Document:

Second Amended Employment Agrmnt Dated 8/27/2001

  
 

Exhibit 10.5
 SECOND AMENDED EMPLOYMENT AGREEMENT
                This Agreement is made effective this 27th day of August, 2001 (the “Effective Date”), by and between E*TRADE GROUP, INC., a
Delaware corporation (“Company”), and CHRISTOS M. COTSAKOS, (“Executive”).
 BACKGROUND
                Executive, Chairman of the Board and Chief Executive Officer of Company, began his service with the Company pursuant to an Employment
Agreement dated as of March 15, 1996 (the “Prior Agreement”). Effective June 1, 1999 Executive and the Company entered into a new employment agreement (the “Employment Agreement”) the terms of which superseded the Prior
Agreement. 
                Effective October 1, 2000, Executive and the Company entered into an Amended Employment
Agreement, incorporating certain modifications following the Company’s annual review of Executive’s employment (the “Amended Employment Agreement”). In adopting the Amended Employment Agreement, the Board of Directors of the
Company and the Compensation Committee of the Company noted the unique and singular contribution that the Executive has made to the Company. They noted that paramount to the Company’s interest is insuring the Executive’s retention and
securing that his skills and abilities remain focused on the continued growth and leadership of the Company. They noted that the vision and energetic commitment that the Executive has demonstrated during his tenure as Chief Executive Officer has
been and continues to be a fundamental and essential asset of the Company. They noted the efforts of the Executive are recognized as profoundly and positively impacting on the long-term value of the shareowners’ interests in the Company. The
Executive has left an indelible mark on the Company’s culture and its values. In addition he has and continues to greatly influence the course of e-commerce and the financial services industry at large. In particular, the Compensation Committee
of the Company made note of management’s ability to exceed the performance expectation for the Company in both positive and negative market conditions and achieving profitability 12 months earlier than expected. In recognition of these
accomplishments and in order to continue to achieve ambitious goals for the performance of the Company, the parties modified certain terms of the Employment Agreement and added certain other terms to the Employment Agreement.
                Since the adoption of the Amended Employment Agreement, Executive has continued to make a unique and singular contribution to
the Company. Notwithstanding Executive’s continued extraordinary performance, the parties have discussed that certain provisions of the Employment Agreement as amended could result in a significant expense to the Company, particularly in the
event of a termination of Executive’s employment following a Change in Control of the Company. To enable the Company to more freely consider different business opportunities and/or combinations, and in consideration of the settlement of certain
other arrangements, Company and Executive have agreed to revise certain of the agreements existing between them. 
                Therefore, in consideration of the promises and the mutual covenants and agreements set forth herein, the parties agree to enter into
this Second Amended Employment Agreement as follows:

 TERMS AND CONDITIONS
                In consideration of the premises and the mutual covenants and agreements set forth below, the parties agree as follows:

               1. Termination of Prior Agreement. The Prior Agreement shall terminate and be of no further force and effect as of the
date of this Agreement. 
                2. Employment. Executive agrees to serve as Chief Executive Officer of Company,
and as Chairman of the Company’s Board of Directors, for the term of this Agreement, subject to the terms set forth in this Agreement and the provisions of the Bylaws of Company. During his employment, Executive shall devote his effort and
attention, on a full–time basis, to the performance of the duties required of him as an executive of Company. Notwithstanding the foregoing, Executive shall be entitled to serve as director (including service as the Board chairman) on the
governing boards of other for–profit or not–for–profit entities and to retain any compensation and benefits resulting from such service, so long as such service does not unduly interfere with his duties under this Agreement.

                3. Compensation. As compensation for his services during the term of this Agreement, Executive shall receive the
amounts and benefits set forth in this Section 3 all effective as of the Effective Date unless otherwise specified: 
                      (a) An annual salary of $690,000 (“Base Salary”) prorated for any partial year of
employment. As soon as reasonably practicable after the close of Company’s current fiscal year and the close of each fiscal year thereafter, the Base Salary shall be subject to review by the Compensation Committee of the Company’s Board of
Directors for increases in light of the size and performance of Company. The Base Salary, as adjusted in accordance with this subsection (a), shall remain in effect unless and until it is increased in accordance with this subsection (a).
Executive’s salary shall be payable semimonthly or in accordance with Company’s regular payroll practices in effect from time to time for officers of his level in Company. 
                      (b) Participation in the Company’s management bonus plan, with bonus payments to be determined
and paid in accordance with the terms of the plan. The bonus will be determined by multiplying: (x) the percentage established by the Compensation Committee (not to be less than 3 times); and (y) the Executive’s then current base salary.

                      (c)(i) Participation in the employee benefit plans maintained by Company and
in other benefits provided by Company to senior executives, including retirement and 401(k) plans, deferred compensation, medical and dental, annual vacation, paid holidays, sick leave, and similar benefits, which are subject to change from time to
time at the reasonable discretion of Company. 
                      (c)(ii) Participation in
the Supplemental Executive Retirement Plan specifically including the term “Covered Wages” to be defined as the total of the base salary as of the termination date and the targeted bonus at a minimum of three times base salary (or such
higher amount then in effect pursuant to sections 3 (a) & (b)) for the plan year which includes the termination. 

