Document:

EXHIBIT 10.20
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                       SUMMARY PLAN DESCRIPTION

                                  OF

                 JONES LANG LASALLE SEVERANCE PAY PLAN

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                           TABLE OF CONTENTS

                                                                Page
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Introduction. . . . . . . . . . . . . . . . . . . . . . . . . .    3

Eligible Employees. . . . . . . . . . . . . . . . . . . . . . .    3

Requirement for Benefits. . . . . . . . . . . . . . . . . . . .    3

Conditions of Ineligibility . . . . . . . . . . . . . . . . . .    3

Base Severance Pay. . . . . . . . . . . . . . . . . . . . . . .    4

Enhanced Severance Pay. . . . . . . . . . . . . . . . . . . . .    5

Additional Benefits . . . . . . . . . . . . . . . . . . . . . .    5

Release for Enhanced Severance Benefits . . . . . . . . . . . .    6

Severance Agreement and General Release . . . . . . . . . . . .    6

Additional Conditions . . . . . . . . . . . . . . . . . . . . .    6

Payment of Severance Pay. . . . . . . . . . . . . . . . . . . .    6

Plan Administrator. . . . . . . . . . . . . . . . . . . . . . .    6

No Guarantee of Employment. . . . . . . . . . . . . . . . . . .    6

Procedure for Making and Appealing Claims for Plan Benefits . .    7

Amendment/Termination/Vesting . . . . . . . . . . . . . . . . .    7

No Assignment . . . . . . . . . . . . . . . . . . . . . . . . .    7

Plan Funding. . . . . . . . . . . . . . . . . . . . . . . . . .    7

Your Rights under ERISA . . . . . . . . . . . . . . . . . . . .    7

Administrative Information. . . . . . . . . . . . . . . . . . .    9

<PAGE>

INTRODUCTION

     Jones Lang LaSalle Incorporated (the "Company") maintains the Jones
Lang LaSalle Severance Pay Plan ("Plan"), originally established by LaSalle
Partners Incorporated and effective June 1, 1998, and amended and restated
effective October 1, 2001.  The Company and its subsidiaries that have
adopted the Plan are sometimes referred to as the "Employers."  The purpose
of the Plan is to provide eligible employees with severance pay for a
specified period of time, due to involuntary termination of employment.

     This Summary Plan Description describes the basic features of the
Plan.  This Summary Plan Description is merely an explanation and should
not be relied upon other than as a general summary of the features of the
Plan. Your rights are governed by the terms of the Plan document itself.
You should refer to the Plan document for complete information and for any
rights or obligations you have under the Plan.  IN THE EVENT OF ANY
DIFFERENCE BETWEEN THE TERMS OF THIS SUMMARY PLAN DESCRIPTION AND THE PLAN
DOCUMENT, THE TERMS OF THE PLAN DOCUMENT SHALL CONTROL.  Also, any
questions concerning the Plan will be determined in accordance with the
terms of the Plan document and not this summary plan description. A copy of
the Plan document is available from the Plan Administrator.

ELIGIBLE EMPLOYEES

     The Plan covers regular employees whose employment with the Company
is terminated for reasons described below, and who is not otherwise
ineligible for severance under the Plan.  A regular employee is one who is
eligible to be covered under the Company's medical benefit plan, who works
for an Employer, who spends all or substantially all of his/her time on
Company matters, and who is not covered by a written employment agreement
or severance agreement.  The Plan does not apply to union employees,
independent contractors, temporary employees or leased employees.  The Plan
does not apply to employees who perform all or most of their services
outside the United States.  An eligible employee is sometimes referred to
as a "participant."

REQUIREMENT FOR BENEFITS

     To become a participant, a regular employee must be involuntarily
terminated from employment due to a permanent reduction of the work force,
job elimination, or permanent shutdown of a facility, department or
subdivision.  A participant must also meet all of the conditions of the
Plan in order to receive benefits.

CONDITIONS OF INELIGIBILITY

     A participant will NOT be eligible for severance pay under the Plan
if:
     .     Employment with an Employer terminates by reason of discharge
           for cause (i.e., theft, fraud, embezzlement, falsification of
           documents, use or distribution on premises of illegal drugs,
           refusal to co-operate with an investigation, or other similar
           conduct).

     .     Employment with an Employer terminates as a result of poor
           performance as determined by the Plan Administrator.

     .     Employment with an Employer terminates by reason of death.

     .     Employment with an Employer terminates voluntarily for any
           reason, including retirement, resignation, or job abandonment.

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     .     The employee is entitled to any form of disability benefit,
           salary continuation or workers' compensation, provided however,
           that an employee whose disability benefits, salary continuation
           or workers' compensation ends and who cannot be placed in
           employment with an Employer shall then become eligible for
           severance pay under the Plan, but any such severance pay shall
           be reduced by all amounts paid (including amounts paid before
           severance pay commences) to the employee for disability
           benefits, salary continuation or workers' compensation.

