Document:

Exhibit 10(e)(8)

 

EIGHTH AMENDMENT TO THE

KAISER GROUP INTERNATIONAL, INC.

SECTION 401(k) PLAN

 

WHEREAS, Kaiser Group International, Inc., which was
formerly named ICF Kaiser International, Inc. (the “Company”), maintains that
Kaiser Group International, Inc. Section 401(k) Plan (the “Plan”), which was
most recently restated effective January 1, 1996;

 

WHEREAS, the Company would like to amend the Plan
regarding Gap Period Earnings;

 

WHEREAS, the Company has retained the authority
pursuant to Section 10.2 of the Plan to amend the Plan;

 

NOW THEREFORE, BE IT RESOLVED, that, effective
January 1, 2001, the following amendments are hereby adopted:

 

1.                                       Section
4.4(c) is amended by the addition of the following paragraph at the end thereof
to provide as follows:

 

Any
adjustments to salary deferrals or employer matching contributions shall be
subject to gap period earnings.  The
plan will apply “gap period” earnings for all corrections of Excess
Contributions, Excess Aggregate Contributions and Excess Annual Additions. Gap
period earning shall be defined as follows:

 

The amount of
income or loss allocable to a Participant’s Excess for the period between the
end of the taxable year of the Participant and the date of distribution (“gap
period”).  The income or loss allocable
to each such period is calculated separately and is determined by multiplying
the income or loss allocable to the Participant’s Excess for the respective
period by a fraction. The numerator of the fraction is the Participant’s Excess
for the taxable year of the Participant. 
The denominator is the balance, as of the last day of the respective
period, of the Participant’s Account that is attributable to the Participant’s
Account reduced by the gain allocable to such total amount for the respective
period and increased by the loss allocable to such total amount for the
respective period.

 

2.                                       Section
4.7(d)(ii) is amended by the addition of the following paragraph at the end
thereof to provide as follows:

 

Any
adjustments to salary deferrals or employer matching contributions shall be
subject to gap period earnings.  The
plan will apply “gap period” earnings for all corrections of Excess
Contributions, Excess Aggregate Contributions and Excess Annual Additions. Gap period
earning shall be defined as follows:

 

The amount of
income or loss allocable to a Participant’s Excess for the period between the
end of the taxable year of the Participant and the date of distribution (“gap
period”).  The income or loss allocable
to each such period is calculated separately and is determined by multiplying
the income or loss allocable to the Participant’s Excess for the respective
period by a fraction. The numerator of the fraction is the Participant’s Excess
for the taxable year of the Participant. 
The denominator is the balance, as of the last day of the respective
period, of the Participant’s Account that is attributable to the Participant’s
Account reduced by the gain allocable to such total amount for the respective
period and increased by the loss allocable to such total amount for the
respective period.

 

3.                                       Section
4.8 is amended by the addition of the following paragraph at the end thereof to
provide as follows:

 

Any
adjustments to salary deferrals or employer matching contributions shall be
subject to gap period earnings.  The
plan will apply “gap period” earnings for all corrections of Excess
Contributions, Excess Aggregate Contributions and Excess Annual Additions. Gap
period earning shall be defined as follows:

 

1

 

The amount of
income or loss allocable to a Participant’s Excess for the period between the
end of the taxable year of the Participant and the date of distribution (“gap
period”).  The income or loss allocable
to each such period is calculated separately and is determined by multiplying
the income or loss allocable to the Participant’s Excess for the respective
period by a fraction. The numerator of the fraction is the Participant’s Excess
for the taxable year of the Participant. 
The denominator is the balance, as of the last day of the respective
period, of the Participant’s Account that is attributable to the Participant’s
Account reduced by the gain allocable to such total amount for the respective
period and increased by the loss allocable to such total amount for the
respective period.

 

Executed this 10th day of December, 2002.

 

	
   

  	
  KAISER
  GROUP HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
    /s/
  John T. Grigsby, Jr.

  
	
   

  	
  By:  John T. Grigsby, Jr.

  
	
   

  	
  Title:  President and Chief Executive Officer

  

 

2Exhibit
10(e)(9)

 

NINTH
AMENDMENT

TO THE

ICF KAISER INTERNATIONAL, INC.

SECTION 401(k) PLAN

 

WHEREAS, the ICF Kaiser International, Inc. Section 401(k) Plan
(hereinafter referred to as the “Plan”), was established effective
March 1, 1989;

 

WHEREAS, the Plan was most recently restated effective January 1,
1996, by ICF Kaiser International, Inc. (currently known as Kaiser Group
International, Inc. and hereinafter referred to as the “Company”);

 

WHEREAS, the restated Plan was amended subsequently on eight occasions;

 

WHEREAS, the Company also maintains the ICF Kaiser International, Inc.
Retirement Plan (“Retirement Plan”), which is a profit-sharing plan qualified
under section 401(a) of the Internal Revenue Code;

 

WHEREAS, the Company has retained the authority to amend and merge the
Plan pursuant to Sections 10.2 and 10.3 of the Plan; and

 

WHEREAS, the Company desires to (i) merge the Retirement Plan into the
Plan, effective June 30, 2003, (ii) amend the Plan to provide the
profit-sharing contribution previously provided under the Retirement Plan,
(iii) simplify the forms of benefit payment available under the Plan, (iv)
facilitate the distribution of small account balances, (v) increase the
percentage of compensation that participants may elect to defer into the Plan,
and (vi) make miscellaneous changes required by the Internal Revenue Code or
applicable regulations;

 

NOW, THEREFORE, effective as of the dates stated below, the Plan is
hereby amended as follows:

 

1.               Effective
June 30, 2003, the second sentence of Section 1.1 is amended to read as
follows:

 

“The balance to the credit of a Participant under this Plan originates
from Salary Deferrals, Employer matching contributions, rollover contributions,
Employer profit-sharing contributions, and his or her Retirement Plan Account
(if any), and income (or losses) attributable thereto.”

