Document:

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                                                                   EXHIBIT 10.22

                        AMENDMENT OF THE PLAN FOR EGTRRA

                             AMENDMENT NUMBER ONE TO
                        MBIA INC. EMPLOYEES PENSION PLAN

                            EFFECTIVE JANUARY 1, 2002

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                        AMENDMENT OF THE PLAN FOR EGTRRA

                             AMENDMENT NUMBER ONE TO
                        MBIA INC. EMPLOYEES PENSION PLAN

        BY THIS AGREEMENT, MBIA, Inc. Employees Pension Plan (herein referred to
as the Plan) is hereby amended as follows:

                                    ARTICLE I
                                    PREAMBLE

1.1     Adoption and effective date of amendment. This amendment of the Plan is
adopted to reflect certain provisions of the Economic Growth and Tax Relief
Reconciliation Act of 2001 (EGTRRA). This amendment is intended as good faith
compliance with the requirements of EGTRRA and is to be construed in accordance
with EGTRRA and guidance issued thereunder. Except as otherwise provided, this
amendment shall be effective as of the first day of the first Plan Year
beginning after December 31, 2001.

1.2     Supersession of inconsistent provisions. This amendment shall supersede
the provisions of the Plan to the extent those provisions are inconsistent with
the provisions of this amendment.

                                   ARTICLE II
                          LIMITATIONS ON CONTRIBUTIONS

2.1     Effective date. This Article shall be effective for "limitation years"
beginning after December 31, 2001.

2.2     Maximum annual addition. The "annual addition" that may be contributed
or allocated to a Participant's account under the Plan for any "limitation year"
shall not exceed the lesser of:

                (a)     $40,000, as adjusted for increases in the cost-of-living
        under Code Section 415(d), or

                (b)     one-hundred percent (100%) of the Participant's "415
        Compensation" for the "limitation year."

        The "415 Compensation" limit referred to in (b) shall not apply to any
contribution for medical benefits after separation from service (within the
meaning of Code Section 401(h) or Code Section 419A(f)(2)) which is otherwise
treated as an "annual addition."

                                   ARTICLE III
                         INCREASE IN COMPENSATION LIMIT

        The annual Compensation of each Participant taken into account in
determining allocations for any Plan Year beginning after December 31, 2001,
shall not exceed $200,000, as adjusted for cost-of-living increases in
accordance with Code Section 401(a)(17)(B).

                                   ARTICLE IV
                         MODIFICATION OF TOP-HEAVY RULES

4.1     Effective date. This Article shall apply for purposes of determining
whether the Plan is a top-heavy plan under Code Section 416(g) for Plan Years
beginning after December 31, 2001, and whether the Plan satisfies the minimum
benefits requirements of Code Section 416(c) for

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such years. This Article amends Article VIII of the Plan.

4.2      Determination of top-heavy status.

                (a)     Key employee. Key employee means any Employee or former
        Employee (including any deceased Employee) who at any time during the
        Plan Year that includes the determination date was an officer of the
        Employer having "415 Compensation" greater than $130,000 (as adjusted
        under Code Section 416(i)(1) for Plan Years beginning after December 31,
        2002), a 5-percent owner of the Employer, or a 1-percent owner of the
        Employer having "415 Compensation" of more than $150,000. The
        determination of who is a key employee will be made in accordance with
        Code Section 416(i)(1) and the applicable regulations and other guidance
        of general applicability issued thereunder.

                (b)     Determination of present values and amounts. This
        section (b) shall apply for purposes of determining the present values
        of accrued benefits and the amounts of account balances of Employees as
        of the determination date.

                (1)     Distributions during year ending on the determination
                date. The present values of accrued benefits and the amounts of
                account balances of an Employee as of the determination date
                shall be increased by the distributions made with respect to the
                Employee under the Plan and any plan aggregated with the Plan
                under Code Section 416(g)(2) during the 1-year period ending on
                the determination date. The preceding sentence shall also apply
                to distributions under a terminated plan which, had it not been
                terminated, would have been aggregated with the Plan under Code
                Section 416(g)(2)(A)(i). In the case of a distribution made for
                a reason other than separation from service, death, or
                disability, this provision shall be applied by substituting
                "5-year period" for "1-year period."

                (2)     Employees not performing services during year ending on
                the determination date. The accrued benefits and accounts of any
                individual who has not performed services for the Employer
                during the 1-year period ending on the determination date shall
                not be taken into account.

4.3     Minimum benefits. Employer matching contributions shall be taken into
account for purposes of satisfying the minimum contribution requirements of Code
Section 416(c)(2) and the Plan. The preceding sentence shall apply with respect
to matching contributions under the Plan or, if the Plan provides that the
minimum contribution requirement shall be met in another plan, such other plan.
Employer matching contributions that are used to satisfy the minimum
contribution requirements shall be treated as matching contributions for
purposes of the actual contribution percentage test and other requirements of
Code Section 401(m).

