Document:

EXHIBIT 4.1
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                    JONES LANG LASALLE INCORPORATED
                      DEFERRED COMPENSATION PLAN

                       Effective January 1, 2004

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                           TABLE OF CONTENTS

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ARTICLE 1  Definitions. . . . . . . . . . . . . . . . . . . . .   1

ARTICLE 2  Selection, Enrollment, Eligibility . . . . . . . . .   8

           2.1  Selection by Committee. . . . . . . . . . . . .   8

           2.2  Enrollment Requirements . . . . . . . . . . . .   8

           2.3  Eligibility; Commencement of Participation. . .   8

           2.4  Termination of Participation
                and/or Deferrals. . . . . . . . . . . . . . . .   8

ARTICLE 3  Deferrals. . . . . . . . . . . . . . . . . . . . . .   8

           3.1  Minimum Deferrals . . . . . . . . . . . . . . .   8

           3.2  Maximum Deferral. . . . . . . . . . . . . . . .   9

           3.3  Election to Defer; Effect of Election Form. . .  10

           3.4  Withholding and Crediting of
                Annual Deferral Amounts . . . . . . . . . . . .  11

           3.5  Company Contribution Amount . . . . . . . . . .  12

           3.6  Company Restoration Matching Amount . . . . . .  12

           3.7  SOP Amount. . . . . . . . . . . . . . . . . . .  12

           3.8  Restricted Stock Amount . . . . . . . . . . . .  12

           3.9  Stock Option Gain Amount. . . . . . . . . . . .  13

           3.10 Vesting . . . . . . . . . . . . . . . . . . . .  13

           3.11 Crediting/Debiting of Account Balances. . . . .  14

           3.12 FICA and Other Taxes. . . . . . . . . . . . . .  16

ARTICLE 4  Deduction Limitation . . . . . . . . . . . . . . . .  17

           4.1  Deduction Limitation on Benefit Payments. . . .  17

ARTICLE 5  In-Service Distribution;
           Unforeseeable Financial Emergencies. . . . . . . . .  17

           5.1  In-Service Distribution . . . . . . . . . . . .  17

           5.2  Other Benefits Take Precedence
                Over In-Service Distributions . . . . . . . . .  18

           5.3  Withdrawal Payout/Suspensions for
                Unforeseeable Financial Emergencies . . . . . .  18

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ARTICLE 6  Change In Control Benefit. . . . . . . . . . . . . .  18

           6.1  Change in Control Benefit . . . . . . . . . . .  18

           6.2  Payment of Change in Control Benefit. . . . . .  19

ARTICLE 7  Retirement Benefit . . . . . . . . . . . . . . . . .  19

           7.1  Retirement Benefit. . . . . . . . . . . . . . .  19

           7.2  Payment of Retirement Benefit . . . . . . . . .  19

ARTICLE 8  Termination Benefit. . . . . . . . . . . . . . . . .  19

           8.1  Termination Benefit . . . . . . . . . . . . . .  19

           8.2  Payment of Termination Benefit. . . . . . . . .  19

ARTICLE 9  Disability Waiver and Benefit. . . . . . . . . . . .  20

           9.1  Disability Waiver . . . . . . . . . . . . . . .  20

           9.2  Continued Eligibility; Disability Benefit . . .  20

ARTICLE 10 Survivor Benefit . . . . . . . . . . . . . . . . . .  21

           10.1  Survivor Benefit . . . . . . . . . . . . . . .  21

           10.2  Payment of Survivor Benefit. . . . . . . . . .  21

ARTICLE 11 Beneficiary Designation. . . . . . . . . . . . . . .  21

           11.1  Beneficiary. . . . . . . . . . . . . . . . . .  21

           11.2  Beneficiary Designation; Change of
                 Beneficiary Designation. . . . . . . . . . . .  21

           11.3  Acknowledgement. . . . . . . . . . . . . . . .  22

           11.4  No Beneficiary Designation . . . . . . . . . .  22

           11.5  Doubt as to Beneficiary. . . . . . . . . . . .  22

           11.6  Discharge of Obligations . . . . . . . . . . .  22

ARTICLE 12 Leave of Absence . . . . . . . . . . . . . . . . . .  22

           12.1  Paid Leave of Absence. . . . . . . . . . . . .  22

           12.2  Unpaid Leave of Absence. . . . . . . . . . . .  22

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ARTICLE 13 Termination, Amendment or Modification . . . . . . .  23

           13.1  Termination. . . . . . . . . . . . . . . . . .  23

           13.2  Amendment. . . . . . . . . . . . . . . . . . .  23

           13.3  Plan Agreement . . . . . . . . . . . . . . . .  24

           13.4  Effect of Payment. . . . . . . . . . . . . . .  24

ARTICLE 14 Administration . . . . . . . . . . . . . . . . . . .  24

           14.1  Committee Duties . . . . . . . . . . . . . . .  24

           14.2  Administration Upon Change In Control. . . . .  24

           14.3  Agents . . . . . . . . . . . . . . . . . . . .  25

           14.4  Binding Effect of Decisions. . . . . . . . . .  25

           14.5  Indemnity of Committee . . . . . . . . . . . .  25

           14.6  Employer Information . . . . . . . . . . . . .  25

ARTICLE 15 Other Benefits and Agreements. . . . . . . . . . . .  25

           15.1  Coordination with Other Benefits . . . . . . .  25

ARTICLE 16 Claims Procedures. . . . . . . . . . . . . . . . . .  26

           16.1  Presentation of Claim. . . . . . . . . . . . .  26

           16.2  Notification of Decision . . . . . . . . . . .  26

           16.3  Review of a Denied Claim . . . . . . . . . . .  27

           16.4  Decision on Review . . . . . . . . . . . . . .  27

           16.5  Legal Action . . . . . . . . . . . . . . . . .  27

ARTICLE 17 Trust. . . . . . . . . . . . . . . . . . . . . . . .  27

           17.1  Establishment of the Trust . . . . . . . . . .  27

           17.2  Interrelationship of the Plan
                 and the Trust. . . . . . . . . . . . . . . . .  27

           17.3  Distributions From the Trust . . . . . . . . .  27

ARTICLE 18 Miscellaneous. . . . . . . . . . . . . . . . . . . .  28

           18.1  Status of Plan . . . . . . . . . . . . . . . .  28

           18.2  Unsecured General Creditor . . . . . . . . . .  28

           18.3  Employer's Liability . . . . . . . . . . . . .  28

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           18.4  Nonassignability . . . . . . . . . . . . . . .  29

           18.5  Not a Contract of Employment . . . . . . . . .  29

           18.6  Furnishing Information . . . . . . . . . . . .  29

           18.7  Terms. . . . . . . . . . . . . . . . . . . . .  29

           18.8  Captions . . . . . . . . . . . . . . . . . . .  29

           18.9  Governing Law. . . . . . . . . . . . . . . . .  29

           18.10 Notice . . . . . . . . . . . . . . . . . . . .  29

           18.11 Successors . . . . . . . . . . . . . . . . . .  30

           18.12 Spouse's Interest. . . . . . . . . . . . . . .  30

           18.13 Validity . . . . . . . . . . . . . . . . . . .  30

           18.14 Incompetent. . . . . . . . . . . . . . . . . .  30

           18.15 Court Order. . . . . . . . . . . . . . . . . .  30

           18.16 Distribution in the Event of Taxation. . . . .  30

           18.17 Insurance. . . . . . . . . . . . . . . . . . .  31

           18.18 Legal Fees To Enforce Rights After Change
                 in Control . . . . . . . . . . . . . . . . . .  31

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                    JONES LANG LASALLE INCORPORATED
                      DEFERRED COMPENSATION PLAN
                       Effective January 1, 2004

                                PURPOSE
                                -------

     The purpose of this Plan is to provide specified benefits to a select
group of management or highly compensated Employees and Directors to induce
them to contribute materially to the continued growth, development and
business success of Jones Lang LaSalle Incorporated, a Maryland
corporation, and those subsidiaries, if any, that participate in the Plan.
This Plan shall be unfunded for tax purposes and for purposes of Title I of
ERISA.

                               ARTICLE 1

                              DEFINITIONS
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     For the purposes of this Plan, unless otherwise clearly apparent from
the context, the following phrases or terms shall have the following
indicated meanings:

1.1  "Account Balance" shall mean, with respect to a Participant, a credit
     on the records of the Employer equal to the sum of (i) the Deferral
     Account balance, (ii) the Company Contribution Account balance,
     (iii) the Company Restoration Matching Account balance, (iv) the SOP
     Account balance, (v) the Restricted Stock Account balance, and (vi)
     the Stock Option Gain Account balance.  The Account Balance, and each
     other specified account balance, shall be a bookkeeping entry only
     and shall be utilized solely as a device for the measurement and
     determination of the amounts to be paid to a Participant, or his or
     her designated Beneficiary, pursuant to this Plan.

1.2  "Annual Deferral Amount" shall mean that portion of a Participant's
     Base Salary, Bonus, Director Fees and LTIP Amounts that a Participant
     defers in accordance with Article 3 for any one Plan Year.  In the
     event of a Participant's Retirement, Disability (if deferrals cease
     in accordance with Section 9.1), death or a Termination of Employment
     prior to the end of a Plan Year, such year's Annual Deferral Amount
     shall be the actual amount withheld prior to such event.

1.3  "Annual Installment Method" shall be an annual installment payment
     over the number of years selected by the Participant in accordance
     with this Plan, calculated as follows: (i) for the first annual
     installment, the vested Account Balance of the Participant shall be
     calculated as of the close of business on or around the date on which
     the Participant Retires or is deemed to have Retired in accordance
     with Section 9.2(c), as determined by the Committee in its sole
     discretion, and (ii) for remaining annual installments, the vested
     Account Balance of the Participant shall be calculated on every
     applicable anniversary of the date on which the Participant Retires
     or is deemed to have Retired in accordance with Section 9.2(c).  Each
     annual installment shall be calculated by multiplying this balance by
     a fraction, the numerator of which is one and the denominator of
     which is the remaining number of annual payments due the Participant.
     By way of example, if the Participant elects a ten (10) year Annual
     Installment Method, the first payment shall be 1/10 of the vested
     Account Balance, calculated as described in this definition.  The
     following year, the payment shall be 1/9 of the vested Account
     Balance, calculated as described in this definition.  Shares of Stock

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     that shall be distributable from the Stock Option Gain Account, the
     SOP Account and the Restricted Stock Account shall be distributable
     in shares of actual Stock in the same manner previously described.
     However, the Committee may, in its sole discretion, (i) adjust the
     annual installments in order to distribute whole shares of actual
     Stock and/or (ii) accelerate the distribution of such actual shares
     of Stock by payment of a lump sum.

1.4  "Base Salary" shall mean the annual cash compensation relating to
     services performed during any calendar year, excluding distributions
     from nonqualified deferred compensation plans, bonuses, commissions,
     overtime, fringe benefits, stock options, relocation expenses,
     incentive payments, non-monetary awards, director fees and other
     fees, and automobile and other allowances paid to a Participant for
     employment services rendered (whether or not such allowances are
     included in the Employee's gross income).  Base Salary shall be
     calculated before reduction for compensation voluntarily deferred or
     contributed by the Participant pursuant to all qualified or
     non-qualified plans of any Employer and shall be calculated to
     include amounts not otherwise included in the Participant's gross
     income under Code Sections 125, 402(e)(3), 402(h), or 403(b) pursuant
     to plans established by any Employer; provided, however, that all
     such amounts will be included in compensation only to the extent that
     had there been no such plan, the amount would have been payable in
     cash to the Employee.

1.5  "Beneficiary" shall mean one or more persons, trusts, estates or
     other entities, designated in accordance with Article 11, that are
     entitled to receive benefits under this Plan upon the death of a
     Participant.

1.6  "Beneficiary Designation Form" shall mean the form established from
     time to time by the Committee that a Participant completes, signs and
     returns to the Committee to designate one or more Beneficiaries.

1.7  "Board" shall mean the board of directors of the Company.

1.8  "Bonus" shall mean any cash compensation, in addition to Base Salary
     and LTIP Amounts, payable to a Participant during a Plan Year, under
     any Employer's annual bonus and cash incentive plans.

1.9  "Change in Control" shall mean the first to occur of any of the
     following events:

     (a)   Any "person" (as that term is used in Section 13 and 14(d)(2)
           of the Securities Exchange Act of 1934 ("Exchange Act"))
           becomes the beneficial owner (as that term is used in
           Section 13(d) of the Exchange Act), directly or indirectly, of
           fifty percent (50%) or more of the Company's capital stock
           entitled to vote in the election of the Board;

     (b)   During any period of not more than two consecutive years, not
           including any period prior to the adoption of this Plan,
           individuals who, at the beginning of such period constitute the
           Board, and any new director (other than a director designated
           by a person who has entered into an agreement with the Company
           to effect a transaction described in clause (a), (c), (d) or
           (e) of this Section 1.9) whose election by the Board or
           nomination for election by the Company's stockholders was
           approved by a vote of at least three-fourths (3/4ths) of the
           Board then still in office, who either were Board members at
           the beginning of the period or whose election or nomination for
           election was previously so approved, cease for any reason to
           constitute at least a majority thereof;

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     (c)   The shareholders of the Company approve any consolidation or
           merger of the Company, other than a consolidation or merger of
           the Company in which the holders of the common stock of the
           Company immediately prior to the consolidation or merger hold
           more than fifty percent (50%) of the common stock of the
           surviving corporation immediately after the consolidation or
           merger;

     (d)   The shareholders of the Company approve any plan or proposal
           for the liquidation or dissolution of the Company; or

     (e)   The shareholders of the Company approve the sale or transfer of
           all or substantially all of the assets of the Company to
           parties that are not within a "controlled group of
           corporations" (as defined in Code Section 1563) in which the
           Company is a member.

1.10 "Change in Control Benefit" shall have the meaning set forth in
     Article 6.

1.11 "Claimant" shall have the meaning set forth in Section 16.1.

