Document:

Consent to Assignment and Amendment

 Exhibit 10.48 
  
 CONSENT TO ASSIGNMENT 
 and 
 AMENDMENT 
  
 WHEREAS, Hewitt Associates LLC (“Associates”) and FORE Holdings LLC (formerly known as Hewitt Holdings LLC) (“FORE”)
entered into the attached Services Agreement effective as of June 1, 2002 (the “Services Agreement”); and 
  
 WHEREAS, FORE has assigned the Services Agreement to the FORE Holdings Liquidating Trust (the “Trust”) effective September 29, 2005; and 
  
 WHEREAS, Associates is willing to accept the assignment of
the Services Agreement; and 
  
 WHEREAS,
Associates and the Trust wish to amend the Services Agreement; 
  
 NOW THEREFORE, 
  

	 	1.	Associates hereby consents to the assignment of the Services Agreement to the Trust. 

  

	 	2.	The Services Agreement is amended as follows. Since the extent of required services is not known, there shall be no minimum annual fee (Section 1.2) or Basic Services (Section 1.1).
Rather, the fee for any services provided by Associates to the Trust shall be based on the actual time spent by Associates’ employees at their standard billing rates. 

  
 Dated this 29th day of September, 2005. 
  

							
	 Hewitt Associates LLC
	 	 FORE Holdings Liquidating Trust

				
	 By:
	 	 /s/: C. Lawrence Connolly, III

	 	 By:
	 	 /s/: Dave L. Hunt

	 	 	 C. Lawrence Connolly, III
	 	 	 	 David L. Hunt

	 	 	 Secretary
	 	 	 	 TrusteeWarrant Adjustment and Assumption Agreement

 Exhibit 10.50 
  
 WARRANT ASSUMPTION AND ADJUSTMENT AGREEMENT 
  
 This WARRANT ASSUMPTION AND ADJUSTMENT AGREEMENT (this “Agreement”), dated as of October 1, 2004, by
and among EXULT, INC., a Delaware corporation (“Exult”), HEWITT ASSOCIATES, INC., a Delaware corporation (“Hewitt”), and BANK OF MONTREAL, a Canadian corporation (“Warrant Holder”). 
  
 RECITALS 
  
 WHEREAS, Exult has executed and delivered to the Warrant Holder a Warrant Agreement, dated as of April 23, 2003 (the
“Warrant Agreement”), providing for the Warrant Holder’s right to acquire 1,000,000 shares of Exult Common Stock, par value $0.0001 per share (the “Exult Common Stock”), less the number of shares used in
exercise as described Section 1.2(b) of the Warrant Agreement (the “Warrant”); 
  
 WHEREAS, on the date hereof, pursuant to the Agreement and Plan of Merger, dated as of June 15, 2004, by and between Exult, Hewitt and Eagle Merger
Corp., a Delaware corporation and wholly owned subsidiary of Hewitt (“Merger Sub”), (i) Merger Sub was merged with and into Exult, with Exult as the surviving corporation (the “Merger”) and (ii) each share
of Exult Common Stock was converted into the right to receive 0.2 shares of Class A Common Stock, par value $0.01 per share (“Hewitt Common Stock”); 
  
 WHEREAS, Section 2.4 of the Warrant Agreement permits Exult to merge into another Person, so long as the Warrant is
exercisable after such event on the terms and conditions specified in the Warrant Agreement for the kind, amount and number of shares or other consideration to which Warrant Holder would have been entitled at the time of such event upon exercise of
the Warrant; and 
  
 WHEREAS, all things necessary to authorize
the assumption by Hewitt of Exult’s obligations under the Warrant Agreement and to make this Agreement, when executed by the parties hereto, a valid and binding agreement have been done and performed. 
  
 NOW THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt of which is hereby acknowledged, the parties hereto mutually covenant and agree as follows: 
  
 1. Definitions. Capitalized terms used herein without definition shall have the meanings assigned to them in the Warrant Agreement and the words
“herein,” “hereof” and “hereby” and other words of similar import used in this Agreement refer to this Agreement as a whole and not to any particular section hereof. 
  
 2. Assumption of Covenants. Hewitt hereby assumes, from and after the
consummation of the Merger, the obligation to deliver to the Warrant Holder upon exercise of the Warrant up to 200,000 shares of Hewitt Common Stock pursuant to the terms and conditions of the Warrant Agreement under the Warrant. 

 3. Effectiveness. This Agreement shall become effective on the date and at the time the Merger
becomes effective and duly executed counterparts hereof shall have been signed by Exult, Hewitt and the Warrant Holder. 
  
 4. Ratification of Warrant Agreement. Except as expressly supplemented hereby, the Warrant Agreement is, in all respects, ratified and confirmed
and all the terms, conditions and provisions thereof shall remain in full force and effect. This Agreement shall form a part of the Warrant Agreement for all purposes, and the Warrant Holder shall be bound hereby. 
  
