Document:

exv10w31

 

Exhibit 10.31

AMENDMENT NO. 5

TO THE

AMENDED AND RESTATED

BEARINGPOINT, INC. 401(k) PLAN

          WHEREAS, BearingPoint, Inc. (the “Company”) maintains the Amended and Restated BearingPoint,
Inc. 401(k) Plan (the “Plan”); and

          WHEREAS, pursuant to its authority under Section 16.1 of the Plan, the Company, by action of
the Compensation Committee (the “Committee”) of the Company’s Board of Directors, acted on
September 14, 2006, to amend the Plan, effective as of such date, to eliminate (i) the Company’s
ability to make Employer Matching Contributions in the form of Company Stock (as such terms are
defined in the Plan) and (ii) a Participant’s right to make new contributions or transfers to the
Company Stock Fund in the Plan.

          NOW, THEREFORE, to implement the Committee’s action, the Plan is hereby amended, effective
September 14, 2006, in the following respects:

1. Section 4.2 is amended in its entirety to read as follows:

Section 4.2. Employer Matching Contributions. Subject to the limitations set forth
in Article 6, an Employer, in its sole discretion, may elect to contribute for each
Plan Year on behalf of each Participant who (i) made salary reduction contributions
for the Plan Year and (ii) is employed on the last day of such Plan year, such
amount as the Employer may determine. Matching contributions shall be stated as a
percentage or percentages of the Participant’s salary reduction contributions. The
Employer shall designate the percentage or percentages for the Plan Year and may
limit the amount or percentage of salary reduction contributions to be matched.
Employer matching contributions shall be made only in cash.

Employer matching contributions for any Plan Year may be delivered to the Trustee in
one or more installments, and shall be delivered to the Trustee prior to the due
date, including extensions thereof, of the Employer’s federal income tax return for
the fiscal year of the Employer that ends with or within such Plan Year.

 

 

2. Section 4.3 is amended in its entirety to read as follows:

Section 4.3. Profit Sharing Contributions. Subject to the limitations set forth in
Article 6, each Employer, in its sole discretion, may elect to contribute for a Plan
Year on behalf of its Eligible Employees who are Participants and who are employed
on the last day of such Plan Year such amount as the Company may determine.

Employer profit sharing contributions for any Plan Year may be delivered to the
Trustee in one or more installments, and shall be delivered to the Trustee prior to
the due date, including extensions thereof, of the Employer’s federal income tax
return for the fiscal year of the Employer that ends with or within such Plan Year.
All Employer profit sharing contributions shall be made in cash.

3. Section 7.2(b) is amended in its entirety to read as follows:

(b) Company Stock Fund. In addition to the investment funds established pursuant to
subsection (a), the Trustee shall, operate and maintain a Company Stock Fund. The
assets of the Company Stock Fund shall be invested in shares of Company Stock.
Notwithstanding the foregoing, at such time as the Committee determines that no
Participant has any portion of his or her Account invested in the Company Stock
Fund, the Trustee shall be directed to close the Company Stock Fund and Company
Stock shall no longer be a permitted investment in the Plan.

4. Section 8.1(b) is amended in its entirety to read as follows:

(b) Investment Election. Each Participant shall make an investment election that
shall apply to the investment of contributions to be made on his behalf pursuant to
Article 4 or 5 and any earnings on such contributions. Such election shall specify
that such contributions be invested either (i) wholly in one of the funds maintained
or employed by the Trustee pursuant to subsection (a) or (ii) divided among such
funds in multiples established by the Committee from time to time. Separate
investment elections with respect to different types of contributions shall not be
made. The Plan is intended to be an “ERISA section 404(c) plan” as described in
Department of Labor Regulations section 2550.404c-1; therefore, the Committee shall
follow the Participant’s investment elections, in accordance with such Regulation.
During any period in which no direction as to the investment of a Participant’s
account is on file with the Committee, contributions made by him or on his behalf to
the Plan shall be invested in such manner as the Committee shall determine.

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5. Section 8.1(c) is amended by adding the following language to the end thereof:

Notwithstanding any provision of this Plan to the contrary, effective September 14,
2006, a Participant shall not be permitted to change an investment election so as to
cause any amounts to be transferred into the Company Stock Fund.

