ELEVENTH AMENDMENT TO KAISER GROUP INTERNATIONAL, INC. 401(k) PLAN

Exhibit 10(e)(11)

ELEVENTH AMENDMENT TO

KAISER GROUP INTERNATIONAL, INC.

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 May 31, 2004, the Plan is amended as follows:

Exhibit A is amended to include a reference to Kaiser Analytical Management Services, Inc. as an “Excluded Entity”.

Executed this 11^th day of November, 2004.