Document:

Exhibit
10.2

 

 

EXECUTION COPY

AMENDMENT
NO. 2

TO

SECURED
REVOLVING CREDIT AGREEMENT

 

                                                                Dated
as of September 12, 2003

THIS AMENDMENT NO. 2
(this “Amendment”) to the 
SECURED REVOLVING CREDIT AGREEMENT 
among MONSTER WORLDWIDE, INC., a
Delaware corporation formerly known as TMP Worldwide Inc. (“Monster
Worldwide”), TMP WORLDWIDE LIMITED (“TMPWL”), an indirect wholly
owned subsidiary of Monster Worldwide organized under the laws of the United
Kingdom, BARTLETT SCOTT EDGAR LIMITED (“BSEL”, with TMPWL, the “UK
Borrowers”), an indirect wholly owned subsidiary of Monster Worldwide
organized under the laws of the United Kingdom, the other “Subsidiary
Borrowers” party from time to time thereto (each a “Borrower,”
collectively the “Borrowers”), the several banks and other financial
institutions or entities from time to time parties thereto (the “Lenders”),
FLEET NATIONAL BANK, as sole lead arranger and as administrative agent (in such
capacity, the “Administrative Agent”), THE ROYAL BANK OF SCOTLAND plc,
as syndication agent, and LASALLE BANK NATIONAL ASSOCIATION, as documentation
agent.

PRELIMINARY
STATEMENT:

 

                The
Borrowers, the Lenders, the Agents have entered into a Secured Revolving Credit
Agreement dated as of April 7, 2003 (including any amendments thereto, the “Credit
Agreement”).  Capitalized terms not
otherwise defined in this Amendment have the same meanings as specified in the
Credit Agreement.  The parties hereto agree as follows:

                SECTION
1.           AMENDMENTS TO CREDIT
AGREEMENT

                1.1           Amendment to Section 7.9(d).  Section 7.9(d) of the Credit Agreement is
hereby amended in its entirety to read:

With respect to
any Foreign Subsidiary created or acquired after the Closing Date directly
owned by Monster Worldwide or by a Domestic Subsidiary, promptly (i) give written notice to the Administrative Agent of the
creation or acquisition of any such new Foreign Subsidiary (a “New Foreign
Subsidiary”), (ii) give written notice to the Administrative Agent as soon
as such New Foreign Subsidiary 
(together with its Consolidated Subsidiaries) constitutes 5% or more of
Monster Worldwide’s Consolidated revenues in any fiscal year (a “New 5%
Subsidiary”), (iii) execute and deliver to the Administrative Agent
such amendments to the Guarantee and Collateral Agreement as the Administrative
Agent deems necessary or advisable to grant to the Administrative Agent, for
the benefit of the Lenders, a perfected first priority security interest in the
Capital Stock of each such New 5% Subsidiary 
(provided that in no event shall more than 65% of the total
outstanding Capital Stock of any such New 5% Subsidiary be required to be

 

 

 

so pledged), and (iv) at the request of the Administrative Agent upon the
direction of the Required Lenders, pledge and deliver to the Administrative
Agent any pledge documents executed with respect to 65% of the Capital Stock of
any New Foreign Subsidiary and deliver to the Administrative Agent legal
opinions relating to the matters described above, which opinions shall be in
form and substance, and from counsel, reasonably satisfactory to the
Administrative Agent, and with respect to clauses (iii), and (iv) deliver to
the Administrative Agent the certificates representing all such Capital Stock,
together with undated stock powers, in blank, executed and delivered by a duly
authorized officer of the relevant Borrower, or take such other action with
respect to Pledged Stock of Foreign Subsidiaries (including any New Foreign
Subsidiary and New 5% Subsidiary) necessary to perfect the first priority
security interest of the Administrative Agent in such Pledged Stock, as the
case may be, and take such other action as may be necessary or, in the
reasonable opinion of the Administrative Agent, desirable to perfect the
Administrative Agent’s security interest therein; provided,
notwithstanding any provision to the contrary unless expressly permitted
hereunder, no Borrower and no Subsidiary Guarantor shall enter into or suffer to exist to become
effective any agreement or document to grant, bargain, pledge, convey, sell,
mortgage, encumber, or grant any interest in or allow for the creation of any
Lien, encumbrance, or interest (other than in favor of the Administrative
Agent) in any Capital Stock of any Foreign Subsidiary (including any New
Foreign Subsidiary and New 5% Subsidiary) directly owned by Monster Worldwide
or any Subsidiary Guarantor.