     .     The employee is on temporary layoff or authorized leave of
           absence, provided however, that an employee who returns from
           layoff or leave and who cannot be placed in employment with an
           Employer shall be eligible for severance pay under the Plan.

     .     Employment with an Employer is involuntarily terminated after
           the employee refuses a position with an Employer, a client, or
           a company that takes over a client assignment that Jones Lang
           LaSalle loses, provided that such position is reasonably
           comparable in responsibility and salary, and is in the same
           general location.

     .     The employee is not employed with an Employer on the date of
           any of the following: (1) a loss of work, or (2) a job
           discontinuance, regardless of whether an advance announcement
           was made prior to such event.  If an employee does not remain
           employed with an Employer until the last work day following an
           event described in this subparagraph, no benefits under the
           Plan are payable to the employee.

     .     The employee is transferred to a different position with the
           same or another Employer.

     .     The employee is terminated in conjunction with the sale or
           transfer of any part of an Employer's business.

     .     Employment with an Employer terminates after a client of the
           Employer requests that the employee cease providing services at
           the client's premises.

     .     The Plan is terminated.

     .     Employment with an Employer terminates involuntarily as a
           result of the loss of a property or facility management
           assignment within the Corporate Property Services, Leasing &
           Management or Retail business units, as determined in the sole
           discretion of the Administrator.  For purposes of this
           subparagraph, loss shall include the resignation or
           relinquishment by an Employer of a property or facility
           management assignment.

     .     An employee is entitled to severance benefits under any other
           plan, program or arrangement maintained by an Employer.

BASE SEVERANCE PAY

     A participant who is eligible for severance pay under the Plan shall
receive as base severance pay an amount equal to one-half month of the
participant's base pay, using the pay rate in effect at termination of
employment.

     "Pay" means regular base monthly salary (excluding any target bonus
and/or value added compensation, COLA, or any other additional
compensation) of a salaried employee, or the monthly rate of base pay for
an hourly employee.  Pay rates will be the rates in effect at termination
of employment.

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ENHANCED SEVERANCE PAY

     In addition to base severance pay, a participant may receive enhanced
severance pay in an amount determined as follows:

     The participant's number of full years of continuous service, times
     the applicable multiplier from the table below, times the
     participant's weekly Base Salary.

     Weekly base salary pay shall be determined by multiplying the base
     monthly salary determined above by twelve, then dividing the product
     by a factor of 52.  A "full year of continuous service" means a
     period of twelve consecutive months of service, measured from the
     participant's last date of hire by an Employer.  An employee's
     service remains "continuous" despite a break in service provided the
     employee has only one break in service and it is less than 12 months
     in duration.  Full years of continuous service before and after such
     a break in service shall be counted in the employee's number of full
     years of continuous service.

     The amount determined will not be less than the participant's
     applicable minimum months of base pay, nor greater than the
     applicable maximum months of base pay, both determined from the
     table below:

                     Multiplier for
                    Number of Weeks         Minimum        Maximum
                      X Years of            Months         Months
Position Level     Continuous Service     of Base Pay    of Base Pay
--------------     ------------------     -----------    -----------
International &
Regional Director           3                6 Months      15 Months

National &
 Associate Director         2                1 Month        9 Months

Exempt Staff                1                1 Month        6 Months

Non-Exempt Staff            1                1 Month        3 Months

ADDITIONAL BENEFITS

     During the COBRA continuation period (but not beyond the severance
period(1) or such date that the participant becomes covered under another
group plan), the Employer will reimburse the participant for a portion of
the cost of health insurance.  The Employer's reimbursement will at least
maintain the employee's cost for coverage at the same level as before
employment terminated.  Participants will be required to submit proof of
payment of COBRA premiums in order to be eligible for reimbursement.
Finally, the Employer will, at its cost, provide professional employees
with outplacement counseling services, using a firm of the Employer's
choice.  The Employer shall determine the nature of such services, their
duration and all other terms and conditions.  Non-exempt staff will not be
eligible for outplacement counseling services.  Enhanced severance pay and
these additional benefits are all conditioned on the execution of the
Severance Agreement and General Release as described below.  No participant
is eligible to receive any portion of his/her target bonus, and no amount
of target bonus will be paid to any participant.

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  (1)    The "severance period" shall be determined by dividing a
participant's enhanced severance pay by the participant's weekly base pay.
For example, if a participant with a base salary of $60,000 (weekly
$1,153.85) received enhanced severance pay of $11,538.46, his/her severance
period would be equal to 10 weeks ($11,538.46/$1,153.85 = 10 weeks).

<PAGE>

RELEASE FOR ENHANCED SEVERANCE BENEFITS

     Each participant will be required to execute and submit a Severance
Agreement and General Release as a condition to receiving the enhanced
severance benefits and the additional benefits described in the Plan. If
signed documents are not returned before the stated deadline, the offer of
enhanced severance pay and additional benefits automatically expires and is
considered withdrawn.