 

2.               Effective
January 1, 2003, Section 1.7 is amended to replace the reference to “ICF
Kaiser International, Inc.” with a reference to “Kaiser Group International,
Inc.”

 

3.               Effective
January 1, 2001, Section 1.9 is amended to add the clause, “, as well as
qualified transportation fringe benefits excluded from gross income by reason
of Code section 132(f)(4),” after the clause, “and this Plan,” in the fourth
sentence.

 

4.               Effective June 30,
2003, Section 1.29 (as numbered in the restated Plan document) is amended to
read as follows:

 

“‘Participant’
shall mean any Employee or former Employee with an Account in the Plan,
including any Employee or former Employee who had an account in the ICF Kaiser
International, Inc. Retirement Plan that was transferred to this Plan.”

 

5.               Effective
June 30, 2003, Section 3.1 is amended to read as follows:

 

“(a)                            Vesting of Salary Deferrals and
Employer Matching Contributions

 

Except as provided in Section 5.3 or 3.1(b),  a Participant’s Account shall be fully
Vested at all times.

 

(b)                                 Vesting of Employer Profit-Sharing
Contributions.

 

(i)                                     Vesting
schedule.  Employer
profit-sharing contributions, and earnings thereon, of any Employee eligible to
participate in the ICF Kaiser International, Inc. Retirement Plan on
June 30, 2003, prior to its merger into this Plan, shall be fully Vested
at all times.

 

1

 

Employer profit-sharing contributions, and earnings
thereon, of any other Employee shall vest in accordance with the following
schedule, except to the extent the schedule in Section 5.3(b) applies:

 

	
  Period of Service

  	
   

  	
  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  less than 3 years

  	
   

  	
  0

  	
  %

  
	
  3 years

  	
   

  	
  20

  	
  %

  
	
  4 years

  	
   

  	
  40

  	
  %

  
	
  5 years

  	
   

  	
  60

  	
  %

  
	
  6 years

  	
   

  	
  80

  	
  %

  
	
  7 years

  	
   

  	
  100

  	
  %

  

 

This vesting schedule shall apply to the vesting of
the non-Vested portion of any Retirement Plan Account, as described in Section
B.3.

 

Notwithstanding the schedule described above, a
Participant shall be fully Vested in Employer profit-sharing contributions, and
earnings thereon, on his date of death, Normal Retirement Date, or the date he
becomes disabled, provided he is an Employee on such date.  A Participant is disabled if he incurs a disability
that qualifies him for disability under Title II of Title XVI of the federal
Social Security Act.  A Participant
shall be deemed disabled on the date he is entitled to such disability
benefits, as determined by the Social Security Administration.

 

(ii)                                  Reemployment.  If an Employee terminates employment and is
subsequently rehired by the Employer, his Period of Service and Account will be
restored in accordance with the following provisions:

 

(1)                                  Reemployment
prior to One-Year Break In Service.  If a former Employee has a Reemployment Commencement Date prior
to the occurrence of a One-Year Break in Service, his pre-Break Period of
Service shall be restored immediately upon reemployment.

 

(2)                                  Reemployment
after One-Year Break in Service.  If a former Employee has a Reemployment Commencement Date after
incurring a One-Year Break in Service, his pre-Break Period of Service shall be
restored immediately upon his reemployment unless his consecutive One-Year
Breaks in Service equals or exceeds five, in which case, his pre-Break Period
of Service shall not be restored.

 

(3)                                  Restoration
of forfeited Account balance. If a former Employee has a
Reemployment Commencement Date before incurring five consecutive One-Year
Breaks in Service and all or a portion of his non-Vested Account was forfeited
because of a distribution of all or a portion of the Vested portion of such
Account, the amount previously forfeited shall not be restored unless he repays
the full amount previously distributed from such Account prior to the last day
of the Plan Year in which the fifth anniversary of his date of reemployment
occurs.  If repayment is made in
accordance with the preceding sentence, the amount previously forfeited will be
restored without adjustment for any gains or losses of the Trust.

 

(iii)                               Amendment of vesting schedule. 
If the Plan’s vesting schedule is amended or the Plan is amended in any
way that directly or indirectly affects the computation of a Participant’s
vesting percentage, each Participant who is credited with at least a three year
Period of Service (without regard to any periods of service disregarded
pursuant to Code section 411(a)(4)) may elect, within sixty days after the
latest of the amendment adoption date, the amendment effective date, or the
date the Participant is given written notice of the amendment by the Plan
Administrator, to have his vesting percentage determined under 

 

2

 

the pre-amendment vesting program.  No amendment to the Plan may have the effect of decreasing a
Participant’s vesting percentage determined without regard to such amendment as
of the later of the date the amendment is adopted or the date such amendment
becomes effective.  In the event that a
Participant who is eligible to make an election under this Section fails to make
such an election, the Participant shall be deemed to have made such an election
to have his vesting percentage determined under the pre-amendment vesting
program if his Vested interest under the pre-amendment vesting program would be
greater than under the post-amendment vesting program immediately after the
effective date of such amendment.