                      (d) Participation in any Company sponsored
incentive arrangements, including participation as a partner in any venture arrangements originated or sponsored by Company.
                      (e) Reimbursement of membership dues and related ongoing costs of appropriate club and professional
organizations; and dues, costs and expenses for appropriate, continuing professional education, financial and legal counseling, planning and administration (including any reasonable legal insurance costs). 
                      (f) It is acknowledged that Executive has received option with specific terms and conditions
provided therein. Company agrees that there will be no change made in any Stock Option during the term of Executive’s employment hereunder which adversely affects Executive’s rights as established by the foregoing documents, without the
prior written consent of Executive. With respect to the stock option grant dated April 22, 1999 and with respect to any subsequent stock options granted to Executive, regardless of any other terms to the contrary, in no event with the expiration
date for exercise be less than 10 years from date of grant. In the event of death or disability, all time-based vesting restrictions applicable to all stock options, current and hereinafter granted, and outstanding to Executive at the time of his
death or disability shall accelerate as of such time and thereafter not restrict the exercisability of any such options held by Executive or his estate. In the event of an involuntary termination of Executive associated with a Change in Control, as
defined in Section 6(f)(iii), all time-based vesting restrictions applicable to all stock options, current and hereinafter granted, and outstanding to Executive at the time the Change in Control shall accelerate as of such time and thereafter not
restrict the exercisability of any such options held by Executive.
                      (g)
Lease of automobile for company use and reimbursement of reasonable operating expense.
                      (h) Reimbursement of all reasonable business–related expenses, including without limitation,
first–class air travel or chartered aircraft. At the discretion of Executive, immediate family members are permitted to accompany Executive.
                      (i) Reimbursement of tuition, fees, books, ancillary expenses including the cost of research
assistants, travel, hotel and meal expenses relating to completion of Ph.D. program, or other executive projects such as speech writing, publishing and similar endeavors.
                      (j) Reimbursement for the cost of a comprehensive security, executive protection and monitoring
system that may be installed in Executive’s vehicles and or aircraft and at Executive’s residences (and the residences and vehicles of immediate family members), including (but not limited to) structural costs and related equipment.
Included in this area are reimbursement for the cost of equipment, labor or other costs associated with the installation of technology and communication equipment in Executive’s residences integrated with the equipment and transmission and
reception capabilities in Executive’s corporate office.
                      (k)
Reimbursement for the use of aircraft owned or controlled by Executive (and/or by his affiliates), all in accordance with the policies to be determined in conjunction with Company.
                      (l) Company shall purchase a split-dollar insurance policy on Executive’s life, payable to
Executive’s designated beneficiary, in the face amount of $10,000,000. Company shall also establish a bonus arrangement to enable a “roll-out”

 of the policy on a tax-free basis to Executive at his targeted retirement date, as defined by Executive in writing. In the event of a termination of employment prior to
retirement, Executive shall be entitled to receipt of the policy and a bonus in the amount required to cover all applicable income taxes on such transfer, fully grossed up.
                      (m) Executive shall be provided, at his discretion, with a loan at the lowest applicable interest
rate, to purchase from the company or its subsidiaries any transportation equipment.
                      (n) “Gross-up” payments to cover taxes due in the event any of the benefits described in
subsections (e), (g), (h), (i), (j), (k) and (l) above, or in Section 6(c), are taxable to Executive.
              4.
    In addition to any other compensation paid to Executive pursuant to this agreement or otherwise awarded to Executive by the Compensation Committee of the Company’s Board of Directors, Executive will receive the Special
Enterprise Enhancement Payment award provided by this section. The award will be paid within 30 days after the closing of a “qualified event”. For this purpose, a “qualified event” is an event consummated prior to January 3,
2000, and defined in Section 6(f)(iii) entitled “Change in Control” hereinafter provided. The amount of the award will be based on the increase of the Enterprise Value (i.e. of the Company as hereinbefore defined) from August 12, 1999, to
the qualified event (based on the respective closing market prices as represented on the established exchange on which the company’s shares are regularly traded. If, however, a greater per share price is stated in any document creating, upon
closing, a “qualified event” then that price shall be utilized herein.) The Enterprise Value shall be the market capitalization to be calculated inclusive of all fully diluted shares as represented on the financial statements of the
Company on which the company’s independent accountants render an opinion thereon. For this purpose only, the initial value will use the share information as of August 12, 1999 with the appropriate market price as of the same date for the
effective date of this measurement. To the extent there has been an increased value as of the “qualified event”, the Executive will receive an award of eighteen thousands of one percent (0.018%) multiplied by such increase.

             5.     Term. The term of this Agreement and the termination rights are as follows:
                      (a) This Agreement and Executive’s employment under this Agreement shall be effective
as of the Effective Date and shall continue for a term ending on May 31, 2002 (the “Initial Term”). This Agreement and Executive’s employment shall automatically continue for successive one-year periods at the end of the Initial Term,
unless either party gives written notice to the other of its intent to terminate this Agreement and Executive’s employment not less than 180 days prior to the commencement of any such one-year renewal period. In the event such notice to
terminate is properly given, this Agreement and Executive’s employment shall terminate at the end of the Initial Term or the one-year renewal period during which the notice is given.
                      (b) This Agreement and Executive’s employment may be terminated by either party prior to the
end of the Initial Term (or any renewal period) upon 30 days’ prior written notice to the other party, provided that, in the event of such termination, Company shall be obligated to make the payments and provide the benefits described in
Section 6 below.  

             6. Termination Payments. Upon termination of Executive’s employment, Company shall pay to
Executive, within three business days after the end of the 30–day notice period provided in Section 5 above, a payment in cash determined under subsection (a) or (b) of this Section 6 and shall for the period or at the time specified provide
the other benefits described in subsections (c) and (e) of this Section 6: 
                   (a) The
payment shall be equal to five full years of Executive’s “Current Total Annual Compensation” as defined in subsection (f) of this Section 6, if: (i) Executive’s employment is terminated by Company, other than for Cause, within
three years after any “Change in Control” of Company as defined in subsection (f) of this Section 6, or at the request of or pursuant to an agreement with a third party who has taken steps reasonably calculated to effect a Change in
Control, or otherwise in connection with or in anticipation of a Change in Control; or (ii) Executive elects to terminate employment for Good Reason within three years after any Change in Control of Company. In addition, in the event that
Executive’s employment is terminated in the circumstances described in this subsection, the Company shall also forgive any and all loans between Executive and the Company or its subsidiaries that are outstanding at the time of such termination,
whether such loans are for the exercise of stock options or any other purpose. The Company shall also pay Executive a “gross-up” payment to cover taxes due from the forgiveness of any such loan. 
                   (b) The payment shall be equal to four full years of Executive’s Current Total Annual Compensation if (i)
Executive’s employment is terminated by Company, other than for Cause, and such termination is not described in (a) above; or (ii) Executive elects to terminate his employment for “Good Reason,” as defined in subsection (f) of this
Section 6, and such termination is not described in (a) above. In addition, in the event that Executive’s employment is terminated in the circumstances described in this subsection, the Company shall also forgive any and all loans between
Executive and the Company or its subsidiaries that are outstanding at the time of such termination, whether such loans are for the exercise of stock options or any other purpose. The Company shall also pay Executive a “gross-up” payment to
cover taxes due from the forgiveness of any such loan. 
                   (c) In addition to the amount
payable to Executive under subsection (a) or (b) of this Section 6, Executive shall be entitled to the following upon termination for any reason: 
                         (i)   The health care (including medical and dental) and life insurance
coverage benefits provided to Executive and his Spouse at his date of termination, shall be continued at the same level and in the same manner for the rest of their lives. Any additional coverages Executive had at termination, including dependent
coverage, will also be continued for such period on the same terms. Any costs Executive was paying for such coverages at the time of termination shall continue to be paid by Executive. If the terms of any benefit plan referred to in this section do
not permit continued participation by Executive, then Company will arrange for other coverage providing substantially similar benefits at the same contribution level of Executive.
                          (ii)  Outplacement and financial and legal counseling services selected
by Executive, up to a maximum of $100,000 each (net of tax, if any). 
                          (iii) A mutually acceptable office, together with secretarial assistance and
customary office facilities and services, located at Company (or in lieu thereof