1.12 "Code" shall mean the Internal Revenue Code of 1986, as it may be
     amended from time to time.

1.13 "Committee" shall mean the committee described in Article 14.

1.14 "Company" shall mean Jones Lang LaSalle Incorporated, a Maryland
     corporation, and any successor to all or substantially all of the
     Company's assets or business.

1.15 "Company Contribution Account" shall mean (i) the sum of the
     Participant's Company Contribution Amounts, plus (ii) amounts
     credited or debited to the Participant's Company Contribution Account
     in accordance with this Plan, less (iii) all distributions made to
     the Participant or his or her Beneficiary pursuant to this Plan that
     relate to the Participant's Company Contribution Account.

1.16 "Company Contribution Amount" shall mean, for any one Plan Year, the
     amount determined in accordance with Section 3.5.

1.17 "Company Restoration Matching Account" shall mean (i) the sum of all
     of a Participant's Company Restoration Matching Amounts, plus (ii)
     amounts credited or debited to the Participant's Company Restoration
     Matching Account in accordance with this Plan, less (iii) all
     distributions made to the Participant or his or her Beneficiary
     pursuant to this Plan that relate to the Participant's Company
     Restoration Matching Account.

1.18 "Company Restoration Matching Amount" for any one Plan Year shall be
     the amount determined in accordance with Section 3.6.

1.19 "Deduction Limitation" shall mean the limitation on a benefit that
     may otherwise be distributable pursuant to the provisions of this
     Plan, as set forth in Article 4.

1.20 "Deferral Account" shall mean (i) the sum of all of a Participant's
     Annual Deferral Amounts, plus (ii) amounts credited or debited to the
     Participant's Deferral Account in accordance with this Plan, less
     (iii) all distributions made to the Participant or his or her
     Beneficiary pursuant to this Plan that relate to his or her Deferral
     Account.

1.21 "Director" shall mean any member of the board of directors of any
     Employer.

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1.22 "Director Fees" shall mean the annual fees paid by any Employer,
     including retainer fees and meetings fees, as compensation for
     serving on the board of directors.

1.23 "Disability" or "Disabled" shall mean a determination that a
     Participant is disabled made by either (i) the carrier of any
     individual or group disability insurance policy, sponsored by the
     Participant's Employer, or (ii) the Social Security Administration.
     Upon request by the Company, the Participant must submit proof of the
     carrier's or Social Security Administration's determination.

1.24 "Disability Benefit" shall mean the benefit set forth in Article 9.

1.25 "Election Form" shall mean the form established from time to time by
     the Committee that a Participant completes, signs and returns to the
     Committee to make an election under the Plan.

1.26 "Eligible Stock Option" shall mean one or more non-qualified stock
     option(s) (including incentive stock options disqualified as such and
     treated as non-qualified options under the Code) selected by the
     Committee in its sole discretion and exercisable under a plan or
     arrangement of Jones Lang LaSalle Incorporated or any Employer
     permitting a Participant under this Plan to defer gain with respect
     to such option.

1.27 "Employee" shall mean a person who is an employee of any Employer.

1.28 "Employer(s)" shall mean the Company and/or any of its subsidiaries
     (now in existence or hereafter formed or acquired) that have been
     selected by the Board to participate in the Plan.

1.29 "ERISA" shall mean the Employee Retirement Income Security Act of
     1974, as it may be amended from time to time.

1.30 "401(k) Plan" shall be that certain Jones Lang LaSalle Incorporated
     Savings and Retirement Plan, originally adopted by the Company
     effective July 1, 1977, as it may be amended from time to time.

1.31 "In-Service Distribution" shall mean the distribution set forth in
     Section 5.1.

1.32 "LTIP Amounts" shall mean any compensation payable to a Participant
     as an Employee under any Employer's long-term incentive plan or any
     other long-term incentive arrangement designated by the Committee.

1.33 "Measurement Funds" shall have the meaning set forth in Section
     3.11(a).

1.34 "Participant" shall mean any Employee or Director (i) who is selected
     by the Committee to participate in the Plan, (ii) who elects to
     participate in the Plan, (iii) who signs a Plan Agreement, an
     Election Form and a Beneficiary Designation Form, (iv) whose signed
     Plan Agreement, Election Form and Beneficiary Designation Form are
     accepted by the Committee, (v) who commences participation in the
     Plan, and (vi) whose Plan Agreement has not terminated.  A spouse or
     former spouse of a Participant shall not be treated as a Participant
     in the Plan or have an account balance under the Plan, even if he or
     she has an interest in the Participant's benefits under the Plan as a
     result of applicable law or property settlements resulting from legal
     separation or divorce.

1.35 "Plan" shall mean the Jones Lang LaSalle Incorporated Deferred
     Compensation Plan, which shall be evidenced by this instrument and by
     each Plan Agreement, as they may be amended from time to time.

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1.36 "Plan Agreement" shall mean a written agreement, as may be amended
     from time to time, which is entered into by and between an Employer
     and a Participant.  Each Plan Agreement executed by a Participant and
     the Participant's Employer shall provide for the entire benefit to
     which such Participant is entitled under the Plan; should there be
     more than one Plan Agreement, the Plan Agreement bearing the latest
     date of acceptance by the Employer shall supersede all previous Plan
     Agreements in their entirety and shall govern such entitlement.  The
     terms of any Plan Agreement may be different for any Participant, and
     any Plan Agreement may provide additional benefits not set forth in
     the Plan or limit the benefits otherwise provided under the Plan;
     provided, however, that any such additional benefits or benefit
     limitations must be agreed to by both the Employer and the
     Participant.

1.37 "Plan Year" shall mean a period beginning on January 1 of each
     calendar year and continuing through December 31 of such calendar
     year.

1.38 "Qualifying Gain" shall mean the incremental value inuring to a
     Participant upon the exercise of an Eligible Stock Option, using a
     Stock-for-Stock payment method, during any Plan Year.  For purposes
     of this section, the phrase "Stock-for-Stock payment method" shall,
     in all events, be limited to the Participant's delivery of a properly
     executed statement in which he or she attests to ownership of the
     number of shares required to exercise the Eligible Stock Option,
     rather than actual delivery of such shares.  Such incremental value
     shall be deliverable to the Participant in the form of additional
     shares of Stock and shall be computed as follows: (i) the total fair
     market value of the shares of Stock held/acquired as a result of the
     exercise of an Eligible Stock Option using a Stock-for-Stock payment
     method, minus (ii) the total exercise price.  For example, assume a
     Participant elects to exercise an Eligible Stock Option to purchase
     1,000 shares of Stock at an exercise price of $20 per share (i.e., a
     total exercise price of $20,000), when the Stock has a current fair
     market value of $25 per share (i.e., a total current fair market
     value of $25,000) and elects to defer one hundred (100) percent of
     the Qualifying Gain (i.e., $5,000).  Using the Stock-for-Stock
     payment method, the Participant would deliver a properly executed
     statement attesting to ownership of 800 shares of Stock (worth
     $20,000 at exercise) to exercise the Eligible Stock Option and would
     receive, in return, a Qualifying Gain, in the form of an unfunded and
     unsecured promise by the Company for 200 shares of Stock in the
     future (worth $5,000 at exercise).  The number of additional shares
     of Stock deliverable to the Participant in the future as a result of
     the Qualifying Gain shall be fixed and determined as of the date of
     the exercise of the Eligible Stock Option using the closing price of
     the Stock as of the end of the business day closest to the date of
     such exercise.

1.39 "Restricted Stock" shall mean rights to receive unvested shares of
     restricted stock selected by the Committee in its sole discretion and
     awarded to the Participant under any Jones Lang LaSalle Incorporated
     stock incentive plan.

1.40 "Restricted Stock Account" shall mean the aggregate value, measured
     on any given date, of (i) the number of shares of Restricted Stock
     deferred by a Participant as a result of all Restricted Stock
     Amounts, plus (ii) the number of additional shares credited to a
     Participant's Restricted Stock Account as a result of the deemed
     reinvestment of dividends in accordance with this Plan, less (iii)
     the number of shares of Restricted Stock previously distributed to
     the Participant or his or her Beneficiary pursuant to this Plan,
     subject in each case to any adjustments to the number of such shares
     determined by the Committee with respect to the Jones Lang LaSalle
     Stock Unit Fund pursuant to Section 3.11.  This portion of the
     Participant's Account Balance shall only be distributable in actual
     shares of Stock.

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1.41 "Restricted Stock Amount" shall mean, with respect to a Participant
     for any one Plan Year, the amount of Restricted Stock deferred in
     accordance with Section 3.8 of this Plan, calculated using the
     closing price of Stock at the end of the business day closest to the
     date such Restricted Stock would otherwise vest, but for the election
     to defer.  In the event of a Participant's Retirement, Disability (if
     deferrals cease in accordance with Section 9.1), death or a
     Termination of Employment prior to the end of a Plan Year, such
     year's Restricted Stock Amount shall be the actual amount withheld
     prior to such event.

1.42 "Retirement", "Retire(s)" or "Retired" shall mean, with respect to an
     Employee, severance from employment from all Employers for any reason
     other than a leave of absence, death or Disability on or after the
     earlier of the attainment of (a) age sixty-five (65) or (b) age sixty
     (60) with ten (10) Years of Service; and shall mean with respect to a
     Director who is not an Employee, severance of his or her
     directorships with all Employers on or after the later of (y) the
     attainment of age seventy (70), or (z) in the sole discretion of the
     Committee, an age later than age seventy (70). Notwithstanding the
     preceding sentence, if a Participant's employment terminates, and
     such Participant is not otherwise eligible to Retire, the Committee
     may, in its sole discretion, deem such Participant to have Retired
     for purposes of this Plan. If a Participant is both an Employee and a
     Director, Retirement shall not occur until he or she Retires as both
     an Employee and a Director.  Retirement under the preceding sentence
     shall be deemed to be a Retirement as a Director.  A Participant who
     is both an Employee and a Director may elect, at least three years
     prior to Retirement and in accordance with the policies and
     procedures established by the Committee, to Retire for purposes of
     this Plan at the time he or she Retires as an Employee, which
     Retirement shall be deemed to be a Retirement as an Employee.

1.43 "Retirement Benefit" shall mean the benefit set forth in Article 7.

1.44 "SOP Account" shall mean the aggregate value, measured on any given
     date, of (i) the number of shares of SOP Stock deferred by a
     Participant as a result of all SOP Amounts, plus (ii) the number of
     additional shares credited to a Participant's SOP Account as a result
     of the deemed reinvestment of dividends in accordance with this Plan,
     less (iii) the number of shares of SOP Stock previously distributed
     to the Participant or his or her Beneficiary pursuant to this Plan,
     subject in each case to any adjustments to the number of such shares
     determined by the Committee with respect to the Jones Lang LaSalle
     Stock Unit Fund pursuant to Section 3.11.  This portion of the
     Participant's Account Balance shall only be distributable in actual
     shares of Stock.

1.45 "SOP Amount" shall mean, with respect to a Participant for any one
     Plan Year, the amount of SOP Stock deferred in accordance with
     Section 3.7 of this Plan, calculated using the closing price of Stock
     at the end of the business day closest to the date such SOP Stock
     would otherwise vest, but for the election to defer.  In the event of
     a Participant's Retirement, Disability (if deferrals cease in
     accordance with Section 9.1), death or a Termination of Employment
     prior to the end of a Plan Year, such year's SOP Amount shall be the
     actual amount withheld prior to such event.

1.46 "SOP Stock" shall mean shall mean rights to receive unvested shares
     of Stock selected by the Committee in its sole discretion and awarded
     to the Participant under the Jones Lang LaSalle Incorporated Amended
     and Restated Stock Award and Incentive Plan, as it may be amended
     from time to time.

1.47 "Stock" shall mean Jones Lang LaSalle Incorporated common stock, $.01
     par value, or any other equity securities of the Company designated
     by the Committee.

                                   6

<PAGE>

1.48 "Stock Option Gain Account" shall mean the aggregate value, measured
     on any given date, of (i) the number of shares of Stock deferred by a
     Participant as a result of all Stock Option Gain Amounts, plus (ii)
     the number of additional shares credited to a Participant's Stock
     Option Gain Account as a result of the deemed reinvestment of
     dividends in accordance with this Plan, less (iii) the number of such
     shares of Stock previously distributed to the Participant or his or
     her Beneficiary pursuant to this Plan, subject in each case to any
     adjustments to the number of such shares determined by the Committee
     with respect to the Jones Lang LaSalle Stock Unit Fund pursuant to
     Section 3.11.  This portion of the Participant's Account Balance
     shall only be distributable in actual shares of Stock.

1.49 "Stock Option Gain Amount" shall mean, with respect to a Participant
     for any one Plan Year, the portion of Qualifying Gains deferred with
     respect to an Eligible Stock Option exercise, in accordance with
     Section 3.9 of this Plan.  In the event of a Participant's
     Retirement, Disability (if deferrals cease in accordance with Section
     9.1), death or a Termination of Employment prior to the end of a Plan
     Year, such year's Stock Option Gain Amount shall be the actual amount
     withheld prior to such event.

1.50 "Survivor Benefit" shall mean the benefit set forth in Article 10.

1.51 "Termination Benefit" shall mean the benefit set forth in Article 8.

1.52 "Termination of Employment" shall mean the severing of employment of
     a Participant with all Employers, or service as a Director,
     voluntarily or involuntarily, for any reason other than Retirement,
     Disability, death or an authorized leave of absence.  If a
     Participant is both an Employee and a Director, a Termination of
     Employment shall occur only upon the termination of the last position
     held.  A Participant who is both an Employee and a Director may
     elect, at least three years before Termination of Employment and in
     accordance with the policies and procedures established by the
     Committee, to be treated for purposes of this Plan as having
     experienced a Termination of Employment at the time he or she ceases
     employment with an Employer as an Employee.

1.53 "Trust" shall mean one or more trusts established by the Company in
     accordance with Article 17.

