Document:

EXHIBIT
10.24

 

Compensatory Arrangements with Non-Employee Directors

 

Each non-employee director of PLC Systems
Inc. (the “Company”) other than the Chairman of the Board receives $12,000 per
year and the Chairman of the Board receives $24,000 per year, paid in quarterly
installments. In addition, non-employee directors other than the Chairman of
the Board who serve as chairman of a committee, or who serve on more than one
committee, receive an additional $500 per quarter. The Company reimburses
directors for reasonable out-of-pocket expenses incurred in attending meetings
of the Board of Directors and committees of the Board of Directors.

 

The Company grants stock
options to its non-employee directors. Generally, new non-employee directors
receive an initial grant of an option to purchase 30,000 shares of the Company’s
common stock that vests in installments over three years. Once the initial
grant has fully vested, non-employee directors other than the Chairman of the
Board receive an annual grant of an option to purchase 15,000 shares of the
Company’s common stock that vests in four equal quarterly installments. The
Chairman of the Board receives an annual grant of an option to purchase 30,000
shares of the Company’s common stock that vests in four equal quarterly
installments. All such options have an exercise price equal to the fair market
value of the common stock on the date of grant. The grants of options to
non-employee directors discussed above do not apply to Donald E. Bobo, Jr.
because he is a director as a result of the Company’s transaction with Edwards
Lifesciences LLC.EXHIBIT 10.25

 

Severance
Arrangements with Certain Executive Officers

 

Pursuant to resolutions adopted by the Board of
Directors of PLC Systems Inc. (the “Company”) on December 19, 2001,
Michael F. Adams, the Company’s Vice President of New Ventures, and Kenneth J.
Luppi, the Company’s Vice President of Operations, are entitled to receive
payments equal to 26 weeks of base salary in the event that they are terminated
within one year of the date of a change in control of the Company.

 

Mark R. Tauscher, the Company’s
President and Chief Executive Officer, James G. Thomasch, the Company’s Senior
Vice President of Finance and Administration, Chief Financial Officer and
Treasurer, and Dr. Robert I. Rudko, the Company’s Chief Scientist, are
separately entitled to receive severance payments pursuant to the terms of
their respective employment agreements with the Company.Exhibit 10.31

 

TWELFTH AMENDMENT TO

KAISER GROUP INTERNATIONAL, INC.

SECTION 401(k) PLAN

 

WHEREAS, Section 10.2 of the Kaiser Group
International, Inc. Section 401(k) Plan (“Plan”) permits the Board of Directors
of Kaiser Group International, Inc., (“Company”), or any committee thereof, to
amend the Plan; and

 

WHEREAS, the Board of Directors would like
to amend the Plan to reflect recent law regarding the cash out of small
benefits;

 

NOW, THEREFORE, effective for distributions on or
after March 28, 2005, the Plan is amended as follows:

 

1.             Section
8.8 is amended to add a paragraph at the end to read as follows:

 

“Notwithstanding the foregoing, for distributions on or after March 28,
2005, in the event of a mandatory distribution greater than $1,000 in accordance
with this Section, if the Participant does not elect to have such distribution
paid directly to an eligible retirement plan specified by the Participant in a
direct rollover or to receive the distribution directly, then the Company will
pay the distribution in a direct rollover to an individual retirement plan
designated by the Company. For purposes of determining whether a mandatory
distribution is greater than $1,000, the portion of the Participant’s
distribution attributable to any rollover contributions is included,
notwithstanding Section 12.5.”

 

Executed this 12th
day of December, 2005.

 

	
   

  	
  KAISER GROUP INTERNATIONAL, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Douglas
  W. McMinn

  	
   

  
	
   

  	
   

  	
   

  	
    Title:
  Chief Executive OfficerExhibit 10.32

 

THIRTEENTH AMENDMENT TO

KAISER GROUP INTERNATIONAL, INC.

SECTION 401(k) PLAN

 

WHEREAS, Kaiser Group International, Inc.
(the “Company”), maintains the Kaiser Group International, Inc. Section 401(k)
Plan (the “Plan”); and

 

WHEREAS, Section 10.2 authorizes the Board
to amend the Plan;

 

NOW,
THEREFORE,
effective January 1, 2006, the Plan is amended as follows:

Exhibit A is amended to delete the reference to Kaiser Analytical
Management Services, Inc. as an Excluded Entity.

 

Executed this 30th
day of December, 2005.

 

	
   

  	
  KAISER GROUP INTERNATIONAL, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Douglas
  W. McMinn

  	
   

  
	
   

  	
   

  	
   

  	
    Title:
  Chief Executive OfficerExhibit 10.33

 

FOURTEENTH AMENDMENT TO

KAISER GROUP INTERNATIONAL, INC.

SECTION 401(k) PLAN

 

WHEREAS, Section 10.2 of the Kaiser Group
International, Inc. Section 401(k) Plan (the “Plan”) permits the Board of
Directors of Kaiser Group International, Inc., or any committee thereof, (the “Board”)
to amend the Plan; and

 

WHEREAS, the Board would like to amend the
Plan to prospectively (1) freeze salary deferrals and matching contributions,
(2) increase profit-sharing contributions to the maximum contribution permitted
under section 415(c) of the Internal Revenue Code of 1986, as amended (the “Code”),
(3) fully vest the post-2005 profit-sharing contributions, (4) eliminate the
last day of work and 1,000 hour requirement for post-2005 profit-sharing
contributions, and (5) clarify the Plan’s Code section 415 rules to ensure that
elective deferrals are distributed first in the event of excess annual
additions.