 reimbursement for same at another location), for up to 36 months following the effective termination date of this Agreement, for the purpose of facilitating Executive’s
search for new employment.
                   (d) The Employee’s employment shall terminate in the
event of death. The Company shall pay to the Executive’s surviving spouse or family trust (or estate, if none), the payment provided under this Section 6 and shall continue to pay the Base Salary plus most recent bonus amount for the remaining
term of the contract. The Executive’s rights under the benefit plans of the Company shall be determined under the provisions of those plans. 
                   (e) The Company may terminate the Employee’s employment for Disability by giving the Employee six months’
advance notice in writing. Disability is defined in subsection (f)(vi) of this Section 6. Upon the effective date of a termination for Disability, the Company will pay to the Executive the payment provided under subsection (b) of this Section 6. In
the event of disability, the Executive’s rights under the benefit plans of the Company shall be determined under the provisions of those plans. 
                   (f) For purposes of this Agreement, the following definitions shall apply: 
                          (i)   The “Board” shall mean the Board of Directors of
Company.
                          (ii)  The “Incumbent
Board” shall mean the members of the Board as of the date of this Agreement and any person becoming a member of the Board hereafter whose election, or nomination for election by Company’s shareholders, was approved by a vote of at least a
majority of the directors then comprising the Incumbent Board (other than an election or nomination of an individual whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of the
directors of Company).
                          (iii) “Change in
Control” shall mean:
                                (A) The acquisition (other than from
Company) by any person, entity or “group,” within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act (excluding, for this purpose, any employee benefit plan of Company or its subsidiaries which acquires beneficial ownership of
voting securities of Company) of beneficial ownership (within the meaning of Rule 13d–3 promulgated under the Exchange Act) of 40% or more of either the then outstanding shares of Common Stock or the combined voting power of Company’s then
outstanding voting securities entitled to vote generally in the election of directors; or
                               (B) The failure for any reason of individuals
who constitute the Incumbent Board to continue to constitute at least a majority of the Board; or
                                (C) Approval by the stockholders of
Company of a reorganization, merger, consolidation, in each case, with respect to which the shares of Company voting stock outstanding immediately prior to such reorganization, merger or consolidation do not constitute or become exchanged for or
converted into more than 40% of the combined voting power entitled to vote generally in the election of directors of the reorganized, merged or consolidated company’s then outstanding voting securities, or a liquidation or dissolution of
Company or of the sale of all or substantially all of the assets of Company
                          (iv)  “Good Reason” shall mean:

                                (A) The assignment to Executive of any
duties inconsistent in any respect with Executive’s position (including status, offices, titles and reporting requirements), authority, duties or responsibilities as contemplated by Section 2 above, or any other action by Company which results
in a diminution of such position, authority, duties or responsibilities, excluding for this purpose any action taken with the consent of Executive and any isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by
Company promptly after receipt of notice of such action given by Executive;
                                (B) A reduction in the overall level of
Executive’s compensation or benefits as provided in Section 3;
                                (C) Company’s requiring Executive
to be based at any office or location other than Company’s executive offices in Menlo Park, California environs, except for travel reasonably required in the performance of Executive’s responsibilities;

                         (D) Any purported termination by Company of
Executive’s employment otherwise than as expressly permitted by this Agreement; or
                                (E) Any failure by Company to comply
with and satisfy Section 7 below.
                                (F) The nomination by the Board of a
Chairman (or person serving in a similar capacity) of a person other than Executive. 
           For purposes of this Agreement, any good–faith
determination of “Good Reason” made by Executive shall be conclusive.
                   (v)        “Current Total Annual Compensation” shall be the total
of the following amounts: (A) the greater of (i) Executive’s Base Salary for the greater of the calendar or fiscal year (the “Applicable Year”) in which his employment terminates or (ii) such salary for the Applicable Year prior to
the year of such termination; and (B) the greater of (i) any total that became payable to Executive under the Bonus Plan during the Applicable Year prior to the Applicable Year in which his employment terminates and (ii) the maximum total bonus
amount to which Executive would be and had been paid for the Applicable Year in which his employment terminates as if all Bonus Plan criteria had been or are met, regardless of when such amounts are actually to be paid or had been paid. Any longer
term Bonus Plan payments are to be accelerated and included within the meaning of this definition.
                   (vi)     “Disability” shall mean the total and permanent inability of Executive
due to illness, accident or other physical or mental incapacity to perform the usual duties of his employment under this Agreement, as determined by a physician selected by Company and acceptable to Executive or Executive’s legal representative
(which agreement as to acceptability shall not be unreasonably withheld).
                   (vii)
    The “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.
                   (viii)    “Cause” shall be defined solely as (i) Executive’s defalcation or
misappropriation of funds or property of the Company, or the commission of any other illegal act in the course of his employment with Company which, in the reasonable judgment of the Board of Directors, has a material adverse financial effect on the
Company or on