1.54 "Unforeseeable Financial Emergency" shall mean an unanticipated
     emergency that is caused by an event beyond the control of the
     Participant that would result in severe financial hardship to the
     Participant resulting from (i) a sudden and unexpected illness or
     accident of the Participant or a dependent of the Participant, (ii) a
     loss of the Participant's property due to casualty, or (iii) such
     other extraordinary and unforeseeable circumstances arising as a
     result of events beyond the control of the Participant, all as
     determined in the sole discretion of the Committee.

1.55 "Years of Service" shall mean the total number of full years in which
     a Participant has been employed by (i) the Company, (ii) any member
     of the Company's controlled group under Section 414 of the Internal
     Revenue Code, and (iii) any other entity designated by the Board of
     Directors.  For purposes of this definition, a year of employment
     shall be a 365 day period (or 366 day period in the case of a leap
     year) that, for the first year of employment, commences on the
     Employee's date of hiring and that, for any subsequent year,
     commences on an anniversary of that hiring date.  The Committee shall
     make a determination as to whether any partial year of employment
     shall be counted as a Year of Service.

                                   7

<PAGE>

                               ARTICLE 2

                  SELECTION, ENROLLMENT, ELIGIBILITY
                  ----------------------------------

2.1  SELECTION BY COMMITTEE.  Participation in the Plan shall be limited
     to a select group of management and highly compensated Employees of
     the Employer and to the Directors, as determined by the Committee in
     its sole discretion.  From that group, the Committee shall select, in
     its sole discretion, Employees and Directors to participate in the
     Plan.

2.2  ENROLLMENT REQUIREMENTS.  As a condition to participation, each
     selected Employee or Director shall complete, execute and return to
     the Committee a Plan Agreement, an Election Form and a Beneficiary
     Designation Form, all by the time so designated by the Committee.  In
     addition, the Committee shall establish from time to time such other
     enrollment requirements as it determines in its sole discretion are
     necessary.

2.3  ELIGIBILITY; COMMENCEMENT OF PARTICIPATION.  Provided an Employee or
     Director selected to participate in the Plan has met all enrollment
     requirements set forth in this Plan and required by the Committee,
     including returning all required documents to the Committee within
     the specified time period, that Employee or Director shall commence
     participation in the Plan on the first day of the month following the
     month in which the Employee or Director completes all enrollment
     requirements.  If an Employee or a Director fails to meet all such
     requirements within the period required, in accordance with Section
     2.2, that Employee or Director shall not be eligible to participate
     in the Plan until the first day of the Plan Year following the
     delivery to and acceptance by the Committee of the required
     documents.

2.4  TERMINATION OF PARTICIPATION AND/OR DEFERRALS.  If the Committee
     determines in good faith that a Participant no longer qualifies as a
     member of a select group of management or highly compensated
     employees, as membership in such group is determined in accordance
     with Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA, the Committee
     shall have the right, in its sole discretion, to (i) terminate any
     deferral election the Participant has made for the remainder of the
     Plan Year in which the Participant's membership status changes,
     (ii) prevent the Participant from making future deferral elections
     and/or (iii) immediately distribute the Participant's then vested
     Account Balance as a Termination Benefit and terminate the
     Participant's participation in the Plan.

                               ARTICLE 3

                               DEFERRALS
                               ---------

3.1  MINIMUM DEFERRALS.

     (a)   ANNUAL DEFERRAL AMOUNT.  For each Plan Year, a Participant may
           elect to defer, as his or her Annual Deferral Amount, Base
           Salary, Bonus, LTIP Amounts (if authorized) and/or Director
           Fees in the following minimum amounts for each deferral
           elected:

           Deferral               Minimum Amount
           --------               --------------

           Base Salary, Bonus,    $5,000 aggregate
           and/or LTIP Amounts
           (if authorized)

           Director Fees               $0

                                   8

<PAGE>

           If an election is made for less than the stated minimum
           amounts, or if no election is made, the amount deferred
           shall be zero.

           Participants shall not be permitted to defer LTIP Amounts
           unless the Committee authorizes such deferrals, in its
           discretion.

     (b)   SOP AMOUNT.  For each grant of SOP Stock, a Participant may
           elect to defer, as his or her SOP Amount, SOP Stock in the
           following minimum percentage:

           Deferral               Minimum Percentage
           --------               ------------------

           SOP Stock                   0%

           If no election is made, the percentage deferred shall be zero.

     (c)   RESTRICTED STOCK AMOUNT.  For each grant of Restricted Stock, a
           Participant may elect to defer, as his or her Restricted Stock
           Amount, Restricted Stock in the following minimum percentage:

           Deferral               Minimum Percentage
           --------               ------------------

           Restricted Stock            0%

           If no election is made, the percentage deferred shall be zero.

     (d)   STOCK OPTION GAIN AMOUNT.  Participants shall not be permitted
           to defer Qualifying Gains unless such deferrals are authorized
           by the Committee, in its discretion.  If the Committee
           authorizes such deferrals, a Participant may elect to defer, as
           his or her Stock Option Gain Amount, the following minimum
           percentage of Qualifying Gain with respect to exercise of the
           Eligible Stock Option:

           Deferral               Minimum Percentage
           --------               ------------------

           Qualifying Gain             0%

           If no election is made, the percentage deferred shall be zero.

     (e)   SHORT PLAN YEAR.  Notwithstanding the foregoing, if a
           Participant first becomes a Participant after the first day of
           a Plan Year, the minimum Annual Deferral Amount shall be an
           amount equal to the minimum set forth above, multiplied by a
           fraction, the numerator of which is the number of complete
           months remaining in the Plan Year and the denominator of which
           is 12.

3.2  MAXIMUM DEFERRAL.

     (a)   ANNUAL DEFERRAL AMOUNT.  For each Plan Year, a Participant may
           elect to defer, as his or her Annual Deferral Amount, Base
           Salary, Bonus, LTIP Amounts (if authorized) and/or Director
           Fees up to the following maximum percentages for each deferral
           elected:

           Deferral               Maximum Percentage
           --------               ------------------

           Base Salary                  75%
           Bonus                       100%
           LTIP Amounts
           (if authorized)             100%
           Director Fees               100%

                                   9

<PAGE>

     (b)   SOP AMOUNT.  For each grant of SOP Stock, a Participant may
           elect to defer, as his or her SOP Amount, SOP Stock in the
           following maximum percentage:

           Deferral               Maximum Percentage
           --------               ------------------

           SOP Stock                   100%

     (c)   RESTRICTED STOCK AMOUNT.  For each grant of Restricted Stock, a
           Participant may elect to defer, as his or her Restricted Stock
           Amount, Restricted Stock in the following maximum percentage:

           Deferral               Maximum Percentage
           --------               ------------------

           Restricted Stock            100%

     (d)   STOCK OPTION GAIN AMOUNT.  If authorized by the Committee, a
           Participant may elect to defer, as his or her Stock Option Gain
           Amount, Qualifying Gain up to the following maximum percentage
           with respect to exercise of the Eligible Stock Option:

           Deferral               Maximum Percentage
           --------               ------------------

           Qualifying Gain             100%

           Stock Option Gain Amounts may also be limited by other terms or
           conditions set forth in the stock option plan or agreement
           under which such options are granted.

     (e)   SHORT PLAN YEAR.  Notwithstanding the foregoing, if a
           Participant first becomes a Participant after the first day of
           a Plan Year, the maximum Annual Deferral Amount (i) with
           respect to Base Salary and Director Fees shall be limited to
           the amount of compensation not yet earned by the Participant as
           of the date the Participant submits a Plan Agreement and
           Election Form to the Committee for acceptance, and (ii) with
           respect to Bonus and LTIP Amounts shall be limited to those
           amounts deemed eligible for deferral, in the sole discretion of
           the Committee.

3.3  ELECTION TO DEFER; EFFECT OF ELECTION FORM.

     (a)   FIRST PLAN YEAR.  In connection with a Participant's
           commencement of participation in the Plan, the Participant
           shall make an irrevocable deferral election for the Plan Year
           in which the Participant commences participation in the Plan,
           along with such other elections as the Committee deems
           necessary or desirable under the Plan.  For these elections to
           be valid, the Election Form must be completed and signed by the
           Participant, timely delivered to the Committee (in accordance
           with Section 2.2 above) and accepted by the Committee.

     (b)   SUBSEQUENT PLAN YEARS.  For each succeeding Plan Year, an
           irrevocable deferral election for that Plan Year, and such
           other elections as the Committee deems necessary or desirable
           under the Plan, shall be made by timely delivering a new
           Election Form to the Committee, in accordance with its rules
           and procedures, before the end of the Plan Year preceding the
           Plan Year for which the election is made.  If no such Election
           Form is timely delivered for a Plan Year, the Annual Deferral
           Amount shall be zero for that Plan Year.

                                  10

<PAGE>

     (c)   SOP STOCK DEFERRAL.  For an election to defer SOP Stock to be
           valid: (i) a separate irrevocable Election Form must be
           completed and signed by the Participant, with respect to such
           SOP Stock; and (ii) such Election Form must be timely delivered
           to the Committee and accepted by the Committee at least thirty
           days prior to the date such SOP Stock vests under the terms of
           the Jones Lang LaSalle Incorporated Amended and Restated Stock
           Award and Incentive Plan.

     (d)   RESTRICTED STOCK DEFERRAL.  For an election to defer Restricted
           Stock to be valid: (i) a separate irrevocable Election Form
           must be completed and signed by the Participant, with respect
           to such Restricted Stock; and (ii) such Election Form must be
           timely delivered to the Committee and accepted by the Committee
           at least thirty days prior to the date such Restricted Stock
           vests under the terms of the Jones Lang LaSalle Incorporated
           stock incentive plan.

     (e)   STOCK OPTION GAIN DEFERRAL.

           (i)   For an election to defer gain upon the exercise of an
                 Eligible Stock Option exercise to be valid: (i) a
                 separate Election Form must be completed and signed by
                 the Participant with respect to the Eligible Stock
                 Option; (ii) such election must be irrevocable; (iii) the
                 executed Election Form must be timely delivered to the
                 Committee or its designee at least six (6) months prior
                 to the date the Participant elects to exercise the
                 Eligible Stock Option; (iv) the Participant must agree
                 not to exercise the Eligible Stock Option prior to six
                 (6) months from the date the executed, irrevocable
                 Election Form is submitted to the Committee or its
                 designee; (v) the Eligible Stock Option must be exercised
                 using the "Stock-for-Stock payment method"; and (vi) the
                 Stock constructively delivered by the Participant to
                 exercise the Eligible Stock Option must have been owned
                 by the Participant during the entire six (6) month period
                 prior to its delivery and/or otherwise qualify the
                 Eligible Stock Option for favorable accounting treatment,
                 as determined in the sole discretion of the Committee.

           (ii)  Notwithstanding any other provision of this Plan to the
                 contrary, (i) an Eligible Stock Option may be exercised
                 prior to the end of the six (6) month period following
                 the date on which the executed Election Form is delivered
                 to the Committee or its designee, and (ii) the resulting
                 Qualifying Gain will not be deferred into this Plan, if
                 (a) a Change in Control occurs, or (b) the Participant
                 Retires, dies while an Employee or Director, or
                 experiences a Termination of Employment, and the Eligible
                 Stock Option would otherwise expire prior to the end of
                 the six (6) month period following the date on which the
                 executed Election Form was delivered to the Committee or
                 its designee.

3.4  WITHHOLDING AND CREDITING OF ANNUAL DEFERRAL AMOUNTS.  For each Plan
     Year, the Base Salary portion of the Annual Deferral Amount shall be
     withheld from each regularly scheduled Base Salary payroll in equal
     amounts, as adjusted from time to time for increases and decreases in
     Base Salary.  The Bonus, LTIP Amounts and/or Director Fees portion of
     the Annual Deferral Amount shall be withheld at the time the Bonus,
     LTIP Amounts and/or Director Fees are or otherwise would be paid to
     the Participant, whether or not this occurs during the Plan Year
     itself. Annual Deferral Amounts shall be credited to a Participant's
     Deferral Account at the time such amounts would otherwise have been
     paid to the Participant.  Participants shall not be permitted to
     defer LTIP Amounts unless such deferrals are authorized by the
     Committee, in its discretion.

                                  11

<PAGE>

3.5  COMPANY CONTRIBUTION AMOUNT.

     (a)   For each Plan Year, an Employer may be required to credit
           amounts to a Participant's Company Contribution Account in
           accordance with employment or other agreements entered into
           between the Participant and the Employer.  Such amounts shall
           be credited on the date or dates prescribed by such agreements.

     (b)   For each Plan Year, an Employer, in its sole discretion, may,
           but is not required to, credit any amount it desires to any
           Participant's Company Contribution Account under this Plan,
           which amount shall be for that Participant the Company
           Contribution Amount for that Plan Year.  The amount so credited
           to a Participant may be smaller or larger than the amount
           credited to any other Participant, and the amount credited to
           any Participant for a Plan Year may be zero, even though one or
           more other Participants receive a Company Contribution Amount
           for that Plan Year.  The Company Contribution Amount described
           in this Section 3.5(b), if any, shall be credited on a date or
           dates to be determined by the Committee, in its sole
           discretion.

3.6  COMPANY RESTORATION MATCHING AMOUNT.  A Participant's Company
     Restoration Matching Amount for any Plan Year shall be equal to (i)
     the "match" provided in the 401(k) Plan that the Company would have
     credited to the Participant on the amount of Base Salary and Bonus
     deferred into this Plan for such Plan Year had such Base Salary and
     Bonus deferral been contributed to the 401(k) Plan, to the extent
     allowable under the limitations applicable to the 401(k) Plan,
     reduced by (ii) the amount of the "match" the Company makes to the
     Participant during such Plan Year under the 401(k) Plan.  The amount
     so credited to a Participant under this Plan shall be for that
     Participant the Company Restoration Matching Amount for that Plan
     Year and shall be credited to the Participant's Company Restoration
     Matching Account on a date or dates to be determined by the
     Committee, in its sole discretion.

