Exhibit 10.4

SECOND AMENDMENT TO LOAN AGREEMENT

This Second Amendment to Loan Agreement (this "Amendment") is executed effective June 13, 2007, by and
between THOMAS GROUP, INC., a Delaware corporation ("Borrower") and JPMORGAN CHASE BANK, N.A., a national banking association
("Lender").

RECITALS:

A.    Lender
and Borrower executed that certain Credit Agreement dated December 15, 2006 (the "Original Loan Agreement"),
pursuant to which Lender has provided Borrower certain credit facilities.

B.    Lender
and Borrower executed that certain Amendment to Loan Agreement dated February 13, 2007 (the "First
Amendment"), pursuant to which Lender and Borrower amended certain provisions of the Loan Agreement. The Original Loan Agreement, as amended by the First Amendment, is referred
to herein as the "Loan Agreement".

C.    Lender
and Borrower desire to enter into this Amendment to amend the Loan Agreement to reflect the dissolution of a foreign subsidiary of Borrower as more particularly
set forth herein.

AGREEMENTS:

In consideration of the premises and the mutual agreements herein set forth, Borrower and Lender hereby agree as follows:

Article I  Amendments to Loan Agreement

Section 1.01.    Defined Terms.Each capitalized term not otherwise defined herein shall have the meaning
assigned to such term in the Loan Agreement.

Section 1.02.    Waiver of Certain Deliveries.Lender hereby waives (i) delivery of the original
executed stock power with respect to Borrower's equity interest in Thomas Group Hong Kong Limited ("TGHKL"); (ii) delivery of the original stock
certificate of TGHKL representing the shares pledged by Borrower under the Security Documents as set forth in the First Amendment; and (iii) any event of default relating to the subject matter
of subsections (i) and (ii) of thisSection 1.02which has occurred prior to the date of this Amendment. Notwithstanding any
provisions in the Loan Agreement to the contrary, Lender agrees that Borrower is not required to deliver (i) the original executed stock power with respect to Borrower's equity interest in
TGHKL; or (ii) the original stock certificate of TGHKL representing the shares pledged by Borrower under the Security Documents as set forth in the First Amendment. The waiver contained in this Section 1.02shall apply exclusively to the items referenced in thisSection 1.02and
shall in no way be deemed a waiver of any of the terms or provisions of, or any of Lender's other rights, powers or remedies under, the Loan Agreement or any of the other Loan Documents.

Section 1.03.    Evidence of Dissolution of TGHKL.Borrower shall deliver, or cause to be delivered to
Lender, on a quarterly basis beginning July 1, 2007, an officer's certificate of Borrower certifying that (i) Borrower is diligently pursuing the dissolution of TGHKL under the laws of
its jurisdiction of organization; and (ii) TGHKL has no employees, assets or liabilities as of the date of such officer's certificate. The requirements of this Section 1.03shall terminate on
the date that Borrower delivers to Lender evidence satisfactory to Lender, in Lender's sole discretion, that:
(i) TGHKL has been duly dissolved under the laws of its jurisdiction of organization; and (ii) TGHKL has no employees, assets or liabilities following such dissolution.

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Article II  Conditions Precedent

Section 2.01.    Conditions Precedent.This Amendment shall be effective when Borrower and Lender shall have
delivered, or caused to be delivered, to each other, executed counterparts of this Amendment.

Article III  Ratification, Representations and Warranties

Section 3.01.    Ratification.Except as expressly modified by this Amendment, the terms and provisions of
the Loan Agreement and the other Loan Documents are ratified and confirmed and shall continue in full force and effect. Borrower and Lender agree that the Loan Agreement, as amended hereby, and the
other Loan Documents shall continue to be legal, valid, binding and enforceable in accordance with their respective terms. Nothing herein shall in any manner diminish, impair or extinguish the Note,
any of the indebtedness evidenced thereby, any of the other Loan Documents.

Section 3.02.    Representations and Warranties.Borrower hereby represents and warrants to Lender that
(i) the execution, delivery and performance of this Amendment and any and all other Loan Documents executed and/or delivered in connection herewith have been authorized by all requisite
corporate action on the part of Borrower and will not violate any organizational document of Borrower; (ii) the representations and warranties contained in the Loan Agreement, as amended
hereby, and any other Loan Document are true and correct on and as of the date hereof as though made on and as of the date hereof, except to the extent such representations and warranties relate to an
earlier date; and (iii) TGHKL has no employees, assets or liabilities of any kind on and as of the date hereof.