6. Section 8.1(d) is deleted in its entirety, and a new Section 8.1(d) is added to read as
follows:

(d) Company Stock Fund. Notwithstanding any provision of this Plan to the contrary,
effective September 14, 2006, a Participant shall not be permitted to elect to have
any new contribution invested in the Company Stock Fund. Any existing investments
in the Company Stock Fund prior to September 14, 2006 may continue to remain in the
Company Stock Fund.

7. In all respects not amended, the Plan is hereby ratified and confirmed.

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          IN WITNESS WHEREOF, this amendment has been executed on behalf of the Company by the
undersigned duly authorized officer of the Company.

           

	 	 	 	 	 
	 	BEARINGPOINT, INC.

 	 
	Date: 2/6/07 	By:  	/s/ James M. Monastero
 	 
	 	 	Name:  	James M. Monastero 	 
	 	 	Its: Chief People Officer & EVP, Global HR 	 
	 

4exv10w32

 

Exhibit 10.32

AMENDMENT NO. 6

TO THE

BEARINGPOINT, INC. 401(k) PLAN

          WHEREAS, BearingPoint, Inc. (the “Corporation”) sponsors and maintains the BearingPoint, Inc.
401(k) Plan (the “Plan”); and

          WHEREAS, pursuant to its authority under Section 16.1 of the Plan, the Corporation is amending
the Plan to reflect provisions of the final Treasury regulations under Internal Revenue Code
sections 401(k) and 401(m), and to make certain other clarifying changes to the Plan.

          NOW, THEREFORE, the Plan is hereby amended as follows, effective January 1, 2006, except as
otherwise provided herein.

          1. The second sentence of Section 6.1(b), Distribution of Excess Salary Reduction
Contributions, is amended to read as follows (revisions are underlined):

    The amount of any income or loss allocable to such excess deferrals,
including income or loss attributable to the gap period (as defined in
Regulations), shall be determined pursuant to applicable Regulations.

          2. Section 9.1(b), Hardship Withdrawals, is amended to read as follows (revisions are
underlined):

    (b) Hardship Withdrawals. A Participant who is an Employee may
withdraw as of any Valuation Date all or a portion of the balance of his Salary
Reduction Account only if the Participant has incurred a financial hardship.
For purposes of this Section, a distribution is made on account of a hardship
only if the distribution is both made on account of an immediate and heavy financial
need of the Participant and is necessary to satisfy the need. The determination
of the existence of financial hardship and the amount required to be distributed to
satisfy the need created by the hardship will be made by the Committee or the
Committee’s delegate in a uniform and nondiscriminatory manner according to the
following rules:

    (1) A financial hardship shall be deemed to exist if the Participant certifies
to the Committee or the Committee’s delegate that the financial need is on
account of:

    (A) expenses for (or necessary to obtain) medical care that would
be deductible under section 213(d) of the Code (determined without regard to whether
the expenses exceed 7.5% of adjusted gross income);

    (B) costs directly related to the purchase of a principal residence for the
Participant (excluding mortgage payments);

 

 

    (C) payment of tuition, room and board expenses, and related educational fees
for up to the next 12 months of post-secondary education for the
Participant, the Participant’s spouse, the Participant’s children, or any dependents
of the Participant (as defined in section 152 of the Code, and, for taxable
years beginning on or after January 1, 2005, without regard to section 152(b)(1),
(b)(2) and (d)(1)(B) of the Code);

    (D) payments necessary to prevent the eviction of the Participant from the
Participant’s principal residence or foreclosure on the mortgage on that
residence;

    (E) payments for burial or funeral expenses for the Participant’s deceased
parent, spouse, children or dependents (as defined in section 152 of the Code, and,
for taxable years beginning on or after January 1, 2005, without regard to section
152(d)(1)(B) of the Code), effective for Hardship Withdrawals made on or after
January 1, 2007;

    (F) expenses for the repair of damage to the Participant’s principal
residence that would qualify for the casualty deduction under section 165 of the
Code (determined without regard to whether the loss exceeds 10% of adjusted gross
income), effective for Hardship Withdrawals made on or after January 1, 2007; or

    (G) any other event or circumstance which is deemed an immediate
and heavy financial hardship by the Commissioner of Internal Revenue.

