                                connection with the grant of the Restricted Shares,
                                the Company and Mr. Ganz
                                have entered into a restricted stock award agreement
                                to be effective as of
                                October 24, 2005.&#160;The material terms of the
                                agreement pertaining to vesting
                                and Mr. Ganz's rights as the registered owner of
                                the Restricted Shares are as
                                discussed above.</font></div>
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font size="2">Mr.
                                  Ganz
                                  is entitled to participate in the benefit plans
                                  of the Company, and is entitled
                                  to receive certain perquisites, including, without
                                  limitation, a Company
                                  automobile, annual financial planning services
                                  and reimbursement on a one-time
                                  basis for legal expenses associated with estate
                                  planning. </font></div>
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font size="2">The
                                    employment agreement provides that in the event
                                    of any termination of Mr. Ganz&#8217;s
                                    employment, he will be entitled to receive the
                                    following amounts: (a) annual
                                    base salary through the date of termination;
                                    (b) a balance of any earned but as
                                    yet unpaid annual cash incentive or other incentive
                                    awards for any calender year
                                    prior to the calender year in which the termination
                                    occurs; (c) a payment
                                    representing accrued but unpaid vacation pay;
                                    (d) any vested but not forfeited
                                    benefits to the date of termination under the
                                    Company&#8217;s employee benefit plans;
                                    and (e) continuation of certain benefits pursuant
                                    to the terms of the Company&#8217;s
                                    employee benefit plans.</font></div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font size="2">The
                                      employment agreement also provides that in
                                      the event of termination of Mr.
                                      Ganz&#8217;s employment by the Company without cause,
                                      or by Mr. Ganz for good reason,
                                      the Company will, in addition to paying the
                                      above amounts, provide to Mr. Ganz:
                                      (a) the base salary at the rate in effect on
                                      the date of termination payable on
                                      a monthly basis for twenty-four months; (b)
                                      an annual cash incentive for the
                                      calendar year that includes the termination
                                      date and the following calendar year
                                      equal to a percentage of the base salary which
                                      is the average percentage of base
                                      salaries paid as bonuses to the executives
                                      of the Company at Mr. Ganz&#8217;s level;
                                      (c) continued employee health and welfare benefit
                                      plan coverage for two years at
                                      active employee levels and costs; (d) removal
                                      of all restrictions from
                                      restricted stock; and (e) career transition
                                      services not to exceed $8,000.
</font></div>
                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font size="2">Further
                                        in connection with Mr. Ganz's election, the
                                        Company&#160; and Mr. Ganz also
                                        entered into a change of control employment
                                        agreement dated October 10, 2005.
<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                                        change of control employment agreement provides
                                        that, for a period of up to
                                        three years following a "change of control,"
                                        as defined in the change of control
                                        employment agreement, Mr. Ganz shall continue
                                        in the employment of the Company
                                        and shall be entitled to receive the following
                                        compensation and benefits for so
                                        long as he remains an employee of the Company:
                                        (a) an annual base salary at
                                        least equal to twelve times the highest monthly
                                        base salary paid to Mr. Ganz in
                                        the immediately preceding twelve month period;
                                        (b) an annual bonus in cash at
                                        least equal to the highest bonus received
                                        by Mr. Ganz in the last three full
                                        fiscal years under the Company&#8217;s annual incentive award plan; (c) certain
                                        perquisites, including, without limitation,
                                        tax, financial and estate planning
                                        services and the use of an automobile<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">;</font>
                                        and (d) an immediate payment in cash equal
                                        to the annual incentive award paid to
                                        Mr. Ganz for the immediately preceding calendar
                                        year. </font></font></div>
                                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font size="2">The
                                        change of control employment agreement provides
                                        that
                                        if, within three years of a change of control,&#160;the
                                        Company terminates Mr.
