Document:

<PAGE>

                                                                   Exhibit 10.21

                             HEWITT ASSOCIATES LLC
            SEVENTH AMENDMENT TO REVOLVING AND TERM CREDIT AGREEMENT

Harris Trust and Savings Bank
Bank of America, N.A.

Ladies and Gentlemen:

         The undersigned, Hewitt Associates LLC, an Illinois limited liability
company (the "Borrower"), refers to the Revolving and Term Credit Agreement
dated as of May 28, 1996, as amended and currently in effect among the Borrower,
Harris Trust and Savings Bank, individually ("Harris") and as Agent ("Agent")
and Bank of America, N.A. ("Bank of America") (along with Harris Trust and
Savings Bank in its capacity as a lender, collectively the "Lenders") (as
heretofore amended, the "Credit Agreement "). All capitalized terms used herein
without definition shall have the same meanings herein as such terms have in the
Credit Agreement.

         On or prior to the date hereof, the Borrower entered into a
reorganization transaction pursuant to which, among other things, (i) the Parent
created a new subsidiary, Hewitt Associates, Inc., a Delaware corporation
("HAI"), (ii) the Borrower distributed an amount not to exceed $207.5 million
comprised of accounts receivable and cash to the Parent, and (iii) the Parent
transferred all of its ownership interests in the Borrower to HAI (collectively,
the foregoing transactions and the related transactions described in the form
S-1 Registration Statement of HAI filed with the U.S. Securities and Exchange
Commission on May 17, 2002, as it may be amended from time to time (the "S-1"),
the "Reorganization Transaction"). In connection with the Reorganization
Transaction, the Borrower requested that the Lenders waive certain Defaults and
Events of Default which would otherwise have occurred as a result thereof, and
amend certain provisions of the Credit Agreement in connection therewith, and
the Lenders did so, all on the terms and conditions set forth in a certain Sixth
Amendment and Waiver to Revolving and Term Credit Agreement of even date
herewith (herein, the "Sixth Amendment"). In addition to the amendments to the
Credit Agreement set forth in the Sixth Amendment, the Borrower is requesting
that the Lenders further amend a certain provision of the Credit Agreement, and
the Lenders are willing to do so, all on the terms and conditions set forth in
this Seventh Amendment to Revolving and Term Credit Agreement (this
"Amendment").

SECTION 1. AMENDMENT.

         Subject to the satisfaction of the conditions precedent set forth in
Section 2 below, the Credit Agreement shall be and hereby is amended as follows:

         1.1. Section 7.11(b) of the Credit Agreement shall be amended to read
in its entirety as follows:

               (b) purchase money indebtedness secured by Liens permitted by
          Section 7.12(d) hereof heretofore or hereafter incurred to acquire
          fixed assets and

<PAGE>

               not exceeding the purchase price of the assets financed and
               Capitalized Lease Obligations not exceeding, in aggregate
               principal amount at any one time outstanding, 20% of Owners
               Equity, provided that (x) the long term lease of property in
               Norwalk, Connecticut in connection with which the Borrower has
               incurred Capitalized Lease Obligations in an amount of
               approximately $65,000,000, and (y) the long term lease of
               property in Newport Beach, California in connection with which
               the Borrower has incurred Capitalized Lease Obligations in an
               amount not to exceed $25,000,000 shall each be permitted pursuant
               to this Section 7.11(b) and shall not be counted against the
               maximum amount set forth herein, although each of such leases
               shall continue to be counted as Funded Debt for all other
               purposes under this Agreement.

SECTION 2. COMMONS PRECEDENT.

         The effectiveness of this Amendment is subject to satisfaction of all
of the following conditions precedent:

         2.1. The Agent shall have received counterparts hereof signed by the
Borrower and the Lenders.

         2.2. The Parent shall have executed an acknowledgment of this Amendment
in the form set forth below.

         2.3. All legal matters incident to the execution and delivery of this
Amendment shall be satisfactory to the Lenders and their counsel,

SECTION 3. REPRESENTATIONS.

