Exhibit 10.26

AMENDMENT TO CREDIT AGREEMENT

THIS AMENDMENT TO CREDIT AGREEMENT (the “Agreement”) is made and entered into as
of this 21st day of June, 2007, by and between SUNTRUST BANK, in its capacity as
Administrative Agent for the Lenders (as such terms are defined below), and
WATSON WYATT & COMPANY, a Delaware corporation (the “Borrower”).

RECITALS

A.                                   PURSUANT TO THAT CERTAIN AMENDED AND
RESTATED REVOLVING CREDIT AGREEMENT DATED AS OF JULY 11, 2005, BY AND BETWEEN
THE BORROWER, THE SEVERAL LENDERS AND OTHER FINANCIAL INSTITUTIONS AND LENDERS
FROM TIME TO TIME PARTY HERETO (THE “LENDERS”), SUNTRUST BANK, IN ITS CAPACITY
AS ADMINISTRATIVE AGENT FOR THE LENDERS (THE “ADMINISTRATIVE AGENT”), AS ISSUING
LENDER (THE “ISSUING LENDER”) AND AS SWINGLINE LENDER (THE “SWINGLINE LENDER”)
(AS AMENDED FROM TIME TO TIME, THE “CREDIT AGREEMENT”), THE LENDERS HAVE AGREED
TO MAKE REVOLVING CREDIT LOANS FROM TIME TO TIME IN A PRINCIPAL AMOUNT OF UP TO
$300,000,000 (THE “LOANS”).  CAPITALIZED TERMS NOT OTHERWISE DEFINED HEREIN
SHALL HAVE THE MEANINGS GIVEN SUCH TERMS IN THE CREDIT AGREEMENT.

B.                                     THE BORROWER HAS REQUESTED THAT THE
LENDERS MAKE CERTAIN AMENDMENTS TO THE CREDIT AGREEMENT.

C.                                     THE LENDERS ARE WILLING TO MAKE CERTAIN
AMENDMENTS TO THE CREDIT AGREEMENT ON THE TERMS AND CONDITIONS SET FORTH HEREIN.

AGREEMENT

In consideration of the Recitals and of the mutual promises and covenants
contained herein, the Administrative Agent, Issuing Bank, Swingline Lender,
Lenders and the Borrower agree as follows:

1.                                       AMENDMENTS TO CREDIT AGREEMENT.  THE
CREDIT AGREEMENT IS HEREBY AMENDED TO ADD THE FOLLOWING (J) TO SECTION 7.4 TO
THE CREDIT AGREEMENT:

“(J)                               THAT CERTAIN TRANSACTION IN WHICH THE
BORROWER, OR A MEMBER OF THE CONSOLIDATED GROUP, INTENDS TO ACQUIRE 100 PERCENT
OF THE OPERATIONS OF DR. DR. HEISSMANN GMBH (THE “TARGET”) AND CERTAIN OTHER
ENTITIES AFFILIATED OR RELATED TO THE TARGET.”

2.                                       REPRESENTATIONS AND WARRANTIES.  THE
BORROWER HEREBY REPRESENTS AND WARRANTS TO THE LENDERS AS FOLLOWS:

(A)                                  CORPORATE POWER; AUTHORIZATION.  THE
BORROWER HAS THE CORPORATE POWER, AND HAS BEEN DULY AUTHORIZED BY ALL REQUISITE
CORPORATE ACTION, TO EXECUTE AND DELIVER THIS AGREEMENT AND TO PERFORM ITS
OBLIGATIONS HEREUNDER.  THIS AGREEMENT HAS BEEN DULY EXECUTED AND DELIVERED BY
THE BORROWER.

(B)                                 ENFORCEABILITY.  THIS AGREEMENT IS THE
LEGAL, VALID AND BINDING OBLIGATION OF THE BORROWER, ENFORCEABLE AGAINST THE
BORROWER IN ACCORDANCE WITH ITS TERMS.