 Executive’s ongoing abilities to carry out his duties under this Agreement; (ii) Executive’s conviction of a felony or of any crime involving moral turpitude, and
affirmance of such conviction following the exhaustion of any appeals; (iii) refusal of Executive to substantially perform all of his duties and responsibilities, or Executive’s persistent neglect of duty or chronic unapproved absenteeism
(other than for a temporary or permanent Disability), which remains uncured following thirty days after written notice of such alleged Cause by the Board of Directors; or (iv) any material and substantial breach by Executive of other terms and
conditions of this Agreement, which, in the reasonable judgment of the Board of Directors, has a material adverse financial effect on the Company or on Executive’s ongoing abilities to carry out his duties under this Agreement and which remains
uncured following thirty days after written notice of such alleged Cause by the Board of Directors.
                   (g) In addition to the amounts payable and/or forgiven under subsection (a), (b) or (c) of this Section 6, Company
shall pay Executive a tax equalization payment in accordance with this subsection. The tax equalization payment shall be in an amount which, when added to the other amounts payable to Executive under this Section 6, will place Executive in the same
after-tax position as if the excise tax penalty of Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), or any successor statute of similar import, did not apply to any of the amounts payable under this Section 6
including any amounts paid under this subsection (g). The amount of this tax equalization payment shall be determined by Company’s independent accountants and shall be payable to Executive at the same time as the payment under subsection (a) or
(b) of this Section 6.
       7.  Assignment; Successors. Any assignment of this Agreement shall be in accordance with the following: 
                   (a) The rights and benefits of Executive under this Agreement, other than accrued and unpaid amounts due
hereunder, are personal to him and shall not be assignable by Executive, except with the prior written consent of Company.
                   (b) Subject to the provisions of subsection (c) of this Section 7, this Agreement shall not be assignable by Company,
provided that with the consent of Executive, Company may assign this Agreement to another corporation wholly owned by it either directly or through one or more other corporations, or to any corporate successor of Company or any such
corporation.
                   (c) Any business entity succeeding to substantially all of the business of
Company, by purchase, merger, consolidation, sale of assets or otherwise, shall be bound by and shall adopt and assume this Agreement, and Company shall require the assumption of this Agreement by such successor as a condition to such purchase,
merger, consolidation, sale of assets or other similar transaction.
       8.  Notices. Any notice or other communications under this Agreement shall be in
writing, signed by the party making the same, and shall be delivered personally or sent by certified or registered mail, postage prepaid, addressed as follows:

	  	If to Executive; 	 Mr. Christos M. Cotsakos 
 
	 	 c/o E*Trade Group, Inc. 
 
	 	 4500 Bohannon Drive 
 
	 	 Menlo Park, California 94025 
 

	 	 If to Company; 	 The Board of Directors
 c/o E*Trade Group, Inc.
 4500 Bohannon Drive 
 Menlo Park, California 94025 

 or such other address or agent as may hereafter be designated by either party hereto. All such notices shall be deemed given on the date personally delivered or mailed.
                9. Full Settlement and Legal Expenses. Company’s obligation to make the payments provided for in this Agreement and
otherwise to perform its obligations hereunder shall not be affected by any set-off, counter-claim, recoupment, defense or other claim, right or action which Company may have against Executive or others. In no event shall Executive be obligated to
seek other employment or take any other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Agreement. The prevailing party shall be entitled to recover all legal fees and expenses which such party may
reasonably incur as a result of any legal proceeding relating to the validity, enforceability, or breach of, or liability under, any provision of this Agreement or any guarantee of performance (including as a result of any contest by Executive about
the amount of any payment pursuant to Section 6 of this Agreement), plus in each case interest at the applicable Federal Rate provided for in Section 7872(f)(2) of the Code.
                10. Governing Law. This Agreement shall be interpreted and enforced in accordance with the laws of the State of California,
except that any arbitration shall be governed by the Federal Arbitration Act.
                11. Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid, but if any one or more of the provisions contained in this Agreement shall be invalid, illegal or unenforceable in any respect for
any reason, the validity, legality and enforceability of any such provisions in every other respect and of the remaining provisions of this Agreement shall not be in any way impaired.
                12. Entire Agreement. This Agreement (including all Exhibits) contains the entire agreement of the parties with respect to the
subject matter contained in this Agreement. There are no restrictions, promises, covenants, or undertakings between Company and Executive, other than those expressly set forth in this Agreement. This Agreement supersedes all prior agreements and
understandings between the parties. This Agreement may not be amended or modified except in writing executed by the parties.
                13. Arbitration. Any controversy or claim arising out of or relating to this Agreement shall be settled by arbitration in
accordance with the American Arbitration Association’s National Rules for the Resolution of Employment Disputes, and judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction. Any arbitration shall be
held in Santa Clara County, California, unless otherwise agreed in writing by the parties.
                IN WITNESS
WHEREOF, the undersigned have executed this Agreement as of the day and year first above written.
   
  

	 	 	 
E*TRADE GROUP, INC. 
 

	 	 	
	 	 [CORPORATE SEAL] 
 	 
	 	 	 
	 	 	 
	  	           /s/ David Hayden 
 	 
		 
 	 
	 	 David Hayden 
 	 
	 	 Audit Committee 
 	 
	 	 	 
	 	 	 
	  	           /s/ William Ford 
 	 
		 
 	 
	 	 William Ford 
 	 
	 	 Compensation Committee 
 	 
	 	  
 	 
		 	 
		 	 
		 	 
	 	 EXECUTIVE 
 	 
	 	 	 
	 	 	 
	  	           /s/ Christos M. Cotsakos 
 	 
		 
 	 
	 	 Christos M. Cotsakos<PAGE>

                                                                Exhibit 10(ii)29

                                Amendment No. 2

          This Amendment No. 2 (this "Amendment") to the Second Amended and
Restated Credit Agreement, dated as of September 27, 2001 (the "Amendment
Effective Date"), is entered into among The IT Group, Inc., a Delaware
corporation (the "Company"), IT Corporation, a California corporation and a
wholly-owned subsidiary of the Company ("ITC"), OHM Corporation, an Ohio
corporation and a wholly-owned subsidiary of the Company ("OHM"), OHM
Remediation Services Corp., an Ohio corporation and wholly-owned subsidiary of
OHM ("OHM Remediation"), Beneco Enterprises, Inc., a Utah corporation and
wholly-owned Subsidiary of OHM ("Beneco" and together with the Company, ITC, OHM
and OHM Remediation, collectively, the "Borrowers"), the Lenders (as defined
below) party hereto and Citicorp USA, Inc., a Delaware corporation, in its
capacity as administrative agent and collateral agent (in such capacity, the
"Administrative Agent"), and amends the Second Amended and Restated Credit
Agreement dated as of March 7, 2000 (as amended hereby and as the same may be
further amended, supplemented or otherwise modified from time to time, the
"Credit Agreement") entered into among the Borrowers, the institutions from time
to time party thereto as Lenders (the "Lenders"), the institutions from time to
time party thereto as Issuing Banks (the "Issuing Banks"), the Administrative
Agent, Fleet National Bank, a national banking association, in its capacity as
documentation agent for the Lenders and the Issuing Banks and Royal Bank of
Canada and Credit Lyonnais New York Branch, in their respective capacities as
co-agents.  Capitalized terms used herein and not otherwise defined herein shall
have the meanings ascribed to them in the Credit Agreement as in effect on the
date hereof without giving effect to this Amendment unless otherwise expressly
stated.