                                        Ganz&#8217;s employment other than for cause (defined
                                        as failure to perform Mr. Ganz&#8217;s
                                        duties or engaging in illegal or gross misconduct)
                                        or disability, or if Mr. Ganz
                                        terminates employment for &#8220;good reason&#8221; (defined as a diminution of duties or
                                        responsibilities, the Company&#8217;s failure to compensate Mr. Ganz, a change
                                        in
                                        workplace, the Company&#8217;s purported termination of the change of
                                        control
                                        employment agreement or failure to comply
                                        with the change of control employment
                                        agreement), Mr. Ganz will be entitled to
                                        receive a lump sum cash payment of the
                                        following amounts: (a) Mr. Ganz&#8217;s base salary through the date of termination,
                                        plus (b) a proportionate annual bonus, plus
                                        (c) unpaid deferred compensation and
                                        vacation pay. Mr. Ganz will also be entitled
                                        to receive a lump sum cash payment
                                        of three times the sum of Mr. Ganz&#8217;s base salary and his highest annual
                                        bonus.</font></div>
                                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                                        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                                          <div id="FTR">
                                            <div id="GLFTR" style="WIDTH: 100%" align="left">
                                            </div>
                                          </div>
                                          <div id="PN" style="PAGE-BREAK-AFTER: always">
                                            <div style="WIDTH: 100%; TEXT-ALIGN: center">
                                            </div>
                                            <div style="WIDTH: 100%; TEXT-ALIGN: center">
                                              <hr style="COLOR: black" noshade size="2">
                                            </div>
                                          </div>
                                          <div id="HDR">
                                            <div id="GLHDR" style="WIDTH: 100%" align="right">
                                            </div>
                                          </div>
                                        </div>
                                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>&#160;</div>
                                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font size="2">The
                                          change of control employment agreement
                                          also provides
                                          for a five-year continuation of certain
                                          employee welfare benefits and a lump sum
                                          payment equal to the actuarial value of
                                          the service credit under the Company&#8217;s
                                          qualified retirement plans Mr. Ganz would
                                          have received if he had remained
                                          employed for three years after the date
                                          of his termination. The Company will
                                          also provide Mr. Ganz with outplacement
                                          services. Finally, Mr. Ganz may tender
                                          restricted stock (whether vested or not)
                                          in exchange for cash. If any payments
                                          to Mr. Ganz, whether under the change of
                                          control employment agreement or
                                          otherwise, would be subject to the &#8220;golden parachute&#8221; excise tax under Section
                                          4999 of the Internal Revenue Code of 1986,
                                          as amended, the Company will make an
                                          additional payment to put Mr. Ganz in the
                                          same after-tax position as if no
                                          excise tax had been imposed. Any legal
                                          fees and expenses arising in connection
                                          with any dispute under the change of control
                                          employment agreement will be paid
                                          for by the Company. In addition, the change
                                          of control employment agreement also
                                          provides that after termination of employment
                                          with the Company, Mr. Ganz will
                                          not, without the prior written consent
                                          of the Company, disclose any secret or
                                          confidential information, knowledge or
                                          data relating to the Company to anyone
                                          other than the Company and persons designated
                                          by the Company.</font></div>
                                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font size="2">Mr.
                                          Ganz and the Company have also entered
                                          into an
                                          indemnification agreement, dated October
                                          10, 2005.&#160; The Indemnification
                                          Agreement was entered into in order to
                                          provide Mr. Ganz with specific
                                          contractual assurance that he would be
                                          indemnified to the fullest extent
                                          permitted by law, as currently required
                                          under the indemnity provisions of the
                                          Company's Bye-laws. </font><font size="2">The Company's form
                                          of indemnification
                                          agreement for directors and officers was
                                          filed with the Securities and Exchange
                                          Commission as Exhibit 99.1 to the Company's
                                          Current Report on Form 8-K filed on
                                          November 8, 2004, and the indemnification
                                          agreement between the Company and Mr.
