Document:

exv10w66

 

Exhibit 10.66

AMENDMENT NO. 1 TO THE

RESTRICTED STOCK UNIT AGREEMENT

WITH F. EDWIN HARBACH DATED

JANUARY 8, 2007

          WHEREAS,
the Compensation Committee of the BearingPoint, Inc. Board of
Directors (the “Committee”) has determined it to be advisable to amend the Restricted Stock Unit Agreement (the
“Agreement”) between BearingPoint, Inc. (the “Company”) and F. Edwin Harbach (“Harbach”) evidenced
by that Award Notice of Restricted Stock Unit Grant (the “Notice”) dated January 8, 2007, to
provide that upon a change in control of the Company after December 31, 2007, the Restricted Stock
Units awarded pursuant to the Notice shall immediately be vested and settled; and

          WHEREAS,
on December 31, 2007, the Committee amended the Agreement
effective on such date; and

          WHEREAS,
Harbach has agreed to said amendment of the Agreement.

          NOW,
THEREFORE, the Company and Harbach both hereby agree to the amendment
of the Agreement, effective December 31, 2007, as follows:

          Section 7
of the Agreement is amended to read as follows:

     “Change in Control. In the event of a Change in Control (as defined in the
Plan) the Restricted Stock Units shall become 100% vested and nonforfeitable
effective as of the date of such Change in Control, provided that the Award
Recipient’s employment has not terminated prior to such date. The Restricted Stock
Units shall be settled in accordance with Section 5(a) on the date of the Change in
Control.”

          This amendment is agreed to as of December 31, 2007, by the parties hereto.

	 	 	 	 	 	 	 
	 	 	BEARINGPOINT, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Roderick McGeary	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Roderick McGeary	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	Chairman	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	/s/ F. Edwin Harbach	 	 
	 	 	 	 	 
	 	 	F. Edwin Harbachexv10w67

 

Exhibit
10.67

January 7, 2008

Mr. F. Edwin Harbach

[                              ]

[                              ]

Re:       Award Notice of Restricted Stock Unit Grant

Dear Ed:

We are pleased to notify you that in recognition of your contributions toward the future success of
BearingPoint, Inc. (collectively with its subsidiaries and affiliates, the “Company”), you
have been awarded restricted stock units (“RSUs”). The RSUs are subject to the terms of the
attached Restricted Stock Unit Agreement (the “Agreement”), any Exhibit A to the Agreement
for your country of residence and the Amended and Restated BearingPoint, Inc. 2000 Long-Term
Incentive Plan (the “Plan”). Generally, one RSU represents the Company’s unfunded and
unsecured promise to issue to you on a future date one share of the Company’s common stock or its
cash equivalent, as further described in the Agreement. This Notice constitutes part of, and is
subject to, the terms and provisions of the Agreement, Exhibit A to the Agreement (if any) and the
Plan. The terms of your award are specified below:

	 	 	 
	Grant Date:

	 	January 2, 2008
	 
	 	 
	Number of RSUs:

	 	199,275, subject to adjustment, as provided in Section 7.7 of the Plan
	 
	 	 
	Vesting Schedule:

	 	Subject to the provisions of the Agreement and the Plan, and provided
that, except as provided in Section 3 of the Agreement, you remain
continuously employed with the Company through the respective vesting
dates set forth below, the RSUs shall become vested as follows:

	 	 	 	 	 
	 	 	Number of RSUs
	Vesting Date	 	(subject to adjustment)
	January 2, 2009
	 	 	49,818	 
	January 2, 2010
	 	 	49,819	 
	January 2, 2011
	 	 	49,819	 
	January 2, 2012
	 	 	49,819	 

 

 

	 	 	 
	Settlement Date:

	 	Subject to Section 5 of the Agreement and any administrative requirements
of the Company or the Plan administrator, for vested RSUs, the RSUs shall
be settled in accordance with the Vesting Schedule above, and any Company
common stock that is issued at settlement may be sold only as provided in
Section 5 of the Agreement, including sales restrictions contained in
Sections 5(c) and (d) of the Agreement.
	 