                             W i t n e s s e t h:

          Whereas, the Company has requested that the Administrative Agent and
the Requisite Lenders amend Sections 10.1 (Minimum Consolidated Net Worth), 10.2
(Minimum Fixed Charge Coverage Ratio), 10.3 (Minimum Interest Coverage Ratio)
and 10.4 (Maximum Leverage Ratio) of the Credit Agreement (collectively, the
"Specified Covenants") for the third and fourth fiscal quarters of Fiscal Year
2001;

          Whereas, ITC desires (a) to contribute certain parcels of land (the
"Transferred Properties") to the capital of four newly-created, wholly-owned
limited liability companies organized under the law of a state of the United
States acceptable to the Administrative Agent in its sole discretion exercised
reasonably (collectively, the "CP Subsidiaries") and (b) to contribute all
Capital Stock in these CP Subsidiaries to a newly-created, wholly-owned foreign
Subsidiary of the Company ("CP Holdings") (collectively, the "Specified
Transactions"); and the Company has requested that the Administrative Agent and
the Requisite Lenders make the appropriate amendments to the Credit Agreement to
permit the Specified Transactions; and

          Whereas, the Administrative Agent and the undersigned Lenders
(constituting the Requisite Lenders) have agreed (a) to amend the Specified
Covenants, (b) to amend other terms of the Credit Agreement as set forth herein
(to permit the Specified Transactions and to make certain other amendments), in
each case subject to certain conditions set forth below;

          Now, Therefore, in consideration of the foregoing, the mutual
covenants and obligations herein set forth and other good and valuable
consideration, the adequacy and receipt of which is hereby acknowledged, and in
reliance upon the representations, warranties and
<PAGE>

covenants contained herein, the parties hereto, intending to be legally bound,
hereby agree as follows:

     Section 1.  Amendments

          The Credit Agreement is, effective as of the Amendment Effective Date
(but subject to the satisfaction (or due waiver) of the conditions set forth in
Section 2 (Conditions Precedent to the Effectiveness of this Amendment) hereof),
hereby amended as follows:

          (a)  Amendment to Article I (Definitions)

                    (i)  The following definitions for the following terms are
     hereby inserted in Section 1.1 (Defined Terms) of the Credit Agreement in
     the appropriate place to preserve the alphabetical order of the definitions
     in such section and, if applicable, the following definitions shall replace
     in their entirety all existing definitions for the following terms in such
     section:

                    "California Properties" means each of the following parcels
          of Real Property owned by ITC prior to its transfer to a CP
          Subsidiary, and in each case as more specifically identified to the
          Administrative Agent prior to October 31, 2001:  (a) forty-one acres
          (approximately) located at the Vine Hill site, near Martinez,
          California, (b) thirty acres (approximately) located at the Baker site
          near Martinez, California, (c) two-hundred and fifty acres
          (approximately) located at the Panoche site near Benicia, California
          and (d) one thousand nine hundred and thirty acres (approximately)
          located adjacent to Interstate 680 near Benicia, California.

                    "CP Holdings" means a direct Subsidiary of ITC, wholly-owned
          by ITC and organized and existing under the laws of a jurisdiction
          acceptable to the Administrative Agent and with a corporate form and
          organizational documents acceptable to the Administrative Agent.

                    "CP Subsidiaries" means each of four limited liability
          companies, wholly-owned Subsidiaries of CP Holdings and organized and
          existing under the law of a state of the United States acceptable to
          the Administrative Agent in its sole discretion exercised reasonably
          and with organizational documents acceptable to the Administrative
          Agent.

                    "EBITDA" means, for any period on a consolidated basis for
          the Company and its Subsidiaries other than the Leachate Subsidiary
          and Keystone (but only if such Subsidiaries have been designated
          Unrestricted Subsidiaries), (i) the sum of the amounts for such period
          of (A) Consolidated Net Income, (B) depreciation, amortization expense
          and other non-cash charges, (C) interest expense to the extent
          deducted in the determination of Consolidated Net Income, (D) charges
          for federal, state, local and foreign income taxes and (E)
          extraordinary losses and losses in respect of discontinued operations
          which have been deducted in the determination of Consolidated Net
          Income, (F) solely for the fiscal quarter ending December 31, 2000, to
          the extent included in the calculation of Consolidated Net Income for
          such period, (x) the aggregate

                                       2
<PAGE>

          amount of accounts receivable (or other contractual rights to payment)
          written off by the Company and its Subsidiaries in such period, up to
          a maximum amount of $35,000,000 plus (y) the aggregate amount of loss
          incurred by the Company and its Subsidiaries in such period due to the
          sale of all of the equity interest of IT International Operations,
          Inc. in Chi Mei International Technology Co., Ltd., up to a maximum
          amount of $3,000,000 and (G) solely for the fiscal quarter ending
          December 31, 2001, to the extent included in the calculation of
          Consolidated Net Income for such period, the aggregate amount of
          accounts receivable (or other contractual rights to payment) written
          off by the Company and its Subsidiaries in such period, up to a
          maximum amount of $18,000,000, minus (ii) extraordinary gains and
          gains in respect of discontinued operations not already excluded from
          the determination of Consolidated Net Income.

                    "Maximum Subsidiary/Joint Venture Investment Amount" means,
          without duplication,  (i) the sum of (A) all cash Investments made by
          the Loan Parties (other than Immaterial Subsidiary Guarantors) after
          February 25, 1998 in any Permitted Joint Venture or any Subsidiary of
          the Company that is an Immaterial Subsidiary Guarantor or that is not
          a Loan Party, (B) the amount of outstanding Accommodation Obligations
          incurred by the Loan Parties (other than Immaterial Subsidiary
          Guarantors) in respect of obligations of any Permitted Joint Venture
          or any Subsidiary of the Company that is an Immaterial Subsidiary
          Guarantor or that is not a Loan Party and (C) the amount of
          consideration paid by the Loan Parties (other than Immaterial
          Subsidiary Guarantors) in connection with Permitted Acquisitions made
          prior to the Effective Date pursuant to clause (ii) of the definition
          thereof in the Original Credit Agreement less (ii) the sum of any cash
          dividends or other cash distributions (but not intercompany loans)
          received by the Loan Parties (other than Immaterial Subsidiary
          Guarantors) in respect of the Capital Stock of any such Permitted
          Joint Venture or Subsidiary after February 25, 1998.