 

(iv)                              Definitions.  For purposes of this Section 3.1(b), the
following definitions shall apply:

 

(1)                                  “Employment
Commencement Date” shall mean the first day on which an Employee
is credited with an Hour of Service.

 

(2)                                  “Hour of
Service” shall mean each hour for which an Employee is paid or
entitled to payment for the performance of duties for the Employer in
accordance with ERISA Reg. § 2530-200(b)-2(b) and (c).

 

(3)                                  “One-Year
Break in Service” shall mean a Period of Severance of at least
12-consecutive months.  In the case of
an individual who is absent from work for maternity or paternity reasons, the
12-consecutive month period beginning on the first anniversary of the first
date of such absence shall not constitute a One-Year Break in Service.  For purposes of this paragraph, an absence
from work for maternity or paternity reasons means an absence by reason of the
Employee’s pregnancy, birth of the Employee’s child, placement of a child with
the Employee in connection with the adoption of such child, or any absence for
the purpose of caring for such child for a period immediately following such
birth or placement.

 

(4)                                  “Period
of Service” shall be calculated using the elapsed time method of
counting service in accordance with the following rules:

 

(a)                                  Except
as provided in the following subsections of this definition, the Employee’s
Period of Service shall include all of the Employee’s periods of service with
the Employer and any Member of a Controlled Group.  A Period of Service begins on the Employee’s Employment or
Reemployment Commencement Date, and ends on the Employee’s next Severance from
Service Date.

 

(b)                                 The
Employee’s Period of Service shall include the following periods:

 

(1)                                  authorized
leaves of absences, provided the Employee returns to service at or prior to the
expiration of the leave, or, if not specified therein, within the period of
time which accords with the Employer’s policy with respect to permitted
absences;

 

(2)                                  effective
December 12, 1994, in accordance with Code section 414(u), authorized
leaves of absence during which the Employee is serving in the armed forces of
the United States, provided the Employee (A) is entitled under applicable
federal law to reemployment by the Employer upon his discharge from active duty
and (B) he returns to employment with the Employer within the period required
under the law pertaining to veterans’ reemployment rights.

 

(c)                                  The
Employee’s Period of Service shall include a Period of Severance if the
Employee has a Reemployment Commencement Date within 12 months of the earlier
of:

 

3

 

(1)                                  the
date on which the Employee quits, retires, or is discharged, or

 

(2)                                  the
date on which the Employee was first absent from service, if the Employee
severs from service during the absence by quitting, retiring, or being
discharged.

 

(d)                                 All
days included in the Employee’s Period of Service shall be aggregated.

 

(5)                                  “Period
of Severance” shall mean certain periods of absence of an
Employee.  A Period of Severance shall
be calculated using the elapsed time method of counting service in accordance
with the following rules:

 

(a)                                  A
Period of Severance begins on an Employee’s Severance from Service Date and
ends on the Employee’s next Reemployment Commencement Date.

 

(b)                                 Effective
December 12, 1994, any Period of Severance of an Employee who is absent
from employment due to qualified military service shall be determined taking
into account Code section 414(u).

 

(6)                                  “Reemployment
Commencement Date” means the first date following a Severance
from Service Date on which an Employee is credited with an Hour of Service.

 

(7)                                  “Severance
from Service Date” means the earlier of the date on which an Employee
quits, retires, is discharged, or dies, or the first anniversary of the first
date of a period in which an Employee remains absent from service for any
reason.  A transfer of service among
Members of a Controlled Group shall not result in a Severance from Service
Date.”

 

6.               Effective
June 30, 2003, Section 4.1 is amended to replace the reference to “15%”
with a reference to “50%.”

 

7.               Effective
January 1, 2001, Section 4.4(b)(iii) is amended to add a phrase at the end
to read as follows:

 

“, including
elective amounts that are not includible in the gross income of the Participant
by reason of Code section 132(f)(4).”

 

8.               Effective
June 30, 2003, upon the merger of the ICF Kaiser International, Inc.
Retirement Plan into the Plan, Section 4.10 is amended to read as follows:

 

“If a
Participant terminates employment with the Employer and all Members of a
Controlled Group and receives a distribution of his Vested Account, any
non-Vested Account shall be forfeited immediately at the time of the
distribution.  If a Participant is 0%
Vested in his Employer contributions at the time of distribution, he shall be
deemed to have received a distribution of his Vested Employer
contributions.  If a Participant does
not receive a distribution of his Vested Account upon termination of
employment, the non-Vested Account shall be forfeited as of the date on which
he incurs five consecutive One-Year Breaks in Service.

Forfeitures
arising from Employer matching contributions shall be allocated to all
Participant Accounts in proportion to the amount of their Salary Deferrals for
the Plan Year in which the forfeiture occurs. 
Forfeitures arising from Employer profit-sharing contributions, as well
as any forfeitures arising under the ICF Kaiser International, Inc. Retirement
Plan merged into this Plan as of June 30, 2003, shall be applied first, if
the Company elects, to the payment of administrative expenses of the Plan and
then to the reduction of Company contributions, and shall not be applied to
increase benefits to any Participant.”