SEVERANCE AGREEMENT AND GENERAL RELEASE

     Each participant will be furnished with a Severance Agreement and
General Release upon his/her termination of employment with Employer.  A
participant shall have a period of 21 days (45 days in certain cases)
within which to sign the Severance Agreement and General Release and return
it to the Plan Administrator or his designee.  A participant may revoke the
signed Severance Agreement and General Release within seven (7) days after
its signing.  Any such revocation must be in writing and submitted to the
Plan Administrator or his designee within such seven (7) day period.  If a
participant revokes his/her signed Severance Agreement and General Release,
he/she shall not receive any enhanced severance pay or additional benefits
described above.

ADDITIONAL CONDITIONS

     All Employer property (i.e. computers, keys, credit cards, documents
and records, identification cards, equipment, etc.) must be returned by a
participant as of his/her termination of employment with the Employer in
order to commence receiving severance pay under the Plan.  Also, loans or
other amounts due the Employer from the participant must be repaid before
receiving severance pay under the Plan.  Any loans or other amounts due
from the employee shall be set off against and deducted from the severance
amount otherwise due the employee under the Plan.  Finally, a participant
must agree not to solicit employees and clients of Employer.

PAYMENT OF SEVERANCE PAY

     Base severance pay is payable in a lump sum.  Enhanced severance pay
will be paid in a lump sum or in installment payments over not more than 12
months, at the discretion of the Plan Administrator.  All payments will be
reduced for applicable payroll tax deductions used for Supplemental
Payments.

     Severance payments are not considered as compensation for purposes of
any other Employer-provided benefits, such as the 401(k) plan.

PLAN ADMINISTRATOR

     The Chief Human Resource Officer of the Americas serves as the "Plan
Administrator" of the Plan and the "named fiduciary," as such terms are
defined in ERISA.  The Plan Administrator has the discretionary authority
to determine eligibility for Plan benefits and to construe the terms of the
Plan.  The decisions of the Plan Administrator are final and conclusive
with respect to all questions concerning the administration of the Plan.

NO GUARANTEE OF EMPLOYMENT

     Nothing in the Plan or in this summary plan description gives an
employee a legal right to continue as an employee, and nothing will
interfere with an Employer's right to terminate an employee at any time,
regardless of the effect the termination will have on an employee as a
participant under this Plan.

<PAGE>

PROCEDURE FOR MAKING AND APPEALING CLAIMS FOR PLAN BENEFITS

     It is not necessary that a participant apply for benefits under the
Plan.  However, if a participant wishes to file a claim for benefits, such
claim must be in writing and filed with the Plan Administrator.  Within
ninety (90) days after receiving a claim, the Plan Administrator will
either accept or deny the claim completely or partially, and will notify
the claimant of acceptance or denial of the claim.

     If the claim is completely or partially denied, the Plan
Administrator will furnish a written notice to the claimant containing the
specific reasons for the denial, specific references to the Plan provisions
on which any denial is based, a description of any additional material or
information that must be provided by the claimant in order to support the
claim, and an explanation of the Plan's appeal procedures.

     A claimant may appeal the denial of his/her claim and have the Plan
Administrator reconsider the decision.  The claimant or the claimant's
authorized representative has the right to request an appeal by written
request to the Plan Administrator not later than sixty (60) days after
receipt from the Plan Administrator denying his/her claim, review pertinent
Plan documents, and submit issues and comments regarding the claim in
writing to the Plan Administrator.

     The Plan Administrator will make a decision with respect to such an
appeal within sixty (60) days after receiving the written request for such
appeal, unless additional time is required.  The claimant will be advised
of the Plan Administrator's decision on the appeal in writing.  The notice
will set forth the specific reasons for the decision and make specific
reference to Plan provisions upon which the decision on the appeal is
based.

AMENDMENT/TERMINATION/VESTING

     Participants do not have any vested rights to severance pay or any
other benefits under the Plan.  The Company reserves the right in its sole
discretion to amend or terminate the Plan at any time, in whole or in part,
with or without prior notice.

NO ASSIGNMENT

     No severance pay or other benefits under the Plan are subject to
sale, transfer, assignment, or garnishment.

PLAN FUNDING

     Any severance pay or other benefits that become payable under this
Plan are merely unfunded obligations of the Employer and shall be paid
solely from the general assets of the Employer.

YOUR RIGHTS UNDER ERISA

     As a participant under the Plan, you are entitled to certain rights
and protections under ERISA.  ERISA provides that participants under the
Plan shall be entitled to:

     (a)   Examine without charge at the Plan Administrator's office (and
           at other specified locations) all Plan documents and copies of
           all Plan documents filed by the Plan with the U.S. Department
           of Labor (if any), such as detailed annual reports and Program
           descriptions.

     (b)   Obtain copies of all Plan documents, and other Plan information
           upon written request to the Plan Administrator.  The Plan
           Administrator may make a reasonable charge for the copies.

<PAGE>

     (c)   Receive a copy of the Plan'sannual financial report (if any).
           The Plan Administrator may be required by law to furnish each
           eligible employee with a copy of the summary annual report.

     In addition to creating rights for eligible employees, ERISA imposes
duties upon the people who are responsible for the operation of the Plan.