3.7  SOP AMOUNT.  Subject to any terms and conditions imposed by the
     Committee, Participants may elect to defer, under this Plan, SOP
     Stock, which amount shall be for that Participant the SOP Amount for
     that Plan Year.  The portion of any SOP Stock deferred shall, at the
     time the SOP Stock would otherwise vest under the terms of the Jones
     Lang LaSalle Incorporated Amended and Restated Stock Award and
     Incentive Plan, but for the election to defer, be reflected on the
     books of the Company as an unfunded, unsecured promise to deliver to
     the Participant a specific number of actual shares of Stock in the
     future.  The Company shall, however, transfer Stock in the amount of
     the SOP Amount for that Plan Year to the grantor trust as described
     in Section 18.2.

3.8  RESTRICTED STOCK AMOUNT.  Subject to any terms and conditions imposed
     by the Committee, Participants may elect to defer, under the Plan,
     Restricted Stock, which amount shall be for that Participant the
     Restricted Stock Amount for that Plan Year.  The portion of any
     Restricted Stock deferred shall, at the time the Restricted Stock
     would otherwise vest under the terms of the Jones Lang LaSalle
     Incorporated stock incentive plan, but for the election to defer, be
     reflected on the books of the Company as an unfunded, unsecured
     promise to deliver to the Participant a specific number of actual
     shares of Stock in the future.  The Company shall, however, transfer
     Stock in the amount of the Restricted Stock Amount for that Plan Year
     to the grantor trust as described in Section 18.2.

                                  12

<PAGE>

3.9  STOCK OPTION GAIN AMOUNT.  Participants shall not be permitted to
     defer Stock Option Gain Amounts unless authorized by the Committee,
     in its discretion.  If the Committee permits deferral of Stock Option
     Gain Amounts, Participants may elect to defer, under the Plan, all or
     some portion of Qualifying Gains attributable to an Eligible Stock
     Option exercise, which amount shall be for that Participant the Stock
     Option Gain Amount for that Plan Year.  Such shares of Stock would
     otherwise have been delivered to the Participant, pursuant to the
     Eligible Stock Option exercise, but for the Participant's election to
     defer.  The portion of any Qualifying Gains shall be reflected on the
     books of the Company as an unfunded, unsecured promise to deliver to
     the Participant a specific number of actual shares of Stock in the
     future.  The Company shall, however, transfer Stock in the amount of
     the Qualifying Gain to the grantor trust as described in Section
     18.2.

3.10 VESTING.

     (a)   A Participant shall at all times be 100% vested in his or her
           Deferral Account, SOP Account, Restricted Stock Account and
           Stock Option Gain Account.

     (b)   A Participant shall be vested in his or her Company
           Contribution Account in accordance with the vesting schedule(s)
           set forth in his or her Plan Agreement, employment agreement or
           any agreement entered into between the Participant and the
           Company or the Employer.  If not addressed in such agreements,
           a Participant shall vest in his or her Company Contribution
           Account in accordance with the schedule declared by the
           Committee in its sole discretion.

     (c)   A Participant shall be vested in his or her Company Restoration
           Matching Account only to the extent that the Participant would
           be vested in such amounts under the provisions of the 401(k)
           Plan, as determined by the Committee in its sole discretion.

     (d)   Notwithstanding anything to the contrary contained in this
           Section 3.10, in the event of a Change in Control, or upon a
           Participant's Retirement, death while employed by an Employer,
           or Disability, a Participant's Company Contribution Account and
           Company Restoration Matching Account shall immediately become
           100% vested (if it is not already vested in accordance with the
           above vesting schedules).

     (e)   Notwithstanding subsection 3.10(d) above, the vesting schedule
           for a Participant's Company Contribution Account and Company
           Restoration Matching Account shall not be accelerated upon a
           Change in Control to the extent that the Committee determines
           that such acceleration would cause the deduction limitations of
           Section 280G of the Code to become effective.  In the event
           that all of a Participant's Company Contribution Account and/or
           Company Restoration Matching Account is not vested pursuant to
           such a determination, the Participant may request independent
           verification of the Committee's calculations with respect to
           the application of Section 280G.  In such case, the Committee
           must provide to the Participant within ninety (90) days of such
           a request an opinion from a nationally recognized accounting
           firm selected by the Company (the "Accounting Firm").  The
           opinion shall state the Accounting Firm's opinion that any
           limitation in the vested percentage hereunder is necessary to
           avoid the limits of Section 280G and contain supporting
           calculations.  The cost of such opinion shall be paid for by
           the Company.

                                  13

<PAGE>

     (f)   Section 3.10(e) shall not prevent the acceleration of the
           vesting schedule applicable to a Participant's Company
           Contribution Account and/or Company Restoration Matching
           Account if such Participant is entitled to a "gross-up"
           payment, to eliminate the effect of the Code section 4999
           excise tax, pursuant to his or her employment agreement or
           other agreement entered into between such Participant and the
           Company or the Employer.

3.11 CREDITING/DEBITING OF ACCOUNT BALANCES.  In accordance with, and
     subject to, the rules and procedures that are established from time
     to time by the Committee, in its sole discretion, amounts shall be
     credited or debited to a Participant's Account Balance in accordance
     with the following rules:

     (a)   MEASUREMENT FUNDS.  Subject to the restrictions found in
           Section 3.11(c) below, the Participant may elect one or more of
           the measurement funds selected by the Committee, in its sole
           discretion, which are based on certain mutual funds (the
           "Measurement Funds"), for the purpose of crediting or debiting
           additional amounts to his or her Account Balance. As necessary,
           the Committee may, in its sole discretion, discontinue,
           substitute or add a Measurement Fund.  Each such action will
           take effect as of the first day of the first calendar quarter
           that begins at least thirty (30) days after the day on which
           the Committee gives Participants advance written notice of such
           change.

     (b)   ELECTION OF MEASUREMENT FUNDS.  Subject to the restrictions
           found in Section 3.11(c) below, a Participant, in connection
           with his or her initial deferral election in accordance with
           Section 3.3(a) above, shall elect, on the Election Form, one or
           more Measurement Fund(s) (as described in Section 3.11(a)
           above) to be used to determine the amounts to be credited or
           debited to his or her Account Balance.  If a Participant does
           not elect any of the Measurement Funds as described in the
           previous sentence, the Participant's Account Balance shall
           automatically be allocated into the lowest-risk Measurement
           Fund, as determined by the Committee, in its sole discretion.
           Subject to the restrictions found in Section 3.11(c) below, the
           Participant may (but is not required to) elect, by submitting
           an Election Form to the Committee that is accepted by the
           Committee, to add or delete one or more Measurement Fund(s) to
           be used to determine the amounts to be credited or debited to
           his or her Account Balance, or to change the portion of his or
           her Account Balance allocated to each previously or newly
           elected Measurement Fund.  If an election is made in accordance
           with the previous sentence, it shall apply as of the first
           business day deemed reasonably practicable by the Committee, in
           its sole discretion, and shall continue thereafter for each
           subsequent day in which the Participant participates in the
           Plan, unless changed in accordance with the previous sentence

     (c)   JONES LANG LASALLE STOCK UNIT FUND.

           (i)   JONES LANG LASALLE STOCK UNIT FUND.  A Participant's SOP
                 Account, Restricted Stock Account and Stock Option Gain
                 Account will be automatically and irrevocably allocated
                 to the Jones Lang LaSalle Stock Unit Fund Measurement
                 Fund.  Participants may not select any other Measurement
                 Fund to be used to determine the amounts to be credited
                 or debited to their SOP Account, Restricted Stock Account
                 or Stock Option Gain Account.  Furthermore, no other
                 portion of the Participant's Account Balance can be
                 either initially allocated or re-allocated to the Jones
                 Lang LaSalle Stock Unit Fund.

                                  14

<PAGE>

           (ii)  Any stock dividends, cash dividends or other non-cash
                 dividends that would have been payable on the Stock
                 credited to a Participant's Account Balance shall be
                 credited to the Participant's Account Balance in the form
                 of additional shares of Stock and shall automatically and
                 irrevocably be deemed to be re-invested in the Jones Lang
                 LaSalle Stock Unit Fund until such amounts are
                 distributed to the Participant.  The number of shares
                 credited to the Participant for a particular stock
                 dividend shall be equal to (a) the number of shares of
                 Stock credited to the Participant's Account Balance as of
                 the payment date for such dividend in respect of each
                 share of Stock, multiplied by (b) the number of
                 additional shares of Stock actually paid as a dividend in
                 respect of each share of Stock.  The number of shares
                 credited to the Participant for a particular cash
                 dividend or other non-cash dividend shall be equal to (a)
                 the number of shares of Stock credited to the
                 Participant's Account Balance as of the payment date for
                 such dividend in respect of each share of Stock,
                 multiplied by (b) the fair market value of the dividend,
                 divided by (c) the fair market value of the Stock on the
                 payment date for such dividend.

           (iii) The number of shares of Stock credited to the
                 Participant's Account Balance may be adjusted by the
                 Committee, in its sole discretion, to prevent dilution or
                 enlargement of Participants' rights with respect to the
                 portion of his or her Account Balance allocated to the
                 Jones Lang LaSalle Stock Unit Fund in the event of any
                 reorganization, reclassification, stock split, or other
                 unusual corporate transaction or event which affects the
                 value of the Stock, provided that any such adjustment
                 shall be made taking into account any crediting of shares
                 of Stock to the Participant under Section 3.11.

           (iv)  For purposes of this Section 3.11(c), the fair market
                 value of the Stock shall be determined by the Committee
                 in its sole discretion.

     (d)   PROPORTIONATE ALLOCATION.  In making any election described in
           Section 3.11(b) above, the Participant shall specify on the
           Election Form, in increments of one percent (1%), the
           percentage of his or her Account Balance to be allocated to a
           Measurement Fund (as if the Participant was making an
           investment in that Measurement Fund with that portion of his or
           her Account Balance).

     (e)   CREDITING OR DEBITING METHOD.  The performance of each
           Measurement Fund (either positive or negative) will be
           determined by the Committee, in its sole discretion on a daily
           basis based on the manner in which such Participant's Account
           Balance has been hypothetically allocated among the Measurement
           Funds by the Participant.

     (f)   NO ACTUAL INVESTMENT.  Notwithstanding any other provision of
           this Plan that may be interpreted to the contrary, the
           Measurement Funds are to be used for measurement purposes only,
           and a Participant's election of any such Measurement Fund, the
           allocation of his or her Account Balance thereto, the
           calculation of additional amounts and the crediting or debiting
           of such amounts to a Participant's Account Balance SHALL NOT be
           considered or construed in any manner as an actual investment
           of his or her Account Balance in any such Measurement Fund.  In
           the event that the Company or the Trustee (as that term is
           defined in the Trust), in its own discretion, decides to invest

                                  15

<PAGE>

           funds in any or all of the investments on which the Measurement
           Funds are based, no Participant shall have any rights in or to
           such investments themselves.  Without limiting the foregoing, a
           Participant's Account Balance shall at all times be a
           bookkeeping entry only and shall not represent any investment
           made on his or her behalf by the Company or the Trust; the
           Participant shall at all times remain an unsecured creditor of
           the Company.

3.12 FICA AND OTHER TAXES.

     (a)   ANNUAL DEFERRAL AMOUNTS.  For each Plan Year in which an Annual
           Deferral Amount is being withheld from a Participant, the
           Participant's Employer(s) shall withhold from that portion of
           the Participant's Base Salary, Bonus and LTIP Amounts that are
           not being deferred, in a manner determined by the Employer(s),
           the Participant's share of FICA and other employment taxes on
           such Annual Deferral Amount.  If necessary, the Committee may
           reduce the Annual Deferral Amount in order to comply with this
           Section 3.12.

     (b)   COMPANY RESTORATION MATCHING ACCOUNT AND COMPANY CONTRIBUTION
           ACCOUNT.  When a Participant becomes vested in a portion of his
           or her Company Restoration Matching Account or Company
           Contribution Account, the Participant's Employer(s) shall
           withhold from the Participant's Base Salary, Bonus and/or LTIP
           Amounts that are not deferred, in a manner determined by the
           Employer(s), the Participant's share of FICA and other
           employment taxes.  If necessary, the Committee may reduce the
           vested portion of the Participant's Company Restoration
           Matching Account or Company Contribution Account, as
           applicable, in order to comply with this Section 3.12.

     (c)   SOP AMOUNTS, RESTRICTED STOCK AMOUNTS AND STOCK OPTION GAIN
           AMOUNTS.  For each Plan Year in which an SOP Amount, Restricted
           Stock Amount or Stock Option Gain Amount is being first
           withheld from a Participant, the Participant's Employer(s)
           shall withhold from that portion of the Participant's Base
           Salary, Bonus, LTIP Amounts, SOP Stock, Restricted Stock and
           Qualifying Gains that are not being deferred, in a manner
           determined by the Employer(s), the Participant's share of FICA
           and other employment taxes on such SOP Amount, Stock Option
           Gain Amount or Restricted Stock Amount.  If necessary, the
           Committee may reduce the SOP Amount, Stock Option Gain Amount
           or the Restricted Stock Amount in order to comply with this
           Section 3.12.

     (d)   DISTRIBUTIONS.  The Participant's Employer(s), or the trustee
           of the Trust, shall withhold from any payments made to a
           Participant under this Plan all federal, state and local
           income, employment and other taxes required to be withheld by
           the Employer(s), or the trustee of the Trust, in connection
           with such payments, in amounts and in a manner to be determined
           in the sole discretion of the Employer(s) and the trustee of
           the Trust.  If necessary, the Committee may reduce the SOP
           Amount, Stock Option Gain Amount or the Restricted Stock Amount
           in order to comply with this Section 3.12.