	 	 
	 

	 	Except as a result of your death, Disability or Retirement, shares of
Company common stock issued in settlement of RSUs may not be sold until
the fifth anniversary of the Grant Date specified above. Additional
restrictions on the sale of such Company common stock are set forth in
Sections 5(c) and (d) of the Agreement. In particular, it is expected
that all sales will be made pursuant to sales programs to be established
by the Company, which may result in the earliest permissible sale date
for a grant being later than the settlement dates set forth above.

We congratulate you on this recognition of your importance to our organization and its future.

	 	 	 	 	 	 	 
	 	 	BearingPoint, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Roderick McGeary	 	 
	 

	 	 	 	 

	 	 
	 	 	Roderick McGeary, Chairman	 	 

Acknowledgment, Acceptance and Agreement:

By signing below and returning this Award Notice of Restricted Stock Unit Grant to BearingPoint,
Inc., c/o Morgan Stanley at the address stated herein, I hereby acknowledge receipt of the
Agreement (including any Exhibit A) and the Plan, accept the RSUs granted to me, and agree to be
bound by the terms and conditions of this Award Notice, the Agreement (including any Exhibit A) and
the Plan.

	 	 	 	 	 	 	 
	/s/ F. Edwin Harbach
	 	 	 	1/18/08	 	 
	 

Signature

	 	 	 	 

Date
	 	 
	 
	 	 	 	 	 	 
	F. Edwin Harbach
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	Print Name

	 	 	 	Employee ID Number	 	 

-2-

 

BearingPoint, Inc.

c/o Morgan Stanley

Stock Plan Administration

Harborside Financial Center

Plaza Three, 1st Floor

Jersey City, NJ 07311

-3-

 

BEARINGPOINT, INC.

RESTRICTED STOCK UNIT AGREEMENT

     BearingPoint, Inc. (collectively with its subsidiaries and affiliates, the “Company”) has
granted to the individual (the “Award Recipient”) named in the Award Notice of Restricted Stock
Unit Grant (the “RSU Award Notice”) to which this Restricted Stock Unit Agreement (the “Agreement”)
relates, an award consisting of restricted stock units, subject to the terms and conditions set
forth in the RSU Award Notice and this Agreement. The award has been granted pursuant to the
BearingPoint, Inc. 2000 Long-Term Incentive Plan (the “Plan”). By signing the RSU Award Notice,
the Award Recipient: (a) acknowledges receipt of and represents that the Award Recipient has read
and is familiar with the RSU Award Notice, this Agreement and the Plan, (b) accepts the award
subject to all of the terms and conditions of the RSU Award Notice, this Agreement and the Plan and
(c) agrees to accept as binding, conclusive and final all decisions or interpretations of the
Compensation Committee (the “Committee”) of the Board of Directors of the Company regarding any
questions arising under the RSU Award Notice, this Agreement or the Plan. Unless otherwise defined
herein, capitalized terms shall have the meanings assigned to such terms in the RSU Award Notice or
the Plan.

     1. Grant of Restricted Stock Units.

          a. On the Grant Date, the Award Recipient shall acquire, subject to the provisions of this
Agreement, the number of restricted stock units (the “Restricted Stock Units”) set forth in the RSU
Award Notice, subject to (i) the availability of Authorized Shares under Section 1.5(a) of the Plan
and (ii) adjustment by the Committee as provided in Section 7.7 of the Plan. Each Restricted Stock
Unit consists of a bookkeeping entry representing the right to receive on a date determined in
accordance with the RSU Award Notice and this Agreement either (i) one share of Common Stock, or
(ii) cash equal to the Fair Market Value of one share of Common Stock.

          b. The Award Recipient is not required to make any monetary payment (other than applicable tax
withholding, if any, and payment of the par value of the Common Stock, if required by law) as a
condition to receiving cash or shares of Common Stock issued upon settlement of the Restricted
Stock Units, the consideration for which shall be future services to be rendered to the Company or
for its benefit.