     (a)   The people who operate the Plan, called "fiduciaries" of the
           Plan, have a duty to do so prudently and in the interest of you
           and other eligible employees.

     (b)   No one, including Employer, or any other person may fire you or
           otherwise discriminate against you in any way to prevent you
           from obtaining a benefit or exercising your rights under ERISA.

     (c)   If your claim for a Plan benefit is denied, in whole or in
           part, you must receive a written explanation of the reason
           for the denial.  You have the right to have the Plan
           Administrator review and reconsider your claim.

     Under ERISA, there are steps you can take to enforce the above
rights.  For instance, if you request materials from the Plan Administrator
and you do not receive them within thirty (30) days, you may file suit in a
federal court.  In such a case, the court may require the Plan
Administrator to provide the materials and to pay you up to $100 per day
until you receive the materials, unless the materials were not sent because
of reasons beyond the control of the Plan Administrator.  If you have a
claim for benefits, which is denied or ignored, in whole or in part, you
may file suit in a state or federal court.  If it should happen that Plan
fiduciaries misuse the Plan's money, or if you are discriminated against
for asserting your rights, you may seek assistance from the U.S. Department
of Labor or you may file suit in a federal court.  The court will decide
who should pay court costs and legal fees.  If you are successful, the
court may order the person you have sued to pay these costs and fees.  If
you lose, the court may order you to pay these costs and fees, for
instance, if it finds your claim to be frivolous.

     If you have any questions about the Plan, you should contact the Plan
Administrator.  If you have any questions about this statement or about
your rights under ERISA, you should contact the nearest area office of the
U.S. Labor-Management Services Administration, Department of Labor.

<PAGE>

                      ADMINISTRATIVE INFORMATION

Plan Sponsor                      Jones Lang LaSalle Incorporated
                                  200 E. Randolph
                                  Chicago, IL  60601
                                  Phone:  (312) 782-5800

Plan Administrator                Chief Human Resources Officer
                                  of the Americas
                                  Jones Lang LaSalle Incorporated
                                  200 E. Randolph
                                  Chicago, IL  60601
                                  Phone:  (312) 782-5800

Employer Identification Number    36-3588029

Plan Number                       505

Plan Year                         January 1 through December 31

Agent for Service of
Legal Documents                   Severance Pay Plan Administrator
                                  Jones Lang LaSalle Incorporated
                                  200 E. Randolph
                                  Chicago, IL  60601
                                  Phone:  (312) 782-5800EXHIBIT 10.25
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                             Rules Of The

                          Jones Lang LaSalle

                         Savings Related Share

                           Option (UK) Plan

               Adopted by the Company on 24 October 2001

Received formal approval under Schedule 9 to the Income and Corporation
             Taxes 1988 by the Board of the Inland Revenue

             on 9 November 2001 under reference SRS2680/RF

                                  William M. Mercer Ltd
                                  Dexter House
                                  2 Royal Mint Court
                                  London
                                  EC3 4NA
                                  Tel: +44 (0)20 7488 4949
                                  Fax: +44 (0)20 7480 6132

                                   1

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1. DEFINITIONS

1.1  In these Rules the following words and expressions shall have the
     following meanings:

"Act"                 the Income and Corporation Taxes Act 1988.

"Adoption Date"       the date on which the Plan is adopted by the
                      Company.

"Appropriate Period"  has the meaning given to it in paragraph 15(2)
                      of schedule 9 to the Act.

"Associated Company"  has the meaning assigned to it by section 187(2) of
                      the Act.

"Auditors"            the auditors for the time being of the Company, or
                      in the event of there being joint auditors such one
                      of them as the Board shall select, acting as
                      experts and not as arbitrators and the Arbitration
                      Acts 1950-1970 shall not apply hereto.

"Board"               the Board of Directors of the Parent Company or,
                      except in Rule 11.4, a duly constituted committee
                      thereof.

"Bonus Date"          means either

                      (a) the earliest date on which a bonus becomes
                          payable under the relevant Savings Contract
                          after payment of 36 contributions; or

                      (b) the earliest date on which a bonus becomes
                          payable under the relevant Savings Contract
                          after payment of 60 contributions.

"Company"             Jones Lang LaSalle Europe Limited.

"Control"             has the meaning assigned to it in section 840 of
                      the Act.

"Date of Grant"       the date on which the Board grants an Option in
                      accordance with Rule 4.

"Date of Invitation"  the date upon which the Board issues invitations
                      under Rule 2.1 to Eligible Employees inviting them
                      to apply for an Option.

"Eligible Employee"   means any person who:

                      i.  (a) is an employee of any Participating
                              Company, including a full-time director;
                              and

                          (b) is chargeable to tax in the United Kingdom
                              under Case 1 of Schedule E in respect of
                              that employment; and

                          (c) who had on the date of the relevant issue
                              of the relevant invitations pursuant to
                              Rule 2.1 been such an employee or full-time
                              director continuously for a period of six
                              months at the Date of Invitation; or

                      ii. is any other employee or full-time director of
                          a Participating Company, nominated by the Board
                          to be an Eligible Employee;

                                   2

<PAGE>

                      and provided, that no person shall be an Eligible
                      Employee if that person is ineligible to
                      participate in the Plan by virtue of paragraph 8 of
                      schedule 9 to the Act.  For the purposes of this
                      paragraph "full-time" shall mean having a normal
                      contractual working week of 25 hours or more,
                      excluding meal breaks.