 

9.               Effective
June 30, 2003, a new Section 4.11 is added to read as follows:

 

4

 

“4.11                               Employer
Profit-Sharing Contributions

 

(a)                                  Amount of
Employer Profit-Sharing Contribution.  For each Plan Year, the Employer will contribute to the Trust for
each Participant who has satisfied the criteria described in the following
paragraph an amount that equals 4% of his Compensation for the Plan Year, plus
4% (but not a percentage greater than the OASDI Tax Rate) multiplied by the
amount of such Participant’s Compensation that exceeds the taxable wage base
for purposes of making Social Security contributions in effect at the beginning
of the Plan Year.  For purposes of this
Section, “taxable wage base for purposes of making Social Security
contributions” does not refer to the wage base used for purposes of Medicare
taxes.

 

A Participant shall receive a contribution pursuant to this Section
4.11 only if he (1) is employed by the Employer on the last day of the Plan
Year and has completed 1,000 Hours of Service during the Plan Year, or (2)
terminates employment during the Plan Year on or after his Early Retirement
Date or Normal Retirement Date or on account of a Total and Permanent
Disability, or  (3) dies during the Plan
Year. A Participant who is on disability leave or on Authorized Leave of
Absence for any approved reason on the last day of the Plan Year shall be
treated as employed for purposes of determining the Participant’s eligibility
for the Employer profit-sharing contribution.

 

(b)                                 Form of
Employer Contribution. 
The Employer’s profit-sharing contribution may be made in cash, Company
Stock, or other property reasonably acceptable to the Trustee.  The form in which the Company’s contribution
is to be made shall be determined by the Board in its sole discretion, and
there shall be no presumption in favor of a contribution in the form of cash.

 

(c)                                  Accounting.  The profit-sharing contribution for each
Participant shall be credited to his Account. 
When a contribution is made in a form other than cash, until such
contribution is reduced to cash, a Participant’s Account shall contain an
allocable share of such contribution, provided that an allocation of Company
Stock shall be in whole shares, with the value of any fractional shares to be
allocated in cash.

 

(d)                                 Timing of
Contribution.  The
Employer profit-sharing contribution shall be paid to the Trust not later than
the due date for filing the Employer’s federal income tax return for that year,
including extensions of such date.

 

(e)                                  Definitions.  For purposes of this Section 4.11, the
following definitions shall apply:

 

(i)                                     “Compensation”
shall mean Compensation as defined in Section 1.9, but shall include bonuses
(including completion bonuses).

 

(ii)                                  “OASDI Tax
Rate” shall mean the rate of tax applicable at the beginning of
the Plan Year under section 3111(a) of the Code which relates to the
system of old-age, survivor and disability insurance established under Title II
of the Social Security Act and the Federal Insurance Contributions Act.

 

(iii)                               “Total and
Permanent Disability” means a disability that qualifies a
Participant for disability benefits under Title II of Title XVI of the Federal
Social Security Act.  A Participant
shall be deemed to incur a Total and Permanent Disability on the date that he
is entitled to such disability benefits, as determined by the Social Security
Administration.”

 

10.         Effective as of the later
of July 30, 2003, or the 90th day after individuals have been
furnished a summary that reflects the elimination from the Plan of the optional
form of benefit described in Section 8.3(d), Section 8.3(b) is amended to
delete, “and (d),” in the first sentence.

 

11.         Effective as of the later
of July 30, 2003, or the 90th day after individuals have been
furnished a summary that reflects the elimination from the Plan of the optional
form of benefit described in Sections 8.3(d), (e), and (f), Sections 8.3(d),
(e), and (f) are deleted and subsequent subsections renumbered accordingly.

 

5

 

12.         Effective June 1,
2003, section 8.3(f)(7) is amended to replace “$3,500” with “$5,000” and to
delete the clause, “and has not exceeded $3,500 at the time of any prior
distribution,” from the first sentence.

 

13.         Effective as of the later
of July 30, 2003, or the 90th day after individuals have been
furnished a summary that reflects the elimination from the Plan of the optional
form of benefit described in Sections 8.3(d), (e), and (f), Section 8.5(e) is
deleted.

 

14.         Effective June 30,
2003, Section 8.6 is amended to add, “Employer profit-sharing contributions,
his Retirement Plan Account,” after “and the balance in his Account
attributable to Employer matching contributions, Rollovers,” in the first
sentence.

 

15.         Effective June 1,
2003, Section 8.7 is amended to read as follows:

 

“Notwithstanding any other provision to the contrary, if the Vested
Account of a Participant does not exceed $5,000, the Participant’s Vested
Account shall be paid without the written consent of the Participant following
his severance from employment.  If the
Vested Account balance is zero, the Participant will be deemed to have received
an immediate distribution of such Vested Account balance and the non-Vested
Account balance will be forfeited.”

 

16.         Effective January 1,
2003, a new Section 8.9 is added to read as follows:

 

“8.9                                     Minimum
Distribution Requirements

 

(a)                                  General
Rules

 

(i)                                     Effective
date.  The provisions of
this Section 8.9 will apply for purposes of determining required minimum
distributions for calendar years beginning with the 2003 calendar year.

 

(ii)                                  Precedence.  The requirements of this Section 8.9 will
take precedence over any inconsistent provisions of the Plan.

 

(iii)                               Requirements
of Treasury regulations incorporated.  All distributions required under this Section 8.9 will be
determined and made in accordance with the Treasury regulations under section
401(a)(9) of the Code.

 

(iv)                              TEFRA
election 242(b)(2) elections. 
Notwithstanding the other provisions of this Section 8.9, distributions
may be made under a designation made before January 1, 1984, in accordance
with section 242(b)(2) of the Tax Equity and Fiscal Responsibility Act (TEFRA)
and the provisions of the Pan that relate to section 242(b)(2) of TEFRA.