                                          Ganz is substantially on the terms and
                                          conditions set forth in such form
                                          agreement.</font></div>
                                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                                        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                                          <div id="FTR">
                                            <div id="GLFTR" style="WIDTH: 100%" align="left">
                                            </div>
                                          </div>
                                          <div id="PN" style="PAGE-BREAK-AFTER: always">
                                            <div style="WIDTH: 100%; TEXT-ALIGN: center">
                                            </div>
                                            <div style="WIDTH: 100%; TEXT-ALIGN: center">
                                              <hr style="COLOR: black" noshade size="2">
                                            </div>
                                          </div>
                                          <div id="HDR">
                                            <div id="GLHDR" style="WIDTH: 100%" align="right">
                                            </div>
                                          </div>
                                        </div>
                                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font size="2">SIGNATURE</font></div>
                                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font size="2">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.</font></div>
                                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                                                    <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

                                                        <tr valign="top" bgcolor="#ffffff">
                                                          <td width="50%"><font size="2">&#160;</font></td>
                                                          <td width="1%"><font size="2">&#160;</font></td>
                                                          <td width="49%"><font size="2">&#160;</font></td>
                                                        </tr>
                                                        <tr valign="top" bgcolor="#ffffff">
                                                          <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                                                          <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FOSTER
                                                            WHEELER LTD.</font></td>
                                                        </tr>
                                                        <tr valign="top" bgcolor="#ffffff">
                                                          <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
                                                          <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
                                                          <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
                                                        </tr>
                                                        <tr valign="top" bgcolor="#ffffff">
                                                          <td style="BORDER-BOTTOM: #ffffff solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">DATE:
                                                            October 14, 2005</font></td>
                                                          <td style="BORDER-BOTTOM: #ffffff solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;&#160;</font></td>
                                                          <td style="BORDER-BOTTOM: #000000 thin solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;/s/John
                                                            &#160;T. La Duc</font></td>
                                                        </tr>
                                                        <tr valign="top" bgcolor="#ffffff">
                                                          <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                                                          <td>
                                                            <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Name:</font></div>
                                                            <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Title:</font></div>
                                                          </td>
                                                          <td>
                                                            <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">John
                                                              &#160;T. La Duc</font></div>
                                                            <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXECUTIVE
                                                              VICE PRESIDENT and</font></div>
                                                            <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CHIEF
                                                              FINANCIAL OFFICER</font></div>
                                                          </td>
                                                        </tr>
                                                        <tr valign="top" bgcolor="#ffffff">
                                                          <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                                                          <td align="left">&#160;</td>
                                                        </tr>
                                                        <tr valign="top" bgcolor="#ffffff">
                                                          <td colspan="2"><font size="2">&#160;</font></td>
                                                          <td><font size="2">&#160;</font></td>
                                                        </tr>

                                                    </table>
                                                  </div>
                                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                                                  <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                                                    <div id="FTR">
                                                      <div id="GLFTR" style="WIDTH: 100%" align="left">
                                                      </div>
                                                    </div>
                                                    <div id="PN" style="PAGE-BREAK-AFTER: always">
                                                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                                                      </div>
                                                      <div style="WIDTH: 100%; TEXT-ALIGN: center">
                                                        <hr style="COLOR: black" noshade size="2">
                                                      </div>
                                                    </div>
                                                    <div id="HDR">
                                                      <div id="GLHDR" style="WIDTH: 100%" align="right">
                                                      </div>
                                                    </div>
                                                  </div>
                                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                                                </div>
                                              </div>
                                            </div>
                                          </div>
                                        </div>
                                      </div>
                                    </div>
                                  </div>
                                </div>
                              </div>
                            </div>
                          </div>
                        </div>
                      </div>
                    </div>
                  </div>
                </div>
              </div>
            </div>
          </div>
        </div>
      </div>
    </div>
  </body>
</html>
{"company-data": {"conformed-name": "FOSTER WHEELER LTD", "cik": "0001130385", "assigned-sic": "1600", "irs-number": "223802649", "state-of-incorporation": "D0", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-31305", "film-number": "051138610"}, "business-address": {"street1": "PERRYVILLE CORPORATE PARK", "street2": "SERVICE ROAD EST 173", "city": "CLINTON", "state": "NJ", "zip": "08809", "phone": "9087304270"}}
Unassociated Document
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 10, 2005
FOSTER
                WHEELER LTD.
(Exact Name of Registrant as Specified
              in Its Charter)
Bermuda
(State
                or Other Jurisdiction of Incorporation)
001-31305
22-3802649
(Commission
                          File Number)
(IRS
                          Employer Identification No.)
Perryville
                          Corporate Park, Clinton, New Jersey
08809-4000
(Address
                          of Principal Executive Offices)
(Zip
                          Code)
(908)
                730-4000
(Registrant's Telephone Number,
              Including Area Code)
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):
r
Written
                  communications pursuant to Rule 425 under the Securities Act (17
                  CFR
                  230.425)
r
Soliciting
                    material pursuant to
                    Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
r
Pre-commencement
                      communications
                      pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
                      240.14d-2(b))
r
Pre-commencement
                        communications
                        pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
                        240.13e-4(c))
Item
                          1.01
Entry
                          Into a Material Definitive
                          Agreement.
Foster
                            Wheeler Ltd. (the "Company") has elected Mr. Peter J. Ganz to serve as the
                            Company's Executive Vice President and General Counsel. In connection
                            therewith,
                            the Company and Mr. Ganz entered into an employment agreement,
                            dated October 10,
                            2005. The employment agreement shall terminate upon the
                            occurrence of Mr. Ganz's
                            death, physical or mental disability, notice of termination
                            for cause,
                            resignation for good reason, termination without cause
                            or voluntary resignation.
                            Pursuant to the terms of the employment agreement, Mr.