                                    ARTICLE V
                     DIRECT ROLLOVERS OF PLAN DISTRIBUTIONS

5.1     Effective date. This Article shall apply to distributions made after
December 31, 2001.

5.2     Modification of definition of eligible retirement plan. For purposes of
the direct rollover provisions in Section 6.11 of the Plan, an eligible
retirement plan shall also mean an annuity contract described in Code Section
403(b) and an eligible plan under Code Section 457(b) which is maintained by a
state, political subdivision of a state, or any agency or instrumentality of a
state or political subdivision of a state and which agrees to separately account
for amounts transferred into such plan from this Plan. The definition of
eligible retirement plan shall also

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apply in the case of a distribution to a surviving spouse, or to a spouse or
former spouse who is the alternate payee under a qualified domestic relation
order, as defined in Code Section 414(p).

5.3     Modification of definition of eligible rollover distribution to include
after-tax Employee contributions. For purposes of the direct rollover provisions
in Section 6.11 of the Plan, a portion of a distribution shall not fail to be an
eligible rollover distribution merely because the portion consists of after-tax
Employee contributions which are not includible in gross income. However, such
portion may be transferred only to an individual retirement account or annuity
described in Code Section 408(a) or (b), or to a qualified defined contribution
plan described in Code Section 401(a) or 403(a) that agrees to separately
account for amounts so transferred, including separately accounting for the
portion of such distribution which is includible in gross income and the portion
of such distribution which is not so includible.

                                   ARTICLE VI
                           ROLLOVERS FROM OTHER PLANS

        The Administrator, operationally and on a nondiscriminatory basis, may
limit the source of rollover contributions that may be accepted by this Plan.

                                   ARTICLE VII
                 ROLLOVERS DISREGARDED IN INVOLUNTARY CASH-OUTS

7.1     Applicability and effective date. This Article applies to rollover
contributions and involuntary cash-outs, and shall be effective with respect to
distributions made on and after January 1, 2002 with respect to Participants who
separate from service on or after January 1, 2002.

7.2     Rollovers disregarded in determining value of account balance for
involuntary distributions. For purposes of Section 6.4(a) of the Plan, the value
of a Participant's nonforfeitable account balance shall be determined without
regard to that portion of the account balance that is attributable to rollover
contributions (and earnings allocable thereto) within the meaning of Code
Sections 402(c), 403(a)(4), 403(b)(8), 408(d)(3)(A)(ii), and 457(e)(16). If the
value of the Participant's nonforfeitable account balance as so determined is
$5,000 or less, the Plan shall immediately distribute the Participant's entire
nonforfeitable account balance.

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        IN WITNESS WHEREOF, this Amendment has been executed this
_________________ day of _________________.

                                           MBIA, Inc.

                                           By
                                             -----------------------------------
                                               EMPLOYER

                                        4<PAGE>

                                                                   EXHIBIT 10.23

                        AMENDMENT OF THE PLAN FOR EGTRRA

                             AMENDMENT NUMBER ONE TO
                         MBIA INC. EMPLOYEE 401(k) PLAN

                            EFFECTIVE JANUARY 1, 2002

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                        AMENDMENT OF THE PLAN FOR EGTRRA

                             AMENDMENT NUMBER ONE TO
                         MBIA INC. EMPLOYEES 401(k) PLAN

        BY THIS AGREEMENT, the MBIA Inc. Employee 401(k) Plan (herein referred
to as the Plan) is hereby amended as follows:

                                    ARTICLE I
                                    PREAMBLE

1.1     Adoption and effective date of amendment. This amendment of the Plan is
adopted to reflect certain provisions of the Economic Growth and Tax Relief
Reconciliation Act of 2001 (EGTRRA). This amendment is intended as good faith
compliance with the requirements of EGTRRA and is to be construed in accordance
with EGTRRA and guidance issued thereunder. Except as otherwise provided, this
amendment shall be effective as of the first day of the first Plan Year
beginning after December 31, 2001.

1.2     Supersession of inconsistent provisions. This amendment shall supersede
the provisions of the Plan to the extent those provisions are inconsistent with
the provisions of this amendment.

                                   ARTICLE II
                          LIMITATIONS ON CONTRIBUTIONS

2.1     Effective date. This Article shall be effective for "limitation years"
beginning after December 31, 2001.

2.2     Maximum annual addition. Except to the extent permitted under Article X
of this amendment and Code Section 414(v), the "annual addition" that may be
contributed or allocated to a Participant's account under the Plan for any
"limitation year" shall not exceed the lesser of:

                (a)     $40,000, as adjusted for increases in the cost-of-living
        under Code Section 415(d), or

                (b)     one-hundred percent (100%) of the Participant's "415
        Compensation" for the "limitation year."