 

(b)                                 Time and
Manner of Distribution

 

(i)             Required beginning date.  The Participant’s entire interest will be
distributed, or begin to be distributed, to the Participant no later than the
Participant’s Required Beginning Date.

 

(ii)          Death of Participant before distributions
begin.  Except as
provided in Section 8.9(d), if the Participant dies before distributions begin,
the Participant’s entire interest will be distributed, or begin to be
distributed, no later than as follows:

 

(1)                      If the Participant’s surviving spouse
is the Participant’s sole designated beneficiary, then distributions to the
surviving spouse will begin by December 31 of the calendar year
immediately following the calendar year in which the Participant died, or by
December 31 of the calendar year in which the Participant would have
attained age 701⁄2, if later.

 

(2)                      If the Participant’s surviving
spouse is not the Participant’s sole designated beneficiary, then distributions
to the designated beneficiary will begin by December 31 of the calendar
year immediately following the calendar year in which the Participant died.

 

6

 

(3)                      If there is no designated
beneficiary as of September 30 of the year following the year of the
Participant’s death, the Participant’s entire interest will be distributed by
December 31 of the calendar year containing the fifth anniversary of the
Participant’s death.

 

(4)                      If the Participant’s surviving
spouse is the Participant’s sole designated beneficiary and the surviving
spouse dies after the Participant but before distributions to the surviving
spouse begin, this Section (b)(ii), other than section (b)(ii)(1), will apply
as if the surviving spouse were the Participant.

 

For purposes of this Section (b)(ii) and Section (d), unless Section
(b)(ii)(4) applies, distributions are considered to begin on the Participant’s
Required Beginning Date. If Section (b)(ii)(4) applies, distributions are
considered to begin on the date distributions are required to begin to the
surviving spouse under Section (b)(ii)(1). 
If distributions under an annuity purchased from an insurance company
irrevocably commence to the participant before the Participant’s Required
Beginning Date (or to the Participant’s surviving spouse before the date
distributions are required to begin to the surviving spouse under Section
(b)(ii)(1)), the date distributions are considered to begin is the date
distributions actually commence.

 

(iii)       Forms of distribution.  Unless the Participant’s interest is
distributed in the form of an annuity purchased from an insurance company or in
a single sum on or before the Required Beginning Date, as of the first
distribution calendar year distributions will be made in accordance with
Sections (c) and (d) below.  If the
Participant’s interest is distributed in the form of an annuity purchased from
an insurance company, distributions thereunder will be made in accordance with
the requirements of section 401(a)(9) of the Code and the Treasury regulations.

 

(c)                                  Required
Minimum Distributions During Participant’s Lifetime

 

(i)                                     Amount of
required minimum distribution for each distribution calendar year.  During the Participant’s lifetime, the
minimum amount that will be distributed for each distribution calendar year is
the lesser of:

 

(1)                      the quotient obtained by dividing
the Participant’s Account balance by the distribution period in the Uniform
Lifetime Table set forth in section 1.401(a)(9)-9 of the Treasury regulations,
using the Participant’s age as of the Participant’s birthday in the distribution
calendar year; or

 

(2)                      if the Participant’s sole designated
beneficiary for the distribution calendar year is the Participant’s spouse, the
quotient obtained by dividing the Participant’s Account balance by the number
in the Joint and Last Survivor Table set forth in section 1.401(a)(9)-9 of the
Treasury regulations, using the Participant’s and spouse’s attained ages as of
the Participant’s and spouse’s birthdays in the distribution calendar year.

 

(ii)                                  Lifetime
required minimum distributions continue through year of Participant’s death.  Required minimum distributions will be
determined under this Section (c) beginning with the first distribution
calendar year and up to and including the distribution calendar year that
includes the Participant’s date of death.

 

(d)                                 Required
Minimum Distributions After Participant’s Death 

 

(i)                                     Death on
or after date distributions begin

 

(1)                      Participant survived by designated
Beneficiary.  If the Participant dies on or after the date
distributions begin and there is a designated beneficiary, the minimum amount
that will be distributed for each distribution calendar year after 

 

7

 

the year of the Participant’s death is the quotient obtained
by dividing the Participant’s Account balance by the longer of the remaining
life expectancy of the Participant or the remaining life expectancy of the
Participant’s designated beneficiary, determined as follows:

 

(A)                  The
Participant’s remaining life expectancy is calculated using the age of the
Participant in the year of death, reduced by one for each subsequent year.

 

(B)                    If the
Participant’s surviving spouse is the Participant’s sole designated
beneficiary, the remaining life expectancy of the surviving spouse is
calculated for each distribution calendar year after the year of the
Participant’s death using the surviving spouse’s age as of the spouse’s
birthday in that year.  For distribution
calendar years after the year of the surviving spouse’s death, the remaining
life expectancy of the surviving spouse is calculated using the age of the
surviving spouse as of the spouse’s birthday in the calendar year of the
spouse’s death, reduced by one for each subsequent calendar year.

 

(C)                    If the
Participant’s surviving spouse is not the Participant’s sole designated
beneficiary, the designated beneficiary’s remaining life expectancy is
calculated using the age of the beneficiary in the year following the year of
the Participant’s death, reduced by one for each subsequent year.