         The Borrower hereby represents and warrants to the Agent and the
Lenders that as of the date hereof:

               3.1. No Default and no Event of Default shall have occurred and
          be continuing on such date;

               3.2. All representations and warranties on the part of the
          Borrower contained in the Loan Documents are true and correct in all
          material respects at and as of such date as though made on and as of
          such date (except as to matters previously disclosed to all Lenders in
          writing).

SECTION 4. MISCELLANEOUS.

         4.1. Except as specifically modified hereby, all of the terms,
conditions and provisions of the Credit Agreement shall stand and remain
unchanged and in full force and effect. No reference to this Amendment need be
made in any instrument or document at any time referring to the Credit
Agreement, a reference to the Credit Agreement in any of such items to be deemed
to be a reference to the Credit Agreement as modified hereby.

                                      -2-

<PAGE>

         4.2. he Borrower agrees to pay on demand all reasonable out-of-pocket
costs and expenses of the Agent incurred in connection with the negotiation,
preparation, execution and/or delivery of this Amendment and the other
instruments or documents contemplated hereby or to be delivered hereunder. This
Amendment may be executed in counterparts and by separate parties hereto on
separate counterparts, each to constitute an original but all to constitute but
one and the same instrument. This Amendment shall be governed by, and construed
in accordance with, the internal laws of the State of Illinois.

         4.3. This Amendment has been duly authorized, executed and delivered on
the Borrower's behalf, and the Credit Agreement, as modified hereby, constitutes
its legal, valid and binding obligation enforceable against it in accordance
with its terms except as enforceability may be limited by bankruptcy,
insolvency, fraudulent conveyance or similar laws affecting creditors' rights
generally and general principles of equity (regardless of whether the
application of such principles is considered in a proceeding in equity or at
law).

                           [SIGNATURE PAGES TO FOLLOW]

                                      -3-

<PAGE>

         This Seventh Amendment to Revolving and Term Credit Agreement is dated
as of May 31,2002,

                                          BORROWER

                                          HEWITT ASSOCIATES LLC

                                          By /s/ C. L. Connolly III
                                          Its Authorized Representative

                                          LENDERS

                                          HARRIS TRUST AND SAVINGS BANK,
                                           individually and as Agent

                                          By /s/ Stephen Whiter
                                          Its Managing Director

                                          BANK OF AMERICA, N.A.

                                          By /s/ John E. Williams
                                          Its Managing Director

                                      -4-

<PAGE>

                 PARENT GUARANTOR'S ACKNOWLEDGEMENT AND CONSENT

         Hewitt Holdings LLC (the "Parent") heretofore previously executed and
delivered to the Agent a Guaranty Agreement dated as of May 31, 2002 (the
"Guaranty,") with respect to the Obligations under and as defined in the Credit
Agreement. The Parent hereby consents to the foregoing Seventh Amendment to
Revolving and Term Credit Agreement as set forth above and confirms that the
Guaranty and all of its obligations thereunder remain in full force and effect
with respect to the Obligations under the Credit Agreement as amended by such
Seventh Amendment. The Parent further agrees that the consent of the Parent to
any further amendments to the Credit Agreement shall not be required as a result
of this consent having been obtained.

                                          HEWITT HOLDINGS LLC

                                          By /s/ C. L. Connolly III
                                          Its Authorized Representative

                                      -5-<PAGE>

                                                                     Exhibit 4.3

                          Cobra Electronics Corporation
                    2002 Outside Directors Stock Option Plan

                                 I. INTRODUCTION

     1.1 Purposes. The purposes of the 2002 Outside Directors Stock Option Plan
(the "Plan") of Cobra Electronics Corporation (the "Company") are to align the
interests of the Company's stockholders and the recipients of options under the
Plan by increasing the proprietary interest of such recipients in the Company's
growth and success and to advance the interests of the Company by attracting and
retaining well-qualified persons who are not officers or employees ("Outside
Directors") for service as directors of the Company.