     2. Vesting of Restricted Stock Units. Except as provided in Sections 4 and 7 of this
Agreement, the Restricted Stock Units shall become vested and nonforfeitable on the date or vesting
schedule set forth in the RSU Award Notice, provided, however, to the extent not already vested,
the Restricted Stock Units shall become 100% vested and nonforfeitable (i) on the death or
Disability of the Award Recipient while employed by the Company or (ii) on the Retirement of the
Award Recipient.

     3. Termination of Employment.

          a. If the Award Recipient’s employment terminates for any reason or no reason, with or without
“Cause,” other than on account of death, Disability or Retirement, the

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Award Recipient shall forfeit and the Company shall automatically reacquire all Restricted
Stock Units which are not, as of the time of such termination, vested, and the Award Recipient
shall not be entitled to any payment or other consideration therefor.

          b. “Cause” shall mean the occurrence, the failure to prevent the occurrence, or failure to
cure after the occurrence (when a cure is permitted), as the case may be, of any of the following
circumstances after the Award Recipient’s receipt of written notification from the General Counsel
which includes a detailed description of the claimed circumstance: (i) the Award Recipient’s
embezzlement, misappropriation of corporate funds, or the Award Recipient’s material acts of
dishonesty; (ii) the Award Recipient’s commission or conviction of any felony or of any misdemeanor
involving moral turpitude, or entry of a plea of guilty or nolo contendre to any felony or
misdemeanor involving moral turpitude; (iii) the Award Recipient’s engagement, without a reasonable
belief that his or her action was in the best interests of the Company, in any activity that could
harm the business or reputation of the Company in a material manner; (iv) the Award Recipient’s
willful failure to adhere to the Company’s material corporate codes, policies or procedures that
have been communicated to him or her; or (v) the Award Recipient’s violation of any statutory or
common law duty or obligation to the Company, including, without limitation, the duty of loyalty,
provided, however, that in the case of clauses (iii), (iv) and (v), the Company
shall provide the Award Recipient with the opportunity to cure any Cause event during the 15-day
period after his or her receipt of written notice describing the Cause event, and provided,
further, that a Cause event shall be considered to be cured only if all adverse
consequences of the Cause event have been fully remedied.

          c. “Retirement” shall mean retirement under the Company’s Rule of 70 Retirement Policy, or, if
required by law, under local law. An Award Recipient currently is eligible to retire under the
Company’s Rule of 70 Retirement Policy, if the Award Recipient’s age plus “years of service” (as
determined under the Company’s 401(k) plan or any successor to such plan) equals or exceeds 70 as
of the date of retirement.

     4. Termination of Restricted Stock Units and Forfeiture of Restricted Stock Units Gain.

          a. If the Award Recipient:

          i. breaches any covenant concerning confidentiality or intellectual property or
concerning noncompetition or nonsolicitation of clients, prospective clients or personnel of
the Company and its Affiliates to which the Award Recipient is or may become a party in the
future;

          ii. fails (A) to complete on a timely basis all current and future training relating to
the Company’s policies and procedures, including financial reporting and timekeeping
training, (B) to consistently follow all Company policies and procedures, and, if
applicable, to confirm that the employees the Award Recipient supervises are following such
Company policies and procedures or (C) to meet such cash collection goals, if any, as are
established for the Award Recipient by the Company from time to time; or

2

 

          iii. is terminated for “Cause;”

then, in addition to and without in any way limiting any remedies under any of the covenants
described above in this Section 4(a) or otherwise:

          (A) any unvested Restricted Stock Units shall be forfeited automatically on the
date the Award Recipient commits such breach as is specified in clause (i), fails to
act as specified in clause (ii) or is terminated for “Cause;” and

          (B) in the event of a breach described in Section 4(a)(i), the Award Recipient
shall pay the Company, within five business days of receipt by the Award Recipient
of a written demand therefor, an amount in cash equal to the aggregate of (i) cash
received in settlement of Restricted Stock Units and (ii) the amount determined by
multiplying the number of shares of Common Stock issued in settlement of Restricted
Stock Units prior to the date the Award Recipient breaches such covenant (without
reduction for any shares of Common Stock delivered by the Award Recipient or
withheld by the Company pursuant to Section 6(c)) by the Fair Market Value of a
share of Common Stock on the date the shares of Common Stock were issued to the
Award Recipient; and