 5. Miscellaneous. 
  
 5.1 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
  
 5.2 Counterparts. The parties may sign any number of copies of this
Agreement. Each signed copy shall be an original, but all of them together represent the same agreement. 
  
 5.3 Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction thereof. 
  
 5.4 Conflict with Warrant Agreement. If any provision of this
Agreement limits, qualifies or conflicts with any provision of the Warrant Agreement that is required under the Warrant Agreement to be part of and govern any provision of this Agreement, the provision of the Warrant Agreement shall control. If any
provision of this Agreement modifies or excludes any provision of the Warrant Agreement that may be so modified or excluded, the provisions of this Agreement shall be deemed to apply to the Warrant Agreement as so modified. 
  
 5.5 Severability. In case any provision of this Agreement shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  

5.6 No Third Party Beneficiaries. Nothing in this Agreement or the Warrant Agreement, express or implied, shall give to any Person, other than
the parties hereto and thereto and their successors hereunder and thereunder, any benefit of any legal or equitable right, remedy or claim under the Warrant Agreement, this Agreement or the Warrant. 
  
 [Remainder of page intentionally left blank] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date
first above written. 
  

			
	 EXULT, INC.

		
	 By:
	 	 /s/: C.L. Connolly III

	
	 HEWITT ASSOCIATES, INC.

		
	 By:
	 	 /s/: John M. Ryan

			
	 BANK OF MONTREAL

		
	 By:
	 	  

	 Name:
 Title:Form of Director Stock Option Agreement

 Exhibit 10.51 
  
 Hewitt Global Stock and Incentive Compensation Plan 
  
 2003 Board of Director Grant Agreement 
  
 Congratulations on your participation in the Hewitt Global Stock and Incentive Compensation Plan (the “Plan”). This Award
Agreement and the Plan together govern your rights under the Plan and set forth all of the conditions and limitations affecting such rights. Capitalized terms used in this Award Agreement shall have the meanings ascribed to them in the Plan or in
this Award Agreement. If there is any inconsistency between the terms of this Award Agreement and the terms of the Plan, the Plan’s terms shall supersede and replace the conflicting terms of this Award Agreement. 
  
 The Options granted to you under this Award Agreement are
Nonqualified Stock Options. 
  
 Overview of Your Stock Option Grant

  

	1.	Number of Shares Granted: 

  

	2.	Option Price: $ 

  

	3.	Date of Grant: (“Date of Grant”) 

  

	4.	Option Term: The Options have been granted for a period of ten (10) years from the Date of Grant (“Option Term”). 

  

	5.	Vesting Period: The Options do not provide you with any rights or interests therein until they vest in accordance with the following: 

  

	 	(a)	One hundred percent (100%) of the Options will vest on the first anniversary of the Date of Grant, provided you have continued to provide services to the Company through such
anniversary. 

  

	 	(b)	One hundred percent (100%) of the unvested Options will vest upon your termination of service due to death or Retirement, provided you have continued in the service of the
Company through such event. 

  
 “Retirement” for purposes of this Award Agreement shall mean termination of Board membership after five (5) years of service on the Board. 
  

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	6.	Exercise: You, or your representative upon your death, may exercise vested Options at any time prior to the termination of the Options as provided in Paragraphs 8 and 9.

  

	7.	How to Exercise: The Options hereby granted shall be exercised by written notice to Smith Barney or such other administrator, specifying the number of Shares you then desire
to purchase, together with a check payable to the order of the Company for an amount in United States dollars equal to the Option Price of such Shares or, delivery (or certification of ownership) of any class of the Company’s stock having an
aggregate Fair Market Value (as of the trading date immediately preceding the date of exercise) equal to such Option Price, or a combination of cash and such Shares. 

  
 Subject to the approval of the Board, you may be permitted to exercise pursuant to a “cashless exercise”
procedure, as permitted under the Federal Reserve Board’s Regulation T, subject to securities law restrictions, or by any other means which the Board, in its sole discretion, determines to be consistent with the Plan’s purpose and
applicable law. 
  
 As soon as practicable after receipt of such
written notification and payment, the Company shall issue or transfer to you, the number of Shares with respect to which such Options shall be so exercised and not sold. However, if the Option Price is satisfied by certification of previously
acquired Shares, the Company shall issue or transfer to you a number of Shares equal to the number of Shares with respect to which the Options are exercised less the number to which you have certified ownership. The Company shall deliver to you a
certificate or certificates, or evidence of book entry Shares. 
  