                1.2           Amendment to Section 7.12.  Section 7.12 of the Credit Agreement is
hereby amended in its entirety to read:

To the extent not otherwise satisfied prior to September 15, 2003, with respect
to any Foreign Subsidiaries directly owned by Monster Worldwide or any
Subsidiary Guarantor that is not a New Foreign Subsidiary (a “Existing
Foreign Subsidiary”), Monster Worldwide shall, and shall cause each of its
Subsidiary Guarantors directly owning such a Foreign Subsidiary that each
singly (together with its Consolidated Subsidiaries) now or hereafter
constitutes 5% or more of Monster Worldwide’s Consolidated revenues in any
fiscal year (a “Existing 5% Subsidiary”), (a) to promptly give written
notice to the Administrative Agent of the existence of any Existing Foreign
Subsidiary that is a Existing 5% Subsidiary, (b) to pledge and deliver to the
Administrative Agent pledge documents executed with respect to 65% of the
Capital Stock of each Existing 5% Subsidiary, and (c) at the request of the
Administrative Agent upon the direction of the Required Lenders, to pledge and
deliver to the Administrative Agent any pledge documents executed with respect
to 65% of the Capital Stock of each Existing Foreign Subsidiary and deliver to
the Administrative Agent legal opinions relating to the matters described
above, which opinions shall be in form and substance, and from counsel,
reasonably satisfactory to the Administrative Agent, and, in the case of clauses
(b) and (c) above, to execute and deliver any other document or instrument
reasonably requested by the Administrative Agent and take any other actions
specified in the Guarantee and Collateral Agreement necessary to grant to

 

2

 

the Administrative Agent a perfected Lien on all such Capital Stock, all
in form and substance reasonably satisfactory to the Administrative Agent; provided,
notwithstanding any provision to the contrary unless otherwise expressly
permitted hereunder, no Borrower and no Subsidiary Guarantor shall enter into or suffer to exist to become
effective any agreement or document to grant, bargain, pledge, convey, sell,
mortgage, encumber, or grant any interest in or allow for the creation of any
Lien, encumbrance, or interest (other than in favor of the Administrative
Agent) in, any Capital Stock of any Foreign Subsidiary (including any Existing
Foreign Subsidiary and Existing 5% Subsidiary) directly owned by Monster
Worldwide or any Subsidiary Guarantor.

                SECTION
2.           CONDITIONS TO EFFECTIVENESS

                2.1           Execution and Delivery.   This Amendment shall become effective as of
the date first above written when, and only when the Administrative Agent shall
have received counterparts of this Amendment executed by each Borrower, each
Loan Party and the Required Lenders or, as to any of the Lenders, evidence
satisfactory to the Administrative Agent that such Lender has executed this
Amendment.

 

                SECTION 3.           REPRESENTATIONS AND WARRANTIES OF THE
LOAN PARTIES

 

                Each Loan Party
represents and warrants as follows:

 

                3.1           Representations and Warranties in
Credit Agreement.  Each of the
representations and warranties made by any Loan Party in or pursuant to the
Loan Documents are true and correct in all material respects on and as of the
date of this Amendment and after giving effect to this Amendment, no Default or
Event of Default has occurred and is continuing.

 

                3.2           Corporate Power and Authority.  Each Loan Party is duly authorized and
empowered to enter into, execute, deliver and perform this Amendment.  The execution, delivery and performance of
this Amendment has been duly authorized by all necessary corporate action and
do not and will not (i) require any consent or approval of the shareholders of
such Loan Party or any consent or the authorization of, filing with, notice to
or other act by or in respect of, any Governmental Authority or any other
Person (except as specifically contemplated by the Loan Documents); (ii)
contravene any Loan Parties’ charter, articles or certificate of incorporation
or by-laws; (iii) violate, or cause such Loan Party to be in default under, any
provision of any law, rule, regulation, order, writ, judgment, injunction,
decree, determination or award in effect having applicability to such Loan
Party; (iv) result in a breach of or constitute a default under any indenture
or loan or credit agreement, or any other agreement, lease or instrument to
which such Loan Party is a party or by which it or its Properties may be bound
or affected that could reasonably be expected to have a Material Adverse
Effect; or (v) result in, or require, the creation or imposition of any Lien
upon or with respect to any of the Properties now owned or hereafter acquired
by such Loan Party (except as specifically contemplated by the Loan Documents).