                            Ganz is entitled to a
                            base salary of $425,000, which amount is to be reviewed
                            by the Company at each
                            anniversary date or other appropriate date when the salaries
                            of executives at
                            comparable employment levels are normally reviewed.
Mr.
                              Ganz's agreement provides for an annual incentive bonus
                              target of  70% of
                              base salary up to a maximum of 210% of base salary
                              based upon targeted business
                              unit objectives established in advance by the Chairman.
Commencing in 2007, Mr. Ganz
                              will be entitled to a long-term incentive
                              value opportunity equivalent to 1.5 times base salary
                              per year, the form and
                              conditions of which will be established by the Company's Compensation Committee.
Further pursuant to the employment
                              agreement, Mr. Ganz also
                              received a signing bonus in the amount of $500,000.
                              In the event Mr. Ganz
                              voluntarily terminates employment with the Company
                              without good reason
                              or is terminated by the Company for cause prior
                              to the first anniversary
                              date, he will repay within 30 days of such termination
                              the gross amount of the
                              signing bonus on a pro-rated basis by multiplying the
                              signing bonus by the
                              number of calendar days from the date of termination
                              of employment to the first
                              anniversary of the employment agreement, divided by
                              three hundred and sixty-five
                              (365).
Under
                                the
                                terms of his employment agreement, the Company granted
                                Mr. Ganz options to
                                acquire 52,165 common shares of the Company at a
                                strike price of $29.95 under,
                                and subject to the terms of, the Company's 2004 Stock
                                Option Plan (the "Stock
                                Options"). Further pursuant to the employment agreement,
                                the Company also
                                expects to grant Mr. Ganz 17,417 restricted common
                                shares with an effective date
                                of October 24, 2005 (the "Restricted Shares"). One-third
                                of both the Restricted
                                Shares and the Stock Options will vest at the end
                                of the 2005 calendar year with
                                the remaining two-thirds vesting on the first anniversary
                                thereof, provided that
                                Mr. Ganz is employed on such dates. Following the
                                grant of the Restricted
                                Shares, Mr. Ganz will be the registered owner of
                                the Restricted Shares and will
                                be entitled to all of the rights of a common shareholder
                                of the Company. In
                                connection with the grant of the Restricted Shares,
                                the Company and Mr. Ganz
                                have entered into a restricted stock award agreement
                                to be effective as of
                                October 24, 2005. The material terms of the
                                agreement pertaining to vesting
                                and Mr. Ganz's rights as the registered owner of
                                the Restricted Shares are as
                                discussed above.
Mr.
                                  Ganz
                                  is entitled to participate in the benefit plans
                                  of the Company, and is entitled
                                  to receive certain perquisites, including, without
                                  limitation, a Company
                                  automobile, annual financial planning services
                                  and reimbursement on a one-time
                                  basis for legal expenses associated with estate
                                  planning.
The
                                    employment agreement provides that in the event
                                    of any termination of Mr. Ganz's
                                    employment, he will be entitled to receive the
                                    following amounts: (a) annual
                                    base salary through the date of termination;
                                    (b) a balance of any earned but as
                                    yet unpaid annual cash incentive or other incentive
                                    awards for any calender year
                                    prior to the calender year in which the termination
                                    occurs; (c) a payment
                                    representing accrued but unpaid vacation pay;
                                    (d) any vested but not forfeited
                                    benefits to the date of termination under the
                                    Company's employee benefit plans;
                                    and (e) continuation of certain benefits pursuant
                                    to the terms of the Company's
                                    employee benefit plans.
The
                                      employment agreement also provides that in
                                      the event of termination of Mr.
                                      Ganz's employment by the Company without cause,
                                      or by Mr. Ganz for good reason,
                                      the Company will, in addition to paying the
                                      above amounts, provide to Mr. Ganz:
                                      (a) the base salary at the rate in effect on
                                      the date of termination payable on
                                      a monthly basis for twenty-four months; (b)
                                      an annual cash incentive for the
                                      calendar year that includes the termination
                                      date and the following calendar year
                                      equal to a percentage of the base salary which
                                      is the average percentage of base
                                      salaries paid as bonuses to the executives
                                      of the Company at Mr. Ganz's level;
                                      (c) continued employee health and welfare benefit
                                      plan coverage for two years at
                                      active employee levels and costs; (d) removal
                                      of all restrictions from
                                      restricted stock; and (e) career transition
                                      services not to exceed $8,000.
Further
                                        in connection with Mr. Ganz's election, the
                                        Company  and Mr. Ganz also
                                        entered into a change of control employment
                                        agreement dated October 10, 2005.
