Exhibit 10.3

NORTH AMERICA AND UNITED KINGDOM
PARTNERS’ OPERATING AGREEMENT

     THIS NORTH AMERICA AND UNITED KINGDOM PARTNERS’ OPERATING AGREEMENT (this
“Agreement”) is entered into as of the 13th day of November 2003, among
DIAMONDCLUSTER INTERNATIONAL, INC., a Delaware corporation (the “Company”) and
those individuals designated by the Company or any “Affiliate” as a Partner
affiliated with the operations in North America and the United Kingdom (“NA/UK
Operations”) said individuals and all other persons who may hereafter be
designated by the Company or any Affiliate as “Partners” pursuant to the
provisions hereof, are referred to herein collectively as the “Partners” and
individually as a “Partner.” For purposes of this Agreement, the term
“Affiliate” shall mean any affiliate, subsidiary, or parent of, or any other
entity controlling, controlled by, or under common control of, the Company.

WITNESSETH:

     WHEREAS, the parties to this Agreement entered into that certain Partners’
Operating Agreement dated as of March 22, 1994, as amended by: (i) a certain
First Amendment to Diamond Technology Partners, Inc. Partners’ Operating
Agreement dated June 24, 1994; (ii) a certain Second Amendment to Diamond
Technology Partners, Inc. Partners’ Operating Agreement dated as of November 30,
1994; and (iii) a certain Third Amendment to Diamond Technology Partners, Inc.
Partners’ Operating Agreement dated as of April 27, 1995, whereby the parties
established a set of procedures relating to the utilization of the combined
voting power of the Partners’ shares of stock of the Company, including internal
governance and compensation provisions to be realized through the strength of
said combined voting power and whereby the parties granted a proxy to the person
holding the position of Chairman of the Board and Chief Executive Officer of the
Company and provided for the selection of any successors to such Chief Executive
Officer (“CEO”); (iv) a certain fourth amendment and restatement of the
Partners’ Operating Agreement dated as of November 16, 2001 (collectively, the
“Prior Partners’ Operating Agreement”); and

     WHEREAS, the Board of Directors of the Company, having completed a detailed
review of the Company’s system of internal corporate governance in light of the
Sarbanes-Oxley Act and the corporate governance standards being adopted for
listed companies, has concluded that the Prior Partners’ Operating Agreement
needs to be superceded by this Agreement to assure continued independence of the
Board and to more closely align with best practices for publicly-traded
companies;

     WHEREAS, the parties wish to enter into this Agreement to incorporate the
corporate governance changes recommended by the Board and to reflect a new
geographic and strategic business unit (“SBU”) structure.

     NOW, THEREFORE, for and in consideration of the foregoing premises and the
mutual covenants and agreements contained herein, and other good and valuable
consideration, the receipt, sufficiency and adequacy of which are hereby
acknowledged, the parties hereto agree as follows:

 

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ARTICLE I

SUCCESSOR CEO

1.1. Selection of Successor.

     Upon any CEO of the Company ceasing to hold the office of CEO, his or her
successor shall be selected by the Board of Directors, upon recommendation of
the Nominating & Governance Committee of the Board. The Nominating & Governance
Committee may seek input from the CEO Nominating Commission (as constituted
pursuant to Section 1.2 below) in identifying potential CEO candidates.

1.2 Establishment of CEO Nominating Commission.

     In the event the Nominating & Governance Committee elects to seek input
from the Partners and any other partners affiliated with any other SBU of the
Company, such partners (collectively referred to herein as the “Global
Partners”), shall, as expeditiously as possible after receiving notice thereof
from such Committee, elect a five partner commission known as the CEO Nominating
Commission by means of the following procedures:

     (a) The Executive Committee (as constituted pursuant to Section 2.1 hereof)
shall slate ten Global Partners as candidates for election to the CEO Nominating
Commission. Neither the current CEO nor any other member of the Executive
Committee shall be slated as a candidate for the Commission. The five Global
Partners receiving the highest number of votes shall be deemed elected to the
Commission. Once elected, the members of the Commission shall designate a member
to act as its Chairman.