                                  16

<PAGE>

                               ARTICLE 4

                         DEDUCTION LIMITATION
                         --------------------

4.1  DEDUCTION LIMITATION ON BENEFIT PAYMENTS.  If the Company determines
     in good faith prior to a Change in Control that there is a reasonable
     likelihood that any compensation paid to a Participant for a taxable
     year of an Employer would not be deductible by the Employer solely by
     reason of the limitation under Code Section 162(m), then to the
     extent deemed necessary by the Company to ensure that the entire
     amount of any distribution to the Participant pursuant to this Plan
     prior to the Change in Control is deductible, the Company may defer
     all or any portion of a distribution under this Plan.  Any amounts
     deferred pursuant to this limitation shall continue to be
     credited/debited with additional amounts in accordance with Section
     3.11 above, even if such amount is being paid out in installments.
     The amounts so deferred and amounts credited thereon shall be
     distributed to the Participant or his or her Beneficiary (in the
     event of the Participant's death) at the earliest possible date, as
     determined by the Company in good faith, on which the deductibility
     of compensation paid or payable to the Participant for the taxable
     year of the Employer during which the distribution is made will not
     be limited by Section 162(m), or if earlier, the effective date of a
     Change in Control.  Notwithstanding anything to the contrary in this
     Plan, the Deduction Limitation shall not apply to any distributions
     made after a Change in Control.

                               ARTICLE 5

     IN-SERVICE DISTRIBUTION; UNFORESEEABLE FINANCIAL EMERGENCIES
     ------------------------------------------------------------

5.1  IN-SERVICE DISTRIBUTION.  In connection with each election to defer
     an Annual Deferral Amount, a Participant may irrevocably elect to
     receive an In-Service Distribution from the Plan with respect to all
     or a portion of (i) the Annual Deferral Amount, (ii) the Company
     Contribution Amount, and (iii) the Company Restoration Matching
     Amount.  The In-Service Distribution shall be a lump sum payment in
     an amount that is equal to the portion of the Annual Deferral Amount,
     the vested portion of the Company Contribution Amount and the vested
     portion of the Company Restoration Matching Amount that the
     Participant elected to have distributed as an In-Service
     Distribution, plus amounts credited or debited in the manner provided
     in Section 3.11 above on that amount, calculated as of the close of
     business on or around the date on which the In-Service Distribution
     becomes payable, as determined by the Committee in its sole
     discretion.  Subject to the other terms and conditions of this Plan,
     each In-Service Distribution elected shall be paid out during a sixty
     (60) day period commencing immediately after the first day of any
     Plan Year designated by the Participant.  The Plan Year designated by
     the Participant must be at least three Plan Years after the end of
     the Plan Year in which the Annual Deferral Amount is actually
     deferred, or the vested portion of the Company Contribution Amount or
     Company Restoration Matching Amount is actually contributed.  By way
     of example, if an In-Service Distribution is elected for Annual
     Deferral Amounts that are deferred in the Plan Year commencing
     January 1, 2004, the In-Service Distribution would become payable
     during a sixty (60) day period commencing January 1, 2008.
     Notwithstanding the language set forth above, the Committee shall, in
     its sole discretion, adjust the amount distributable as an In-Service
     Distribution if any portion of the Company Contribution Amount or
     Company Restoration Matching Amount is unvested on the In-Service
     Distribution Date.

                                  17

<PAGE>

5.2  OTHER BENEFITS TAKE PRECEDENCE OVER IN-SERVICE DISTRIBUTIONS.  Should
     an event occur that triggers a benefit under Article 6, 7, 8, 9 or
     10, any Annual Deferral Amount, Company Contribution Amount, and/or
     Company Restoration Matching Amount, plus amounts credited or debited
     thereon, that are subject to an In-Service Distribution election
     under Section 5.1 shall not be paid in accordance with Section 5.1
     but shall be paid in accordance with the other applicable Article.

5.3  WITHDRAWAL PAYOUT/SUSPENSIONS FOR UNFORESEEABLE FINANCIAL
     EMERGENCIES.

     (a)   If the Participant experiences an Unforeseeable Financial
           Emergency, the Participant may petition the Committee to
           suspend deferrals of Base Salary, Bonus, Director Fees, LTIP
           Amounts, SOP Stock, Restricted Stock and Qualifying Gains
           required to be made by such Participant, to the extent deemed
           necessary by the Committee to satisfy the Unforeseeable
           Financial Emergency.  If suspension of deferrals is not
           sufficient to satisfy the Participant's Unforeseeable Financial
           Emergency, the Participant may further petition the Committee
           to receive a partial or full payout from the Plan.  The
           Participant shall only receive a payout from the Plan to the
           extent such payout is deemed necessary by the Committee to
           satisfy the Participant's Unforeseeable Financial Emergency.

     (b)   The payout shall not exceed the lesser of (i) the Participant's
           vested Account Balance, excluding the portion of the Account
           Balance attributable to the SOP Account, Restricted Stock
           Account and the Stock Option Gain Account, calculated as of the
           close of business on or around the date on which the amount
           becomes payable, as determined by the Committee in its sole
           discretion, or (ii) the amount reasonably needed to satisfy the
           Unforeseeable Financial Emergency.  Notwithstanding the
           foregoing, a Participant may not receive a payout from the Plan
           to the extent that the Unforeseeable Financial Emergency is or
           may be relieved (A) through reimbursement or compensation by
           insurance or otherwise, (B) by liquidation of the Participant's
           assets, to the extent the liquidation of such assets would not
           itself cause severe financial hardship or (C) by suspension of
           deferrals under this Plan.

     (c)   If the Committee, in its sole discretion, approves a
           Participant's petition for suspension, the Participant's
           deferrals under this Plan shall be suspended as of the date of
           such approval.  If the Committee, in its sole discretion,
           approves a Participant's petition for suspension and payout,
           the Participant's deferrals under this Plan shall be suspended
           as of the date of such approval and the Participant shall
           receive a payout from the Plan as soon as administratively
           feasible, but not later than sixty (60) days after the date of
           such approval.

                               ARTICLE 6

                       CHANGE IN CONTROL BENEFIT
                       -------------------------

6.1  CHANGE IN CONTROL BENEFIT.  The Participant will receive a Change in
     Control Benefit, which shall be equal to the Participant's vested
     Account Balance, calculated as of the close of business on or around
     the date of the Change in Control, as selected by the Committee in
     its sole discretion, if (i) the Participant has elected to receive a
     Change in Control Benefit, as set forth in Section 6.2 below, and
     (ii) if a Change in Control occurs prior to the Participant's
     Termination of Employment, Retirement, death or Disability.

                                  18

<PAGE>

6.2  PAYMENT OF CHANGE IN CONTROL BENEFIT.  A Participant, in connection
     with his or her commencement of participation in the Plan, shall
     irrevocably elect on an Election Form whether to (i) receive a Change
     in Control Benefit, or (ii) have his or her Account Balance remain in
     the Plan upon the occurrence of a Change in Control and to have his
     or her Account Balance remain subject to the terms and conditions of
     the Plan.  If a Participant does not make any election with respect
     to the payment of the Change in Control Benefit, then such
     Participant's Account Balance shall remain in the Plan upon a Change
     in Control and shall be subject to the terms and conditions of the
     Plan.  The Change in Control Benefit, if any, shall be paid to the
     Participant in a lump sum no later than sixty (60) days after a
     Change in Control.

                               ARTICLE 7

                          RETIREMENT BENEFIT
                          ------------------

7.1  RETIREMENT BENEFIT.  A Participant who Retires shall receive, as a
     Retirement Benefit, his or her vested Account Balance, calculated as
     of the close of business on or around the date on which the
     Participant Retires, as determined by the Committee in its sole
     discretion.

7.2  PAYMENT OF RETIREMENT BENEFIT.  A Participant, in connection with his
     or her commencement of participation in the Plan, shall irrevocably
     elect on an Election Form to receive the Retirement Benefit in a lump
     sum or pursuant to an Annual Installment Method of up to 15 years.
     If a Participant does not make any election with respect to the
     payment of the Retirement Benefit, then such benefit shall be payable
     in a lump sum.  The lump sum payment shall be made, or installment
     payments shall commence, no later than sixty (60) days after the date
     on which the Participant Retires.  Remaining installments, if any,
     shall be paid no later than sixty (60) days after each anniversary of
     the date on which the Participant Retires.

                               ARTICLE 8

                          TERMINATION BENEFIT
                          -------------------

8.1  TERMINATION BENEFIT.  A Participant who experiences a Termination of
     Employment shall receive a Termination Benefit, which shall be equal
     to the Participant's vested Account Balance, calculated as of the
     close of business on or around the date on which the Participant
     experiences a Termination of Employment, as determined by the
     Committee in its sole discretion

8.2  PAYMENT OF TERMINATION BENEFIT.  The Termination Benefit shall be
     paid to the Participant in a lump sum payment no later than sixty
     (60) days after the date on which the Participant experiences the
     Termination of Employment.

                                  19

<PAGE>

                               ARTICLE 9

                     DISABILITY WAIVER AND BENEFIT
                     -----------------------------

9.1  DISABILITY WAIVER.

     (a)   WAIVER OF DEFERRAL.  A Participant who is suffering from a
           Disability shall continue to be eligible for the benefits
           provided in Articles 5, 6, 7, 8, 9 or 10 in accordance with the
           provisions of those Articles, and any previously elected
           deferrals of SOP Stock, Restricted Stock and Qualifying Gains
           shall continue to be withheld during such Disability in
           accordance with Section 3.3.  However, such Disabled
           Participant shall be excused from fulfilling his or her Annual
           Deferral Amount commitment that would otherwise have been
           withheld during the remainder of the Plan Year in which the
           Participant first suffers the Disability.  During the period of
           Disability, the Participant shall not be allowed to make any
           additional deferral elections.

     (b)   DEFERRAL FOLLOWING DISABILITY.  If a Participant returns to
           employment, or service as a Director, with an Employer after a
           Disability ceases, the Participant may elect to defer an Annual
           Deferral Amount, SOP Amount, Restricted Stock Amount and Stock
           Option Gain Amount for the Plan Year following his or her
           return to employment or service and for every Plan Year
           thereafter while a Participant in the Plan; provided such
           deferral elections are otherwise allowed and an Election Form
           is delivered to and accepted by the Committee for each such
           election in accordance with Section 3.3 above.

9.2  CONTINUED ELIGIBILITY; DISABILITY BENEFIT.

     (a)   CONTINUED ELIGIBILITY.  A Participant suffering a Disability
           shall, for benefit purposes under this Plan, continue to be
           considered to be employed, or in the service of an Employer as
           a Director, and shall be eligible for the benefits provided for
           in Articles 5, 6, 7, 8 or 10 in accordance with the provisions
           of those Articles.  Notwithstanding the above, the Committee
           shall have the right to, in its sole and absolute discretion
           and for purposes of this Plan only, deem the Participant's
           employment to have terminated at any time after such
           Participant is determined to be suffering a Disability.

     (b)   DEEMED TERMINATION OF EMPLOYMENT.  If, in the Committee's
           discretion, the Disabled Participant's employment has
           terminated, and such Participant is not otherwise eligible to
           Retire, the Participant shall be deemed to have experienced a
           Termination of Employment for purposes of this Plan and will
           receive a Disability Benefit.  The Disability Benefit shall be
           equal to his or her vested Account Balance, calculated as of
           the close of business on or around the date on which the
           Disabled Participant is deemed to have experienced a
           Termination of Employment, as determined by the Committee in
           its sole discretion.  The Participant shall receive his or her
           Disability Benefit in a lump sum payment no later than sixty
           (60) days after the date on which the Committee deems the
           Disabled Participant to have experienced a Termination of
           Employment.

                                  20

<PAGE>

     (c)   DEEMED RETIREMENT.  If, in the Committee's discretion, the
           Disabled Participant's employment has terminated, and such
           Participant is otherwise eligible to Retire, the Participant
           shall be deemed to have Retired for purposes of this Plan and
           will receive a Disability Benefit.  The Disability Benefit
           shall be equal to his or her vested Account Balance, calculated
           as of the close of business on or around the date on which the
           Participant is deemed to have Retired, as determined by the
           Committee in its sole discretion.  The Participant shall
           receive his or her Disability Benefit in the same form in which
           such Participant elected to receive his or her Retirement
           Benefit.  The lump sum payment shall be made, or installment
           payments shall commence, no later than sixty (60) days after
           the date on which the Disabled Participant is deemed to have
           Retired.  Remaining installments, if any, shall be paid no
           later than sixty (60) days after each anniversary of the date
           on which the Disabled Participant is deemed to have Retired.

                              ARTICLE 10

                           SURVIVOR BENEFIT
                           ----------------

10.1 SURVIVOR BENEFIT.  The Participant's Beneficiary(ies) shall receive a
     Survivor Benefit upon the Participant's death which will be equal to
     the Participant's vested Account Balance, calculated as of the close
     of business on or around the date of the Participant's death, as
     selected by the Committee in its sole discretion, if the Participant
     dies prior to (i) his or her Retirement, Termination of Employment or
     Disability, or (ii) the complete distribution of his or her
     Retirement Benefit or Disability Benefit, calculated as of the close
     of business on or around the date of the Participant's death, as
     selected by the Committee in its sole discretion.

10.2 PAYMENT OF SURVIVOR BENEFIT.  The Survivor Benefit shall be paid to
     the Participant's Beneficiary(ies) in a lump sum payment no later
     than sixty (60) days after the date on which the Committee is
     provided with proof that is satisfactory to the Committee of the
     Participant's death.

                              ARTICLE 11

                        BENEFICIARY DESIGNATION
                        -----------------------

11.1 BENEFICIARY.  Each Participant shall have the right, at any time, to
     designate his or her Beneficiary(ies) (both primary as well as
     contingent) to receive any benefits payable under the Plan upon the
     death of a Participant.  The Beneficiary designated under this Plan
     may be the same as or different from the Beneficiary designation
     under any other plan of an Employer in which the Participant
     participates.

11.2 BENEFICIARY DESIGNATION; CHANGE OF BENEFICIARY DESIGNATION.  A
     Participant shall designate his or her Beneficiary by completing and
     signing the Beneficiary Designation Form, and returning it to the
     Committee or its designated agent.  A Participant shall have the
     right to change a Beneficiary by completing, signing and otherwise
     complying with the terms of the Beneficiary Designation Form and the
     Committee's rules and procedures, as in effect from time to time.
     Upon the acceptance by the Committee of a new Beneficiary Designation
     Form, all Beneficiary designations previously filed shall be
     canceled.  The Committee shall be entitled to rely on the last
     Beneficiary Designation Form filed by the Participant and accepted by
     the Committee prior to his or her death.