The
                                        change of control employment agreement provides
                                        that, for a period of up to
                                        three years following a "change of control,"
                                        as defined in the change of control
                                        employment agreement, Mr. Ganz shall continue
                                        in the employment of the Company
                                        and shall be entitled to receive the following
                                        compensation and benefits for so
                                        long as he remains an employee of the Company:
                                        (a) an annual base salary at
                                        least equal to twelve times the highest monthly
                                        base salary paid to Mr. Ganz in
                                        the immediately preceding twelve month period;
                                        (b) an annual bonus in cash at
                                        least equal to the highest bonus received
                                        by Mr. Ganz in the last three full
                                        fiscal years under the Company's annual incentive award plan; (c) certain
                                        perquisites, including, without limitation,
                                        tax, financial and estate planning
                                        services and the use of an automobile
;
and (d) an immediate payment in cash equal
                                        to the annual incentive award paid to
                                        Mr. Ganz for the immediately preceding calendar
                                        year.
The
                                        change of control employment agreement provides
                                        that
                                        if, within three years of a change of control, the
                                        Company terminates Mr.
                                        Ganz's employment other than for cause (defined
                                        as failure to perform Mr. Ganz's
                                        duties or engaging in illegal or gross misconduct)
                                        or disability, or if Mr. Ganz
                                        terminates employment for "good reason" (defined as a diminution of duties or
                                        responsibilities, the Company's failure to compensate Mr. Ganz, a change
                                        in
                                        workplace, the Company's purported termination of the change of
                                        control
                                        employment agreement or failure to comply
                                        with the change of control employment
                                        agreement), Mr. Ganz will be entitled to
                                        receive a lump sum cash payment of the
                                        following amounts: (a) Mr. Ganz's base salary through the date of termination,
                                        plus (b) a proportionate annual bonus, plus
                                        (c) unpaid deferred compensation and
                                        vacation pay. Mr. Ganz will also be entitled
                                        to receive a lump sum cash payment
                                        of three times the sum of Mr. Ganz's base salary and his highest annual
                                        bonus.
The
                                          change of control employment agreement
                                          also provides
                                          for a five-year continuation of certain
                                          employee welfare benefits and a lump sum
                                          payment equal to the actuarial value of
                                          the service credit under the Company's
                                          qualified retirement plans Mr. Ganz would
                                          have received if he had remained
                                          employed for three years after the date
                                          of his termination. The Company will
                                          also provide Mr. Ganz with outplacement
                                          services. Finally, Mr. Ganz may tender
                                          restricted stock (whether vested or not)
                                          in exchange for cash. If any payments
                                          to Mr. Ganz, whether under the change of
                                          control employment agreement or
                                          otherwise, would be subject to the "golden parachute" excise tax under Section
                                          4999 of the Internal Revenue Code of 1986,
                                          as amended, the Company will make an
                                          additional payment to put Mr. Ganz in the
                                          same after-tax position as if no
                                          excise tax had been imposed. Any legal
                                          fees and expenses arising in connection
                                          with any dispute under the change of control
                                          employment agreement will be paid
                                          for by the Company. In addition, the change
                                          of control employment agreement also
                                          provides that after termination of employment
                                          with the Company, Mr. Ganz will
                                          not, without the prior written consent
                                          of the Company, disclose any secret or
                                          confidential information, knowledge or
                                          data relating to the Company to anyone
                                          other than the Company and persons designated
                                          by the Company.
Mr.
                                          Ganz and the Company have also entered
                                          into an
                                          indemnification agreement, dated October
                                          10, 2005.  The Indemnification
                                          Agreement was entered into in order to
                                          provide Mr. Ganz with specific
                                          contractual assurance that he would be
                                          indemnified to the fullest extent
                                          permitted by law, as currently required
                                          under the indemnity provisions of the
                                          Company's Bye-laws.
The Company's form
                                          of indemnification
                                          agreement for directors and officers was
                                          filed with the Securities and Exchange
                                          Commission as Exhibit 99.1 to the Company's
                                          Current Report on Form 8-K filed on
                                          November 8, 2004, and the indemnification
                                          agreement between the Company and Mr.
                                          Ganz is substantially on the terms and
                                          conditions set forth in such form
                                          agreement.
SIGNATURE
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, 2005
By:
/s/John
                                                             T. La Duc
Name:
Title:
John
                                                               T. La Duc
EXECUTIVE
                                                              VICE PRESIDENT and
CHIEF
                                                              FINANCIAL OFFICER