     (b) The CEO Nominating Commission shall gather input from the remaining
Global Partners as to potential candidates for a successor CEO and shall act as
a liaison between the Nominating & Governance Committee and the Global Partners.
The Commission shall consult with the Nominating & Governance Committee upon
request and provide input on the relative strengths and weaknesses of the
proposed CEO candidates.

     (c) Upon consideration of input from the CEO Nominating Commission, if any
is requested, and such other factors as it shall deem appropriate, the
Nominating & Governance Committee shall recommend a candidate as successor CEO
to the entire Board, who, upon receiving the affirmative vote of a majority of
the Board, shall become the successor CEO.

1.3. Removal of CEO.

     Notwithstanding the foregoing, the then current CEO shall be subject to
removal by the Board of Directors from said position at any time. In addition,
the Board of Directors shall consider the removal of, but shall not be obligated
to remove, the then current CEO upon the recommendation of each of the
following: (i) the Management Compensation Committee (as constituted pursuant to
Section 2.2 hereof), by a unanimous vote of its members, (ii) the

 

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Nominating & Governance Committee, by a two-thirds (2/3) vote of its members,
and (iii) eighty percent (80%) of the Partners.

ARTICLE II

COMMITTEE STRUCTURE; ELECTION AND REMOVAL OF PARTNERS

2.1. Executive Committee

     There shall be an Executive Committee, consisting of the CEO and such
Global Partners as the CEO shall appoint from time to time (each of whom shall
be appointed for an indefinite term and who may be removed from such position at
any time by the CEO). The Executive Committee is a committee of the Global
Partners and may take any action within its authority for the Company and any of
its Affiliates.

2.2 Management Committee

     There shall be a Management Committee (“Management Committee”), consisting
of Partners appointed by the CEO (each of whom shall be appointed for an
indefinite term and who may be removed from such position at any time by the
CEO). The Management Committee is a committee of the Partners and may take any
action within its authority for the Company and any of the Affiliates as it
relates to the NA/UK Operations.

2.3 Management Compensation Committee

     There shall be a Management Compensation Committee, consisting of three
Partners, unless the CEO shall determine that a greater or lesser number is
appropriate. The members of the Committee shall be elected by the Partners to
serve staggered terms of three years each, with one member elected each year
(except for the three initial members of the committee, who shall be elected for
terms of one, two, and three years, respectively, with the Partner receiving the
most votes deemed elected to the longest term). The Management Committee shall
slate three nominees each year, and the Partner receiving the highest number of
votes shall be deemed elected to the committee (except with respect to the
initial members of the committee for whom the Management Committee shall slate
six nominees from which three shall be elected by the Partners as indicated
above). Except with respect to the selection of the initial members of the
committee, no member may serve consecutive terms. Neither the CEO nor any
Executive Committee or Management Committee member is eligible to serve on the
Committee. In the case of tie votes, death of a Partner, the inability of a
Partner to continue to serve, or a Partner’s resignation from a committee or the
Company, the CEO shall break the tie or specify the replacement for such
Partner. No Partner may serve simultaneously on both the Management Compensation
Committee and the Nominating Committee.

2.4 Nominating Committee

     There shall be a nominating committee (“Nominating Committee”), consisting
of three Partners. The members of the Committee will serve staggered terms of
three years each, with one member elected by the Partners each year (except for
the three initial members of the committee, who shall be elected for terms of
one, two, and three years, respectively, with the Partner receiving the most
votes deemed elected to the longest term). The Management Committee shall
annually

 

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slate three candidates for the Nominating Committee from which the Partners
shall elect one candidate to replace the member whose term has expired (except
with respect to the initial members of the Committee for whom the Management
Committee shall slate six nominees from which the Partners shall elect three as
indicated above). In the event of a vacancy on the Nominating Committee, the CEO
shall specify the replacement for such Partner.

2.5 Duties of the Executive Committee

     The Executive Committee shall meet regularly as determined by the CEO. The
duties of the Executive Committee include, but are not limited to, the
following: managing the strategic direction and operations of the Company and
its Affiliates, including, but not limited to: recommending to the Board of
Directors the Company’s annual operating plan; reviewing and approving of all
budgets and forecasts for each SBU; appointing all members and the chairman of
any management committee of an SBU; slating candidates for the CEO Commission;
approving the election and removal of any Partner; and approving all
compensation proposed by any SBU.