Article IV  Miscellaneous

Section 4.01.    Survival of Representations and Warranties.All representations and warranties made in the
Loan Agreement or any other document or documents relating thereto, including, without limitation, any Loan Document furnished in connection with this Amendment, shall survive the execution and
delivery of this Amendment and the other Loan Documents.

Section 4.02.    Reference to Loan Agreement.Any reference in the Loan Documents to the Loan Agreement
shall mean a reference to the Loan Agreement, as amended hereby.

Section 4.03.    Severability.Any provision of this Amendment held by a court of competent jurisdiction to
be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable.

Section 4.04.APPLICABLE LAW.THIS AMENDMENT AND ALL
OTHER LOAN DOCUMENTS EXECUTED PURSUANT HERETO SHALL BE DEEMED TO HAVE BEEN MADE AND TO BE PERFORMABLE IN DALLAS, TEXAS, AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF TEXAS.

Section 4.05.    Successors and Assigns.This Amendment is binding upon and shall inure to the benefit of
Lender and Borrower and their respective successors and assigns, except Borrower may not assign or transfer any of its rights or obligations hereunder without the prior written consent of Lender.

Section 4.06.    Counterparts.This Amendment may be executed in one or more counterparts, each of which
when so executed shall be deemed to be an original, but all of which when taken together shall constitute one and the same instrument.

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Section 4.07.RELEASE.

(a)BORROWER, ON BEHALF OF ITSELF AND ITS SUCCESSORS AND ASSIGNS, AND EACH OF THE GUARANTORS, IF ANY, (COLLECTIVELY AND INDIVIDUALLY,
'BORROWER PARTIES'), HEREBY FULLY, FINALLY AND COMPLETELY RELEASES AND FOREVER DISCHARGES LENDER AND ITS RESPECTIVE SUCCESSORS, ASSIGNS, AFFILIATES,
SUBSIDIARIES, PARENTS, OFFICERS, SHAREHOLDERS, DIRECTORS, EMPLOYEES, ATTORNEYS, AGENTS AND PROPERTIES, PAST, PRESENT AND FUTURE, AND THEIR RESPECTIVE HEIRS, SUCCESSORS AND ASSIGNS (COLLECTIVELY AND
INDIVIDUALLY, 'LENDER PARTIES'), OF AND FROM ANY AND ALL CLAIMS, CONTROVERSIES, DISPUTES, LIABILITIES, OBLIGATIONS, DEMANDS, DAMAGES, DEBTS, LIENS,
ACTIONS AND CAUSES OF ACTION OF ANY AND EVERY NATURE WHATSOEVER, KNOWN OR UNKNOWN, WHETHER AT LAW, BY STATUTE OR IN EQUITY, IN CONTRACT OR IN TORT, UNDER STATE OR FEDERAL JURISDICTION, AND WHETHER OR
NOT THE ECONOMIC EFFECTS OF SUCH ALLEGED MATTERS ARISE OR ARE DISCOVERED IN THE FUTURE, WHICH BORROWER PARTIES HAVE AS OF THE DATE OF THIS AMENDMENT ('BORROWER'S EXECUTION
DATE') OR MAY CLAIM TO HAVE AGAINST LENDER PARTIES (COLLECTIVELY, 'CLAIMS') ARISING OUT OF OR WITH RESPECT TO: (I) ANY
AND ALL TRANSACTIONS RELATING TO THE LOAN OR THE LOAN DOCUMENTS OCCURRING ON OR BEFORE THE BORROWER'S EXECUTION DATE, INCLUDING ANY LOSS, COST OR DAMAGE OF ANY KIND OR CHARACTER ARISING OUT OF OR IN
ANY WAY CONNECTED WITH OR IN ANY WAY RESULTING FROM THE ACTS, ACTIONS OR OMISSIONS OF LENDER PARTIES OCCURRING ON OR BEFORE THE BORROWER'S EXECUTION DATE, AND (II) ANY ALLEGED BREACH BY LENDER
OF ANY AGREEMENT, DUTY OR OBLIGATION RELATING TO THE LOAN OR THE LOAN DOCUMENTS OCCURRING ON OR BEFORE THE BORROWER'S EXECUTION DATE OR ALLEGED DISCRIMINATORY OR PREDATORY ACTIONS OR LENDING BY LENDER
RELATING TO THE LOAN OR THE LOAN DOCUMENTS OCCURRING ON OR BEFORE THE BORROWER'S EXECUTION DATE. THE FOREGOING RELEASE ('RELEASE') IS INTENDED TO BE,
AND IS, A FULL, COMPLETE AND GENERAL RELEASE IN FAVOR OF LENDER PARTIES WITH RESPECT TO ALL CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION AND OTHER MATTERS DESCRIBED THEREIN, INCLUDING SPECIFICALLY,
WITHOUT LIMITATION, ANY CLAIMS, DEMANDS OR CAUSES OF ACTION BASED UPON ALLEGATIONS OF NEGLIGENCE, GROSS NEGLIGENCE, WILLFUL MISCONDUCT, TORTUOUS INTERFERENCE WITH ANY BUSINESS RELATIONSHIP, AGREEMENT,
OR PROSPECT OR OPPORTUNITY, RECKLESSNESS, BREACH OF DUTY, BREACH BY LENDER OF ANY AGREEMENT, DUTY OR OBLIGATION, BREACH OF FIDUCIARY DUTY, BREACH OF ANY ALLEGED DUTY OF FAIR DEALING IN GOOD FAITH, OR
ANY OTHER THEORY, CAUSE OF ACTION, OCCURRENCE, MATTER OR THING WHICH MIGHT RESULT IN LIABILITY UPON LENDER PARTIES ARISING OR OCCURRING ON OR BEFORE THE BORROWER'S EXECUTION DATE. BORROWER PARTIES
UNDERSTAND AND AGREE THAT THE FOREGOING GENERAL RELEASE IS IN CONSIDERATION FOR THE AGREEMENTS OF LENDER CONTAINED HEREIN AND THAT THEY WILL RECEIVE NO FURTHER CONSIDERATION FOR SUCH RELEASE. THE
PURPOSE OF THIS RELEASE IS TO RELEASE CLAIMS. NOTHING IN THIS RELEASE IS AN ADMISSION OF MERIT OR LIABILITY REGARDING ANY CLAIM RELEASED HEREIN.