"Exchange Rate"       the rate of exchange prevailing on any specified
                      date of a payment for the exercise of an Option
                      from pounds sterling to US dollars.

"Market Value"        means either

                      (a) in relation to a share of Stock listed on the
                          New York Stock Exchange shall mean the average
                          of the high and low prices of the Stock as
                          quoted in the Wall Street Journal on the said
                          Exchange, or if no sales of the Stock were made
                          on said Exchange on that date, the average of
                          the high and low prices of the Stock on the
                          immediately preceding business day; or

                      (b) in the event that the Stock is not listed on
                          the New York Stock Exchange, the market value
                          of a share of Stock determined in accordance
                          with the provisions of Part VIII of the
                          Taxation of Chargeable Gains Act 1992 and
                          agreed for the purposes of the Plan with Inland
                          Revenue Shares Valuation on or before that
                          date.

"Option"              a right to acquire Stock granted in accordance with
                      the Rules of the Plan.

"Option Price"        the price in US Dollars at which Stock subject to
                      an Option may be acquired on the exercise of that
                      Option being subject to Rule 8, the higher of;

                      i.  the nominal value of a share of Stock; or

                      ii. a price at the discretion of the Board which
                          cannot be less than 80% of the Market Value of
                          a share of Stock on the day that the invitation
                          to apply for that Option was issued pursuant to
                          Rule 2.1.

"Parent Company"      Jones Lang LaSalle Incorporated.

"Participating
   Company"           means the Company and any other company of which
                      the Parent Company has control and which has been
                      nominated by the Board as a Participating Company.

"The Plan"            means the Jones Lang LaSalle Savings Related Share
                      Option (UK) Plan constituted and governed by these
                      rules as from time to time amended.

"Savings Contract"    a contract under a certified contractual savings
                      scheme, within the meaning of section 326, to the
                      Act, which has been approved by the Board of the
                      Inland Revenue for the purposes of schedule 9 to
                      the Act.

"Specified Age"       age 65 years.

                                   3

<PAGE>

"Stock"               common stock of Jones Lang LaSalle Incorporated,
                      which complies with the provisions of paragraphs 10
                      to 14, of schedule 9 to the Act.

"Subsisting Option"   an Option which has neither lapsed nor been
                      exercised.

1.2  Words importing the singular shall include the plural, and vice
     versa, and words importing the masculine shall include the feminine.

1.3  Any reference to any statute (or a particular part, chapter or
     section thereof) shall mean and include any statutory modification or
     re-enactment thereof for the time being in force, and any regulations
     made thereunder.

2.   INVITATIONS TO APPLY FOR OPTIONS

2.1  The Board in their absolute discretion may invite every Eligible
     Employee to apply for the grant of an Option to acquire shares in the
     Parent Company at such time or times as they consider appropriate.
     The type or types of Savings Contracts offered at each invitation
     shall be at the discretion of the Board.

2.2  Each invitation shall specify:

     i.    the date, not being less than 14 days after the issue of the
           invitation, by which the application may be made;

     ii.   the Option Price at which Stock may be acquired on the exercise
           of any Option granted in response to the application, or an
           indication of when the Option Price will be determined;

     iii.  whether applicants may enter into a three year Savings Contract
           or a five year Savings Contract, or both; an

     iv.   the maximum permitted aggregate monthly savings contribution,
           being the lesser of the maximum specified in paragraph 24 of
           schedule 9 to the Act, and such sum (being a multiple of <pound
           sterling>1 and not less than <pound sterling>10) as the Board
           decides shall apply to every Eligible Employee in respect of
           that invitation.

2.3  Each invitation shall be accompanied by a proposal form for a Savings
     Contract, and an application form which will provide for the
     applicant to state:

     i.    the monthly savings contribution (being a multiple of <pound
           sterling>1 and not less than <pound sterling>10), which he
           wishes to make under the related Savings Contracts;

     ii.   the duration of the Savings Contract or Savings Contracts which
           he wishes to save under if a choice has been given under
           Rule 2.2 iii;

     iii.  that his proposed monthly savings contribution, when added to
           any monthly savings contributions then being made under any
           other Savings Contract linked to an Option granted under the
           Plan or any other savings related share option scheme approved
           by the Board of the Inland Revenue, will not exceed the maximum
           permitted aggregate monthly savings contributions specified in
           the invitation;

     iv.   whether, for the purposes of determining the amount of Stock
           over which an Option is to be granted, the repayment under the
           Savings Contract is to be taken as including any bonus payable,
           and to authorise the Board to enter on the Savings Contract
           proposal form such monthly savings contribution, not exceeding
           the maximum stated on the application form, as shall be
           determined subject to Rule 3 below.

