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  Exhibit 10.15    
    

 
 

RESTRICTED SHARE AWARD
  
    UNDER THE
  
    2008 OMNIBUS STOCK AND INCENTIVE PLAN
  
    for
  
    THOMAS GROUP, INC.    

        Effective
as of the date executed below ("Date of Grant"), a Restricted Share Award ("Award") is granted by Thomas Group, Inc. (the "Company") to
Michael E. McGrath (the "Holder"), provided that this Award is in all respects subject to the terms and provisions of the 2008 Omnibus Stock and Incentive Plan for Thomas Group, Inc. (the
"Plan"), all of which are incorporated herein by reference, except to the extent otherwise expressly provided in this Award. Capitalized terms used herein without definition shall have the respective
meanings specified in the Plan. 

WITNESSETH

        WHEREAS,
the Holder assumed the additional roles of President and Chief Executive Officer on December 21, 2009 in addition to his role as Executive Chairman, and 

        WHEREAS,
the Holder has agreed to devote substantial, but not all of his time to these roles at the Company for calendar 2011, and 

        WHEREAS,
the Holder has agreed to do so for his existing cash salary of $250,000 per year effective March 1, 2011 plus 50% of personal billings from consulting services, and 

        WHEREAS,
the purpose of this Award is to advance the interests of the Company and increase shareholder value by providing additional incentive to retain and motivate the Holder, and 

        WHEREAS,
the Company desires to grant to Holder an award which entitles the Holder to receive up to 60,000 Restricted Shares subject to certain conditions described herein; 

        NOW
THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties agree as follows: 

	1.
	Restricted
Share Award. The Company hereby issues to the Holder the right to receive an aggregate of up to 60,000 Restricted
Shares (the "Restricted Shares") under the Plan upon the terms and subject to the conditions set forth in this Award.

	2.
	Delivery
of Shares. The Restricted Shares shall be delivered to the Holder in separate installments at the each of the following
dates: 

 

 

						
	 a. March 31, 2011
	 	 	15,000 shares	 	 
	 b. June 30, 2011
	 	 	15,000 shares	 	 
	 c. September 30, 2011
	 	 	15,000 shares	 	 
	 d. December 31, 2011
	 	 	15,000 shares	 	 

 

 
	3.
	Condition
for Delivery of Restricted Shares. The Holder shall be entitled to receive an installment of Restricted Shares only if
as of the delivery date specified above with respect to such installment he continues to be employed by the Company in the roles of Executive Chairman, President and Chief Executive Officer.

	4.
	Restriction
on Shares to be Removed upon Delivery. Upon delivery, all restrictions will be removed and the delivered Shares will
be unrestricted, except as may otherwise be required by law. 

1

 

	5.
	Authority
to Deliver Shares. The Chief Financial Officer shall be authorized to execute such documents as may be required to
effect delivery of the Shares on each of the dates set forth above if the condition for delivery of Restricted Shares specified in Section 3 above has been met.

	6.
	Withholding.
On each date on which the Shares are delivered, the Holder shall be required to pay to the Company, in cash, the
amount which the Company reasonably determines to be necessary in order for the Company to comply with applicable Federal or state income tax withholding requirements and the collection of employment
taxes.

	7.
	Status
of the Holder with Respect to Shares. The Holder shall have no rights, powers or privileges with respect to the
Restricted Shares until such Shares are delivered to the Holder.

	8.
	Representations
and Warranties. As a condition to the delivery of the Shares, the Board of Directors of Thomas
Group, Inc. (the "Board") may obtain such agreements or undertakings, if any, as the Board may deem necessary or advisable to assure compliance with any law or regulation including, but not
limited to, the following:

	a.
	a
representation, warranty or agreement by the Holder to the Company that he is acquiring the Shares for investment and not with a view to, or for sale in
connection with, the distribution of any such Shares; and

	b.
	a
representation, warranty or agreement to be bound by any legends that are, in the opinion of the Board, necessary to comply with the provisions of any
securities law deemed by the Board to be applicable to the issuance of the Shares and are endorsed upon the Share certificates.