--------------------------------------------------------------------------------

(C)                                  NO VIOLATION.  THE BORROWER’S EXECUTION,
DELIVERY AND PERFORMANCE OF THIS AGREEMENT DO NOT AND WILL NOT (I) VIOLATE ANY
LAW, RULE, REGULATION OR COURT ORDER TO WHICH THE BORROWER IS  SUBJECT; (II)
CONFLICT WITH OR RESULT IN A BREACH OF THE BORROWER’S ARTICLES OF INCORPORATION
OR BYLAWS OR ANY AGREEMENT OR INSTRUMENT TO WHICH THE BORROWER IS PARTY OR BY
WHICH IT OR ITS PROPERTIES ARE BOUND, OR (III) RESULT IN THE CREATION OR
IMPOSITION OF ANY LIEN, SECURITY INTEREST OR ENCUMBRANCE ON ANY PROPERTY OF THE
BORROWER, WHETHER NOW OWNED OR HEREAFTER ACQUIRED, EXCEPT LIENS (IF ANY) CREATED
UNDER THE CREDIT AGREEMENT.

(D)                                 OBLIGATIONS ABSOLUTE.  THE OBLIGATION OF THE
BORROWER TO REPAY THE LOANS, TOGETHER WITH ALL INTEREST ACCRUED THEREON, IS
ABSOLUTE AND UNCONDITIONAL, AND THERE EXISTS NO RIGHT OF SET OFF OR RECOUPMENT,
COUNTERCLAIM OR DEFENSE OF ANY NATURE WHATSOEVER TO PAYMENT OF THE OBLIGATIONS.

3.                                       EFFECT AND CONSTRUCTION OF AGREEMENT. 
EXCEPT AS EXPRESSLY PROVIDED HEREIN, THE CREDIT AGREEMENT AND THE LOAN DOCUMENTS
SHALL REMAIN IN FULL FORCE AND EFFECT IN ACCORDANCE WITH THEIR RESPECTIVE TERMS,
AND THIS AGREEMENT SHALL NOT BE CONSTRUED TO:

(I)                                     WAIVE OR IMPAIR ANY RIGHTS, POWERS OR
REMEDIES OF THE LENDERS UNDER THE CREDIT AGREEMENT AND THE LOAN DOCUMENTS; OR

(II)                                  CONSTITUTE AN AGREEMENT BY THE LENDERS OR
REQUIRE THE LENDERS TO WAIVE ADDITIONAL DEFAULTS OR MAKE FURTHER AMENDMENTS TO
THE CREDIT AGREEMENT.

In the event of any inconsistency between the terms of this Agreement and the
Credit Agreement or any of the Loan Documents, this Agreement shall govern.  The
Borrower acknowledges that it has consulted with counsel and with such other
experts and advisors as it has deemed necessary in connection with the
negotiation, execution and delivery of this Agreement.  This Agreement shall be
construed without regard to any presumption or rule requiring that it be
construed against the party causing this Agreement or any part hereof to be
drafted.

4.                                       MISCELLANEOUS.

(A)                                  FURTHER ASSURANCE.  THE BORROWER AGREES TO
EXECUTE SUCH OTHER AND FURTHER DOCUMENTS AND INSTRUMENTS AS THE LENDERS MAY
REQUEST TO IMPLEMENT THE PROVISIONS OF THIS AGREEMENT.

(B)                                 BENEFIT OF AGREEMENT.  THIS AGREEMENT SHALL
BE BINDING UPON AND INURE TO THE BENEFIT OF AND BE ENFORCEABLE BY THE PARTIES
HERETO, THEIR RESPECTIVE SUCCESSORS AND ASSIGNS.  NO OTHER PERSON OR ENTITY
SHALL BE ENTITLED TO CLAIM ANY RIGHT OR BENEFIT HEREUNDER, INCLUDING, WITHOUT
LIMITATION, THE STATUS OF A THIRD-PARTY BENEFICIARY OF THIS AGREEMENT.

(C)                                  INTEGRATION.  THIS AGREEMENT, TOGETHER WITH
THE CREDIT AGREEMENT, AND THE LOAN DOCUMENTS, CONSTITUTES THE ENTIRE AGREEMENT
AND UNDERSTANDING AMONG THE PARTIES RELATING TO THE SUBJECT MATTER HEREOF, AND
SUPERSEDES ALL PRIOR PROPOSALS, NEGOTIATIONS, AGREEMENTS AND UNDERSTANDINGS
RELATING TO SUCH SUBJECT MATTER.  IN ENTERING INTO THIS AGREEMENT, THE BORROWER
ACKNOWLEDGES THAT IT IS RELYING ON NO STATEMENT, REPRESENTATION, WARRANTY,
COVENANT OR

--------------------------------------------------------------------------------

AGREEMENT OF ANY KIND MADE BY THE LENDERS OR ANY EMPLOYEE OR AGENT OF THE
LENDERS, EXCEPT FOR THE AGREEMENTS OF THE LENDERS SET FORTH HEREIN.