                    "Subsidiary Guarantor" means 37-02 College Point Boulevard,
          LLC, Advanced Analytical Solutions, Inc., American Landfill Supply
          Co., The Dorchester Group, LLC, EMCON, Emcon Industrial Services,
          Inc., Empire State I, LLC, Empire State II, LLC, Gradient Corporation,
          Groundwater Technology, Inc. (f/k/a Fluor Daniel GTI, Inc.), IT
          Alaska, Inc. (f/k/a EMCON Alaska, Inc.), IT C & V Operations, Inc., IT
          Corporation of North Carolina, Inc., IT E & C Operations, Inc. (f/k/a
          PEG Acquisition Corp.), IT Environmental and Facilities, Inc., IT
          International Holdings, Inc., IT International Investments, Inc.
          (f/k/a Fluor Daniel GTI International, Inc.), IT International
          Operations, Inc., IT Investment Holdings, Inc., IT Japan Services,
          Inc., IT Korea Services, Inc., IT-Tulsa Holdings, Inc., Jellinek,
          Schwartz & Connolly, Inc., JSC International, Inc., Kato Road LLC,
          Keystone Recovery, Inc., Landbank, Inc., Landbank Environmental
          Properties, LLC, Landbank Remediation Corp., LFG Specialties, Inc.,
          Monterey Landfill Gas Corporation, National Earth Products, Inc.,
          Northeast Restoration Company, LLC, Organic Waste Technologies, Inc.,
          Pacific Environmental Group, Inc., PHR Environmental Consultants,
          Inc., Sielken, Inc., Universal Professional Insurance Company
          ("UPIC"), Wehran-New York, Inc., CP Holdings, each CP Subsidiary, each
          other Material Subsidiary of the

                                       3
<PAGE>

          Company and each other Subsidiary of the Company that becomes a party
          to a Subsidiary Guaranty.

          (b)  Amendments to Article VI (Representations and Warranties)

                    (i)  clause (ff) of Section 6.1 (Representations and
     Warranties from and after the Effective Date) of the Credit Agreement is
     hereby amended and restated in its entirety to read as follows:

                         (ff) No Unrestricted Material Domestic Subsidiary. None
          of the Subsidiaries listed on Schedule 1.01.10 would be a Material
          Subsidiary if such Subsidiary was not listed on such Schedule 1.01.10
          and was not otherwise an Unrestricted Subsidiary, other than
          Subsidiaries organized under the law of a jurisdiction outside of the
          United States of America.

                    (ii) Section 6.2 (Subsequent Funding Representations and
     Warranties) of the Credit Agreement is hereby amended by deleting the roman
     numeral "(i)" in the eighth line thereof.

          (c)  Amendments to Article IX (Negative Covenants).

                    (i)  Section 9.2 (Sales of Assets) of the Credit Agreement
     is hereby amended by deleting the "and" at the end of clause (c) thereof,
     replacing the period at the end of clause (d) thereof with "; and" and
     adding the following new clause (e) at the end thereof:

          (e) ITC shall be permitted to contribute (i) on and after the date the
          Administrative Agent shall have received, each in form and substance
          satisfactory to the Agents, Subsidiary Guaranties and appropriate
          opinions of counsel, in each case for each of the CP Subsidiaries (and
          such additional documentation as the Agents or the Requisite Lenders
          may reasonably require in respect of such contribution), the
          California Properties to the capital of each of the CP Subsidiaries
          and (ii) on and after the date the Administrative Agent shall have
          received, each in form and substance satisfactory to the Agents,
          Subsidiary Guaranties and appropriate opinions of counsel, in each
          case for CP Holdings and each of the CP Subsidiaries (and such
          additional documentation as the Agents or the Requisite Lenders may
          reasonably require in respect of such contribution), all (but not
          part) of the Capital Stock of the CP Subsidiaries to the capital of CP
          Holdings.

                    (ii) clause (d) of Section 9.4 (Investments) of the Credit
     Agreement is hereby amended and restated in its entirety to read as
     follows:

                         (d) Investments by (i) the Company in any Subsidiary of
          the Company that is a Loan Party (other than an Immaterial Subsidiary
          Guarantor) or by any such Loan Party in the Company or in any other
          such Loan Party, (ii) the Loan Parties (other than the Immaterial
          Subsidiary Guarantors) in connection with a Permitted Acquisition,
          provided, however, that no such Investment shall be made in connection
          with a Permitted Acquisition completed during the period

                                       4
<PAGE>

          from September 27, 2001 through March 29, 2002, and (iii) the Loan
          Parties (other than the Immaterial Subsidiary Guarantors) in other
          Subsidiaries of the Company that are Immaterial Subsidiary Guarantors
          or that are not Loan Parties or in Permitted Joint Ventures, which
          Investments shall not cause (together with any Accommodation
          Obligations made pursuant to Section 9.5(d) and any Permitted
          Acquisitions made prior to the Effective Date pursuant to clause (ii)
          of the definition thereof in the Original Credit Agreement) the
          Maximum Subsidiary/Joint Venture Investment Amount to exceed
          $40,000,000 in the aggregate at any time; and

                    (iii)  clause (d) of Section 9.5 (Accommodation Obligations)
     of the Credit Agreement is hereby amended and restated in its entirety to
     read as follows:

                           (d) Accommodation Obligations of (i) the Company in
          respect of any Subsidiary of the Company that is a Loan Party (other
          than an Immaterial Subsidiary Guarantor) or of any such Loan Party in
          respect of the Company or any other such Loan Party or (ii) the Loan
          Parties (other than the Immaterial Subsidiary Guarantors) in respect
          of any other Subsidiary of the Company that is an Immaterial
          Subsidiary Guarantor or that is not a Loan Party or of any Permitted
          Joint Venture, which Accommodation Obligations shall not cause
          (together with any Investments made pursuant to Section 9.4(d) and any
          Permitted Acquisitions made prior to the Effective Date pursuant to
          clause (ii) of the definition thereof in the Original Credit
          Agreement) the Maximum Subsidiary/Joint Venture Investment Amount to
          exceed $40,000,000 in the aggregate at any time; and