          (C) in the event of a breach described in Section 4(a)(ii) or if the Award
Recipient is terminated for Cause other than for a breach referenced in Section
4(a)(i), the Award Recipient shall pay the Company, within five business days of
receipt by the Award Recipient of a written demand therefor, an amount in cash equal
to 50% of the aggregate of (i) cash received in settlement of Restricted Stock Units
and (ii) the amount determined by multiplying the number of shares of Common Stock
issued in settlement of Restricted Stock Units prior to the date of the breach
described in Section 4(a)(ii) or the date the Award Recipient is terminated for
Cause other than for a breach referenced in Section 4(a)(i) (without reduction for
any shares of Common Stock delivered by the Award Recipient or withheld by the
Company pursuant to Section 6(c)) by the Fair Market Value of a share of Common
Stock on the date the shares of Common Stock were issued to the Award Recipient; and

          (D) the Award Recipient shall pay any damages in excess of the amounts paid to
the Company under clauses (B) or (C) above.

          b. The Award Recipient agrees that by executing the RSU Award Notice, the Award Recipient
authorizes the Company and its Affiliates to deduct any amount or amounts owed by the Award
Recipient pursuant to Section 4(a) from any amounts payable by the Company or any Affiliate to the
Award Recipient, including, without limitation, any amount payable to the Award Recipient as
salary, wages, vacation payor bonus. This right of setoff shall not be an exclusive remedy, and
the Company’s or an Affiliate’s election not to exercise this right of setoff with respect to any
amount payable to the Award Recipient shall not constitute a waiver of this right of setoff with
respect to any other amount payable to the Award Recipient or any other remedy.

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     5. Settlement of the Restricted Stock Units.

          a. Issuance of Shares of Common Stock or Cash. Subject to the provisions of Sections l(a),
5(b), 5(c) and 5(d), the Company shall issue to the Award Recipient, on the Settlement Date with
respect to each Restricted Stock Unit to be settled on such date, (i) the number of shares of
Common Stock that is equal to the number of vested Restricted Stock Units, after any adjustments
under Section 7.7 of the Plan, on the Settlement Date specified in the RSU Award Notice, (ii) cash
or (iii) a combination of cash and shares of Common Stock; provided that each Restricted Stock Unit
shall be settled in the form specified in clause (i) unless the Committee, in its sole discretion,
specifies prior to the Settlement Date that the issuance shall be in the form specified in clause
(ii) or clause (iii); and provided further than any Restricted Stock Unit that vests as a result of
the death, Disability or Retirement of the Award Recipient shall be settled in full on the next
Settlement Date specified in the RSU Award Notice that occurs after the death, Disability or
Retirement of the Award Recipient. If the Committee elects to pay the Award Recipient in cash, the
payment shall equal the Fair Market Value of the number of shares of Common Stock on the Settlement
Date that is equal to the number of vested Restricted Stock Units, after any adjustments under
Section 7.7 of the Plan, on the Settlement Date specified in the RSU Award Notice. Shares of
Common Stock issued in settlement of Restricted Stock Units shall not be subject to any restriction
on transfer other than any such restriction as may be required pursuant to Sections 5(b), 5(c) or
5(d).

          b. If the Award Recipient’s employment terminates for any reason or no reason, with or without
“Cause,” other than on account of death, Disability or Retirement, then the Award Recipient shall
not sell, assign, alienate, pledge, attach or otherwise transfer or encumber any shares of Common
Stock previously issued to the Award Recipient pursuant to Section 5(a) until the Restriction End
Date (see defined below).

          c. Restrictions on Grant of the Restricted Stock Units and Issuance of Shares. The grant of
the Restricted Stock Units and issuance of shares of Common Stock upon settlement of the Restricted
Stock Units shall be subject to and in compliance with all applicable requirements of federal,
state or foreign law with respect to such securities. No shares of Common Stock may be issued
hereunder if the issuance of such shares would constitute a violation of any applicable federal,
state or foreign securities laws or other law or regulations or the requirements of any stock
exchange or market system upon which the Common Stock may then be listed. The inability of the
Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the
Company’s legal counsel to be necessary to the lawful issuance of any shares subject to the
Restricted Stock Units shall relieve the Company of any liability in respect of the failure to
issue such shares as to which such requisite authority shall not have been obtained. As a
condition to the settlement of the Restricted Stock Units, the Company may require the Award
Recipient to satisfy any qualifications that may be necessary or appropriate, to evidence
compliance with any applicable law or regulation and to make any representation or warranty with
respect thereto as may be requested by the Company.