(D)                                 SEVERABILITY.  THE PROVISIONS OF THIS
AGREEMENT ARE INTENDED TO BE SEVERABLE.  IF ANY PROVISIONS OF THIS AGREEMENT
SHALL BE HELD INVALID OR UNENFORCEABLE IN WHOLE OR IN PART IN ANY JURISDICTION,
SUCH PROVISION SHALL, AS TO SUCH JURISDICTION, BE INEFFECTIVE TO THE EXTENT OF
SUCH INVALIDITY OR ENFORCEABILITY WITHOUT IN ANY MANNER AFFECTING THE VALIDITY
OF ENFORCEABILITY OF SUCH PROVISION IN ANY OTHER JURISDICTION OR THE REMAINING
PROVISIONS OF THIS AGREEMENT IN ANY JURISDICTION.

(E)                                  GOVERNING LAW.  THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL SUBSTANTIVE LAWS OF
THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW PRINCIPLES OF SUCH
STATE.

(F)                                    COUNTERPARTS; TELECOPIED SIGNATURES. 
THIS AGREEMENT MAY BE EXECUTED IN ANY NUMBER OF COUNTERPARTS AND BY DIFFERENT
PARTIES TO THIS AGREEMENT ON SEPARATE COUNTERPARTS, EACH OF WHICH, WHEN SO
EXECUTED, SHALL BE DEEMED AN ORIGINAL, BUT ALL SUCH COUNTERPARTS SHALL
CONSTITUTE ONE AND THE SAME AGREEMENT.  ANY SIGNATURE DELIVERED BY A PARTY BY
FACSIMILE TRANSMISSION SHALL BE DEEMED TO BE AN ORIGINAL SIGNATURE HERETO.

(G)                                 NOTICES.  ANY NOTICES WITH RESPECT TO THIS
AGREEMENT SHALL BE GIVEN IN THE MANNER PROVIDED FOR IN SECTION 10.1 OF THE
CREDIT AGREEMENT.

(H)                                 AMENDMENT.  NO AMENDMENT, MODIFICATION,
RESCISSION, WAIVER OR RELEASE OF ANY PROVISION OF THIS AGREEMENT SHALL BE
EFFECTIVE UNLESS THE SAME SHALL BE IN WRITING AND SIGNED BY THE PARTIES HERETO.

{Remainder of page intentionally left blank — signatures appear on the following
page}

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
day and year first above written.

SUNTRUST BANK

 

as Administrative Agent, as Issuing Lender and

 

as Swingline Lender

 

 

 

 

 

 

 

By:

  /s/ Van Buren Knick II

 

 

 

Name: Van Buren Knick II

 

 

Title: Director

 

 

 

 

 

 

 

 

Revolving Commitment: $55,000,000

 

 

 

 

 

 

 

WATSON WYATT & COMPANY

 

 

 

 

 

 

 

By:

  /s/ Michael J. O’Boyle

 

 

 

  Michael J. O’Boyle

 

 

Treasurer

 

--------------------------------------------------------------------------------

PARENT GUARANTOR

ACKNOWLEDGEMENT, CONSENT AND RATIFICATION

The undersigned, WATSON WYATT WORLDWIDE, INC. (formerly WATSON WYATT & COMPANY
HOLDINGS), a Delaware corporation (the “Guarantor” ), (a) is a guarantor
pursuant to that certain Parent Guaranty Agreement dated as of June 30, 2004 by
such Guarantor in favor of SUNTRUST BANK, a Georgia banking corporation, as
administrative agent (the “Administrative Agent”) for the several banks and
other financial institutions (the “Lenders”) from time to time party to the
Credit Agreement described in the foregoing Amendment to Credit Agreement (the
“Amendment”), (b) hereby acknowledges and consents to the amendments described
in the Amendment, (c) ratifies and confirms such Parent Guaranty Agreement as
being in full force and effect and reaffirms its obligations thereunder, as
modified, after giving effect to the Amendment.

 

 

GUARANTOR:

 

 

 

WATSON WYATT WORLDWIDE, INC.