 

                3.3           Legally Enforceable Agreement.  This Amendment is a legal, valid and binding
obligation of each Loan Party enforceable against it in accordance with its
respective terms,

 

 

3

 

except as the enforceability thereof may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
the enforcement of creditors’ rights generally, by general equitable principles
(whether enforcement is sought by proceedings in equity or at law) and an
implied covenant of good faith and fair dealing.

 

                3.4           No Liens on Foreign Subsidiary
Capital Stock.  Except as disclosed
on Schedule 5.12(a), there are no Liens, encumbrances or claims by any Person
in any of the Capital Stock of any Foreign Subsidiary, except in favor of the
Administrative Agent.

 

                SECTION 4.           REFERENCE TO AND EFFECT TO THE CREDIT
AGREEMENT

 

                4.1           References.  On and after the effectiveness of this
Amendment, each reference in the Credit Agreement to “this Agreement”,
“hereunder”, “hereof” or words of like import referring to the Credit
Agreement, and each reference in the Notes to “the Credit Agreement”,
“thereunder”, “thereof” or words of like import referring to the Credit Agreement,
shall mean and be a reference to the Credit Agreement, as amended by this
Amendment.

 

                4.2           Full Force and Effect.  The Credit Agreement, as specifically
amended by this Amendment, is and shall continue to be in full force and effect
and are hereby in all respects ratified and confirmed.

 

                4.3           No Waiver.  The execution, delivery and effectiveness of
this Amendment shall not, except as expressly provided herein, operate as a
waiver of any right, power or remedy of any Lender or the Agents under the Credit
Agreement, nor constitute a waiver of any provision of the Credit Agreement.

 

                SECTION 5.           COSTS AND EXPENSES

 

                5.1           Payment on Demand of Costs and
Expenses.   Each Borrower agrees to pay on demand all reasonable costs and
expenses of the Administrative Agent in connection with the preparation,
execution, delivery and administration, modification and amendment of this
Amendment and the other instruments and documents to be delivered hereunder
(including, without limitation, the reasonable fees and expenses of counsel for
the Administrative Agent) in accordance with the terms of Section 11.5 of the
Credit Agreement.

 

                SECTION 6.           MISCELLANEOUS

 

                6.1           Execution in Counterparts.  This Amendment may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which
taken together shall constitute but one and the same agreement.  Delivery of an executed counterpart of a
signature page to this Amendment by telecopier shall be effective as delivery
of a manually executed counterpart of this Amendment.

 

                6.2           GOVERNING LAW.  THIS AMENDMENT AND THE RIGHTS
AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE

 

 

4

 

GOVERNED BY,
AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
YORK.

 

                SECTION 7.           REAFFIRMATION

 

                7.1           Subsidiary Guarantor Reaffirmations. 
Each Subsidiary Guarantor party hereto hereby consents to this Amendment
and acknowledges and reaffirms all of its obligations and undertakings under
the Guarantee and Collateral Agreement to which it is a party.

 

 

[REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK]

 

5

 

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

	
   

  	
  MONSTER WORLDWIDE, INC., as
  Borrower

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David Trapani

  
	
   

  	
   

  	
  Name:  David Trapani

  
	
   

  	
   

  	
  Title:  Treasurer

  
	
   

  	
   

  
	
   

  	
  TMP WORLDWIDE LIMITED, as
  Borrower and

  UK Borrower

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stephen Cooney

  
	
   

  	
   

  	
  Name:  Stephen Cooney

  
	
   

  	
   

  	
  Title:  Director

  
	
   

  	
   

  
	
   

  	
  BARTLETT SCOTT EDGAR LIMITED,
  as Borrower and UK Borrower

  
	
   

  	
   

  
	
   

  	
   

  	
  By: /s/ David Moffatt

  
	
   

  	
   

  	
  Name:  David Moffatt

  
	
   

  	
   

  	
  Title:  Director

  

 

 

6

 

 

	
   

  	
  CAREERBAY.COM LLC 

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Andrew J. McKelvey

  
	
   

  	
   

  	
  Name: Andrew J. McKelvey

  
	
   

  	
   

  	
  Title: Chairman and CEO of
  Monster

          Worldwide,
  Inc., Managing Member

  

 

 

7

 

 

	
   

  	
  CORPORATE COMMUNICATIONS INC.