        The "415 Compensation" limit referred to in (b) shall not apply to any
contribution for medical benefits after separation from service (within the
meaning of Code Section 401(h) or Code Section 419A(f)(2)) which is otherwise
treated as an "annual addition."

                                   ARTICLE III
                         INCREASE IN COMPENSATION LIMIT

        The annual Compensation of each Participant taken into account in
determining allocations for any Plan Year beginning after December 31, 2001,
shall not exceed $200,000, as adjusted for cost-of-living increases in
accordance with Code Section 401(a)(17)(B).

                                   ARTICLE IV
                         MODIFICATION OF TOP-HEAVY RULES

4.1     Effective date. This Article shall apply for purposes of determining
whether the Plan is a

                                        1

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top-heavy plan under Code Section 416(g) for Plan Years beginning after December
31, 2001, and whether the Plan satisfies the minimum benefits requirements of
Code Section 416(c) for such years. This Article amends Article VIII of the
Plan.

4.2     Determination of top-heavy status.

                (a)     Key employee. Key employee means any Employee or former
        Employee (including any deceased Employee) who at any time during the
        Plan Year that includes the determination date was an officer of the
        Employer having "415 Compensation" greater than $130,000 (as adjusted
        under Code Section 416(i)(1) for Plan Years beginning after December 31,
        2002), a 5-percent owner of the Employer, or a 1-percent owner of the
        Employer having "415 Compensation" of more than $150,000. The
        determination of who is a key employee will be made in accordance with
        Code Section 416(i)(1) and the applicable regulations and other guidance
        of general applicability issued thereunder.

                (b)     Determination of present values and amounts. This
        section (b) shall apply for purposes of determining the present values
        of accrued benefits and the amounts of account balances of Employees as
        of the determination date.

                (1)     Distributions during year ending on the determination
                date. The present values of accrued benefits and the amounts of
                account balances of an Employee as of the determination date
                shall be increased by the distributions made with respect to the
                Employee under the Plan and any plan aggregated with the Plan
                under Code Section 416(g)(2) during the 1-year period ending on
                the determination date. The preceding sentence shall also apply
                to distributions under a terminated plan which, had it not been
                terminated, would have been aggregated with the Plan under Code
                Section 416(g)(2)(A)(i). In the case of a distribution made for
                a reason other than separation from service, death, or
                disability, this provision shall be applied by substituting
                "5-year period" for "1-year period."

                (2)     Employees not performing services during year ending on
                the determination date. The accrued benefits and accounts of any
                individual who has not performed services for the Employer
                during the 1-year period ending on the determination date shall
                not be taken into account.

4.3     Minimum benefits. Employer matching contributions shall be taken into
account for purposes of satisfying the minimum contribution requirements of Code
Section 416(c)(2) and the Plan. The preceding sentence shall apply with respect
to matching contributions under the Plan or, if the Plan provides that the
minimum contribution requirement shall be met in another plan, such other plan.
Employer matching contributions that are used to satisfy the minimum
contribution requirements shall be treated as matching contributions for
purposes of the actual contribution percentage test and other requirements of
Code Section 401(m).

                                    ARTICLE V
                   VESTING OF EMPLOYER MATCHING CONTRIBUTIONS

5.1     Applicability. This Article shall apply to Participants with accrued
benefits derived from Employer matching contributions (including ESOP
contributions) who complete an Hour of Service under the Plan in a Plan Year
beginning after December 31, 2001.

5.2     Vesting schedule. A Participant's accrued benefit derived from Employer
matching contributions (including ESOP contributions) shall vest on the basis of
the Participant's Years of

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Service according to the following schedule:

                                Vesting Schedule
                             Matching Contributions
                 Years of Service              Percentage
                       1                            0%
                       2                           20%
                       3                           60%
                       4                           80%
                       5                          100%

5.3     With respect to the vesting schedule above, the election in Section
6.5(f) of the Plan that provides for the election of the former vesting schedule
under Code Section 411(a)(11) shall apply.

                                   ARTICLE VI
                     DIRECT ROLLOVERS OF PLAN DISTRIBUTIONS

6.1     Effective date. This Article shall apply to distributions made after
December 31, 2001.

6.2     Modification of definition of eligible retirement plan. For purposes of
the direct rollover provisions in Section 6.13 of the Plan, an eligible
retirement plan shall also mean an annuity contract described in Code Section
403(b) and an eligible plan under Code Section 457(b) which is maintained by a
state, political subdivision of a state, or any agency or instrumentality of a
state or political subdivision of a state and which agrees to separately account
for amounts transferred into such plan from this Plan. The definition of
eligible retirement plan shall also apply in the case of a distribution to a
surviving spouse, or to a spouse or former spouse who is the alternate payee
under a qualified domestic relation order, as defined in Code Section 414(p).