     1.2 Administration. This Plan shall be administered by a committee (the
"Committee") designated by the Board of Directors of the Company (the "Board")
consisting of at least two members of the Board, each of whom may be a
"Non-Employee Director" within the meaning of Rule 16b-3 under the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), and an "outside director"
within the meaning of Section 162(m) of the Internal Revenue Code of 1986, as
amended (the "Code").

     The Committee shall, subject to the terms of this Plan, select eligible
persons for participation in this Plan and determine the number of shares of
common stock, $.33 1/3 par value, of the Company ("Common Stock") subject to
each option granted hereunder, the exercise price of such option, the time and
conditions of exercise of such option and all other terms and conditions of such
option, including, without limitation, the form of the option agreement. The
Committee shall, subject to the terms of this Plan, interpret this Plan and the
application thereof, establish rules and regulations it deems necessary or
desirable for the administration of this Plan and may impose, incidental to the
grant of an option, conditions with respect to the grant, such as limiting
competitive employment or other activities. All such interpretations, rules,
regulations and conditions shall be conclusive and binding on all parties. Each
option hereunder shall be evidenced by a written agreement (an "Agreement")
between the Company and the optionee setting forth the terms and conditions
applicable to such option.

     A majority of the Committee shall constitute a quorum. The acts of the
Committee shall be either (i) acts of a majority of the members of the Committee
present at any meeting at which a quorum is present or (ii) acts approved in
writing by all of the members of the Committee without a meeting.

     1.3 Eligibility. Participants in this Plan shall consist of such Outside
Directors as the Committee in its sole discretion may select from time to time.
The Committee's selection of a person to participate in this Plan at any time
shall not require the Committee to select such person to participate in this
Plan at any other time.

     1.4 Shares Available. Subject to adjustment as provided in Section 3.6,
25,000 shares of Common Stock shall be available for grants of options under
this Plan. To the extent that shares of Common Stock subject to an outstanding
option are not issued or delivered by reason of the expiration, termination,
cancellation or forfeiture of such option or by reason of the delivery of shares
of Common Stock to pay all or a portion of the

<PAGE>

exercise price of such option, then such shares of Common Stock shall again be
available under this Plan.

     Shares of Common Stock to be delivered under this Plan shall be made
available from authorized and unissued shares of Common Stock, or authorized and
issued shares of Common Stock reacquired and held as treasury shares or
otherwise, or a combination thereof.

                                II. STOCK OPTIONS

     2.1 Grants Of Stock Options. The Committee may, in its discretion, grant
options to purchase shares of Common Stock to such eligible persons as may be
selected by the Committee. Each option shall be a non-qualified stock option,
i.e., shall not be a stock option that is intended to constitute an incentive
stock option within the meaning of Section 422 of the Code.

     2.2 Terms Of Stock Options. Options shall be subject to the following terms
and conditions and shall contain such additional terms and conditions, not
inconsistent with the terms of this Plan, as the Committee shall deem advisable:

     (a) Number of Shares and Purchase Price. The number of shares of Common
Stock subject to an option and the purchase price per share of Common Stock
purchasable upon exercise of the option shall be determined by the Committee;
provided, however, that the purchase price per share of Common Stock purchasable
upon exercise of any stock option shall not be less than 100% of the Fair Market
Value of a share of Common Stock on the date of grant of such option or, if
earlier, on the date on which the Company agreed to grant such option. "Fair
Market Value" shall mean the closing price of a share of Common Stock on The
Nasdaq Stock Market on the date as of which such value is being determined or,
if there shall be no closing price on such date, on the next preceding date for
which a closing price was reported; provided, however, that if Fair Market Value
for any date cannot be determined as above provided, Fair Market Value shall be
determined by the Committee by whatever means or method as the Committee, in the
good faith exercise of its discretion, shall at such time deem appropriate.