  
	
   

  	
  FASTWEB, INC.

  
	
   

  	
  FINAID PAGE, INC.

  
	
   

  	
  FLIPDOG
  INC.

  
	
   

  	
  GENERAL
  DIRECTORY ADVERTISING SERVICES, INC.

  
	
   

  	
  TMP
  ADVERTISING CORP.

  
	
   

  	
  THE
  HAMEL GROUP, INC.

  
	
   

  	
  HIRINGTOOLS.COM,
  INC.

  
	
   

  	
  HUNT
  MARKETING, INC.

  
	
   

  	
  IN2,
  INC.

  
	
   

  	
  INTERFACE
  REALTY, INC.

  
	
   

  	
  M.S.I.
  - MARKET SUPPORT INTERNATIONAL, INC.

  
	
   

  	
  MONSTER
  (CALIFORNIA), INC.

  
	
   

  	
  MONSTER,
  INC.

  
	
   

  	
  MONSTER
  GOVERNMENT SOLUTIONS, INC.

  
	
   

  	
  MONSTER
  WORLDWIDE TECHNOLOGIES, INC.

  
	
   

  	
  MONSTER.COM
  INC.

  
	
   

  	
  MONSTERMOVING.COM,
  INC.

  
	
   

  	
  CASHBACK2.COM,
  INC.

  
	
   

  	
  CRAIGHEAD,
  INC.

  
	
   

  	
  MONSTERTRAK
  CORPORATION

  
	
   

  	
  MOVECENTRAL,
  INC.

  
	
   

  	
  MOVING.COM
  INC.

  
	
   

  	
  OCC.COM
  INC.

  
	
   

  	
  O’CONNOR
  AGENCY

  
	
   

  	
  PROVIDENCE
  DIRECTORY SOLUTIONS, INC.

  
	
   

  	
  TELEPHONE
  DIRECTORY ADVERTISING, INC.

  
	
   

  	
  TMP
  DIRECTIONAL MARKETING INC.

  
	
   

  	
  TMP
  FOX ACQUISITION CORP.

  
	
   

  	
  TMP
  WORLDWIDE INC.

  
	
   

  	
  TMP.COM
  INC.

  
	
   

  	
  US
  MOTIVATION, INC.

  
	
   

  	
  USMOTIVATION
  PROMOTIONAL SERVICES, INC.

  
	
   

  	
  VIRTUAL
  RELOCATION.COM, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Andrew J. McKelvey

  
	
   

  	
   

  	
  Name: Andrew J. McKelvey

  
	
   

  	
   

  	
  Title: President

  
				

 

 

8

 

	
   

  	
  FINAID
  PAGE, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Andrew J. McKelvey

  
	
   

  	
   

  	
  Name: Andrew J. McKelvey

  
	
   

  	
   

  	
  Title: President, FastWeb,
  Inc., Managing

  Member

  
				

 

9

 

	
   

  	
  TMP
  ADVERTISING SERVICES, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Andrew J. McKelvey

  
	
   

  	
   

  	
  Name: Andrew J. McKelvey

  
	
   

  	
   

  	
  Title: President, TMP
  Advertising Corporation,

  General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  TMP
  INTERACTIVE OF NY, LLC

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Andrew J. McKelvey

  
	
   

  	
   

  	
  Name: Andrew J. McKelvey

  	
   

  
	
   

  	
   

  	
  Title: Chairman and CEO of
  Monster

          Worldwide,
  Inc., Managing Member

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

10

 

	
   

  	
   

  	
   

  
	
   

  	
  FLEET NATIONAL BANK, as
  Administrative Agent and as a Lender

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Thomas J. Levy

  	
   

  
	
   

  	
   

  	
  Name:  Thomas J. Levy

  	
   

  
	
   

  	
   

  	
  Title:  Senior Vice President

  	
   

  

 

 

11

 

 

	
   

  	
  THE ROYAL BANK OF SCOTLAND
  plc, as Syndication Agent and as a Lender 

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Julian Dakin

  
	
   

  	
   

  	
  Name:  Julian Dakin

  
	
   

  	
   

  	
  Title:  Senior Vice President

  

 

 

12

 

 

	
   

  	
  LASALLE BANK NATIONAL
  ASSOCIATION,

  as Documentation Agent and as
  a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Anthony M. Buehler