2.6 Duties of the Management Committee

     The Management Committee shall meet regularly as determined by the CEO. The
duties of the Management Committee include, but are not limited to: ensuring the
effective and efficient operation of the NA/UK Operations regarding such matters
as growth, clients, staffing and pipeline; slating Partners for the Management
Compensation Committee and the Nominating Committee; overseeing training and
recruiting for NA/UK Operations; and developing and recommending to the
Executive Committee’s the annual operating plan with respect to NA/UK
Operations.

2.7 Duties of the Nominating Committee

     The Nominating Committee’s responsibilities are to screen thoroughly all
internal Partner candidates for the NA/UK Operations and to present those
internal candidates it deems appropriate to the Partners for a vote of
admittance in accordance with Section 2.9 (a) below. The Nominating Committee
shall work within the guidelines developed with the Management Committee and
approved by the Executive Committee regarding the need for and limitations on
the number of new Partners.

2.8 Duties of the Management Compensation Committee

     The functions of the Management Compensation Committee, and related
functions of the other committees, are set forth in Article III.

2.9 Partner Elections

     (a) An internal Partner candidate shall be admitted when he or she has the
endorsement of the Nominating Committee and the affirmative vote of (i) all the
members of the Executive Committee and the Management Committee, and (ii) eighty
percent (80%) of the Partners.

 

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     (b) An external Partner candidate shall be admitted when he or she has the
affirmative vote of eighty percent (80%) of the Management Committee and
approval by the Executive Committee.

     (c) Once admitted in accordance with the foregoing procedures, all new
internal and external Partners shall be submitted for election by the Board of
Directors as an officer of the Company or an Affiliate employing such Partner,
as the case may be.

2.10 Removal of Partners

     Any Partner may be removed from his or her position as a Partner and have
his or her employment relationship with the Company and/or an Affiliate
terminated, at any time and without any reason or cause or the need to assert or
demonstrate any reason or cause, if such removal shall be approved by the
affirmative vote of at least a majority of the members of the Management
Compensation Committee, eighty percent (80%) of the Management Committee and all
of the members of the Executive Committee (in each case, other than such
Partner, if a member).

ARTICLE III

ANNUAL COMPENSATION PLAN

3.1. Aggregate Compensation

     The Board of Directors shall be the final arbiters of any compensation
determined in accordance with the procedures outlined herein and in Exhibit A.
During the last quarter of each fiscal year, the Executive Committee, with the
advice of the Management Committee, in conjunction with recommending an annual
operating plan to the Board of Directors, shall commence deliberations and
determine recommendations concerning the aggregate amount of bonuses (if any)
and the aggregate value of equity (if any) to be granted to all employees, based
on their performance during said fiscal year, and the aggregate amount of base
compensation to be payable to such employees for the coming fiscal year. These
recommendations shall then be submitted to the Board of Directors for review and
approval as part of the Company’s preliminary fiscal year plan.

3.2 Executive Committee and Management Committee Members’ Compensation

     During the last quarter of each fiscal year, the CEO shall prepare
recommendations concerning the individual compensation (base, bonus and equity,
if any) of the members of the Executive Committee and the Management Committee
based on their individual and the Company’s performance during said fiscal year,
for review and approval by the Board of Directors of the Company as described in
Section 3.3 below.

3.3. Board of Directors’ Approval

     The Board of Directors of the Company, after receiving the recommendations
referred to in Sections 3.1 and 3.2, shall make a final decision regarding these
amounts.

 

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3.4 Allocations to Remaining Partners and Staff

     (a) After the Board of Directors has approved the recommendations referred
to in Sections 3.1 and 3.2, the Management Committee, with the advice of the
Management Compensation Committee, shall recommend specific allocations to the
remaining Partners and staff of the aggregate amounts of bonuses, equity and
base compensation set forth in the recommendations, and shall submit such
recommendations to the Executive Committee for its approval. After approval by
the Executive Committee, the recommendations as to the specific allocations to
the remaining Partners shall be submitted to the Board for its approval. If the
Board approves such allocations, they will be submitted to the Partners for
their approval as provided in Section 3.5.