          d. Restrictions on Sale of Shares. Until the fifth anniversary of the applicable grant date
of the Restricted Stock Units to an Award Recipient (the “Restriction End Date”), the Award
Recipient shall not transfer any shares of Common Stock received upon the settlement of Restricted
Stock Units pursuant to Section 5(a) except (i) in sales, redemptions or

4

 

other transactions, underwritten public offerings or share repurchases, in each case as
approved in writing by the Company either specifically or by general policy, or (ii) to estate
and/or tax planning vehicles, family members and charitable organizations that become bound hereby
by express agreement, in each case as approved in writing by the Company (which approval may be
subject to such other conditions, including the requirement that any transferee become bound by any
other agreement, as the Company may, in its sole discretion, require). The Award Recipient agrees
that, in the Company’s sole discretion, and until the Restriction End Date, all of his or her
shares of Common Stock shall either (i) bear legends that reflect the restrictions imposed by this
Section 5 or (ii) be held in custody by a custodian designated by the Company.

          e. Registration of Shares. Shares issued in settlement of the Restricted Stock Units shall be
registered in the name of the Award Recipient, or, if applicable, in the names of the heirs of the
Award Recipient. Such shares may be issued either in certificated or book entry form. In either
event, the certificate or book entry account shall bear such restrictive legends or restrictions as
the Company, in its sole discretion, shall require.

          f. Fractional Shares. The Company shall not be required to issue fractional shares upon
settlement of the Restricted Stock Units.

          g. Dividend Equivalents. As of each dividend payment date for each cash dividend on the
Common Stock, the Award Recipient shall receive additional restricted stock units, which shall be
subject to the same terms and conditions as the Restricted Stock Units granted pursuant to the RSU
Award Notice and this Agreement. The number of additional restricted stock units to be granted
shall equal: (i) the product of (x) the per-share cash dividend payable with respect to each share
of Common Stock on that date, multiplied by (y) the total number of Restricted Stock Units which
have not been settled or forfeited as of the record date for such dividend, divided by (ii) the
Fair Market Value of one share of Common Stock on the payment date of such dividend.

     6. Withholding Taxes.

          a. In General. Unless Section 6(b) or Section 6(c) applies, the Award Recipient shall pay to
the Company, or make provision satisfactory to the Company for payment of, any federal, state,
local or foreign taxes required by law to be withheld with respect to the issuance of shares of
Common Stock in settlement of any Restricted Stock Units, no later than the date required by law
(the “Tax Date”). The Company shall have no obligation to deliver shares of Common Stock until the
tax withholding obligations of the Company have been satisfied by the Award Recipient.

          b. Payment in Cash. The Company shall withhold from any payment under Section 5(a) the amount
of any federal, state, local or foreign taxes required by law to be withheld with respect to the
settlement of the Restricted Stock Units in cash.

          c. Payment in Shares. The Award Recipient may satisfy all or any portion of the Company’s tax
withholding obligations by requesting the Company, in its sole discretion, to withhold a number of
whole shares of Common Stock otherwise deliverable to the Award Recipient in settlement of the
Restricted Stock Units having a Fair Market Value, as of the Tax

5

 

Date, not in excess of the amount of such tax withholding obligations determined by the
applicable minimum statutory withholding rates. Any adverse consequences to the Award Recipient
resulting from the procedure permitted under this Section 6(c), including, without limitation, tax
consequences, shall be the sole responsibility of the Award Recipient.

     7. Change in Control. In the event of a Change in Control of the Company, the Restricted
Stock Units shall become 100% vested and nonforfeitable effective as of the date of the Change in
Control, provided that the Award Recipient’s employment has not terminated prior to such date. The
Restricted Stock Units shall be settled in accordance with Section 5(a) on the date of the Change
in Control, and all restrictions on the sale of Company Common Stock under Section 5 shall
terminate on the date of the Change of Control.