                                       2

<PAGE>

     (b) Option Period and Exercisability. The period during which an option may
be exercised shall be determined by the Committee. The Committee may, in its
discretion, establish performance measures which shall be satisfied or met as a
condition to the grant of an option or to the exercisability of all or a portion
of an option. The Committee shall determine whether an option shall become
exercisable in cumulative or non-cumulative installments and in part or in full
at any time. An exercisable option, or portion thereof, may be exercised only
with respect to whole shares of Common Stock.

     (c) Method of Exercise. An option may be exercised (i) by giving written
notice to the Company specifying the number of whole shares of Common Stock to
be purchased and accompanied by payment therefor in full (or arrangement made
for such payment to the Company's satisfaction) either (A) in cash, (B) by
delivery of previously owned whole shares of Common Stock (which the optionee
has held for at least six months prior to the delivery of such shares and for
which the optionee has good title, free and clear of all liens and encumbrances)
having a Fair Market Value, determined as of the date of exercise, equal to the
aggregate purchase price payable by reason of such exercise, (C) in cash by a
broker-dealer acceptable to the Company to whom the optionee has submitted an
irrevocable notice of exercise or (D) a combination of (A) and (B), in each case
to the extent set forth in the Agreement relating to the option and (ii) by
executing such documents as the Company may reasonably request. The Committee
shall have sole discretion to disapprove of an election pursuant to any of
clauses (B)-(D). Any fraction of a share of Common Stock which would be required
to pay such purchase price shall be disregarded and the remaining amount due
shall be paid in cash by the optionee. No certificate representing Common Stock
shall be delivered until the full purchase price therefor has been paid.

     2.3 Termination Of Employment.

     (a) Death. Unless otherwise specified in the Agreement relating to an
option, if an optionee's service as a director of the Company terminates by
reason of death, each option held by such optionee shall be exercisable only to
the extent that such option is exercisable on the date of such optionee's death
and may thereafter be exercised by such optionee's executor, administrator,
legal representative, beneficiary or similar person, as the case may be, until
and including the earliest to occur of (i) the date which is one year (or such
other period as set forth in the Agreement relating to such option) after the
date of death and (ii) the expiration date of the term of such option.

     (b) Other Termination. Unless otherwise specified in the Agreement relating
to an option, if an optionee's service as a director of the Company terminates
for any reason other than death, each option held by such optionee shall be
exercisable only to the extent that such option is exercisable on the effective
date of such optionee's termination of service and may thereafter be exercised
by such optionee (or such optionee's legal representative or similar person)
until and including the earliest to occur of (i) the date which is three months
(or such other period as set forth in the Agreement relating to such option)
after the effective date of such optionee's termination of service and (ii) the
expiration date of the term of such option.

                                       3

<PAGE>

     (c) Death Following Termination of Service. Unless otherwise specified in
the Agreement relating to an option, if an optionee dies during the three-month
period (or such other period as set forth in the Agreement relating to such
option) following termination of service as a director of the Company for any
other reason other than death, each option held by such optionee shall be
exercisable only to the extent that such option is exercisable on the date of
such optionee's death and may thereafter be exercised by such optionee's
executor, administrator, legal representative, beneficiary or similar person, as
the case may be, until and including the earliest to occur of (i) the date which
is three months (or such other period as set forth in the Agreement relating to
such option) after the date of death and (ii) the expiration date of the term of
such option.

                                  III. GENERAL

     3.1 Effective Date and Term of Plan. This Plan shall become effective as of
the date of approval by the Board. This Plan shall terminate ten years after its
effective date unless terminated earlier by the Board. Termination of this Plan
shall not affect the terms or conditions of any option granted prior to
termination.