                                   4

<PAGE>

2.4  Each application shall be deemed to be for an Option over the maximum
     whole number of shares of Stock which can be bought at the Option
     Price (subject to the Exchange Rate at the Date of Grant) with the
     expected repayment under the related Savings Contract at the
     appropriate Bonus Date. The actual amount of Stock that will be able
     to be purchased will be dependent on the Exchange Rate at the date of
     exercise of the Option.

2.5  No invitation will be made or issued until the Board of the Inland
     Revenue has approved the Plan.

3.   SCALING DOWN

3.1  If the Board receives valid applications for Options over an
     aggregate number of Stock which exceeds the limit determined pursuant
     to Rule 5.2 below in respect of that invitation, then the following
     steps shall be carried out successively to the extent necessary to
     eliminate the excess

     i.    determine a maximum savings contribution in respect of such
           applications and where the savings contributions specified by
           any person exceeds that maximum so determined reduce the
           savings contributions so specified to the amount of that
           maximum, provided that where the savings contributions
           specified by any person is equal to or lower than that maximum
           then that Eligible Employee's savings contributions shall not
           be affected; and/or

     ii.   the excess over <pound sterling>10 sterling of the monthly
           savings contribution chosen by each applicant shall be reduced
           pro rata to the extent necessary; and/or

     iii.  change an election for a five year savings contract to a three
           year savings contract; or

     iv.   scale down on any other basis agreed in advance by the Inland
           Revenue.

     v.    if an applicant makes multiple applications all of the monthly
           contributions chosen by that applicant shall be aggregated for
           the purposes of operating this Rule 3.1.

     Each application shall be deemed to have been modified or withdrawn
     in accordance with the application of the foregoing provisions and
     the Board shall complete each Savings Contract proposal form to
     reflect any reduction in the monthly savings contribution resulting
     therefrom.

4.   GRANT OF OPTIONS

4.1  No later than the thirtieth day, or if Rule 3 applies the forty-
     second day, following the day on which the invitations were issued
     pursuant to Rule 2, the Board shall grant to each applicant who is
     still an Eligible Employee and is not precluded from participation in
     the Plan by virtue of paragraph 8 of schedule 9 to the Act, an Option
     over the number of shares of Stock for which, pursuant to Rule 2.4
     and subject to Rule 3, he is deemed to have applied. No options may
     be granted later than 30 days (or forty-two days if Rule 3 applies)
     after the date by reference to which the Market Value was established
     for the purposes of the invitation.

     As soon as possible after Options have been granted the Board shall
     issue an Option certificate in respect of each Option in such form,
     not inconsistent with these Rules, as the Board may determine.

4.2  No Option may be transferred, assigned or charged, and any purported
     transfer, assignment or charge shall cause the Option to lapse
     forthwith. Each Option certificate shall carry a statement to this
     effect.

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4.3  No Options shall be granted at any time by the Board where it is
     prevented from doing so by statute, order, regulation or governmental
     directive.

4.4  No Option shall be granted before the Adoption Date.

5.   LIMITATIONS ON GRANTS

5.1  The aggregate number of shares of Stock which may be made available
     under the Plan shall not exceed the number authorised for the Plan by
     the Board from time to time.

5.2  The Board may, before issuing invitations on any occasion, determine
     a limit on the amount of Stock which is to be made available in
     respect of that invitation.

5.3  No Option shall be granted to an Eligible Employee if the monthly
     savings contribution under the related Savings Contract, when added
     to the monthly savings contributions then being made under any other
     Savings Contract, would exceed the maximum specified in paragraph 24
     of schedule 9 to the Act.

6.   EXERCISE OF OPTIONS

6.1  Subject to Rule 9 any Subsisting Option may be exercised in whole or
     in part at any time following the earliest of the following events

     i.    the relevant Bonus Date if, on the day of exercise, the Option
           holder is an employee or director of a Participating Company;

     ii.   the death of the Option holder;

     iii.  the Option holder ceasing to be a director or employee of any
           Participating Company by reason of injury, disability,
           redundancy within the meaning of the Employment Rights Act
           1996, retirement on reaching Specified Age or any other age at
           which the Option holder is bound to retire in accordance with
           his contract of employment;

     iv.   the Option holder ceasing to be a director or employee of any
           Participating Company by reason only that

           (a)   the office or employment is in a company of which the
                 Parent Company ceases to have Control; or

           (b)   the office or employment relates to a business or part of
                 a business which is transferred to a person who is
                 neither an Associated Company nor a company of which the
                 Parent Company has Control;

     v.    the relevant Bonus Date, where an Option holder holds an office
           or employment in a company which is not a Participating Company
           but which is

           (a)   an Associated Company of the Parent Company; or

           (b)   a company of which the Parent Company has Control.