3.5 Approval by Partners

     After the Board of Directors shall have approved the recommendations for
individual partner allocations referred to in Sections 3.2 and 3.4, such
recommendations shall be submitted to the Partners for a vote. If fewer than
seventy (70%) of the Partners shall approve the recommendations, the matter
shall be referred back to the Executive Committee (under Section 3.1 of this
Agreement) and the entire process of this Article III shall be repeated until
concluded.

3.6 Implementation

     The recommendations shall be implemented if approved by the Board of
Directors of the Company.

ARTICLE IV

PARTNERS’ COMPENSATION PROGRAM

4.1. Adoption of Program

     The Partners’ hereby adopt the compensation program (the “Program”),
substantially in the form attached as Exhibit A hereto, and shall hold all
shares of common stock of the Company subject to the terms of the Program. No
individual can become a Partner unless they agree to be bound by the terms of
this Agreement, including the Program, as if they were an original party hereto.

4.2. Amendment

     Except as may be provided in the Program, the Program may be amended from
time to time by recommendation of the Executive Committee and the Management
Compensation Committee to the Board of Directors and by action of the Board of
Directors, subject to approval of a majority of all of the Partners. All of the
Partners agree to be bound by the terms of any amendments to the Program
approved according to the foregoing procedures.

 

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ARTICLE V

MISCELLANEOUS

5.2 Entire Agreement

     This Agreement and Exhibits hereto constitute the entire agreement between
the Company and the Partners with respect to the subject matter hereof and
supersedes any and all other prior or contemporary oral or written
representations or agreements.

5.1. Termination

     This Agreement shall terminate upon the dissolution of the Company or at
such earlier time as only one Partner owns Common Stock.

5.2. Amendment

     This Agreement may be amended in any manner by a written instrument duly
executed by the Company and two-thirds (2/3) of the Partners.

5.3. Successors and Assigns

     All of the terms, provisions and conditions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective
heirs, administrators, executors, successors and assigns.

5.4. Severability

     If any portion or provision of this Agreement shall be held to be invalid
or unenforceable for any reason, the remaining provisions hereof shall
nevertheless be deemed valid, enforceable and carried into effect, unless the
effect thereof would clearly violate the manifest present intention of the
parties hereto.

5.5. Governing Law.

     This Agreement shall be subject to and governed by the laws of the State of
Illinois irrespective of the fact that any of the parties hereto may be or
become a resident of a different state.

 

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     IN WITNESS WHEREOF, the parties have caused this Partners’ Operating
Agreement to be executed as of the date first written above.

DIAMONDCLUSTER INTERNATIONAL, INC.

By: /s/ Melvyn E. Bergstein
Title: Chairman & C.E.O.

PARTNERS: [Signatures on File]

 

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EXHIBIT A

DiamondCluster International, Inc

Partner Compensation Program

(as amended through November 13, 2003)

  1.   Purpose. The purpose of the Company’s Partner Compensation Program (the
“Program”) is to retain and motivate the Company’s Partners (as defined below),
provide incentives directly linked to the achievement of the Company’s financial
and strategic goals, maintain equity ownership in the Company by the Partners,
and ensure the orderly and disciplined sale of the Company’s shares by the
Partners. Any changes to this Program shall be reviewed and approved by the
Board of Directors as provided in Section 9 hereof.     2.   Eligibility.
Participation in the Program is limited to all individuals who at the time of
such participation have been admitted as Partners (the “Partners”) pursuant to
the procedures set forth in the Amended and Restated Partners’ Operating
Agreement, dated the date hereof (the “Partners’ Operating Agreement”). The term
“Partners” shall mean all Partners affiliated with North America/UK operations.

