- The Washington Times - Friday, March 13, 2009

IRVING, TEXAS (AP) - The chairman and chief executive officer of engineering and construction company Fluor Corp., Alan Boeckmann, received total compensation valued at $14.4 million in 2008, a 39 percent increase compared with 2007, according to a regulatory filing Friday.

According to an analysis of the filing with the Securities and Exchange Commission, Boeckmann, 60, received a salary of about $1.2 million and a performance-based bonus of roughly $6.9 million.

He did not receive preferential earnings on deferred compensation.

Boeckmann received stock and option awards the company valued at about $6 million on the day they were granted.

He received additional compensation of $280,762, including $151,488 in company contributions to a 401(k) plan and non-qualified deferred compensation plan, $18,400 for life insurance premiums, $11,729 for tax gross-ups, $69,725 for a perk allowance and $28,116 for other perks. He also received noncontributory life insurance and long-term disability benefits that were less than $10,000 and therefore were not listed as a separate item in the proxy.

The total compensation came to approximately $14.4 million, or 39 percent more than his 2007 total compensation valued at $10.4 million in that year.

As for the perk allowance in 2008, Boeckmann was paid a taxable monthly allowance as a substitute for the company reimbursing or paying for an automobile allowance, tax and financial planning, and company-owned country club membership dues. He is required to have a physical examination each year that is paid for by the company, and as a named executive he may have spousal travel paid for by the company when it is for an approved business purpose, in which case a related tax gross-up is provided.

Boeckmann also is entitled to personal use of charter aircraft in conjunction with a business purpose, but it is required to be reimbursed at the operational cost by the executive. He did not use charter aircraft in 2008 for personal reasons.

The Associated Press calculations of total pay include executives’ salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don’t include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the SEC.

Fluor’s stock, on a split-adjusted basis, fell more than 38 percent during 2008.

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