 

NOW, THEREFORE, effective as of January 19, 2006,
the Plan is amended as follows:

 

1.             New
Section 3.1(b)(v) is added to read as follows:

 

(v)                                 Post-2005
Contributions. Employer profit-sharing contributions, and earnings thereon,
for each Plan Year beginning on or after January 1, 2006 shall be fully Vested at all times.

 

2.             Section 4.1 is
amended by adding the following paragraph to the end thereof, to read as
follows:

 

Notwithstanding the foregoing, effective as
of January 19, 2006, Salary Deferrals are frozen and no longer permitted.

 

3.             Section 4.2 is
amended by adding the following paragraph to the end thereof, to read as
follows:

 

Notwithstanding the foregoing, effective as
of January 19, 2006, Employer matching contributions are frozen and no longer
permitted.

 

4.             Section
4.4(c) is amended by replacing the phrase “the Excess Amount shall be disposed
of by reducing the Salary Deferrals of a Participant and corresponding matching
Employer contributions and forfeitures otherwise allocable to the Participant’s
Account” with the following phrase:

 

the Excess Amount shall be disposed of by first
distributing the Salary Deferrals of a Participant (and earnings thereon) and
forfeiting the corresponding Employer matching 
contributions and then, to the extent necessary, by reducing the
forfeitures otherwise allocable to the Participant’s Account

 

5.             Section
4.9(a) is amended by adding the following paragraph to the end thereof, to read
as follows:

 

Notwithstanding the foregoing, for each Plan Year
beginning on or after January 1, 2006, the Employer will contribute to the
Trust for each Participant an amount that, when added to any forfeitures
allocated to such Participant’s Account for such Plan Year, equals the “maximum
annual addition.”  The maximum annual
addition, as described in Section 12.1(b), equals the lesser of (i) $40,000, as
adjusted for increases in the cost-of-living under section 415(d) of the Code,
or (ii) 100% of the Participant’s compensation (as defined in Section
4.4(b)(iii) for the limitation year).

 

 

6.             Section
12.8 is amended by adding the following paragraph to the end thereof, to read
as follows:

 

Notwithstanding the foregoing, effective as
of January 19, 2006, catch-up contributions are frozen and no longer permitted.

 

Executed this 18th day
of January, 2006.

 

 

	
   

  	
  KAISER GROUP INTERNATIONAL, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Douglas
  W. McMinn

  	
   

  
	
   

  	
   

  	
   

  	
    Title:
  Chief Executive OfficerExhibit 10.34

 

FIRST
AMENDMENT TO THE

KAISER
ANALYTICAL MANAGEMENT SERVICES

401(k)
PLAN

 

WHEREAS, Section 10.01 of the Kaiser
Analytical Management Services 401(k) Plan (“Plan”) permits Kaiser Analytical
Management Service, Inc., (“Company”) to amend the Plan; and

 

WHEREAS, the Company would like to amend the
Plan to (1) eliminate the optional forms of benefit available under the Plan,
other than the lump sum form of distribution, and (2) provide for the merger of
the amended Plan into the Kaiser Group International, Inc. Section 401(k) Plan;

 

NOW, THEREFORE, effective as of the date following
the date this amendment is executed, the Plan is amended as follows:

 

1.             Sections
6.01 and 6.02 are amended to read as follows:

 

6.01         Form
of Distribution. A Member’s Vested Account shall be distributed in the form
of a lump sum, whether it is payable to the Member or the Member’s Beneficiary
following the Member’s death.

 

6.02         Optional
Forms of Distribution. There are no optional forms of distribution
available under the Plan.

 

2.             Section
10.01(a) is amended to read as follows:

 

“The Plan is amended to eliminate or restrict the
ability of a Member to receive payment of his Account balance under a
particular optional form of benefit and the amendment provides a single sum
distribution form that is otherwise identical to the optional form of benefit
eliminated or restricted. For purpose of this condition, a single sum
distribution form is otherwise identical only if it is identical in all
respects to the eliminated or restricted optional form of benefit (or would be
identical except that it provides greater rights to the Member) except with
respect to the timing of payments after commencement. Section AA(3) of the Adoption Agreement shall no longer apply.”

 

3.             Section
10.03 is amended to add a new paragraph at the end thereof to read as follows:

 

The Plan is merged into the Kaiser Group International, Inc.
Section 401(k) Plan (“Kaiser Plan”), effective as of the close of business on
February 28, 2006. The merger shall satisfy the requirements of Code section
414(l). Plan assets shall be transferred to the trustee of the Kaiser Plan, and
merged with the assets of such plan, as soon as administratively feasible on or
after such date.

 

4.             The first paragraph of Section 10.07 is amended to
read as follows:

 

“Each member may name a Beneficiary to
receive any death benefit (other than any income payable to a Contingent
Annuitant) which may arise out of his participation in the Plan. The Member may
change his Beneficiary from time to time. Unless a qualified election has been
made, the Beneficiary of a Member who has a spouse shall be the Member’s spouse.
The Member’s Beneficiary designation and any change of Beneficiary shall be
subject to Section 6.03. It is the responsibility of the Member to give written
notice to the Insurer of the name of the Beneficiary on a form furnished for
that purpose.”

 

Executed this 15th
day of February, 2006.

 

	
   

  	
  KAISER ANALYTICAL MANAGEMENT

  SERVICES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Douglas
  W. McMinn

  	
   

  
	
   

  	
   

  	
   

  	
    Title:
  Chief Executive Officer

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