3. Annual Compensation.

  3.1   Base Salary. Each Partner will receive a base salary that is
commensurate with his or her experience and contribution to the Company. In
general, the base salary levels established for the Partners will fall within
the levels set forth on Exhibit A hereto, as amended from time to time.     3.2
  Bonus. The Executive Committee (the “Executive Committee”), with advice from
the Management Committee and , subject to approval by the Board of Directors or
its compensation committee, will determine the amount of any annual cash bonus
available to be distributed to the Partners. Such bonus will be based on a
combination of the Company’s and the individual Partner’s performance (“Bonus”).
    3.3   Target Bonus. Set forth on Appendix A are the target bonuses as a
percentage of base salary and the relative percentages of Company and individual
performance upon which such bonuses will be based established for each of the
Partner levels. The Executive Committee, with the advice of the Management
Committee and subject to approval by the Board of Directors or its compensation
committee, may change the Target Bonus set forth on Appendix A; provided, that
the Partners shall be notified of the change prior to the beginning of the
fiscal year in which such change will take effect; and provided, further, that
any change that is more than ten percentage points (10%) higher or lower than
the previous Target Bonus shall be approved by a majority of the Partners.    
3.4   Bonus Pool. Subject to adjustment by the Executive Committee as described
below, the amounts allocated towards payment of the Partners’ Bonuses (the
“Bonus Pool”) will generally be funded

 

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      on a quarterly basis in accordance with the achievement of the following
pre-tax and pre-bonus returns on revenue:

      Pre-tax and Pre-bonus     Return on Revenue

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  Bonus Pool Funding

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up to 10%
  None
>10% — 30%
  1/2 of pre-tax pre-Partner Bonus earnings
>30%
  2/3 of pre-tax pre-Partner Bonus earnings

      The Executive Committee, with advice from the Management Committee and,
subject to approval by the Board of Directors or its compensation committee, may
adjust the funding of the formula described above based on the Company’s
financial performance in any given quarter.     3.5   Bonus Payments. Any
Bonuses paid to the Partners will be based on the actual funds available in the
Bonus Pool, regardless of whether such amount is less than the Target Bonus. A
Partner who commences employment with the Company or becomes a Partner after the
start of the Company’s fiscal year will receive a prorated Bonus, if any is
paid, based on the number of days such Partner is actually employed by Diamond
during such fiscal year. An individual must be an employee and Partner of the
Company on the last day of the fiscal year to which a Bonus relates in order to
qualify for and receive such Bonus.     3.6   Shares. Each Partner is eligible
to receive an annual grant of Shares, based on individual performance. The
actual amount of base salary, Bonus and Shares to be granted to each Partner
annually will be determined in accordance with the procedures set forth in
Article III of the Partners’ Operating Agreement.

     For purposes of this Program, the term “Shares” means Restricted Stock,
Units and Options. Such Shares shall be issued under the Company’s then current
employee stock plan.

4. Equity

  4.1   Restricted Stock. The Company may issue to Partners, in accordance with
Section 5 below, restricted shares of Common Stock, $.001 par value (the “Common
Stock”), at or after the time an individual becomes a Partner (“Restricted
Stock”).     4.2   Restricted Stock Units. The Company may issue to Partners
appreciation rights that derive their value from the underlying Restricted Stock
(“Units”), but that do not possess any other attributes of such Stock such as
voting rights.     4.3   Stock Options. The Company may grant options
(“Options”) to Partners giving them the right to purchase common stock of the
Company in accordance with the terms set forth below and in any stock option
agreement delivered to them in connection with such grant.

 

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5. Equity Issuance and Ownership.

  5.1   Partner Promotion Shares . Upon promotion to Partner, such Partner will
be granted an Option for thirty thousand shares or such other equity as the
Executive Committee shall determine is appropriate from time to time.     5.2  
Issue Date. The issue date will be the effective date of an individual’s
promotion as a Partner. As set forth below in Section 5.3.1, the vesting date
(“Vesting Date”) will be based on the issue date.     5.3   Vesting.

     5.3.1 Unless otherwise specified in the notice of grant for an award, for
vesting purposes, Shares will have a Vesting Date as follows:

      Issue Date

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  Vesting Date

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April 1 — September 30   April 1 October 1 — March 31   October 1

     5.3.2 Except as otherwise determined by the Executive Committee, each grant
of Shares will vest over five years, in accordance with the table set forth
below, and will expire six months from the date on which 100% of the Shares have
vested.