6.2  An Option shall lapse on the earliest of the following events:

     i.    except where the Option holder has died, the expiry of six
           months following the Bonus Date;

     ii.   where the Option holder died during the six months following
           the Bonus Date the first anniversary of the Bonus Date;

     iii.  where the Option holder has died before the Bonus Date, the
           first anniversary of his death;

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<PAGE>

     iv.   unless the Option holder has died, the expiry of six months
           after the Option has become exercisable by virtue of paragraph
           iii. of Rule 6.1;

     v.    the expiry of six months after the Option has become
           exercisable by virtue of paragraph (iv) of Rule 6.1 or in
           accordance with Rule 7;

     vi.   the Option holder ceasing to be a director or employee of any
           Participating Company, howsoever that cessation occurs whether
           lawful or unlawful, in circumstances in which the Option does
           not become exercisable;

     vii.  the Option holder becoming bankrupt.

6.3  No person shall be treated for the purposes of this Rule 6 as ceasing
     to be employed by a Participating Company until he is no longer
     employed by the Company, any Associated Company or a company of which
     the Parent Company has Control.

6.4  If an Option holder continues to be employed by a Participating
     Company after the date on which he reaches the Specified Age he may
     exercise any Subsisting Option within six months following that date.

7.   TAKE-OVERS AND LIQUIDATIONS

7.1  If any person obtains Control of the Parent Company as a result of
     making

     i.    a general offer to acquire the whole of the issued stock of the
           Parent Company which is made on condition such that if it is
           satisfied the person making the offer will have Control of the
           Parent Company, or

     ii.   a general offer to acquire all the stock in the Parent Company
           which is of the same class as the Stock (or their equivalents
           under the law and practice of the Parent Company's legal
           jurisdiction) then any Subsisting Option may be exercised
           within six months of the time when the person making the offer
           has obtained Control of the Parent Company and any condition
           subject to which the offer is made has been satisfied.

7.2  If under section 425 of the Companies Act 1985 (or their equivalents
     under the law and practice of the Parent Company's legal
     jurisdiction), the Court sanctions a compromise or arrangement
     proposed for the purposes of or in connection with a scheme for the
     reconstruction of the Parent Company or its amalgamation with any
     other company or companies, any Subsisting Option may be exercised
     within six months of the Court sanctioning the compromise or
     arrangement.

7.3  If any person becomes bound or entitled to acquire shares in the
     Parent Company, under section 428 of the Companies Act 1985 (or their
     equivalents under the law and practice of the Parent Company's legal
     jurisdiction), any Subsisting Option may be exercised at any time
     when that person remains so bound or entitled.

7.4  If as a result of the events specified in Rules 7.1 or 7.2 a company
     has obtained Control of the Parent Company, or if a company has
     become bound or entitled as mentioned in Rule 7.3, the Option holder
     may, by agreement with the other company (the "Acquiring Company"),
     within the Appropriate Period, release each Subsisting Option (the
     "Old Option") for an option (the "New Option") which satisfies the
     conditions that it

     i.    is over shares of stock in the Acquiring Company which satisfy
           the conditions specified in paragraph 15(3), schedule 9 to the
           Act;

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<PAGE>

     ii.   is a right to acquire such number of such shares of stock as
           has on acquisition of the New Option an aggregate Market Value
           equal to the aggregate Market Value of the Stock subject to the
           Old Option on its release;

     iii.  has a Option Price per share of stock such that the aggregate
           price payable on the complete exercise equals the aggregate
           price which would have been payable on complete exercise of the
           Old Option; and

     iv.   is otherwise identical in terms to the Old Option.

     This New Option shall, for all other purposes of the Plan, be treated
     as having been acquired at the same time as the Old Option.
     Where any New Options are granted pursuant to this Rule 7.4, Rules 7,
     8, 9, 10.1 and 10.3 to 10.6 shall, in relation to the New Options, be
     construed as if referring to the Acquiring Company or, as the case
     may be, to the other company to whose shares the New Options relate,
     and to the shares in that other company, but references to
     Participating Company shall continue to be construed as if references
     to the Parent Company were references to Jones Lang LaSalle
     Incorporated.

7.5  If the Parent Company passes a resolution for voluntary winding up,
     any Subsisting Option may be exercised within six months of the
     passing of the resolution.

7.6  For the purposes of this Rule 7 other than Rule 7.4 a person shall be
     deemed to have obtained Control of a Company if he and others acting
     in concert with him have together obtained Control of it.

7.7  The exercise of an Option pursuant to the preceding provisions of the
     Rule 7 shall be subject to the provisions of Rule 9 below.

7.8  Where in accordance with Rule 7.4 Subsisting Options are released
     and New Options granted, the New Options shall not be exercisable in
     accordance with Rules 7.1, 7.2, and 7.3 above by virtue of the event
     by reason of which the New Options were granted.