  
	
   

  	
   

  	
  Name:  Anthony M. Buehler

  
	
   

  	
   

  	
  Title:  Vice President

  

 

13

 

	
   

  	
  BARCLAYS BANK PLC, as Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Vincent Muldoon

  
	
   

  	
   

  	
  Name:  Vincent Muldoon

  
	
   

  	
   

  	
  Title:  Relationship Director

  

 

14

 

	
   

  	
  FIFTH THIRD BANK, as Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ann Pierson

  
	
   

  	
   

  	
  Name:  Ann Pierson

  
	
   

  	
   

  	
  Title:  Corporate Banking Officer

  

 

15QuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 10.1.1    
    

 
 

FOURTH AMENDMENT TO THE
  TRAMMELL CROW COMPANY
  EMPLOYEE STOCK PURCHASE PLAN    
    

        THIS FOURTH AMENDMENT is effective as set forth below and is made by the Trammell Crow Company, a Delaware corporation (the "Company"). 

W I T N E S S E T H: 

        WHEREAS, the Company has previously established the Trammell Crow Company Employee Stock Purchase Plan effective March 1, 1998, as
subsequently amended, (the "Plan") for the benefit of eligible employees; 

        WHEREAS, the Company has established a benefits committee (the "Benefits Committee") to administer certain plans maintained by the
Company; 

        WHEREAS, the Benefits Committee is responsible for the administration of the Plan; 

        WHEREAS, pursuant to paragraph 15 of the Plan, the Benefits Committee has the right to make certain amendments to the Plan; 

        WHEREAS, the Benefits Committee desires to clarify the circumstances under which foreign subsidiaries may participate in the Plan; 

        WHEREAS, the Benefits Committee desires to revise the waiting period for employees to become eligible to participate in the Plan; 

        WHEREAS, the Benefits Committee desires to change the offering periods from periods beginning on the first day of the first payroll period
beginning on or after January 1 and July 1 of each calendar year and ending respectively on the last day of the first payroll period ending on or after June 30 and
December 31 of each calendar year to periods beginning on the first day of the first payroll period beginning on or after January 1 and July 1 of each calendar year and ending
respectively on June 30 and December 31 of each calendar year; 

        WHEREAS, the Benefits Committee desires to change, the maximum number of shares that may be subject to an option during each offering
period from 700 to 2,500; and 

        WHEREAS, the Benefits Committee desires to clarify the Plan to provide that all funds remaining in a participant's account at the end of
an offering period will be returned to the participant, except to the extent that the remaining funds are insufficient to purchase a whole share of stock. 

        NOW, THEREFORE, the Plan is hereby amended as follows: 

        1.     Paragraph 3
is hereby amended in its entirety, effective July 1, 2000, to read as follows: 

        3.     Participating Companies. Each present and future parent or subsidiary corporation of the Company (within the meaning of
Sections 424(e) and (f) of the Internal Revenue Code of 1986, as amended (the "Code")) that is eligible by law to participate in the Plan shall be a "Participating Company" during the period
that such corporation is such a parent or subsidiary corporation; provided, however, that the Committee may at any time and from time to time, in its sole discretion, terminate a Participating
Company's Plan participation; provided, further however, that effective July 1, 2000, any foreign parent or subsidiary corporation of the Company, with the exception of the Company's Canadian
subsidiary or subsidiaries, shall be eligible to participate in the Plan only upon approval of the Board of Directors or the Benefits Committee. The Company's Canadian subsidiary or subsidiaries are
eligible to participate in the Plan subject to the termination of such participation by the Board of Directors or the Benefits Committee. Any Participating Company may, by appropriate action of its
Board of Directors, terminate its participation in the Plan. Transfer of employment among the Company and Participating Companies (and among any 

 

other
parent or subsidiary corporation of the Company) shall not be considered a termination of employment hereunder. 