 

(2)                      No designated beneficiary. 
If the Participant dies on or after the date distributions begin and
there is no designated beneficiary as of September 30 of the year after
the year of the Participant’s death, the minimum amount that will be
distributed for each distribution calendar year after the year of the
Participant’s death is the quotient obtained by dividing the Participant’s
Account balance by the Participant’s remaining life expectancy calculated using
the age of the Participant in the year of death, reduced by one for each
subsequent year.

 

(ii)                                  Death
before date distributions begin 

 

(1)                      Participant survived by designated beneficiary. 
If the Participant dies before the date distributions begin and there is
a designated beneficiary, distribution to the designated beneficiary is not
required to begin by the date specified in Section (b)(ii), but the
Participant’s entire interest must be distributed to the designated beneficiary
by December 31 of the calendar year containing the fifth anniversary of
the Participant’s death.  If the
Participant’s surviving spouse is the Participant’s sole designated beneficiary
and the surviving spouse dies after the Participant but before distributions to
either the Participant or the surviving spouse begin, this election will apply
as if the surviving spouse were the Participant.

 

(2)                      No designated beneficiary. 
If the Participant dies before the date distributions begin and there is
no designated beneficiary as of September 30 of the year following the
year of the Participant’s death, distribution of the Participant’s entire
interest will be completed by December 31 of the calendar year containing
the fifth anniversary of the Participant’s death.

 

(e)                                  Definitions

 

(i)                                     Designated
beneficiary.  The
individual who is designated as the beneficiary under Section 8.2(c) of the
Plan and is the designated beneficiary under section 401(a)(9) of the Code and
section 1.401(a)(9)-1, Q&A-4, of the Treasury regulations.

 

(ii)                                  Distribution
calendar year.  A
calendar year for which a minimum distribution is required.  For distributions beginning before the
Participant’s death, the first distribution calendar year is the calendar year
immediately preceding the calendar year which 

 

8

 

contains the Participant’s Required Beginning
Date.  For distributions beginning after
the Participant’s death, the first distribution calendar year is the calendar
year in which distributions are required to begin under Section (b)(ii).  The required minimum distribution for the
Participant’s first distribution calendar year will be made on or before the
Participant’s Required Beginning Date. 
The required minimum distribution for other distribution calendar years,
including the required minimum distribution for the distribution calendar year
in which the Participant’s Required Beginning Date occurs, will be made on or
before December 31 of that distribution calendar year.

 

(iii)                               Life
expectancy.  Life
expectancy as computed by use of the Single Life Table in section 1.401(a)(9)-9
of the Treasury regulations.

 

(iv)                              Participant’s
Account balance.  The
Account balance as of the last valuation date in the calendar year immediately
preceding the distribution calendar year (valuation calendar year) increased by
the amount of any contributions made and allocated or forfeitures allocated to
the Account balance as of dates in the valuation calendar year after the
valuation date and decreased by distributions made in the valuation calendar
year after the valuation date.  The
Account balance for the valuation calendar year includes any amounts rolled
over or transferred to the Plan either in the valuation calendar year or in the
distribution calendar year if distributed or transferred in the valuation
calendar year.

 

(v)                                 Required beginning date.  For Plan Years beginning after 1996,
Required Beginning Date means April 1 of the calendar year following the
later of the calendar year in which the Participant attains age 701⁄2 or the
calendar year in which the Participant retires; however, in the case of a
Participant who is a 5 percent owner (within the meaning of section 416(i) of
the Code), required beginning date means the April 1 of the calendar year
following the calendar year in which the Participant attains age 701⁄2.”

 

17.         Effective June 30,
2003, a new Section 8.10 is added to read as follows:

 

“8.10                               Distribution
of After-Tax Contributions

 

A Participant may receive a distribution of any after-tax contributions
or voluntary contributions credited to his Account prior to his severance from
employment, in accordance with procedures established by the Committee.”

 

18.         Effective as of
June 30, 2003, Section 10.3 is amended to add a new paragraph to read as
follows:

 

“The ICF Kaiser
International, Inc. Retirement Plan is merged into this Plan, effective
June 30, 2003.  The merger shall
satisfy the requirements of Code section 414(l). The assets of the ICF Kaiser
International, Inc. Retirement Plan shall be transferred to the Trustee and
merged with this Plan as soon as administratively feasible on or after such
date.  Special provisions applicable to
the merged assets are set forth in Exhibit B to the Plan.”

 

19.         Effective June 1,
2003, Section 11.3(c) is amended to replace the reference to “$3,500.00” with a
reference to “$5,000.00.”

 

20.         Effective January 1,
2002, unless otherwise stated, a new Article XII is added to read as follows:

 

“ARTICLE XII – EGTRRA PROVISIONS

 

PREAMBLE

 

A.                                   Adoption and Effective Date of
Article XII.  This
Article XII of the Plan is adopted to reflect certain provisions of the
Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”).  This Article 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 Section shall be effective as of the
first day of the first Plan Year beginning after December 31, 2001, and
shall end December 31, 2010, unless otherwise extended by law or
otherwise.

 

9

 

B.                                     Supersession
of Inconsistent Provisions. 
This Article XII shall supersede the provisions of the Plan to the
extent those provisions are inconsistent with the provisions of this Section.

 

12.1                           Limitations On Contributions

 

(a)                                  Effective
Date. This subsection shall be effective for limitation years
beginning after December 31, 2001.

 

(b)                                 Maximum
Annual Addition. Notwithstanding Section 4.4, except to the
extent permitted under section 414(v) of the Code, if applicable, 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:

 

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

 

(ii)                                  100
percent of the Participant’s compensation (as defined in Section 4.4(b)(iii))
for the limitation year.