 

 

 

By:

 

/s/ Michael J. O’Boyle

 

 

Michael J. O’Boyle

 

Treasurer

 

--------------------------------------------------------------------------------

SUBSIDIARY GUARANTOR
ACKNOWLEDGEMENT, CONSENT AND RATIFICATION

The undersigned, WATSON WYATT INSURANCE CONSULTING, INC., a Delaware corporation
(the “Guarantor” ), (a) is a guarantor pursuant to that certain Subsidiary
Guaranty Agreement dated as of June 30, 2004 by such Guarantor in favor of
SUNTRUST BANK, a Georgia banking corporation, as administrative agent (the
“Administrative Agent”) for the several banks and other financial institutions
(the “Lenders”) from time to time party to the Credit Agreement described in the
foregoing Amendment to Credit Agreement (the “Amendment”), (b) hereby
acknowledges and consents to the amendments described in the Amendment, (c)
ratifies and confirms such Subsidiary Guaranty Agreement as being in full force
and effect and reaffirms its obligations thereunder, as modified, after giving
effect to the Amendment.

 

 

GUARANTOR:

 

 

 

WATSON WYATT INSURANCE

 

CONSULTING, INC.

 

 

 

By:

 

/s/ Michael J. O’Boyle

 

 

Michael J. O’Boyle

 

Treasurer

 

--------------------------------------------------------------------------------

SUBSIDIARY GUARANTOR
ACKNOWLEDGEMENT, CONSENT AND RATIFICATION

The undersigned, WATSON WYATT INVESTMENT CONSULTING, INC., a Delaware
corporation (the “Guarantor” ), (a) is a guarantor pursuant to that certain
Subsidiary Guaranty Agreement dated as of June 30, 2004 by such Guarantor in
favor of SUNTRUST BANK, a Georgia banking corporation, as administrative agent
(the “Administrative Agent”) for the several banks and other financial
institutions (the “Lenders”) from time to time party to the Credit Agreement
described in the foregoing Amendment to Credit Agreement (the “Amendment”), (b)
hereby acknowledges and consents to the amendments described in the Amendment,
(c) ratifies and confirms such Subsidiary Guaranty Agreement as being in full
force and effect and reaffirms its obligations thereunder, as modified, after
giving effect to the Amendment.

 

GUARANTOR:

 

 

 

WATSON WYATT INVESTMENT

 

CONSULTING, INC.

 

 

 

 

By:

 

/s/ Carl Hess

 

 

Carl Hess

 

Director

 

--------------------------------------------------------------------------------

SUBSIDIARY GUARANTOR
ACKNOWLEDGEMENT, CONSENT AND RATIFICATION

The undersigned, WYATT DATA SERVICES, INC., a Delaware corporation (the
“Guarantor” ), (a) is a guarantor pursuant to that certain Subsidiary Guaranty
Agreement dated as of June 30, 2004 by such Guarantor in favor of SUNTRUST BANK,
a Georgia banking corporation, as administrative agent (the “Administrative
Agent”) for the several banks and other financial institutions (the “Lenders”)
from time to time party to the Credit Agreement described in the foregoing
Amendment to Credit Agreement (the “Amendment”), (b) hereby acknowledges and
consents to the amendments described in the Amendment, (c) ratifies and confirms
such Subsidiary Guaranty Agreement as being in full force and effect and
reaffirms its obligations thereunder, as modified, after giving effect to the
Amendment.

 

 

GUARANTOR:

 

 

 

WYATT DATA SERVICES, INC.

 

 

 

By:

 

/s/ Michael J. O’Boyle

 

 

Michael J. O’Boyle

 

Treasurer

 

--------------------------------------------------------------------------------

SUBSIDIARY GUARANTOR
ACKNOWLEDGEMENT, CONSENT AND RATIFICATION

The undersigned, WATSON WYATT INTERNATIONAL, INC., a Nevada corporation (the
“Guarantor” ), (a) is a guarantor pursuant to that certain Subsidiary Guaranty
Agreement dated as of June 30, 2004 by such Guarantor in favor of SUNTRUST BANK,
a Georgia banking corporation, as administrative agent (the “Administrative
Agent”) for the several banks and other financial institutions (the “Lenders”)
from time to time party to the Credit Agreement described in the foregoing
Amendment to Credit Agreement (the “Amendment”), (b) hereby acknowledges and
consents to the amendments described in the Amendment, (c) ratifies and confirms
such Subsidiary Guaranty Agreement as being in full force and effect and
reaffirms its obligations thereunder, as modified, after giving effect to the
Amendment.