        2.     Paragraph 4
is hereby amended in its entirety, effective January 1, 2000, to read as follows: 

        4.     Eligibility. All employees of the Company and the Participating Companies who are employed by the Company or any
Participating Company (including any predecessor entity) for the applicable "service period" (defined below in paragraph 4) as of the applicable "date of grant" (defined below in this
paragraph 6) and who are customarily employed at least 20 hours per week and at least five months per year shall be eligible to participate in the Plan; provided, however, that no option
shall be granted to an employee if such employee, immediately after the option is granted, owns stock possessing 5% or more of the total combined voting power or value of all classes of stock of the
Company or of its parent or subsidiary corporation (within the meaning of Sections 423(b)(3) and 424(d) of the Code) ("Eligible Employee"). "Service period" means the period of service (including any
authorized leave of absence meeting the requirements of Treasury Regulation § 1.421-7(h)(2)) that an employee of the Company or a Participating Company must complete to be
eligible to begin participating in the Plan. Prior to January 1, 2000, the applicable service period is 90 days. Effective January 1, 2000 the applicable service period is
60 days. Effective January 1, 2001 the applicable service period is 0 days. Notwithstanding the foregoing, any newly hired employee or group of employees, if designated by the
Committee, shall be awarded credit for the applicable service period and shall become an Eligible Employee at such time as the other eligibility requirements of this paragraph 4 are satisfied
for the applicable employee. 

        3.     Paragraph 6(a)
is hereby amended in its entirety, effective January 1, 2000, to read as follows: 

        6.     Grant of Options. (a) General Statement; "Date of Grant"; "Option Period"; "Date Of
Exercise". Upon the effective date of the Plan and continuing while the Plan remains in force, the Company shall offer options under the Plan to all Eligible Employees to
purchase shares of Stock. Except as otherwise determined by the Committee, these options shall be granted on the first day of the first payroll period beginning on or after March 1, 1998 and
July 1, 1998, and thereafter, on the first day of the first payroll period beginning on or after the first day of January and July of each subsequent year (each of which dates is herein
referred to as a "date of grant"). The term of each option granted on the first day of the first payroll period beginning on or after March 1, 1998 shall be for a period of approximately four
(4) months, ending on the last day of the last payroll period ending on or immediately after June 30, 1998, and the term of each option granted thereafter shall be for a period of
approximately six (6) months ending on the last day of the payroll period ending on or immediately after June 30 or December 31 as the case may be, provided, however, that
effective January 1, 2000 each option period shall consist of the approximately six (6)-month period ending on June 30 or December 31 (each such four (4)-month and six (6)-month
period is herein referred to as an "option period"). The last day of each option period is herein referred to as a "date of exercise." The number of shares subject to each option shall be the quotient
of the sum of the payroll deductions withheld on behalf of each participant in accordance with subparagraph 6(b) and the payments made by such participant pursuant to subparagraph 6(f) during the
option period and any amount carried forward from the preceding option period pursuant to subparagraph 7(a), divided by the "option price" (defined in subparagraph 7(b)) of the Stock, excluding all
fractions; provided, however, that the maximum number of shares that may be subject to any option may not exceed 700 (subject to adjustment as provided in paragraph 12) and effective
July 1, 2000 the maximum number of shares that may be subject to any option may not exceed 2,500 (subject to adjustment as provided in paragraph 12). 

2

 

        4.     Paragraph 7(a)
is hereby amended in its entirety, effective January 1, 2000, to read as follows: 

        (a)   General Statement. Each Eligible Employee who is a participant in the Plan, automatically and without any act on his
part, shall be deemed to have exercised his option on each date of exercise to the extent that the cash balance then in his account under the Plan is sufficient to purchase at the "option price" (as
defined in subparagraph 7(b)) whole shares of Stock. Effective January 1, 2000, any balance remaining in his account after payment of the purchase price of those whole shares shall be returned
to the Eligible Employee except to the extent that the remaining balance is insufficient to purchase a whole share of Stock under the Plan. 

        NOW, THEREFORE, be it further provided that, except as stated above, the Plan shall continue to read in its current state. 

        IN WITNESS WHEREOF, this Fourth Amendment has been executed by a duly authorized officer of the Company as of the date specified below and
effective as set forth herein. 

	 	 	TRAMMELL CROW COMPANY,

a Delaware corporation
	

 	
 	

By:	
 	

/s/ ROBERT A. JAMES

	

 	
 	

Name:	
 	

Robert A. James

	

 	
 	

Title:	
 	

Executive Vice President

	

 	
 	

Dated:	
 	

May 21, 2001

3

QuickLinks

Exhibit 10.1.1

FOURTH AMENDMENT TO THE TRAMMELL CROW COMPANY EMPLOYEE STOCK PURCHASE PLAN

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00058-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00058-of-00352.parquet"}]]