      Period from Vesting Date

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  Shares Vested

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1 year   20% 2 years   40% 3 years   60% 4 years   80% 5 years   100%

     5.3.3 Shares acquired upon the exercise of Options will be fully vested.
Any unvested Shares will fully vest immediately upon a Partner’s Retirement,
death or disability (as defined in the Company’s then current employee stock
plan or stock option agreement). “Retirement” shall mean voluntarily ceasing to
work at or after (i) age 62, or (ii) age 50, provided that such Partner shall
have been a Partner for at least five years.

     5.3.4 Except as otherwise provided in the last sentence of this Section
5.3.4, in the event of a Change of Control, the Executive Committee may, subject
to approval by the Board of Directors or its compensation committee, accelerate
the vesting of the Shares. A “Change of Control” shall have the meaning set
forth on Appendix B. In the event a Partner is terminated within eighteen
(18) months following a Change of Control, other than a termination for Cause

 

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       (as defined in Section 7) or one that is voluntary and unprovoked, such
Partner’s unvested Shares shall be immediately and automatically vested.     5.4
  Minimum Ownership Requirements. As a general guideline, each Partner should
own throughout the period in which he or she is a Partner a minimum number of
shares of common stock of the Company having an aggregate market value at least
equal to 10% of his or her then current base salary times the number of years
such individual has been a Partner.

  6.   Partners’ Equity Sales Program.

  6.1   Objective. The objective of the Partners’ Equity Sales Program (the
“Sales Program”) is to provide an orderly and disciplined market for the sale of
Partners’ Shares. The Sales Program allows Partners to sell their Shares
quarterly in conjunction with the Company’s policy of permitting trades only
during specified periods occurring after the public release of quarterly
earnings.     6.2   Affiliates and Non-Affiliates. In order to facilitate
compliance with Rule 144 of the Securities Act of 1933, as amended (the “Act”)
for purposes of the Sales Program the Partners are classified as either
affiliates or non-affiliates within the meaning of Rule 144 of the Act. The
Board of Directors will designate from time to time those Partners who will be
classified as affiliates for these purposes. All other Partners and former
Partners shall be deemed non-affiliates for purposes of Rule 144 of the Act and
the Sales Program.     6.3   Sales Limitations for Affiliates. All shares of
Common stock, including Pre-Partner Shares (as defined in Section 6.10), owned
by Partners who are classified as affiliates are subject to the Sales Program.
The aggregate amount of such shares that can be sold as part of the Sales
Program shall not exceed (i) any internal limits set by the Company, or (ii) the
time and volume limitations imposed by Rule 144(e)(1) of the Act.     6.4  
Sales Limitations for Non-Affiliates. For non-affiliate partners, only
            shares of Common Stock, not including any Pre-Partner Shares or open
market purchase shares (which include Employee Stock Purchase Plan shares), are
subject to the Sales Program. Any such shares sold through the Sales Program
must either be registered with the Securities and Exchange Commission or held
for at least two years in order to qualify for sales pursuant to Rule 144(k) of
the Act. The aggregate amount of Shares that can be sold as part of the Sales
Program shall not exceed any internal limits set by the Company.     6.5   Sales
Procedure. Prior to the commencement of the Company’s quarterly trading window,
any Partner interested in selling Shares through the Sales Program shall
indicate his or her interest in writing, via e-mail, to the Chief Financial
Officer, or such other employee of the Company as may be designated from time to
time, stating the amount of Shares and the minimum sales price for which that
Partner would be interested in selling such Shares. After public announcement of
the Company’s earnings press release, such Partner will be required to confirm,
reduce, increase or decline his or her participation in the Sales Program and
indicate the number of Shares, if any, such Partner is interested in selling. In
the event the aggregate participation level indicated by the Partners is in
excess of the internal limits established by the Company for either the
affiliates and non-affiliates as a single group or as two separate groups (in
each case, a “Group”), such Partners will participate pro rata based on the
percentage derived by dividing the number of Shares such Partner desires to sell
by the aggregate number of Shares all

 

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      participating Partners in a Group desire to sell. In the event the
aggregate participation level indicated by Partners who are affiliates is in
excess of the time and volume limitations set forth in Rule 144 (e)(1) of the
Act, such Partners will participate pro rata among the affiliate group.