 

GUARANTOR:

 

 

 

WATSON WYATT INTERNATIONAL,
INC.

 

 

 

By:

 

/s/ Michael J. O’Boyle

 

 

Michael J. O’Boyle

 

Treasurer

 

--------------------------------------------------------------------------------

PLEDGOR
ACKNOWLEDGEMENT, CONSENT AND RATIFICATION

The undersigned, Watson Wyatt Worldwide, Inc. (formerly WATSON WYATT & COMPANY
HOLDINGS), a Delaware corporation (the “Pledgor” ), (a) is a pledgor pursuant to
that certain Pledge Agreement dated as of June 30, 2004 by such Pledgor
Guarantor in favor of SUNTRUST BANK, a Georgia banking corporation, as
administrative agent (the “Administrative Agent”) for the several banks and
other financial institutions (the “Lenders”) from time to time party to the
Credit Agreement described in the foregoing Amendment to Credit Agreement (the
“Amendment”), (b) hereby acknowledges and consents to the amendments described
in the Amendment, (c) ratifies and confirms such Pledge Agreement as being in
full force and effect and reaffirms its obligations thereunder, as modified,
after giving effect to the Amendment.

 

 

 

PLEDGOR:

 

 

 

 

 

 

 

WATSON WYATT WORLDWIDE, INC.

 

 

 

 

 

By:

 

 /s/ Michael J. O’Boyle

 

 

 

 

Michael J. O’Boyle

 

 

 

Treasurer

 

--------------------------------------------------------------------------------

 

US BANK, NATIONAL ASSOCIATION

 

 

 

 

 

 

 

 

 

By:

 

/s/ Frances W. Josephic

 

 

 

 

 Name:

Frances W. Josephic

 

 

 

 Title:

Vice President

 

 

 

 

U.S. Bank, N.A.

 

 

 

 

 

 

 

 

 

 

 

Revolving Commitment: $35,000,000

 

--------------------------------------------------------------------------------

 

COMERICA BANK

 

 

 

 

 

 

 

 

 

By:

 

/s/ Sarah R. West

 

 

 

 

 Name: Sarah R. West

 

 

 

 Title:   Assistant Vice President

 

 

 

 

 

 

 

 

 

Revolving Commitment: $35,000,000

 

--------------------------------------------------------------------------------

 

MANUFACTURERS AND TRADERS
TRUST COMPANY

 

 

 

 

 

 

 

 

 

By:

 

 /s/ Humberto M. Salomon

 

 

 

 

 Name: Humberto M. Salomon

 

 

 

 Title:   Vice President

 

 

 

 

 

 

 

 

 

Revolving Commitment: $35,000,000

 

--------------------------------------------------------------------------------

 

HSBC BANK USA, NA

 

 

 

 

 

 

 

 

 

By:

 

/s/ Jeffrey M. Henry

 

 

 

 

 Name: Jeffrey M. Henry

 

 

 

 Title:   Vice President

 

 

 

 

 

 

 

 

 

Revolving Commitment: $35,000,000

 

--------------------------------------------------------------------------------

 

SUMITOMO MITSUI BANKING
CORPORATION

 

 

 

 

 

 

 

 

 

By:

 

/s/ David A. Buck

 

 

 

 

 Name: David A. Buck

 

 

 

 Title:   Senior Vice President

 

 

 

 

 

 

 

 

 

Revolving Commitment: $25,000,000

 

--------------------------------------------------------------------------------

 

NATIONAL CITY BANK

 

 

 

 

 

 

 

 

 

By:

 

/s/ Heather McIntyre

 

 

 

 

 Name: Heather McIntyre

 

 

 

 Title:   Vice President

 

 

 

 

 

 

 

 

 

Revolving Commitment: $20,000,000

 

--------------------------------------------------------------------------------

 

MIZUHO CORPORATE BANK, LTD.

 

 

 

 

 

 

 

 

 

By:

 

 /s/ Makoto Murata

 

 

 

 

 Name: Makoto Murata

 

 

 

 Title:   Deputy General Manager

 

 

 

 

 

 

 

 

 

Revolving Commitment: $20,000,000

 

--------------------------------------------------------------------------------