                                  21

<PAGE>

11.3 ACKNOWLEDGMENT.  No designation or change in designation of a
     Beneficiary shall be effective until received and acknowledged in
     writing by the Committee or its designated agent.

11.4 NO BENEFICIARY DESIGNATION.  If a Participant fails to designate a
     Beneficiary as provided in Sections 11.1, 11.2 and 11.3 above or, if
     all designated Beneficiaries predecease the Participant or die prior
     to complete distribution of the Participant's benefits, then the
     Participant's designated Beneficiary shall be deemed to be his or her
     surviving spouse.  If the Participant has no surviving spouse, the
     benefits remaining under the Plan to be paid to a Beneficiary shall
     be payable to the executor or personal representative of the
     Participant's estate.

11.5 DOUBT AS TO BENEFICIARY.  If the Committee has any doubt as to the
     proper Beneficiary to receive payments pursuant to this Plan, the
     Committee shall have the right, exercisable in its discretion, to
     cause the Participant's Employer to withhold such payments until this
     matter is resolved to the Committee's satisfaction.

11.6 DISCHARGE OF OBLIGATIONS.  The payment of benefits under the Plan to
     a Beneficiary shall fully and completely discharge all Employers and
     the Committee from all further obligations under this Plan with
     respect to the Participant, and that Participant's Plan Agreement
     shall terminate upon such full payment of benefits.

                              ARTICLE 12

                           LEAVE OF ABSENCE
                           ----------------

12.1 PAID LEAVE OF ABSENCE.  If a Participant is authorized by the
     Participant's Employer to take a paid leave of absence from the
     employment of the Employer, (i) the Participant shall continue to be
     considered eligible for the benefits provided in Articles 5, 6, 7, 8,
     9 or 10 in accordance with the provisions of those Articles, and (ii)
     the Annual Deferral Amount and any previously elected deferrals of
     SOP Stock, Restricted Stock and Qualifying Gains shall continue to be
     withheld during such paid leave of absence in accordance with
     Section 3.3.

12.2 UNPAID LEAVE OF ABSENCE.  If a Participant is authorized by the
     Participant's Employer to take an unpaid leave of absence from the
     employment of the Employer for any reason, such Participant shall
     continue to be eligible for the benefits provided in Articles 5, 6,
     7, 8, 9 or 10 in accordance with the provisions of those Articles,
     and any previously elected deferrals of SOP Stock, Restricted Stock
     and Qualifying Gains shall continue to be withheld during such unpaid
     leave of absence in accordance with Section 3.3.  However, the
     Participant shall be excused from fulfilling his or her Annual
     Deferral Amount commitment that would otherwise have been withheld
     during the remainder of the Plan Year in which the unpaid leave of
     absence is taken.  During the unpaid leave of absence, the
     Participant shall not be allowed to make any additional deferral
     elections.  However, if the Participant returns to employment, the
     Participant may elect to defer an Annual Deferral Amount, SOP Amount,
     Restricted Stock Amount and Stock Option Gain Amount for the Plan
     Year following his or her return to employment and for every Plan
     Year thereafter while a Participant in the Plan; provided such
     deferral elections are otherwise allowed and an Election Form is
     delivered to and accepted by the Committee for each such election in
     accordance with Section 3.3 above.

                                  22

<PAGE>

                              ARTICLE 13

                TERMINATION, AMENDMENT OR MODIFICATION
                --------------------------------------

13.1 TERMINATION.  Although the Company anticipates that it will continue
     the Plan for an indefinite period of time, there is no guarantee that
     it Employer will continue the Plan or will not terminate the Plan at
     any time in the future.  Accordingly, the Company reserves the right
     to discontinue its sponsorship of the Plan and/or to terminate the
     Plan at any time with respect to any or all of the participating
     Employees and Directors, by action of the Board.  Upon the
     termination of the Plan with respect to any Employer, the Plan
     Agreements of the affected Participants who are employed by that
     Employer, or in the service of that Employer as Directors, shall
     terminate and their vested Account Balances shall be determined (i)
     as if they had experienced a Termination of Employment on the date of
     Plan termination; or (ii) if Plan termination occurs after the date
     upon which a Participant was eligible to Retire, then with respect to
     that Participant as if he or she had Retired on the date of Plan
     termination.  Such benefits shall be paid to the Participants as
     follows: (i) prior to a Change in Control, if the Plan is terminated
     with respect to all of its Participants, the Company shall have the
     right, in its sole discretion, and notwithstanding any elections made
     by the Participant, to pay such benefits in a lump sum or pursuant to
     an Annual Installment Method of up to 15 years, with amounts credited
     and debited during the installment period as provided herein; or (ii)
     prior to a Change in Control, if the Plan is terminated with respect
     to less than all of its Participants, the Company shall be required
     to pay such benefits in a lump sum; or (iii) after a Change in
     Control, if the Plan is terminated with respect to some or all of its
     Participants, the Company shall be required to pay such benefits in a
     lump sum.  In the event clause (i) of the preceding sentence applies
     and a Participant's distribution election would provide for a
     complete distribution at an earlier date than would otherwise be
     provided pursuant to clause (i), such Participant's distribution
     election shall apply and supercede clause (i).  The termination of
     the Plan shall not adversely affect any Participant or Beneficiary
     who has become entitled to the payment of any benefits under the Plan
     as of the date of termination; provided however, that the Employer
     shall have the right to accelerate installment payments without a
     premium or prepayment penalty by paying the vested Account Balance in
     a lump sum or pursuant to an Annual Installment Method using fewer
     years (provided that the present value of all payments that will have
     been received by a Participant at any given point of time under the
     different payment schedule shall equal or exceed the present value of
     all payments that would have been received at that point in time
     under the original payment schedule).

13.2 AMENDMENT.  The Company may, at any time, amend or modify the Plan in
     whole or in part by the action of the Board; provided, however, that:
     (i) no amendment or modification shall be effective to decrease or
     restrict the value of a Participant's vested Account Balance in
     existence at the time the amendment or modification is made,
     calculated as if the Participant had experienced a Termination of
     Employment as of the effective date of the amendment or modification
     or, if the amendment or modification occurs after the date upon which
     the Participant was eligible to Retire, the Participant had Retired
     as of the effective date of the amendment or modification, and (ii)
     no amendment or modification of this Section 13.2 or Section 14.2 of
     the Plan shall be effective.  The amendment or modification of the
     Plan shall not affect any Participant or Beneficiary who has become
     entitled to the payment of benefits under the Plan as of the date of
     the amendment or modification; provided, however, that the Company
     shall have the right to accelerate installment payments by paying the

                                  23

<PAGE>

     vested Account Balance in a lump sum or pursuant to an Annual
     Installment Method using fewer years (provided that the present value
     of all payments that will have been received by a Participant at any
     given point of time under the different payment schedule shall equal
     or exceed the present value of all payments that would have been
     received at that point in time under the original payment schedule).

13.3 PLAN AGREEMENT.  Despite the provisions of Sections 13.1 and 13.2
     above, if a Participant's Plan Agreement contains benefits or
     limitations that are not in this Plan document, the Company may only
     amend or terminate such provisions with the written consent of the
     Participant.

13.4 EFFECT OF PAYMENT.  The full payment of the Participant's vested
     Account Balance under Articles 5, 6, 7, 8, 9 or 10 of the Plan shall
     completely discharge all obligations to a Participant and his or her
     designated Beneficiaries under this Plan and the Participant's Plan
     Agreement shall terminate.

                              ARTICLE 14

                            ADMINISTRATION
                            --------------

14.1 COMMITTEE DUTIES.  Except as otherwise provided in this Article 14,
     this Plan shall be administered by the Committee, which shall consist
     of the Compensation Committee of the Board, or such committee of
     current employees of the Employers as the Compensation Committee
     shall appoint.  Members of the Committee may be Participants under
     this Plan.  The Committee shall also have the discretion and
     authority to (i) make, amend, interpret, and enforce all appropriate
     rules and regulations for the administration of this Plan and
     (ii) decide or resolve any and all questions including
     interpretations of this Plan, as may arise in connection with the
     Plan.  Any individual serving on the Committee who is a Participant
     shall not vote or act on any matter relating solely to himself or
     herself.  When making a determination or calculation, the Committee
     shall be entitled to rely on information furnished by a Participant
     or the Company.

14.2 ADMINISTRATION UPON CHANGE IN CONTROL.  For purposes of this Plan,
     the Committee shall be the "Administrator" at all times prior to the
     occurrence of a Change in Control.  Within one hundred and twenty
     (120) days following a Change in Control, an independent third party
     "Administrator" may be selected by the individual who, immediately
     prior to the Change in Control, was the Company's Chief Executive
     Officer or, if not so identified, the Company's highest ranking
     officer (the "Ex-CEO"), and approved by the Trustee.  The Committee,
     as constituted prior to the Change in Control, shall continue to be
     the Administrator until the earlier of (i) the date on which such
     independent third party is selected and approved, or (ii) the
     expiration of the one hundred and twenty (120) day period following
     the Change in Control.  If an independent third party is not selected
     within one hundred and twenty (120) days of such Change in Control,
     the Committee, as described in Section 14.1 above, shall be the
     Administrator.  The Administrator shall have all of the powers of the
     Committee, including the discretionary power to determine all
     questions arising in connection with the administration of the Plan
     and the interpretation of the Plan and Trust including, but not
     limited to benefit entitlement determinations, as well as the power
     to direct the investment of Plan or Trust assets or select any
     investment manager or custodial firm for the Plan or Trust.  Upon and

                                  24

<PAGE>

     after the occurrence of a Change in Control, the Company must: (1)
     pay all reasonable administrative expenses and fees of the
     Administrator; (2) indemnify the Administrator against any costs,
     expenses and liabilities including, without limitation, attorney's
     fees and expenses arising in connection with the performance of the
     Administrator hereunder, except with respect to matters resulting
     from the gross negligence or willful misconduct of the Administrator
     or its employees or agents; and (3) supply full and timely
     information to the Administrator on all matters relating to the Plan,
     the Trust, the Participants and their Beneficiaries, the Account
     Balances of the Participants, the date and circumstances of the
     Retirement, Disability, death or Termination of Employment of the
     Participants, and such other pertinent information as the
     Administrator may reasonably require.  Upon and after a Change in
     Control, the Administrator may be terminated (and a replacement
     appointed) by the Trustee only with the approval of the Ex-CEO.  Upon
     and after a Change in Control, the Administrator may not be
     terminated by the Company.

14.3 AGENTS. In the administration of this Plan, the Committee may, from
     time to time, employ agents and delegate to them such administrative
     duties as it sees fit (including acting through a duly appointed
     representative) and may from time to time consult with counsel who
     may be counsel to any Employer.

14.4 BINDING EFFECT OF DECISIONS.  The decision or action of the
     Administrator with respect to any question arising out of or in
     connection with the administration, interpretation and application of
     the Plan and the rules and regulations promulgated hereunder shall be
     final and conclusive and binding upon all persons having any interest
     in the Plan.

14.5 INDEMNITY OF COMMITTEE.  All Employers shall indemnify and hold
     harmless the members of the Committee, any Employee to whom the
     duties of the Committee may be delegated, and the Administrator
     against any and all claims, losses, damages, expenses or liabilities
     arising from any action or failure to act with respect to this Plan,
     except in the case of willful misconduct by the Committee, any of its
     members, any such Employee or the Administrator.

14.6 EMPLOYER INFORMATION.  To enable the Committee and/or Administrator
     to perform its functions, the Company and each Employer shall supply
     full and timely information to the Committee and/or Administrator, as
     the case may be, on all matters relating to the compensation of its
     Participants, the date and circumstances of the Retirement,
     Disability, death or Termination of Employment of its Participants,
     and such other pertinent information as the Committee or
     Administrator may reasonably require.

                              ARTICLE 15

                     OTHER BENEFITS AND AGREEMENTS
                     -----------------------------

15.1 COORDINATION WITH OTHER BENEFITS.  The benefits provided for a
     Participant and Participant's Beneficiary under the Plan are in
     addition to any other benefits available to such Participant under
     any other plan or program for employees of the Participant's
     Employer.  The Plan shall supplement and shall not supersede, modify
     or amend any other such plan or program except as may otherwise be
     expressly provided.

                                  25

<PAGE>

                              ARTICLE 16

                           CLAIMS PROCEDURES
                           -----------------

16.1 PRESENTATION OF CLAIM.  Any Participant or Beneficiary of a deceased
     Participant (such Participant or Beneficiary being referred to below
     as a "Claimant") may deliver to the Committee a written claim for a
     determination with respect to the amounts distributable to such
     Claimant from the Plan.  If such a claim relates to the contents of a
     notice received by the Claimant, the claim must be made within sixty
     (60) days after such notice was received by the Claimant.  All other
     claims must be made within 180 days of the date on which the event
     that caused the claim to arise occurred.  The claim must state with
     particularity the determination desired by the Claimant.

16.2 NOTIFICATION OF DECISION.  The Committee shall consider a Claimant's
     claim within a reasonable time, but no later than ninety (90) days
     after receiving the claim.  If the Committee determines that special
     circumstances require an extension of time for processing the claim,
     written notice of the extension shall be furnished to the Claimant
     prior to the termination of the initial ninety (90) day period.  In
     no event shall such extension exceed a period of ninety (90) days
     from the end of the initial period.  The extension notice shall
     indicate the special circumstances requiring an extension of time and
     the date by which the Committee expects to render the benefit
     determination.  The Committee shall notify the Claimant in writing:

     (a)   that the Claimant's requested determination has been made, and
           that the claim has been allowed in full; or

     (b)   that the Committee has reached a conclusion contrary, in whole
           or in part, to the Claimant's requested determination, and such
           notice must set forth in a manner calculated to be understood
           by the Claimant:

           (i)   the specific reason(s) for the denial of the claim, or
                 any part of it;

           (ii)  specific reference(s) to pertinent provisions of the Plan
                 upon which such denial was based;

           (iii) a description of any additional material or information
                 necessary for the Claimant to perfect the claim, and an
                 explanation of why such material or information is
                 necessary;

           (iv)  an explanation of the claim review procedure set forth in
                 Section 16.3 below; and

           (v)   a statement of the Claimant's right to bring a civil
                 action under ERISA Section 502(a) following an adverse
                 benefit determination on review.