  6.6   Manner of Sale. All Shares sold through the Sales Program will be sold
over a period of up to six-weeks in “brokers’ transactions” in compliance with
Rule 144(f) of the Act through a broker or brokers designated by the Company.
The sales price attributed to each Share sold will be the average price received
for all Shares sold during such six-week period.     6.7   Transfer
Restrictions; Gifts. No Partner shall transfer, assign, pledge or hypothecate
any of his or her Shares in any way, except that a Partner may transfer any
vested Shares (other than Options) by way of gift, will or trust to a spouse,
lineal descendant or ancestor (an “Estate Transfer”); provided, that any Estate
Transfer shall, unless otherwise determined by the Executive Committee, be made
in accordance with and subject to the limitations of the Sales Program with the
Estate Transferee agreeing to be bound by the terms of the Sales Program.    
6.8   Death or Disability of a Partner. Upon the death or permanent disability
of a Partner, such Partner’s Shares will cease to be subject to the terms of the
Sales Program.     6.9   Termination. Upon termination of a Partner’s employment
for any reason, vested Shares will continue to be subject to the terms of the
Sales Program, except that any unvested Options and Units will expire
immediately. A Partner that was required to purchase Restricted Shares upon his
or her promotion to partner will be reimbursed for all such unvested Restricted
Stock at the lower of (i) the purchase price paid for such Restricted Stock
pursuant to Section 5.1, together with interest, or (ii) the average of the
closing price of one share of Common Stock on the NASDAQ National Market System
for the ten trading days immediately preceding such Partner’s last day of
employment.     6.10   Pre-Partner and Open Market Purchase Shares. Any shares
owned by a Partner and acquired prior to such individual becoming a Partner or
through the exercise of Options received prior to such individual becoming a
Partner (“Pre-Partner Shares”) and any shares purchased by a Partner in an open
market transaction (including for these purposes shares purchased under the
Company’s Employee Stock Purchase Plan), are not, unless otherwise specified,
subject to the terms of the Sales Program.     6.11   Exemption for De Minimus
Amounts held by Former Partners. Any Partner who has ceased to be a Partner of
the Company or an Affiliate for at least three years (“Former Partner”), will no
longer be subject to the Sales Program if he or she satisfies the following de
minimus holding thresholds:

      Number of years not a Partner

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  Number of Shares Held

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3 years   <50,000 4 years   <75,000 5 years   <100,000

     In addition, any Former Partner holding less than 10,000 shares shall no
longer be subject to the Sales Program.

 

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  6.12   Rule 10b5-1 Plans. Any Partner may enter into a sales plan with his or
her broker that complies with the requirements of Rule 10b5-1(c)(1)(i)(B) under
the Securities Exchange Act of 1934, provided that such plan is approved by the
Executive Committee and establishes sales volumes in any given quarterly period
that are in accordance with and subject to the limitations required by the Sales
Program.     7.   Involuntary Termination. Upon involuntary termination of a
Partner’s employment (as hereinafter defined), in addition to the terms set
forth in Section 6.9 above, such Partner’s vesting schedule for any unvested
Shares that were issued upon election as a Partner will be accelerated by one
year as of the date of notice of termination. For purposes of the Program,
“involuntary termination” means termination for reasons other than resignation
or Cause. A Partner will be deemed to have been terminated for Cause if
terminated for: (i) gross insubordination or a policy violation that is not
cured within 15 days after such Partner’s having received notice from the Chief
Executive Officer, (ii) criminal acts relating to the Company or its client
affairs, or (iii) intentional acts which are materially injurious to the
Company, including disclosing confidential information to an unauthorized third
party.     8.   Administration. The Program shall be administered and
interpreted by the Management Committee. The Management Committee shall be
responsible for the management, operation and administration of the Program. The
Management Committee may designate persons who are Company employees to oversee
the day to day administration of the Program.     9.   Amendment. The Program
may be amended from time to time by recommendation of the Executive Committee to
the Board of Directors and by action of the Board of Directors, subject to
approval of a majority of the Partners. All of the Partners shall be bound by
the terms of any amendments to the Program approved according to the foregoing
procedures.     10.   Governing Law. The Program and all awards made and actions
taken thereunder shall be governed by and construed in accordance with the laws
of the State of Delaware.     11.   No Employment Rights. Nothing contained
herein shall constitute a contract of employment or of continuing service or in
any manner obligate the Company to continue the services of any Partner,
obligate any Partner to continue in the service of the Company, or serve as a
limitation of the right of the Company to discharge any of its Partners pursuant
to the procedures set forth in the Partners’ Operating Agreement. Nothing herein
shall be construed as fixing or regulating the compensation payable to the
Partners.