     8. Rights as a Stockholder. The Award Recipient shall have no rights as a stockholder with
respect to any shares which may be issued in settlement of the Restricted Stock Units until either
(i) a certificate is issued for such shares or (ii) an appropriate entry is made in the account of
the Award Recipient evidencing that such shares are owned by the Award Recipient. No adjustment
shall be made for dividends, distributions or other rights for which the record date is prior to
the date such certificate is issued or an appropriate entry is made in the account of the Award
Recipient evidencing that such shares are owned by the Award Recipient, except as provided in
Section 7.7 of the Plan and Section 5(e) of this Agreement.

     9. No Employment Rights. The Award Recipient acknowledges that the Award Recipient’s
employment is “at will” and is for no specified term. Nothing in this Agreement shall confer upon
the Award Recipient any right to continue in the employment of the Company or interfere in any way
with any right of the Company to terminate the Award Recipient’s employment at any time.

     10. Legends. The Company may at any time place legends referencing any restrictions,
including, without limitation, applicable federal, state or foreign securities law restrictions, on
all certificates representing shares of Common Stock issued pursuant to this Agreement. The Award
Recipient shall, at the request of the Company, promptly present to the Company any and all
certificates representing shares acquired pursuant to this Agreement in the possession of the Award
Recipient in order to carry out the provisions of this Section.

     11. Nontransferability of Restricted Stock Units. Neither this Agreement nor any of the
Restricted Stock Units subject to this Agreement shall be subject in any manner to anticipation,
alienation, sale, exchange, transfer, assignment, pledge, encumbrance or garnishment by creditors
of the Award Recipient or the Award Recipient’s beneficiary, except transfer by will or by the laws
of descent and distribution. All rights with respect to the Agreement shall be exercisable during
the Award Recipient’s lifetime only by the Award Recipient or the Award Recipient’s guardian or
legal representative.

     12. Amendment. The Committee may amend this Agreement at any time, provided, however, that no
such amendment may adversely affect the Award Recipient’s rights under this Agreement without the
consent of the Award Recipient, except to the extent such amendment is reasonably determined by the
Committee, in its sole discretion, to be necessary to comply with

6

 

applicable law or to prevent a detrimental accounting impact. No amendment or addition to
this Agreement shall be effective unless in writing.

     13. Waivers; Exceptions. Any provision or requirement of this Agreement may be waived and any
exception to the terms of this Agreement may be granted, in each case, generally or specifically,
in whole or in part, and subject to any conditions, by the Committee or the Chairman of the Board
of Directors of the Company.

     14. Administration of this Agreement. All questions of interpretation concerning the RSU
Award Notice and this Agreement shall be determined by the Committee. All determinations by the
Committee shall be final and binding upon all persons having an interest in the award.

     15. Binding Effect. This Agreement shall inure to the benefit of the successors and assigns
of the Company and, subject to the restrictions on transfer set forth herein, be binding upon the
Award Recipient and the Award Recipient’s heirs, executors, administrators, guardians, legal
representatives, successors and assigns.

     16. Integrated Agreement. The RSU Award Notice, this Agreement and the Plan constitute the
entire understanding and agreement of the Award Recipient and the Company with respect to the
subject matter contained herein or therein and supersedes any prior agreements, understandings,
restrictions, representations or warranties among the Award Recipient and the Company with respect
to such subject matter other than those as set forth or provided for herein or therein. To the
extent contemplated herein or therein, the provisions of the RSU Award Notice and the Agreement
shall survive any settlement of the award and shall remain in full force and effect.

     17. Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the Commonwealth of Virginia, other than the conflict of laws principles thereof.

     18. Construction. Captions and titles contained herein are for convenience only and shall not
affect the meaning or interpretation of any provision of this Agreement. Except when otherwise
indicated by the context, the singular shall include the plural and the plural shall include the
singular. Use of the term “or” is not intended to be exclusive, unless the context clearly
requires otherwise.

* * * * *

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