    (2) A distribution shall be treated as necessary to satisfy an immediate
and heavy financial need of a Participant only to the extent the amount of the
distribution is not in excess of the amount required to satisfy the financial need.
For this purpose, the amount required to satisfy the financial need may include any
amounts necessary to pay any federal, state, or local income taxes or penalties
reasonably anticipated to result from the distribution.

    (3) A distribution is deemed necessary to satisfy an immediate and heavy
financial need of the Participant if (i) the Participant has obtained all other
currently available distributions (including distribution of ESOP dividends under
section 404(k) of the Code, but not hardship distributions) and nontaxable (at the
time of the loan) loans, under the Plan and all other plans maintained by the
Employer, and (ii) the Participant is prohibited, as described below, from making
elective contributions and employee contributions to the Plan and all other plans
maintained by the Employer for at least six (6) months after receipt of the hardship
distribution.

    (4) The Participant’s elective deferrals and contributions under
this Plan, and employee contributions under all other plans maintained by the
Employer will be suspended for six (6) months after receipt of the hardship

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withdrawal. Other plans maintained by the Employer means all qualified and
nonqualified plans of deferred compensation maintained by the Employer, including a
cash or deferred arrangement that is part of a cafeteria plan within the meaning of
section 125 of the Code, and stock option, stock purchase, or similar plans
maintained by the Employer, however, it does not include the mandatory employee
contribution portion of a defined benefit plan or a health or welfare benefit plan
(including one that is part of a cafeteria plan).

    (5) Notwithstanding anything to the contrary, earnings credited to a
Participant’s Salary Reduction Account attributable to periods after 1988 shall not
be available for withdrawal pursuant to this subsection. Furthermore, the amount
available for withdrawal pursuant to this subsection shall be reduced by the amount
of any loan outstanding made pursuant to Section 9.2, and no withdrawal pursuant to
this subsection shall be permitted to the extent that such withdrawal would cause
the aggregate amount of such loan outstanding to exceed the limits described in
Section 9.2.

    (6) Notwithstanding anything herein to the contrary, hardship distributions
may be made for a need arising from Hurricane Katrina, to a Participant (i) whose
principal residence on August 29, 2005, was located in one of the counties or
parishes in Louisiana, Mississippi or Alabama that were designated as disaster areas
eligible for “Individual Assistance” by the Federal Emergency Management Agency
because of the devastation caused by Hurricane Katrina, (ii) whose place of
employment was located in one of these counties or parishes on such date, or (iii)
whose lineal ascendant or descendant, dependent or spouse had a principal residence
or place of employment in one of these counties or parishes on such date. The
Committee or the Committee’s delegate may rely upon representations from the
Participant as to the need for and amount of a hardship distribution, unless the
Committee or its delegate has actual knowledge to the contrary, and such
distribution is treated as a hardship distribution for all purposes under the Code
and Regulations. The foregoing applies to any hardship of the Participant, not just
the types enumerated above, and the post-distribution contribution restriction in
(4) above will not apply. The hardship distributions must be made on or after
August 29, 2005, and no later than March 31, 2006. The foregoing will be
implemented in accordance with IRS Announcement 2005-70.

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          3. A new second sentence is added to Section 10.4, Leased Employees, as follows:

    Notwithstanding the foregoing, an Employee’s change in status from an
Employee to a “leased employee” is not a severance from employment that would permit
a distribution of the Participant’s Account.

          4. The last sentence of Section 10.5(c), under Reemployment of Veterans, is amended to read as
follows (revisions are underlined):

    The Plan shall not take into account the make up deferrals or make up
matching contributions for purposes of the nondiscrimination rules of Section
6.3 of the Plan (relating to sections 401(k)(3) and 401(m) of the Code for any Plan
Year.

          IN WITNESS WHEREOF, this Amendment has been executed on behalf of the Corporation by the
undersigned duly authorized member of the Corporation.

           

	 	 	 	 	 
	 	BEARINGPOINT, INC.

 	 
	Date: 12/27/2006 	By:  	/s/ Sean Huurman
 	 
	 	 	Its:  Managing Director, Global Human Resource & 401K Committee Chair 	 
	 

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