	9.
	Termination
of the Award. Without limitation, this Award shall automatically terminate and expire on the earlier of
(i) the first date that an aggregate of 60,000 Restricted Shares shall have been delivered under this Award or (ii) the date of the Holder's Separation, and upon the date of such
termination of the Award all Restricted Shares which have not been delivered on or prior to such date will be permanently forfeited.

	10.
	Interpretation
of the Award Provisions. The Committee shall have the authority to the full extent provided under the terms of
the Plan to interpret all terms of the Plan and this Award, and to otherwise supervise the implementation of such terms.

	11.
	Governing
Law. TO THE MAXIMUM EXTENT PERMITTED UNDER APPLICABLE LAW, THIS AWARD SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF TEXAS.

	12.
	Binding
Effect. This Award shall inure to the benefit of and be binding upon the heirs, executors, administrators, successors
and assigns of the parties hereto.

	13.
	Amendments.
This Award may only be amended by a written document signed by the Company and the Holder.

	14.
	Severability.
If any provision of this Award is declared or found to be illegal, unenforceable or void, in whole or in part,
the remainder of this Award will not be affected by such declaration or finding and each such provision not so affected will be enforced to the fullest extent permitted by law.

	15.
	Counterparts.
This Award may be executed in several counterparts, each of which shall be deemed to be an original but all of
which together will constitute one and the same instrument. 

2

 

        IN
WITNESS WHEREOF, the Company has caused these presents to be executed on its behalf and the Holder has unto set his hand, all on the day shown below. 

 

 

					
	

 	
 	
THOMAS GROUP, INC.
	

 	
 	
By:	
 	
/s/ John T. Chain Jr.
	 	 	 	 	

  
	

 	
 	
General John T. Chain, Jr.

Chairman of the Compensation and Corporate Governance Committee
	

 	
 	
 Date:    March 15, 2011
	 	 	 	 	

  

 

  
 

  ACKNOWLEDGMENT    
    

        The Holder agrees to be bound by all the terms of this Award and of the Plan. 

 

 

					
	

 	
 	
By:	
 	
/s/ Michael E. McGrath
	 	 	 	 	

  Michael E. McGrath

 

 3

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Exhibit 10.15

RESTRICTED SHARE AWARD UNDER THE 2008 OMNIBUS STOCK AND INCENTIVE PLAN for THOMAS GROUP, INC.

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  Exhibit 10.16    
    

March 24,
2011 

Frank
W. Tilley

3409 Rustwood Ct.

Fort Worth, TX 76109

Dear
Frank:

	Re:
	Retention
Pay Agreement 

        Thomas
Group, Inc. (the "Company") has determined that you are part of the team that is essential to the continuity of its operations and its future success. In order to encourage
you to enhance and
preserve the value of the Company and to ensure your continuing support, the Company considers it appropriate to provide you with a retention pay agreement (this "Agreement") on and subject to the
terms and conditions set forth below: 

        1.    Retention Payment.    

        a.     In
the event that, any time during the term of this Agreement, your employment is terminated by the Company without Cause, the Company will pay to you in cash a retention
payment (the "Retention Payment") in an amount equal to six (6) months of your annual base salary, at the time of termination of your employment, payable in a lump sum as soon as practicable,
but in no event more than 15 days, following the date of your termination. Such Retention Payment shall be subject to such deductions and withholdings as may be required to be made pursuant to
law or by agreement with you. 

        b.     While
the actual amount of the Retention Payment will be determined based on your annual base salary at the time of termination, with your annual base salary as of the
date of this Agreement at $150,000.00, your Retention Payment would be $75,000.00. 

        c.     For
purposes of this Agreement, "Cause" means (i) your repeated and willful failure to perform one or more of your essential duties and responsibilities to the
Company in a satisfactory manner; (ii) your failure to devote substantially all of your agreed to business time, (as of the date of this Agreement, agreed to business time is approximately
20 hours per standard work week) and effort to the performance of your essential duties and responsibilities to the Company in a satisfactory manner; (iii) your repeated and willful
failure to follow the lawful and reasonable directives of the Company; (iv) your material violation of any written policy of the Company; (v) your commission of any act of fraud,
embezzlement, dishonesty or any other willful misconduct that has caused or is reasonably expected to result in material injury to the Company; (vi) your unauthorized use or disclosure of any
proprietary information or trade secrets of the Company; or (vii) your willful breach of any of your obligations under any written agreement or covenant with the Company. Notwithstanding the
foregoing, in the event that there is a separate written employment agreement between you and the Company that contains a different definition of "Cause", that definition shall apply for purposes of
this Agreement in lieu and instead of the foregoing definition. 