                    (iv)   Section 9.7 (Conduct of Business; Subsidiaries;
     Permitted Acquisitions) of the Credit Agreement is hereby amended and
     restated in its entirety to read as follows:

                    Except in connection with a Permitted Acquisition, neither
          the Company nor any of the Restricted Subsidiaries shall engage in any
          business other than the businesses engaged in by such Borrower on the
          date hereof and any business or activities which are substantially
          similar or complementary thereto.  The Company shall not create,
          capitalize or acquire any Subsidiary or Permitted Joint Venture after
          the date hereof except in connection with (i) a Permitted Acquisition
          or (ii) in connection with the designation of an Unrestricted
          Subsidiary. The Company and the Restricted Subsidiaries shall not
          enter into any transaction or series of transactions in which it
          acquires all or any significant portion of the assets of another
          Person except for Permitted Acquisitions made by such Borrower and
          Subsidiaries of such Borrower; provided, however, that no such
          Permitted Acquisition shall be completed during the period from
          September 27, 2001 through March 29, 2002.  Notwithstanding anything
          in this Agreement to the contrary, neither the Company nor any
          Subsidiary of the Company shall engage in the business of owning or
          operating (as the principal licensee) any facility principally
          involved in the on-going commercial disposal of "hazardous waste" (as
          defined under the Solid Waste Disposal Act, 42 U.S.C. (S)(S) 6901 et
          seq., as amended, and any successor statute).  Notwithstanding the
          foregoing, (a) ITC shall be permitted to create the CP

                                       5
<PAGE>

          Subsidiaries and CP Holdings, each of which shall conduct no business
          other than holding the California Properties and the Capital Stock of
          the CP Subsidiaries, respectively and (b) ITC shall be permitted to
          contribute (x) the California Properties to the capital of each CP
          Subsidiary and (y) all (but not part) of the Capital Stock of the CP
          Subsidiaries to the capital of CP Holdings.

          (d)  Amendments to Article X (Financial Covenants)

                    (i)    Section 10.1 (Minimum Consolidated Net Worth) of the
Credit Agreement is hereby amended by replacing the dollar amounts set forth in
the table therein opposite the following time periods with the dollar amounts
set forth below:

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
                                Period                                          Minimum
===============================================================================================
<S>                                                                      <C>
The last day of the Third Fiscal Quarter of the Fiscal Year 2001 to           $250,000,000
the last day of the Fourth Fiscal Quarter of Fiscal Year 2001
-----------------------------------------------------------------------------------------------
The last day of the Fourth Fiscal Quarter of the Fiscal Year 2001 to          $250,000,000
the last day of the First Fiscal Quarter of Fiscal Year 2002
-----------------------------------------------------------------------------------------------
</TABLE>

                    (ii)   Section 10.2 (Minimum Fixed Charge Coverage Ratio) of
the Credit Agreement is hereby amended by replacing the ratios set forth in the
table therein opposite the following time periods with the ratios set forth
below:

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
                             Fiscal Quarter                                   Minimum Ratio
===============================================================================================
<S>                                                                           <C>
For the Third Fiscal Quarter of Fiscal Year 2001                               1.25 to 1.0
-----------------------------------------------------------------------------------------------
For the Fourth Fiscal Quarter of Fiscal Year 2001                              1.25 to 1.0
-----------------------------------------------------------------------------------------------
</TABLE>

                    (iii)  Section 10.3 (Minimum Interest Coverage Ratio) of the
Credit Agreement is hereby amended by replacing the ratios set forth in the
table therein opposite the following time periods with the ratios set forth
below:

<TABLE>
<CAPTION>

                            Fiscal Quarter                                    Minimum Ratio
===============================================================================================
<S>                                                                           <C>
For the Third Fiscal Quarter of Fiscal Year 2001                               1.80 to 1.0
-----------------------------------------------------------------------------------------------
For the Fourth Fiscal Quarter of Fiscal Year 2001                              1.85 to 1.0
-----------------------------------------------------------------------------------------------
</TABLE>

                                       6
<PAGE>

                                                              The It Group, Inc.
                                                                 Amendment No. 2

                    (iv) Section 10.4 (Maximum Leverage Ratio) of the Credit
     Agreement is hereby amended by replacing the ratios set forth in the table
     therein opposite the following time periods with the ratios set forth
     below:

<TABLE>
<CAPTION>
     ------------------------------------------------------------------------------------------
                                    Fiscal Quarter                           Maximum Ratio
     ==========================================================================================
     <S>                                                                     <C>
     For Third Fiscal Quarter of Fiscal Year 2001                             5.50 to 1.0
     ------------------------------------------------------------------------------------------
     For Fourth Fiscal Quarter of Fiscal Year 2001                            5.20 to 1.0
     ------------------------------------------------------------------------------------------
</TABLE>

     Section 2.    Conditions Precedent to the Effectiveness of this Amendment

          This Amendment shall become effective as of the Amendment Effective
Date on or after the date (the "Conditions Satisfaction Date" and, together with
the Amendment Effective Date, the "Amendment Dates") when the Administrative
Agent shall have notified the Borrower that the following conditions precedent
have been satisfied:

          (a)  Certain Documents.  The Administrative Agent shall have received
all of the following, all of which shall be in form and substance satisfactory
to the Agents, in sufficient originally executed copies for each of the Lenders:

                    (i)  this Amendment, duly authorized and executed by the
     Borrowers, the Guarantors and Lenders constituting the Requisite Lenders;
     and

                    (ii) such additional documentation as the Agents or the
     Requisite Lenders may reasonably require.

          (b)  Representations and Warranties.  Each of the representations and
warranties contained in Article VI (Representations and Warranties) of the
Credit Agreement or the other Loan Documents shall be true and correct in all
material respects on and as of the date hereof and as of each Amendment Date, in
each case as if made on and as of such date and except to the extent that such
representations and warranties specifically relate to a specific date, in which
case such representations and warranties shall be true and correct in all
material respects as of such specific date; provided, however, that references
therein to the "Credit Agreement" shall be deemed to refer to the Credit
Agreement as amended hereby as of the Amendment Effective Date.