                                       4

<PAGE>

         Options may be granted hereunder at any time prior to the termination
of this Plan, provided that no option may be granted later than ten years after
the effective date of this Plan.

         3.2 Amendments The Board may amend this Plan as it shall deem
advisable, subject to any requirement of stockholder approval required by
applicable law, rule or regulation. No amendment may impair the rights of a
holder of an outstanding option without the consent of such holder.

         3.3 Agreement. No option shall be valid until an Agreement is executed
by the Company and the optionee and, upon execution by the Company and the
optionee and delivery of the Agreement to the Company, such option shall be
effective as of the effective date set forth in the Agreement.

         3.4 Non-Transferability. No option shall be transferable other than (i)
by will or the laws of descent and distribution or pursuant to beneficiary
designation procedures approved by the Company or (ii) as set forth in the
Agreement relating to an option. Each option may be exercised during the
optionee's lifetime only by the optionee or the optionee's legal representative
or similar person. Except as permitted by the second preceding sentence, no
option shall be sold, transferred, assigned, pledged, hypothecated, encumbered
or otherwise disposed of (whether by operation of law or otherwise) or be
subject to execution, attachment or similar process. Upon any attempt to so
sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of
any option, such option and all rights thereunder shall immediately become null
and void.

                                       5

<PAGE>

         3.5  Restrictions on Shares. Each option hereunder shall be subject to
the requirement that if at any time the Company determines that the listing,
registration or qualification of the shares of Common Stock subject to such
option upon any securities exchange or under any law, or the consent or approval
of any governmental body, or the taking of any other action is necessary or
desirable as a condition of, or in connection with, the delivery of shares
thereunder, such shares shall not be delivered unless such listing,
registration, qualification, consent, approval or other action shall have been
effected or obtained, free of any conditions not acceptable to the Company. The
Company may require that certificates evidencing shares of Common Stock
delivered pursuant to any option bear a legend indicating that the sale,
transfer or other disposition thereof by the holder is prohibited except in
compliance with the Securities Act of 1933, as amended, and the rules and
regulations thereunder.

         3.6  Adjustment. In the event of any stock split, stock dividend,
recapitalization, reorganization, merger, consolidation, combination, exchange
of shares, liquidation, spin-off or other similar change in capitalization or
event, or any distribution to holders of Common Stock other than a regular cash
dividend, the number and class of securities available under this Plan, the
number and class of securities subject to each outstanding option and the
purchase price per security shall be appropriately adjusted by the Committee,
such adjustments to be made in the case of outstanding options without an
increase in the aggregate purchase price. The decision of the Committee
regarding any such adjustment shall be final, binding and conclusive. If any
adjustment would result in a fractional security being (i) available under this
Plan, such fractional security shall be disregarded, or (ii) subject to an
option under this Plan, the Company shall pay the optionee, in connection with
the first exercise of the option in whole or in part, occurring after such
adjustment, an amount in cash determined by multiplying (A) the fraction of such
security (rounded to the nearest hundredth) by (B) the excess, if any, of (x)
the Fair Market Value on the exercise date over (y) the exercise price of the
option.

         3.7  No Right of Participation or Continuation of Service as a
Director. No person shall have any right to participate in this Plan. Neither
this Plan nor any option granted hereunder shall confer upon any person any
right to continued service as a director of the Company.

         3.8  Rights as Stockholder. No person shall have any right as a
stockholder of the Company with respect to any shares of Common Stock which are
subject to an option hereunder until such person becomes a stockholder of record
with respect to such shares of Common Stock.

         3.9  Governing Law. This Plan, each option hereunder and the related
Agreement, and all determinations made and actions taken pursuant thereto, to
the extent not otherwise governed by the Code or the laws of the United States,
shall be governed by the laws of the State of Delaware and construed in
accordance therewith without giving effect to principles of conflicts of laws.

         Adopted by the Board of Directors on May 14, 2002.

                                       6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00040-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00040-of-00352.parquet"}]]