 

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ADDENDUM No 1.

     This Addendum No. 1 dated January 29, 2004, is entered into by and between
DiamondCluster International, Inc. (the “Company”) and the partners affiliated
with the Company’s strategic business unit (“SBU”) relating to the Company’s
European and Latin American operations (“EULA Operations”) whose names appear on
the signature pages hereto (the “EULA Partners”).

     The terms and conditions of the North America and United Kingdom Partners’
Operating Agreement dated November 13, 2003, including Sections 4, 5, 6 and 7 of
Exhibit A thereto (the “NA/UK POA”), are hereby incorporated herein in their
entirety and made a part hereof, except as modified by the following:

  1.   The term “Management Committee” each time it appears in the NA/UK POA
shall be deemed to refer to and be substituted with the term “EULA Management
Committee.”     2.   The term “NA/UK Operations” shall be deemed to refer to and
be substituted with the term “EULA Operations.”     3.   The term “Partners”
each time it appears in the NA/UK POA shall be deemed to refer to and be
substituted with the term “EULA Partners.”     4.   For purposes of this
Addendum as it relates to EULA Operations, no Management Compensation Committee
or Nominating Committee will be elected by the EULA Partners and the duties of
such Committees shall be carried out by the EULA Management Committee, and all
references to actions taken by the Management Compensation Committee and the
Nominating Committee will be deemed to be actions taken by the EULA Management
Committee.     5.   Only Section 4 (Equity), 5 (Equity Issuances) Section 6
(Partner Equity Sales Program) and Section 7 (Involuntary Termination) of
Exhibit A to the NA/UK POA shall be applicable to and binding upon the EULA
Partners, and all other Sections of Exhibit A shall apply only to the NA/UK
Partners.     6.   The parties acknowledge that neither the NA/UK POA nor this
Addendum addresses or shall govern any existing or future employment agreement
of any EULA Partner. All terms and conditions of any employment agreement
concluded between any EULA Partner and any Affiliate shall remain in full force
and effect. Any severance agreements that may become applicable to any EULA
Partner upon his termination shall not be effected by the NA/UK POA or this
Addendum.

Except as modified by the foregoing, all terms and conditions of the NA/UK POA
and Sections 4, 5, 6 and 7 of Exhibit A thereto shall be fully enforceable
against and applicable to the EULA Operations and the EULA Partners, and any
discrepancies as to the

 

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administration of this Addendum shall be resolved by the Executive Committee,
subject where appropriate to the Board of Directors’ review and/or approval.

     IN WITNESS WHEREOF, the parties have caused this EULA Partners’ Operating
Agreement to be executed as of the date first written above.

DIAMONDCLUSTER INTERNATIONAL, INC.

By: /s/ Melvyn E. Bergstein
Title: Chairman & C.E.O.

PARTNERS: [Signatures on File]

PARTNERS:

     

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Aguirre, Raul
  Kuhn, Ulrich
 
   

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Arias Miguel, José Francisco
  McClayton, R. William
 
   

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Baigorri Insa, Francisco Javier
  Moitry, Jerome
 
   

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Bensoussan, Laurent
  Oliveros, Fernando
 
   

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Font Manté, Victor
  Pamias Romero, Alberto
 
   

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Goette, Thomas
  Puelinckx, Kristoff
 
   

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Gutstein, J. Adam
  Terfloth, Christian
 
   

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Jaspert, Till
  Tesch, Markus
 
   

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Jaugey, Etienne
  Theilmann, Olaf