6.3     Modification of definition of eligible rollover distribution to exclude
hardship distributions. For purposes of the direct rollover provisions in
Section 6.13 of the Plan, any amount that is distributed on account of hardship
shall not be an eligible rollover distribution and the distributee may not elect
to have any portion of such a distribution paid directly to an eligible
retirement plan.

6.4     Modification of definition of eligible rollover distribution to include
after-tax Employee contributions. For purposes of the direct rollover provisions
in Section 6.13 of the Plan, a portion of a distribution shall not fail to be an
eligible rollover distribution merely because the portion consists of after-tax
Employee contributions which are not includible in gross income. However, such
portion may be transferred only to an individual retirement account or annuity
described in Code Section 408(a) or (b), or to a qualified defined contribution
plan described in Code Section 401(a) or 403(a) that agrees to separately
account for amounts so transferred, including separately accounting for the
portion of such distribution which is includible in gross income and the portion
of such distribution which is not so includible.

                                   ARTICLE VII
                           ROLLOVERS FROM OTHER PLANS

        The Administrator, operationally and on a nondiscriminatory basis, may
limit the source of rollover contributions that may be accepted by this Plan.

                                        3

<PAGE>

                                  ARTICLE VIII
                 ROLLOVERS DISREGARDED IN INVOLUNTARY CASH-OUTS

8.1     Applicability and effective date. This Article applies to rollover
contributions and involuntary cash-outs, and shall be effective with respect to
distributions made on and after January 1, 2002 with respect to Participants who
separate from service on or after January 1, 2002.

8.2     Rollovers disregarded in determining value of account balance for
involuntary distributions. For purposes of Section 6.5(a) of the Plan, the value
of a Participant's nonforfeitable account balance shall be determined without
regard to that portion of the account balance that is attributable to rollover
contributions (and earnings allocable thereto) within the meaning of Code
Sections 402(c), 403(a)(4), 403(b)(8), 408(d)(3)(A)(ii), and 457(e)(16). If the
value of the Participant's nonforfeitable account balance as so determined is
$5,000 or less, the Plan shall immediately distribute the Participant's entire
nonforfeitable account balance.

                                   ARTICLE IX
                           REPEAL OF MULTIPLE USE TEST

        The multiple use test described in Treasury Regulation Section
1.401(m)-2 and Section 4.7(a)(2) of the Plan shall not apply for Plan Years
beginning after December 31, 2001.

                                    ARTICLE X
                             CATCH-UP CONTRIBUTIONS

10.1    Effective date. This Article shall apply to catch-up contributions made
on and after January 1, 2002.

10.2    Applicability. All Employees who are eligible to make salary reductions
under this Plan and who have attained age 50 before the close of the Plan Year
shall be eligible to make catch-up contributions in accordance with, and subject
to the limitations of, Code Section 414(v). Such catch-up contributions shall
not be taken into account for purposes of the provisions of the Plan
implementing the required limitations of Code Sections 402(g) and 415. The Plan
shall not be treated as failing to satisfy the provisions of the Plan
implementing the requirements of Code Section 401(k)(3), 401(k)(11), 401(k)(12),
410(b), or 416, as applicable, by reason of the making of such catch-up
contributions.

                                   ARTICLE XI
                ELIMINATION OF POST- HARDSHIP CONTRIBUTION LIMIT

        The last sentence of Section 4.2(e) and sub-paragraph (b)(4) of Section
6.12 of the Plan shall not apply to a Participant who, in calendar year 2001 and
thereafter, receives a distribution of elective deferrals on account of
hardship.

                                   ARTICLE XII
                   DISTRIBUTION UPON SEVERANCE FROM EMPLOYMENT

12.1.   Effective date. This Article shall apply for distributions occurring on
and after January 1, 2002 regardless of when severance from employment occurred.

12.2.   New distributable event. A Participant's Elective Contributions and
earnings attributable to these contributions shall be distributed on account of
the Participant's severance from employment. However, such a distribution shall
be subject to the other provisions of the Plan regarding distributions, other
than provisions that require a separation from service before such amounts may
be distributed.

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        IN WITNESS WHEREOF, this Amendment has been executed this
_________________________ day of __________________ .

                                           MBIA, Inc.

                                           By
                                             -----------------------------------
                                               EMPLOYER

                                        5

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