16.3 REVIEW OF A DENIED CLAIM.  On or before sixty (60) days after
     receiving a notice from the Committee that a claim has been denied,
     in whole or in part, a Claimant (or the Claimant's duly authorized
     representative) may file with the Committee a written request for a
     review of the denial of the claim.  The Claimant (or the Claimant's
     duly authorized representative):

     (a)   may, upon request and free of charge, have reasonable access
           to, and copies of, all documents, records and other information
           relevant to the claim for benefits;

     (b)   may submit written comments or other documents; and/or

                                  26

<PAGE>

     (c)   may request a hearing, which the Committee, in its sole
           discretion, may grant.

16.4 DECISION ON REVIEW.  The Committee shall render its decision on
     review promptly, and no later than sixty (60) days after the
     Committee receives the Claimant's written request for a review of the
     denial of the claim.  If the Committee determines that special
     circumstances require an extension of time for processing the claim,
     written notice of the extension shall be furnished to the Claimant
     prior to the termination of the initial sixty (60) day period.  In no
     event shall such extension exceed a period of sixty (60) days from
     the end of the initial period.  The extension notice shall indicate
     the special circumstances requiring an extension of time and the date
     by which the Committee expects to render the benefit determination.
     In rendering its decision, the Committee shall take into account all
     comments, documents, records and other information submitted by the
     Claimant relating to the claim, without regard to whether such
     information was submitted or considered in the initial benefit
     determination.  The decision must be written in a manner calculated
     to be understood by the Claimant, and it must contain:

     (a)   specific reasons for the decision;

     (b)   specific reference(s) to the pertinent Plan provisions upon
           which the decision was based;

     (c)   a statement that the Claimant is entitled to receive, upon
           request and free of charge, reasonable access to and copies of,
           all documents, records and other information relevant (as
           defined in applicable ERISA regulations) to the Claimant's
           claim for benefits; and

     (d)   a statement of the Claimant's right to bring a civil action
           under ERISA Section 502(a).

16.5 LEGAL ACTION.  A Claimant's compliance with the foregoing provisions
     of this Article 16 is a mandatory prerequisite to a Claimant's right
     to commence any legal action with respect to any claim for benefits
     under this Plan.

                              ARTICLE 17

                                 TRUST
                                 -----

17.1 ESTABLISHMENT OF THE TRUST.  In order to provide assets from which to
     fulfill the obligations of the Participants and their beneficiaries
     under the Plan, the Company shall establish a trust by a trust
     agreement with a third party, the trustee, to which each Employer
     shall contribute cash or other property, including securities issued
     by the Company, to provide for the benefit payments under the Plan,
     (the "Trust").

17.2 INTERRELATIONSHIP OF THE PLAN AND THE TRUST.  The provisions of the
     Plan and the Plan Agreement shall govern the rights of a Participant
     to receive distributions pursuant to the Plan.  The provisions of the
     Trust shall govern the rights of the Employers, Participants and the
     creditors of the Employers to the assets transferred to the Trust.
     Each Employer shall at all times remain liable to carry out its
     obligations under the Plan.

17.3 DISTRIBUTIONS FROM THE TRUST.  Each Employer's obligations under the
     Plan may be satisfied with Trust assets distributed pursuant to the
     terms of the Trust, and any such distribution shall reduce the
     Employer's obligations under this Plan.

                                  27

<PAGE>

                              ARTICLE 18

                             MISCELLANEOUS
                             -------------

18.1 STATUS OF PLAN.  The Plan is intended to be a plan that is not
     qualified within the meaning of Code Section 401(a) and that "is
     unfunded and is maintained by an employer primarily for the purpose
     of providing deferred compensation for a select group of management
     or highly compensated employees" within the meaning of ERISA Sections
     201(2), 301(a)(3) and 401(a)(1).  The Plan shall be administered and
     interpreted to the extent possible in a manner consistent with that
     intent.

18.2 UNSECURED GENERAL CREDITOR.  The Company shall establish the Trust,
     which shall be a grantor trust, and to which the Company may, in its
     discretion, make contributions as a means to finance liabilities that
     accrue under the Plan.  Except as provided below in the case of a
     Change in Control, the Company shall not be required to make
     contributions to the Trust.  As soon as practicable after a Change in
     Control, the Company shall determine the amount that would be needed
     to pay Participants and their Beneficiaries the benefits which they
     have accrued pursuant to the terms of a Plan as of the date of the
     Change in Control.  This amount is referred to herein as the "Trust
     Funding Requirement." In the event that the fair market value of the
     Trust assets is less than the Trust Funding Requirement on such date,
     the Company shall make an additional contribution to the Trust in an
     amount sufficient to bring the fair market value of the assets in the
     Trust up to at least 100% of the Trust Funding Requirement.  The
     Company shall establish the Trust Funding Requirement on a monthly
     basis thereafter and make additional contributions as necessary to
     bring the value of the assets in the Trust Fund up to the Trust
     Funding Requirement as of the valuation date.  Contributions under
     this Section 18.2, if any, shall be made as soon as reasonably
     practicable after the Trust Funding Requirement is established for a
     valuation date.  When computing the Trust Funding Requirement, the
     Company may exclude the benefits attributable to any Participant if
     contributions to the Trust on behalf of the Participant could cause
     the Participant to incur income tax liability on account of the
     contribution.

     Notwithstanding the foregoing, Participants and their Beneficiaries,
     heirs, successors and assigns shall remain unsecured general
     creditors and shall have no legal or equitable rights, interests or
     claims in any property or assets of an Employer.  For purposes of the
     payment of benefits under this Plan, any and all of an Employer's
     assets shall be, and remain, the general, unpledged unrestricted
     assets of the Employer.  An Employer's obligation under the Plan
     shall be merely that of an unfunded and unsecured promise to pay
     money in the future.

18.3 EMPLOYER'S LIABILITY.  An Employer's liability for the payment of
     benefits shall be defined only by the Plan and the Plan Agreement, as
     entered into between the Employer and a Participant.  An Employer
     shall have no obligation to a Participant under the Plan except as
     expressly provided in the Plan and his or her Plan Agreement.

                                  28

<PAGE>

18.4 NONASSIGNABILITY.  Neither a Participant nor any other person shall
     have any right to commute, sell, assign, transfer, pledge,
     anticipate, mortgage or otherwise encumber, transfer, hypothecate,
     alienate or convey in advance of actual receipt, the amounts, if any,
     payable hereunder, or any part thereof, which are, and all rights to
     which are expressly declared to be, unassignable and non-transfer
     able.  No part of the amounts payable shall, prior to actual payment,
     be subject to seizure, attachment, garnishment or sequestration for
     the payment of any debts, judgments, alimony or separate maintenance
     owed by a Participant or any other person, be transferable by
     operation of law in the event of a Participant's or any other
     person's bankruptcy or insolvency or be transferable to a spouse as a
     result of a property settlement or otherwise.

18.5 NOT A CONTRACT OF EMPLOYMENT.  The terms and conditions of this Plan
     shall not be deemed to constitute a contract of employment between
     any Employer and the Participant.  Such employment is hereby
     acknowledged to be an "at will" employment relationship that can be
     terminated at any time for any reason, or no reason, with or without
     cause, and with or without notice, unless expressly provided in a
     written employment agreement.  Nothing in this Plan shall be deemed
     to give a Participant the right to be retained in the service of any
     Employer, either as an Employee or a Director, or to interfere with
     the right of any Employer to discipline or discharge the Participant
     at any time.

18.6 FURNISHING INFORMATION.  A Participant or his or her Beneficiary will
     cooperate with the Committee by furnishing any and all information
     requested by the Committee and take such other actions as may be
     requested in order to facilitate the administration of the Plan and
     the payments of benefits hereunder, including but not limited to
     taking such physical examinations as the Committee may deem
     necessary.

18.7 TERMS.  Whenever any words are used herein in the masculine, they
     shall be construed as though they were in the feminine in all cases
     where they would so apply; and whenever any words are used herein in
     the singular or in the plural, they shall be construed as though they
     were used in the plural or the singular, as the case may be, in all
     cases where they would so apply.

18.8 CAPTIONS.  The captions of the articles, sections and paragraphs of
     this Plan are for convenience only and shall not control or affect
     the meaning or construction of any of its provisions.

18.9 GOVERNING LAW.  Subject to ERISA, the provisions of this Plan shall
     be construed and interpreted according to the internal laws of the
     State of Illinois without regard to its conflicts of laws principles.

18.10NOTICE.  Any notice or filing required or permitted to be given to
     the Committee under this Plan shall be sufficient if in writing and
     hand-delivered, or sent by registered or certified mail, to both the
     Chief Human Resources Officer and the Global General Counsel at the
     address below:

                 Jones Lang LaSalle Incorporated
                 Attn: Chief Human Resources Officer and
                          Global General Counsel
                 200 East Randolph Drive
                 Chicago, IL  60601

     Such notice shall be deemed given as of the date of delivery or, if
     delivery is made by mail, as of the date shown on the postmark on the
     receipt for registration or certification.

     Any notice or filing required or permitted to be given to a
     Participant under this Plan shall be sufficient if in writing and
     hand-delivered, or sent by mail, to the last known address of the
     Participant.

                                  29

<PAGE>

18.11SUCCESSORS.  The provisions of this Plan shall bind and inure to the
     benefit of the Participant's Employer and its successors and assigns
     and the Participant and the Participant's designated Beneficiaries.

18.12SPOUSE'S INTEREST.  The interest in the benefits hereunder of a
     spouse of a Participant who has predeceased the Participant shall
     automatically pass to the Participant and shall not be transferable
     by such spouse in any manner, including but not limited to such
     spouse's will, nor shall such interest pass under the laws of
     intestate succession.

18.13VALIDITY.  In case any provision of this Plan shall be illegal or
     invalid for any reason, said illegality or invalidity shall not
     affect the remaining parts hereof, but this Plan shall be construed
     and enforced as if such illegal or invalid provision had never been
     inserted herein.

18.14INCOMPETENT.  If the Committee determines in its discretion that a
     benefit under this Plan is to be paid to a minor, a person declared
     incompetent or to a person incapable of handling the disposition of
     that person's property, the Committee may direct payment of such
     benefit to the guardian, legal representative or person having the
     care and custody of such minor, incompetent or incapable person.  The
     Committee may require proof of minority, incompetence, incapacity or
     guardianship, as it may deem appropriate prior to distribution of the
     benefit.  Any payment of a benefit shall be a payment for the account
     of the Participant and the Participant's Beneficiary, as the case may
     be, and shall be a complete discharge of any liability under the Plan
     for such payment amount.

18.15COURT ORDER.  The Committee is authorized to make any payments
     directed by court order in any action in which the Plan or the
     Committee has been named as a party.  In addition, if a court
     determines that a spouse or former spouse of a Participant has an
     interest in the Participant's benefits under the Plan in connection
     with a property settlement or otherwise, the Committee, in its sole
     discretion, shall have the right, notwithstanding any election made
     by a Participant, to immediately distribute the spouse's or former
     spouse's interest in the Participant's benefits under the Plan to
     that spouse or former spouse.

18.16DISTRIBUTION IN THE EVENT OF TAXATION.

     (a)   IN GENERAL.  If, for any reason, all or any portion of a
           Participant's benefits under this Plan becomes taxable to the
           Participant prior to receipt, a Participant may petition the
           Committee before a Change in Control, or the trustee of the
           Trust after a Change in Control, for a distribution of that
           portion of his or her benefit that has become taxable.  Upon
           the grant of such a petition, which grant shall not be
           unreasonably withheld (and, after a Change in Control, shall be
           granted), the Company shall distribute to the Participant
           immediately available funds in an amount equal to the taxable
           portion of his or her benefit (which amount shall not exceed a
           Participant's unpaid vested Account Balance under the Plan).
           If the petition is granted, the tax liability distribution
           shall be made within 90 days of the date when the Participant's
           petition is granted.  Such a distribution shall affect and
           reduce the benefits to be paid under this Plan.

     (b)   TRUST.  If the Trust terminates in accordance with its terms
           and benefits are distributed from the Trust to a Participant in
           accordance therewith, the Participant's benefits under this
           Plan shall be reduced to the extent of such distributions.

                                  30

<PAGE>

18.17INSURANCE.  The Employers, on their own behalf or on behalf of the
     trustee of the Trust, and, in their sole discretion, may apply for
     and procure insurance on the life of the Participant, in such amounts
     and in such forms as the Trust may choose.  The Employers or the
     trustee of the Trust, as the case may be, shall be the sole owner and
     beneficiary of any such insurance.  The Participant shall have no
     interest whatsoever in any such policy or policies, and at the
     request of the Employers shall submit to medical examinations and
     supply such information and execute such documents as may be required
     by the insurance company or companies to whom the Employers have
     applied for insurance.