        d.     As
a condition to your receipt of such Retention Payment, upon termination of your employment, you are required (i) to comply with your continuing obligations to
the Company (including the return of any Company property and compliance with any non-competition and confidentiality agreement), and (ii) to resign from all positions you hold with
the Company, and (iii) to execute a release agreement releasing any and all claims you may have against the Company. 

1

 

        2.    General Employment Obligations.    During the term of this Agreement you will at
all times loyally and conscientiously perform all of the duties and obligations required of and from you as an employee of the Company in the position to which you are assigned. You further agree
that, during the term of this Agreement, you will devote substantially all of your agreed to business time (as of the date of this Agreement, agreed to business time is approximately 20 hours
per standard work week) and attention to the business of the Company, the Company will be entitled to all of the benefits and profits arising from or incident to all your work services, you will not
render commercial or professional services of any nature to any person or organization, whether or not for compensation, without the prior written consent of the Company's Chief Executive Officer, and
you will not directly or indirectly engage or participate in any business that is competitive in any manner with the business of the Company. During the term of this Agreement, you will be expected to
continue to adhere to the Company's standards of professionalism, loyalty, integrity, honesty, reliability and respect for all. 

        3.    Term.    The term of this Agreement shall be until December 31, 2012. After
the end of the term of this Agreement, this Agreement shall have no further force and effect of any kind whatsoever and no Retention Payment of any kind shall be thereafter payable hereunder, except
solely for any payment that has accrued and become payable prior to such date. Other severance agreements, if any, may then be in effect following termination of this Agreement. 

        4.    Employment Status.    Subject to the terms and conditions of any separate written
employment agreement between you and the Company, nothing in this Agreement (a) alters the at will nature of your employment with the Company, (b) confers upon you any right to continue
in the employ of the Company or (c) interferes in any way with the right of the Company to terminate your employment at any time, with or without Cause. 

        5.    Section 409A.    The Retention Payment provided for by this Agreement is not
intended to be subject to Section 409A of the Internal Revenue Code. 

        6.    Entire Agreement.    This Agreement represents the complete agreement between you
and the Company regarding any retention or severance payment to be made to you upon termination of your employment, and amends and supersedes all prior agreements and understandings, whether written
or oral, to the extent relating to any such payment. 

        7.    Binding Effect.    This Agreement is personal to you and may not be assigned by
you. This Agreement shall be binding upon, and inure to the benefit of you and the Company and the respective successors and permitted assigns of you and the Company. 

        8.    Nondisclosure.    Unless otherwise required to do so by law, subpoena or court
order, you will not in any way communicate or discuss the existence or terms of this Agreement or the circumstances of its execution with any person, other than your legal or tax advisors or
specifically authorized Company personnel as designated by the Company. You understand that this nondisclosure obligation applies particularly to current and former employees of the Company and the
Company's customers, clients and vendors. 

        9.    Governing Law.    This Agreement shall be governed and construed by the laws of the
State of Texas, without regard to principles of conflict of laws. 

2

 

        To
indicate your acknowledgment and acceptance of this Agreement, please sign and date this letter agreement in the space provided below and return it to the undersigned. This Agreement
may be modified or amended only by a written agreement signed both by you and a duly authorized officer of the Company. 

 

 

					
	

 	
 	
Very truly yours,
	

 	
 	
 Thomas Group, Inc.
	

 	
 	
By:	
 	
/s/ Michael E. McGrath
	 	 	 	 	

  
	 	 	Michael E. McGrath
	

 	
 	
 Executive Chairman, President and Chief Executive Officer
	
 ACCEPTED AND AGREED:	
 	

 	
 	

 
	
 /s/ Frank W. Tilley	
 	

 	
 	

 
	

  	 	 	 	 
	
 March 24, 2011	
 	

 	
 	

 

 

 3

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Exhibit 10.16

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