          (c)  No Events of Default.  After giving effect to this Amendment, no
Default or Event of Default (except for those that may have been duly waived and
other than in respect of the delivery of certain Loan Documents) shall have
occurred and be continuing on the date hereof or either Amendment Date.

          (d)  Corporate and Other Proceedings.  All corporate and other
proceedings, and all documents, instruments and other legal matters in
connection with the transactions contemplated by this Amendment shall be
satisfactory in all respects in form and substance to the Administrative Agent
and the Requisite Lenders.

          (e)  Fees and Expenses Paid.  The Borrower shall have paid all
Obligations due on or before the later of the date hereof, the Amendment
Effective Date and the Conditions

                                       7
<PAGE>

Satisfaction Date including, without limitation, the fees set forth in Section
5(a) (Fees, Costs and Expenses) hereof, the Credit Agreement or any other Loan
Document.

     Section 3.  Representations and Warranties

          On and as of the date hereof and each Amendment Date, after giving
effect to the terms of this Amendment, each Borrower hereby represents and
warrants to the Administrative Agent and each Lender as follows:

          (a)  this Amendment has been duly authorized, executed and delivered
by the Borrower and each Guarantor and constitutes a legal, valid and binding
obligation of the Borrower, enforceable against the Borrower in accordance with
its terms and the Credit Agreement, as amended by this Amendment as of the
Amendment Effective Date, constitutes the legal, valid and binding obligation of
the Borrower and each Guarantor, enforceable against the Borrower and each
Guarantor in accordance with its terms;

          (b)  each of the representations and warranties contained in Article
IV (Representations and Warranties) of the Credit Agreement or the other Loan
Documents are true and correct in all material respects on and as of the date
hereof and each Amendment Date, in each case as if made on and as of such date
and except to the extent that such representations and warranties specifically
relate to a specific date, in which case such representations and warranties
shall be true and correct in all material respects as of such specific date;
provided, however, that references therein to the "Credit Agreement" shall be
deemed to include this Amendment; and

          (c)  no Default or Event of Default has occurred and is continuing
(except for those that may have been duly waived and other than in respect of
the delivery of certain Loan Documents).

     Section 4.  Reference to and Effect on the Loan Documents

          (a)  As of the Amendment Effective Date, each reference in the Credit
Agreement to "this Agreement," "hereunder," "hereof," "herein," or words of like
import, and each reference in the other Loan Documents to the Credit Agreement,
shall mean and be a reference to the Credit Agreement as amended hereby as of
the Amendment Effective Date, and this Amendment and the Credit Agreement shall
be read together and construed as a single instrument. The table of contents,
signature pages and list of Exhibits and Schedules of the Credit Agreement shall
be modified to reflect the changes made in this Amendment as of the Amendment
Effective Date.

          (b)  Except as specifically waived above, all of the terms of the
Credit Agreement and all other Loan Documents shall remain unchanged and in full
force and effect.

          (c)  The execution, delivery and effectiveness of this Amendment shall
not, except as expressly provided herein, operate as a waiver of any right,
power or remedy of any Lender, any Issuing Bank, the Arrangers or the Agents
under the Credit Agreement or any of the Loan Documents, nor constitute a waiver
of any provision of the Credit Agreement or any of the Loan Documents.

          (d)  This Amendment is a Loan Document.

                                       8
<PAGE>

     Section 5.  Fees, Costs and Expenses

          (a)  As consideration for the execution of this Amendment, the
Borrowers agree to pay to the Administrative Agent for the account of each
Lender for which the Administrative Agent shall have received (by facsimile or
otherwise) an executed signature page for this Amendment by October 12, 2001 in
accordance with their respective Pro Rata Shares a fee equal to 0.25% of the sum
of (i) the Revolving Credit Commitments in effect as of the date hereof and (ii)
the principal amount of Term Loans outstanding on the date hereof.

          (b)  The Borrowers agree to pay on demand in accordance with the terms
of Section 13.2 (Expenses) of the Credit Agreement all costs and expenses of the
Administrative Agent in connection with the preparation, reproduction, execution
and delivery of this Amendment and all other Loan Documents entered into in
connection herewith, including, without limitation, the reasonable fees and out-
of-pocket expenses of counsel for the Administrative Agent with respect thereto.

     Section 6.  Guarantor Consent

          Each Guarantor hereby consents to this Amendment and agrees that the
terms hereof shall not affect in any way its obligations and liabilities under
the Loan Documents, all of which obligations and liabilities shall remain in
full force and effect and each of which is hereby reaffirmed.

     Section 7.  Headings

          The headings contained in this Amendment are and shall be without
substantive meaning or content of any kind whatsoever and are not a part of the
agreement between the parties hereto.

     Section 8.  Execution in Counterparts

          This Amendment may be executed and delivered in any number of
counterparts and by different parties hereto in separate counterparts, each of
which when so executed and delivered shall be deemed an original and all of
which taken together shall constitute one and the same original agreement.
Signature pages may be detached from multiple separate counterparts and attached
to a single counterpart so that all signature pages are attached to the same
document.  Delivery of an executed counterpart by telecopy shall be effective as
delivery of a manually executed counterpart of this Amendment.

     Section 9.  Notices

          All communications and notices hereunder shall be given as provided in
the Credit Agreement.

     Section 10. Severability

          The fact that any term or provision of this Agreement is held invalid,
illegal or unenforceable as to any person in any situation in any jurisdiction
shall not affect the validity, enforceability or legality of the remaining terms
or provisions hereof or the validity,

                                       9
<PAGE>

enforceability or legality of such offending term or provision in any other
situation or jurisdiction or as applied to any other person.

     Section 11.  Successors

          The terms of this Amendment shall be binding upon, and shall inure to
the benefit of, the parties hereto and their respective successors or assigns.

     Section 12.  Governing Law

          This Amendment shall be interpreted, and the rights and liabilities of
the parties determined, in accordance with the law of the State of New York.

     Section 13.  Waiver of Jury Trial

          Each of the parties hereto irrevocably waives trial by jury in any
action or proceeding with respect to this Agreement or any other Loan Document.

                           [SIGNATURE PAGES FOLLOW]

                                       10
<PAGE>

          In Witness Whereof, this Amendment has been duly executed on the date
set forth above.

                        [Signature Pages To Be Provided]

 [The IT Group, Inc. / Signature Page to Amendment No. 2 to Second Amended and
                           Restated Credit Agreement]

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