18.18LEGAL FEES TO ENFORCE RIGHTS AFTER CHANGE IN CONTROL.  The Company
     and each Employer is aware that upon the occurrence of a Change in
     Control, the Board or the board of directors of a Participant's
     Employer (which might then be composed of new members) or a
     shareholder of the Company or the Participant's Employer, or of any
     successor corporation might then cause or attempt to cause the
     Company, the Participant's Employer or such successor to refuse to
     comply with its obligations under the Plan and might cause or attempt
     to cause the Company or the Participant's Employer to institute, or
     may institute, litigation seeking to deny Participants the benefits
     intended under the Plan.  In these circumstances, the purpose of the
     Plan could be frustrated.  Accordingly, if, following a Change in
     Control, it should appear to any Participant that the Company, the
     Participant's Employer or any successor corporation has failed to
     comply with any of its obligations under the Plan or any agreement
     thereunder or, if the Company, such Employer or any other person
     takes any action to declare the Plan void or unenforceable or
     institutes any litigation or other legal action designed to deny,
     diminish or to recover from any Participant the benefits intended to
     be provided, then the Company and the Participant's Employer
     irrevocably authorize such Participant to retain counsel of his or
     her choice at the expense of the Company and the Participant's
     Employer (who shall be jointly and severally liable) to represent
     such Participant in connection with the initiation or defense of any
     litigation or other legal action, whether by or against the Company,
     the Participant's Employer or any director, officer, shareholder or
     other person affiliated with the Company, the Participant's Employer
     or any successor thereto in any jurisdiction.

     IN WITNESS WHEREOF, the Company has signed this Plan document as of
November 1, 2003.

                                  JONES LANG LASALLE INCORPORATED,
                                  a Maryland corporation

                                  By:    /s/  Larry Deans

                                  Name:  Larry Deans

                                  Title: Chief HR Officer

                                  31exv10w2

 

Exhibit 10.2

EXECUTION COPY

FIRST AMENDMENT

     FIRST AMENDMENT, dated as of September 29, 2003 (this “Amendment”), to
each of (i) the Credit Agreement, dated as of June 13, 2003 (such Credit
Agreement, as amended, supplemented or otherwise modified from time to time,
the “Credit Agreement”), among TRITON PCS, INC., a Delaware corporation (the
“Borrower”), TRITON PCS HOLDINGS, INC., a Delaware corporation (“Holdings”),
the Lenders parties thereto, LEHMAN COMMERCIAL PAPER INC., as Administrative
Agent, COBANK, ACB, as Co-Syndication Agent, CITICORP NORTH AMERICA, INC., as
Co-Syndication Agent, CHASE LINCOLN FIRST COMMERCIAL CORPORATION, as
Co-Documentation Agent, and MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,
as Co-Documentation Agent, (ii) the Guarantee Agreement, dated as of June 13,
2003 (such Guarantee Agreement, as amended, supplemented or otherwise modified
from time to time, the “Guarantee Agreement”) made by each subsidiary listed on
Schedule I thereto (the “Subsidiary Loan Parties”) in favor of the
Administrative Agent for the benefit of the Secured Parties (as defined
therein), (iii) the Pledge Agreement, dated as of June 13, 2003 (such Pledge
Agreement, as amended, supplemented or otherwise modified from time to time,
the “Pledge Agreement”) among the Borrower, Holdings, the Subsidiary Loan
Parties and the Administrative Agent for the benefit of the Secured Parties and
(iv) the Security Agreement, dated as of June 13, 2003 (such Security
Agreement, as amended, supplemented or otherwise modified from time to time,
the “Security Agreement”) among the Borrower, the Subsidiary Loan Parties and
the Administrative Agent for the benefit of the Secured Parties.

W I T N E S S E T H:

     WHEREAS, the Borrower, Holdings, the Lenders, the Administrative Agent,
the Co-Syndication Agents and the Co-Documentation Agents are parties on the
date hereof to the Credit Agreement;

     WHEREAS, the Subsidiary Loan Parties and the Administrative Agent are
parties on the date hereof to the Guarantee Agreement;

     WHEREAS, the Borrower, Holdings, the Subsidiary Loan Parties and the
Administrative Agent are parties on the date hereof to the Pledge Agreement;

     WHEREAS, the Borrower, the Subsidiary Loan Parties and the Administrative
Agent are parties on the date hereof to the Security Agreement; and

     WHEREAS, the parties hereto wish to amend each of the Credit Agreement,
the Guarantee Agreement, the Pledge Agreement and the Security Agreement on the
terms and subject to the conditions set forth herein;

 

 

2

     NOW, THEREFORE, in consideration of the premises and mutual agreements
contained herein, and for other valuable consideration the receipt of which is
hereby acknowledged, the parties hereto hereby agree as follows:

     1.     Definitions. All defined terms used herein shall have the meanings set
forth in the Credit Agreement unless otherwise defined herein.

     2.     Amendment to Section 1.01 of the Credit Agreement (Defined Terms).

               (a) Section 1.01 of the Credit Agreement is hereby amended by deleting the
period at the end of the definition of “Hedging Agreement” and inserting in
lieu thereof the following: “, including, without limitation, any interest
rate swap agreement or similar agreement that provides for the payment by
Holdings, the Borrower or any of its Subsidiaries of (i) amounts based upon a
floating rate in exchange for receipt by Holdings, the Borrower or such
Subsidiary of amounts based upon a fixed rate or (ii) amounts based upon a
fixed rate in exchange for receipt by Holdings, the Borrower or such Subsidiary
of amounts based upon a floating rate.”

               (b) Section 1.01 of the Credit Agreement is hereby amended by deleting the
second sentence of the definition of “Lenders”.

     3.     Amendment to Section 6.02 of the Credit Agreement (Liens). Section
6.02(ix) of the Credit Agreement is hereby amended by deleting the reference to
“Hedging Obligations” and inserting in lieu thereof the words “Hedging
Agreements”.

     4.     Amendment to Section 6.07 of the Credit Agreement (Hedging Agreements).
Section 6.07 of the Credit Agreement is hereby amended by inserting the
following new sentence at the end thereof: “For the avoidance of doubt,
Holdings, the Borrower and any Subsidiary may enter into any Hedging Agreement
in respect of interest rates, including, without limitation, any such agreement
that provides for the payment by Holdings, the Borrower or any of its
Subsidiaries of (i) amounts based upon a floating rate in exchange for receipt
by Holdings, the Borrower or such Subsidiary of amounts based upon a fixed rate
or (ii) amounts based upon a fixed rate in exchange for receipt by Holdings,
the Borrower or such Subsidiary of amounts based upon a floating rate; provided
that the aggregate notional amount of Indebtedness or other obligations related
to Hedging Agreements of the type specified in clause (i) of this sentence
shall not exceed $500,000,000 in the aggregate.”

     5.     Amendment to Guarantee Agreement.

               (a) Section 1 of the Guarantee Agreement is hereby amended by inserting
the following new sentence at the end of the first paragraph of such Section 1:
“For the avoidance of doubt, the term “Lender” as used in clause (c) of the
first sentence of this paragraph shall also include each Person that both (y)
is a counterparty to a Hedging Agreement with a Loan Party and (z) was a Lender
or an Affiliate of a Lender at the time such Hedging Agreement was entered into
and the term “Secured Party” as used in this Guarantee Agreement shall include
each such Affiliate.”

 

 

3

               (b) Section 21 of the Guarantee Agreement is hereby amended by deleting
the reference to “Lender” where it appears in the last sentence of such Section
21 and inserting in lieu thereof “Secured Party”.

     6.     Amendment to Pledge Agreement. The Pledge Agreement is hereby amended
by inserting the following new sentence at the end of the second paragraph of
the preliminary statement: “For the avoidance of doubt, the term “Lender” as
used in clause (d) of the third sentence of this paragraph shall also include
each Person that both (y) is a counterparty to a Hedging Agreement with a Loan
Party and (z) was a Lender or an Affiliate of a Lender at the time such Hedging
Agreement was entered into and the term “Secured Party” as used in this Pledge
Agreement shall include each such Affiliate.”

     7.     Amendment to Security Agreement.

               (a) The Security Agreement is hereby amended by inserting the following
new sentence at the end of the second paragraph of the preliminary statement:
“For the avoidance of doubt, the term “Lender” as used in clause (d) of the
third sentence of this paragraph shall also include each Person that both (y)
is a counterparty to a Hedging Agreement with a Loan Party and (z) was a Lender
or an Affiliate of a Lender at the time such Hedging Agreement was entered
into.”

               (b) Section 1.02 of the Security Agreement is hereby amended by inserting
the following after the word “Lender” in clause (d) of the definition of
“Secured Parties:” “or an Affiliate of a Lender”.

     8.     Representations; No Default. On and as of the date hereof, and after
giving effect to this Amendment, (i) each of Holdings and the Borrower
certifies that no Default or Event of Default has occurred or is continuing,
and (ii) each of Holdings and the Borrower confirms, reaffirms and restates
that the representations and warranties set forth in Article III of the Credit
Agreement and in the other Loan Documents are true and correct in all material
respects.

     9.     Conditions to Effectiveness. This Amendment shall become effective on
and as of the date that the Administrative Agent shall have received
counterparts of this Amendment, duly executed and delivered by a duly
authorized officer of each of the Required Lenders, the Borrower, Holdings, and
each of the Subsidiary Loan Parties.

     10.     Limited Amendment. This Amendment shall not be deemed to be a waiver
of, or consent to, or a modification or amendment of, any term or condition of
any other Loan Document or to prejudice any other right or rights which the
Lenders may now have or may have in the future under or in connection with the
Credit Agreement or any of the instruments or agreements referred to therein,
as the same may be amended from time to time.

     11.     Counterparts. This Amendment may be executed by one or more of the
parties hereto in any number of separate counterparts and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument.

 

 

4

     12.     GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed and delivered by their respective duly authorized officers as of the
date first above written.

	 	 	 	 	 
	 	 	TRITON PCS, INC.
	 	 	 	 	 
	 	 	
By:
	 	/s/ Daniel E. Hopkins
	 	 	 	 	

	 	 	 	 	Name: Daniel E. Hopkins
	 	 	 	 	Title: SVP of Finance and Treasurer
	 	 	 	 	 
	 	 	TRITON PCS HOLDINGS, INC.
	 	 	 	 	 
	 	 	
By:
	 	/s/ Daniel E. Hopkins
	 	 	 	 	

	 	 	 	 	Name: Daniel E. Hopkins
	 	 	 	 	Title: SVP of Finance and Treasurer
	 	 	 	 	 
	 	 	TRITON MANAGEMENT COMPANY, INC.
	 	 	 	 	 
	 	 	
By:
	 	/s/ Daniel E. Hopkins
	 	 	 	 	

	 	 	 	 	Name: Daniel E. Hopkins
	 	 	 	 	Title: SVP of Finance and Treasurer
	 	 	 	 	 
	 	 	TRITON PCS FINANCE COMPANY, INC.
	 	 	 	 	 
	 	 	
By:
	 	/s/ Daniel E. Hopkins
	 	 	 	 	

	 	 	 	 	Name: Daniel E. Hopkins
	 	 	 	 	Title: SVP of Finance and Treasurer
	 	 	 	 	 
	 	 	TRITON PCS HOLDINGS COMPANY L.L.C.
	 	 	TRITON PCS OPERATING COMPANY L.L.C.
	 	 	TRITON PCS EQUIPMENT COMPANY L.L.C.
	 	 	TRITON PCS INVESTMENT COMPANY L.L.C.
	 	 	 	 	 
	 	 	
By:
	 	TRITON MANAGEMENT COMPANY,

INC., its manager
	 	 	 	 	 
	 	 	
By:
	 	/s/ Daniel E. Hopkins
	 	 	 	 	

	 	 	 	 	Name: Daniel E. Hopkins
	 	 	 	 	Title: SVP of Finance and Treasurer

[Signature Page to Triton Amendment]

 

 

	 	 	 	 	 
	 	 	LEHMAN COMMERCIAL PAPER INC.,
	 	 	individually and as Administrative Agent
	 	 	 	 	 
	 	 	By: /s/ G. Robert Berzins

Name: G. Robert Berzins
	 	 	Title: Vice President
	 	 	 	 	 
	 	 	COBANK, ACB, individually and as
	 	 	Co-Syndication Agent
	 	 	 	 	 
	 	 	
By:
	 	/s/Christopher J. Mott
	 	 	 	 	

	 	 	 	 	Name: Christopher J. Mott
	 	 	 	 	Title: Vice President
	 	 	 	 	 
	 	 	CITICORP NORTH AMERICA, INC.,
	 	 	individually and as Co-Syndication Agent
	 	 	 	 	 
	 	 	
By:
	 	/s/ John P. Judge
	 	 	 	 	

	 	 	 	 	Name: John P. Judge
	 	 	 	 	Title: Vice President
	 	 	 	 	 
	 	 	CHASE LINCOLN FIRST
	 	 	COMMERCIAL CORPORATION, individually and as
	 	 	Co-Documentation Agent
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	MERRILL LYNCH, PIERCE, FENNER &
	 	 	SMITH INCORPORATED, as Co-Documentation Agent
	 	 	 	 	 
	 	 	
By:
	 	/s/ Arthur J. Lafaire
	 	 	 	 	

	 	 	 	 	Name: Arthur J. Lafaire
	 	 	 	 	Title: Vice President

[Signature Page to Triton Amendment]

 

 

	 	 	 	 	 
	 	 	MERRILL LYNCH CAPITAL CORPORATION
	 	 	 	 	 
	 	 	
By:
	 	/s/ Arthur J. Lafaire
	 	 	 	 	

	 	 	 	 	Name: Arthur J. Lafaire
	 	 	 	 	Title: Vice President
	 	 	 	 	 
	 	 	COÖPERATIEVE CENTRALE

RAIFFEISEN-BOERENLEEN BANK B.A.,

“RABOBANK NEDERLAND”, NEW YORK BRANCH
	 	 	 	 	 
	 	 	
By:
	 	/s/ Douglas W. Zylstra
	 	 	 	 	

	 	 	 	 	Name: Douglas W. Zylstra
	 	 	 	 	Title: Senior Vice President
	 	 	 	 	 
	 	 	
By:
	 	/s/ Ian Reece
	 	 	 	 	

	 	 	 	 	Name: Ian Reece
	 	 	 	 	Title: Managing Director
	 	 	 	 	 
	 	 	NATIONAL CITY BANK
	 	 	 	 	 
	 	 	
By:
	 	/s/ Mike Grimes
	 	 	 	 	

	 	 	 	 	Name: Mike Grimes
	 	 	 	 	Title:

[Signature Page to Triton Amendment]

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