8.   VARIATION OF CAPITAL

8.1  In the event of any variation in the stock of the Parent Company by
     way of capitalisation or rights issue or any consolidation, sub
     division or reduction or otherwise, the amount of Stock subject to
     any Option and the Option Price for each share of stock shall be
     adjusted in such manner as the Auditors confirm to be fair and
     reasonable provided that

     i.    the aggregate amount payable on the exercise of an Option in
           full is neither materially changed nor increased beyond the
           expected repayment under the Savings Contract at the
           appropriate Bonus Date.

     ii.   the Option Price for a share of Stock is not reduced below its
           nominal value

     iii.  no adjustment shall be made without the prior written approval
           of the Board of the Inland Revenue, and

     iv.   following the adjustment the Stock continue to satisfy the
           conditions specified in paragraphs 10 to 14 inclusive, schedule
           9 to the Act.

9.   MANNER OF EXERCISE OF OPTIONS

9.1  No Option shall be exercised by an individual at any time when he is,
     or by the personal representatives of an individual who at the date
     of his death was, precluded by paragraph 8, of schedule 9 to the Act
     from participating in the Plan

                                   8

<PAGE>

9.2  No Option shall be exercised at any time when the stock, which may
     thereby be acquired, is not Stock as defined in Rule 1.1.

9.3  An Option shall only be able to be exercised over no more than the
     maximum amount of Stock specified in the Option certificate
     (calculated using the Exchange Rate prevailing at the Date of Grant),
     which may be purchased with the sum obtained by way of repayment
     under the related Savings Contract. However, the actual amount of
     Stock that will be able to be purchased will be dependent upon the
     Exchange Rate prevailing at the date of exercise and may be less than
     the maximum number stated in the Option certificate.

9.4  An Option shall be exercised by the Option holder, or as the case may
     be, his personal representatives, giving notice to the Parent Company
     in writing of the amount of Stock in respect of which he wishes to
     exercise the Option accompanied by the appropriate payment (which
     shall not exceed the sum obtained by way of repayment under the
     related Savings Contract) and the relevant Option certificate, and
     shall be effective on the date of its receipt by the Parent Company.

9.5  Stock shall be transferred pursuant to a notice of exercise within
     thirty days of the date of exercise. Save for any rights determined
     by reference to a date, preceding the date of allotment, such Stock
     shall rank pari passu with the other Stock of the same class in issue
     at that date of allotment.

9.6  When an Option is exercised only in part, it shall lapse to the
     extent of the unexercised balance.

9.7  For the purposes of Rules 9.3 and 9.4 above, any repayment under the
     related Savings Contract shall exclude the repayment of any
     contribution, the due date for payment of which falls more than one
     month after the date on which repayment is made.

10.  LOSS OF OFFICE OR EMPLOYMENT

10.1 The grant of an Option does not form part of an Option holder's
     entitlement to remuneration or benefits pursuant to his contract of
     employment.

10.2 The rights and obligations of an Option holder under the terms and
     conditions of his office or employment shall not be affected by his
     participation in the Plan or any right he may have to participate in
     the Plan.

10.3 An Option holder who participates in the Plan waives all and any
     rights to compensation or damages in consequence to the termination
     of his office or employment with any company for any reason
     whatsoever in so far as those rights arise, or may arise, from his
     ceasing to have rights under or be entitled to exercise any Option
     under the Plan as a result of such termination or from the loss or
     diminution of value of such rights or entitlements. By participating
     in the Plan the Option holder agrees that, if necessary, his terms of
     employment shall be varied accordingly.

11.  ADMINISTRATION AND AMENDMENT

11.1 The Plan shall be administered by the Board whose decision on all
     disputes shall be final.

11.2 The Board may from time to time amend these Rules provided that

     i.    no amendment shall materially affect an Option holder as
           regards an Option granted prior to the amendment being made;

                                   9

<PAGE>

     ii.   no amendment shall take effect which would make the terms on
           which Options may be granted materially more generous or would
           increase the limit specified in Rule 5.1 without the prior
           approval of the Board; and

     iii.  no amendment shall be made without the prior written approval
           of the Board of the Inland Revenue.

11.3 The costs of establishing and operating the Plan shall be borne by
     the Participating Companies in such proportions as the Board shall
     determine.

11.4 The Board may establish a committee consisting of not less than two
     persons to whom any or all of its powers in relation to the Plan may
     be delegated. The Board may at any time dissolve the committee, alter
     its constitution or direct the manner in which it shall act.

11.5 Any notice or other communication under or in connection with the
     Plan may be given by the Parent Company either personally or by post
     and to the Parent Company either personally or by post to the
     secretary; items sent by post shall be pre-paid and shall be deemed
     to have been received one hundred and twenty hours after posting.

11.6 Where any notice or other communication under or in connection with
     the Plan may be given by the Company either personally or by post and
     to the Company either personally or by post to the secretary; items
     sent by post shall be pre-paid and shall be deemed to have been
     received seventy two hours after posting.

12.  GENERAL

12.1 All Eligible Employees shall be eligible to participate in the Plan
     on similar terms.

12.2 The Plan is to be effective on the later date of 1 September 2001 and
     receipt of approval from the Board of the Inland Revenue of the Plan
     under the provisions of Schedule 9 of the Act.

12.3 These Rules shall be governed by and construed in accordance with
     English law.

                                  10

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