 

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

 

12.2                           Increase in Compensation Limit

 

Notwithstanding anything in the definition of Compensation in Article I
to the contrary, for Plan Years beginning on or after January 1, 2002, the
annual Compensation of each Participant taken into account in determining
allocations for any Plan Year shall not exceed $200,000, as adjusted for
increases in the cost-of-living in accordance with section 401(a)(17)(B) of the
Code.  Annual Compensation means
Compensation during the Plan Year or such other consecutive 12-month period
over which Compensation is otherwise determined under the Plan (the
determination period).  The
cost-of-living adjustment in effect for a calendar year applies to annual Compensation
for the determination period that begins with or within such calendar year.

 

12.3                           Modification Of Top-Heavy Rules

 

(a)                                  Effective
Date. This Section shall apply for purposes of determining
whether the Plan is a top-heavy plan under section 416(g) of the Code for Plan
Years beginning after December 31, 2001, and whether the Plan satisfies
the minimum benefits requirements of Section 416(c) of the Code for such
years.  This subsection amends Article V
and Sections 1.23 and 1.37 of the Plan.

 

(b)                                 Determination of Top-Heavy Status

 

(i)                                     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 annual compensation greater than $130,000 (as
adjusted under section 416(i)(1) of the Code for Plan Years beginning after
December 31, 2002), a 5-percent owner of the Employer, or a 1-percent
owner of the Employer having annual compensation of more than $150,000.  For this purpose, annual compensation means
compensation within the meaning of section 415(c)(3) of the Code. The
determination of who is a key employee will be made in accordance with section
416(i)(1) of the Code and the applicable regulations and other guidance of
general applicability issued thereunder.

 

(c)                                  Determination of Present Values and Amounts.
This Section 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.

 

10

 

(i)                                     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 section 416(g)(2) of the Code 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 Section 416(g)(2)(A)(i) of the Code.  In the case of a distribution made for a
reason other than severance from employment, death, or disability, this
provision shall be applied by substituting “5-year period” for “1-year period.”

 

(ii)                                  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 or an affiliate during the 1-year period ending on
the determination date shall not be taken into account.

 

(d)                                 Minimum Benefits

 

(i)                                     Matching
contributions.  Employer
matching contributions shall be taken into account for purposes of satisfying
the minimum contribution requirements of section 416(c)(2) of the Code 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
should 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 section 401(m) of the Code.

 

(ii)                                  Contributions
under other plans.  The
Plan shall satisfy the minimum benefit requirement to the extent not met by any
other plan qualified under Code section 401(a) maintained by the Employer.

 

12.4                           Direct Rollovers of Plan Distributions

 

(a)                                  Effective
Date.  Notwithstanding
Section 8.3(c), this Section shall apply to distributions made after
December 31, 2001.

 

(b)                                 Modification
of Definition of Eligible Retirement Plan.  For purposes of the direct rollover
provisions in Section 8.3(c) of the Plan, an eligible retirement plan shall
include an annuity contract described in section 403(b) of the Code and an
eligible plan under section 457(b) of the Code that 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 relations order,
as defined in section 414(p) of the Code.

 

(c)                                  Modification
of Definition of Eligible Rollover Distribution to Exclude Hardship
Distributions.  For
purposes of the direct rollover provisions in Section 8.3(c) 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.

 

(d)                                 Modification
of Definition of Eligible Rollover Distribution to Include After-tax Employee
Contributions.  For
purposes of the direct rollover provisions in Section 8.3(c) 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 that are not includible in gross income.  However, such portion may be transferred only
to an

 

11

 

individual retirement account or annuity described in
section 408(a) or (b) of the Code, or to a qualified defined contribution plan
described in section 401(a) or 403(a) of the Code 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.

 

12.5                           Rollovers
Disregarded In Involuntary Cash-Outs

 

Effective for distributions made after June 1, 2003, and without
regard to the date the participant terminated employment, for purposes of
Sections 8.3(f)(7) and 8.7, the value of a Participant’s Vested 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 sections 402(c), 403(a)(4), 403(b)(8), 408(d)(3)(A)(ii),
and 457(e)(16) of the Code.  If the value
of the Participant’s Vested Account balance as so determined is $5,000 or less,
the Plan shall immediately distribute the Participants entire Vested Account
balance.

 

12.6                           Repeal of
Multiple Use Test

 

The
multiple use test described in Treasury Regulation section 1.401(m)-2 and
Section 4.8 of the Plan shall not apply for Plan Years beginning after
December 31, 2001.

 

12.7                           Elective
Deferrals – Contribution Limitation

 

No Participant shall be permitted to have elective deferrals
made under this Plan, or any other qualified plan maintained by the Company or
a Member of a Controlled Group during any taxable year, in excess of the dollar
limitation contained in section 402(g) of the Code in effect for such taxable
year, except to the extent permitted under Section12.10 and section 414(v) of
the Code, if applicable.

 

12.8                           Catch-Up Contributions

 

Effective January 1, 2002, all Participants who are eligible to
make Salary Deferrals 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, section 414(v) of the
Code.  Such catch-up contributions shall
not be taken into account for purposes of the provisions of the Plan
implementing the required limitations of sections 402(g) and 415 of the Code.
The Plan shall not be treated as failing to satisfy the provisions of the Plan
implementing the requirements of section 401(k)(3), 401(k)(11), 401(k)(12),
410(b), or 416 of the Code, as applicable, by reason of the making of such
catch-up contributions.  Catch-up
contributions are eligible for Employer matching contributions, to the extent
permitted by various limitations described in the Plan.