	8.	Termination of Options: The Options, which become exercisable as provided in Paragraph 5 above, shall terminate and be of no force or effect as follows:

  

	 	(a)	If your service terminates during the Option Term by reason of death, the Options terminate and have no force or effect upon the earlier of: (i) twelve (12) months after
the date of death, or (ii) the expiration of the Option Term; 

  

	 	(b)	If your service terminates during the Option Term by reason of Retirement, the Options terminate and have no force or effect upon the earlier of: (i) sixty (60) months
after your service terminates, or (ii) the expiration of the Option Term; 

  

	 	(c)	If your service terminates during the Option Term for any other reason, the Options terminate and have no force or effect upon the earlier of: (i) ninety (90) days after
your service is terminated, or (ii) the expiration of the Option Term; and 

  

	 	(d)	If you continue to provide service to the Company through the Option Term, the Options terminate and have no force or effect upon the expiration of the Option Term.

  

	9.	Substituting SARs. In the event the Company no longer uses APB Opinion 25 to account for equity compensation and is required to or elects to expense the cost of stock options
pursuant to FAS 123 (or a successor standard), the Committee shall have the ability to substitute, without receiving Participant permission, SARs paid only in stock for outstanding Options; provided, the terms of the substituted stock SARs are the
same as the terms for the stock options and the difference between the Fair Market Value of the underlying Shares and the Grant Price of the 

  

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 SARs is equivalent to the difference between the Fair Market Value of the underlying Shares and the
Option Price of the Options. If this provision creates adverse accounting consequences for the Company, it shall be considered null and void. 
  

	10.	Change in Control: In the event of a Change in Control, all of the unvested Options shall become immediately vested and exercisable. If your service is terminated by the
Company for reasons other than death or Retirement, within twelve (12) months following a Change in Control, the Options terminate and have no force or effect upon the earlier of: (i) twelve (12) months after your service is
terminated, or (ii) the expiration of the Option Term. 

  

	11.	Who Can Exercise: During your lifetime, the Options shall be exercisable only by you. No assignment or transfer of the Options, whether voluntary or involuntary, by operation
of law or otherwise, except by will or the laws of descent and distribution or as otherwise required by applicable law, shall vest in the assignee or transferee any interest whatsoever. Upon your death, your estate (or the beneficiary that receives
the Options under your will) may exercise vested Options. 

  

	12.	Requirements of Law: The granting of Options and the issuance of Shares under the Plan shall be subject to all applicable laws, rules, and regulations, and to such approvals
by any governmental agencies or national securities exchanges as may be required. 

  

	13.	Applicable Laws and Consent to Jurisdiction: The validity, construction, interpretation, and enforceability of this Award Agreement shall be determined and governed by the
laws of the State of Illinois without giving effect to the principles of conflicts of law. For the purpose of litigating any dispute that arises under this Award Agreement, the parties hereby consent to exclusive jurisdiction and agree that such
litigation shall be conducted in the federal or state courts of the State of Illinois. 

  

	14.	Nontransferability: Options awarded pursuant to this Award Agreement may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated
(“Transfer”), other than by will or by the laws of descent and distribution, except as provided in the Plan. If any Transfer, whether voluntary or involuntary, of the Options is made, or if any attachment, execution, garnishment, or lien
shall be issued against or placed upon the Options, your right to such Options shall be immediately forfeited to the Company, and this Award Agreement shall lapse. 

  

	15.	Administration: This Award Agreement and your rights hereunder are subject to all the terms and conditions of the Plan, as the same may be amended from time to time, as well
as to such rules and regulations as the Board may adopt for administration of the Plan. It is expressly understood that the Board is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of
the Plan and this Award Agreement, all of which shall be binding upon you, the Participant. 

  

	16.	Amendment to the Plan: The Board may terminate, amend, or modify the Plan; provided, however, that no such termination, amendment, or modification of the Plan may in any way
adversely affect your rights under this Award Agreement, without your written approval. 

  

	17.	Successor: All obligations of the Company under the Plan and this Award Agreement, with respect to the Options, shall be binding on any successor to the Company, whether the
existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company. 

  

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	18.	Severability: The provisions of this Award Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in
part, the remaining provisions shall nevertheless be binding and enforceable. 

  

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 Please acknowledge your agreement to participate in the Plan, and to abide by all of the governing terms and provisions
of the Plan and this Award Agreement, by signing the following representation. If you do not sign and return this Award Agreement, all Options granted pursuant to this Award Agreement shall be forfeited. 
  
 Agreement to Participate 
  
 By signing a copy of this Award Agreement and returning it to the General
Counsel’s Office of Hewitt Associates, Inc., I acknowledge that I have reviewed the Plan and this Award Agreement, that I fully understand all of my rights under the Plan and this Award Agreement, as well as all of the terms and conditions
which may limit my eligibility to exercise these Options. 
  

	
	  

	  
  

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