(b)   Each
of the Borrower Parties represents and warrants to Lender that it: (i) read this Release and understands all of the terms and conditions hereof;
(ii) agrees to this Release voluntarily with full knowledge of the significance of this Release and execution hereof, and (iii) has been represented by its own legal counsel and has been
advised by counsel concerning this Release and the other terms of this Amendment. The Borrower Parties agree to assume the risk of any and all unknown, unanticipated, or misunderstood Claims that are
released hereby.

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(c)   Each
of the Borrower Parties represents and warrants to Lender that it has not assigned or otherwise transferred to any person or to any entity prior to the execution of
this Release any alleged Claims that it has or may have had against any of the Released Parties.

(d)   Each
of the Borrower Parties represents and warrants to Lender that as of the Borrower's Execution Date, other than what has been released in this Release, it is not
aware of any events, facts or grounds that provide, or could provide, the basis for any disputes, Claims, actions, lawsuits, arbitrations or administrative claims of any sort against any of the
Released Parties.

(e)   Each
of the Borrower Parties represents and warrants to Lender that: (i) no promise or inducements or other consideration, other than as stated herein, has been
offered or accepted by any of the Borrower Parties in exchange for the Release; and (ii) the Release is executed without reliance by any of the Borrower Parties upon any oral statements or
representations by any of the Released Parties or any other party or their representatives.

NOTICE PURSUANT TO TEX. BUS. & COMM. CODE §26.02.

THIS AMENDMENT AND ALL OTHER LOAN DOCUMENTS EXECUTED BY ANY OF THE PARTIES BEFORE OR SUBSTANTIALLY CONTEMPORANEOUSLY WITH THE EXECUTION HEREOF, TOGETHER CONSTITUTE A WRITTEN
LOAN AGREEMENT WHICH REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO
UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

[Signature Page to Follow]

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EXECUTED
as of the date first set forth above.

| |  | "LENDER"                 
| |  | -------------------------
| |  | JPMORGAN CHASE BANK, N.A.
| |  | By:                      
| |  |                          
| |  |                          
| |  | "BORROWER"               
| |  | THOMAS GROUP, INC.       
| |  | By:                      
| |  |                          
| |  |                          

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