Fluor Corporation (NYSE: FLR) announced today that the Board of Directors has appointed David E. Constable, a member of the Board of Directors, to serve as Chief Executive Officer of Fluor, effective January 1, 2021.
Pursuant to New York Stock Exchange Rule 303A.08, Fluor notes that the compensation arrangements approved by the Organization and Compensation Committee of the Board of Directors for Constable, which are described in Fluor’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 2, 2020, include an “employment inducement award.” Pursuant to New York Stock Exchange Rule 303A.08, this news release describes the material terms of the employment inducement award.
The award will be for a number of shares that on the date of grant will have an aggregate grant-date value of $5 million, as determined under the applicable accounting rules, equally split between restricted stock units and stock options, based on the closing price of Fluor’s common stock on the date of award. The restricted stock units and stock options will vest annually over five years, subject to Constable’s continued employment with Fluor. In addition, the stock options are exercisable only if Fluor’s stock price appreciates by at least 25 percent for a period of 20 consecutive trading days during such five-year period. The inducement award will be made outside of Fluor’s 2017 Performance Incentive Plan, but will generally have terms and conditions consistent with those set forth in that plan, except that the stock options and restricted stock units awarded to Constable will not be eligible for the retirement-acceleration provisions applicable to other stock option and restricted stock unit awards granted under the plan. It is anticipated that the award will be made early in January 2021.
About Fluor Corporation
Fluor Corporation (NYSE: FLR) is a global engineering, procurement, fabrication, construction and maintenance company with projects and offices on six continents. Fluor’s 45,000 employees build a better world and provide sustainable solutions by designing, building and maintaining safe, well executed projects. Fluor had revenue of $17.3 billion in 2019 and is ranked 181 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has served its clients for more than 100 years. For more information, please visit www.fluor.com or follow Fluor on Twitter, LinkedIn, Facebook and YouTube.