 

12.9                           Suspension
Period Following Hardship Withdrawal

 

Notwithstanding Section 8.6, a Participant who receives a withdrawal of
Salary Deferrals after June 30, 2003, on account of hardship shall be
prohibited from making elective deferrals and employee contributions under this
Plan for 6 months after receipt of the withdrawal.

 

12.10                     Distribution
Upon Severance From Employment

 

Effective June 30, 2003, notwithstanding Sections 8.3(a) or 8.8,
effective for distributions made after December 31, 2001, regardless of
when the severance from employment occurred, a Participant’s Vested Account
balance shall be distributable 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.”

 

21.         Effective June 30,
2003, a new Exhibit B is added to read as follows:

 

12

 

“Exhibit B – Provisions Applicable to

Merged Retirement Plan Accounts

 

B.1                               Transfer
of Plan Assets

 

Effective June 30, 2003, the assets and liabilities of the ICF
Kaiser International, Inc. Retirement Plan (“Retirement Plan”) are merged into
this Plan and its Trust.  All
Participant Retirement Plan accounts that are merged into this Plan shall be
held in a Retirement Plan account in this Plan (“Retirement Plan Account”),
which shall be a sub-account within the Participant’s Account, and shall be
adjusted for earnings and losses as provided for in Articles VI and VII.  Retirement Plan Accounts may be comprised of
subaccounts as necessary for the administration of the merged assets.  Any forfeitures merged into this Plan shall
be held in a Retirement Plan Forfeiture Account to be applied in accordance
with Section 4.10 toward the payment of Plan expenses and Company
contributions.

 

B.2                               Eligibility

 

Effective June 30, 2003, any Employee or former Employee with an
Account in the Retirement Plan that is merged into this Plan shall be a
Participant in this Plan with respect to his Account so merged.  Such an Employee or former Employee shall be
eligible to have contributions made on his behalf in this Plan only to the
extent he otherwise meets any applicable eligibility requirements described in
Article II.

 

B.3                               Vesting

 

A Retirement Plan Account of any Participant who has been an
Employee eligible to participate in the Retirement Plan on or after
June 1, 2000 shall be fully Vested. 
The Retirement Plan Account of any other Participant shall vest in
accordance with the vesting schedule described in Section 3.1(b).

 

B.4                               Special Distribution Provisions

 

The distribution provisions described in Article VIII shall
apply to the distribution of Retirement Plan Accounts.  In addition, the following special
distribution provisions shall apply:

 

(a) In-service Distributions.  A Participant may not receive an in-service
distribution from his Retirement Plan Account except as a distribution on
account of hardship, pursuant to Section 8.6. 
This Section B.4(a) does not preclude a Participant from receiving a
Plan loan in accordance with Section 8.5.

 

(b) 
Expedited Distribution.  A Participant who becomes an officer or employee of the United
States Government or any independent agency of the United States, in a position
that could involve regulatory oversight or administrative discretion over
Company activities (a “Qualifying Position”) may request an expedited payment
of profit-sharing contributions and expedited distribution of his Retirement
Plan Account upon termination of employment and assumption of a Qualifying
Position.  Such a request should include
information sufficient to enable the Company to determine that the Participant
has assumed a Qualifying Position.  If
the Company so determines, in the exercise of its reasonable discretion,
Employer profit-sharing contributions shall be paid to the Trust as soon as
practicable after the Participant has terminated employment, and the
Participant’s Account shall be distributed as soon as administratively feasible
after the Participant’s request for distribution has been received.

 

(c)  Payment of Minimum Required Distributions.  The election of any non-retired Participant
(other than a 5% owner) who attained age 701⁄2 prior to January 1, 1999, and
who filed an election to either terminate or defer minimum required
distributions until after his retirement under the Retirement Plan shall be
given effect under this Plan.  If such a
Participant did not file such an election, distributions shall be made to him
pursuant to the provisions of Code section 401(a)(9) as in effect prior to
January 1, 1997.

 

(d)  Optional Forms of Benefit Payments.  Until the later of July 30, 2003, or
the 90th day after individuals in the Retirement Plan have been
furnished a summary that reflects the elimination of the forms of benefit
described in Sections 8.4(b)(ii) and (iii) of the Retirement Plan, the
Retirement Plan Account may be distributed in the following forms of
distribution, in addition to the forms otherwise available under Article VIII:

 

13

 

(i)                                     Payments
over a period certain in monthly, quarterly, semiannual, or annual cash
installments, which period shall not extend beyond the Participants’ life
expectancy (or the life expectancy of the Participant and his designated
Beneficiary); or

 

(ii)                                  Purchase
of an annuity.  However, such annuity
may not be in any form that will provide for payments over a period extending
beyond either the life of the Participant (or the lives of the Participant and
his designated Beneficiary) or the life expectancy of the Participant (or the
life expectancy of the Participant and his designated Beneficiary).”

 

 

Executed this 19th day of June, 2003.

 

 

	
   

  	
  KAISER GROUP
  INTERNATIONAL, INC.

  
	
   

  	
  (formerly known as
  ICF Kaiser International, Inc.)

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John T. Grigsby,
  Jr.

  	
   

  
	
   

  	
   

  	
  Title:  Chief Executive
  Officer

  
					

 

14

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