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Exhibit 10.34    
    

THOMAS GROUP, INC.  

 JAMES T. TAYLOR  

 SECOND AMENDED EMPLOYMENT AGREEMENT  

 Dated January    , 2005  

 (Effective as of August 1, 2004)  

 
  
 

    TABLE OF CONTENTS    
    

	 
	 
	 
	 	Page

	1.	Novation and Settlement of Rights	 	1
	 	1.1	Novation	 	1
	 	1.2	1999 Incentive Plan	 	1
	2.	Definitions	 	1
	 	2.1	Board of Directors	 	1
	 	2.2	Cause	 	2
	 	2.3	Change in Control	 	2
	 	2.4	Commercial Revenue	 	3
	 	2.5	Common Stock	 	3
	 	2.6	Disability	 	3
	 	2.7	Exchange Act	 	3
	 	2.8	Good Reason	 	3
	 	2.9	Operating Profit	 	3
	 	2.10	Term of Employment	 	4
	3.	Employment	 	4
	 	3.1	Employment	 	4
	 	3.2	Personal Services	 	4
	4.	Compensation and Benefits During the Term of Employment	 	4
	 	4.1	Base Compensation	 	4
	 	4.2	Bonus for Prior Performance	 	4
	 	4.3	Incentive Compensation Arrangement	 	5
	 	4.4	Travel Costs	 	5
	 	4.5	Automobile Expenses	 	5
	 	4.6	Insurance; Benefit Plan Participation	 	5
	 	4.7	Stock Options	 	6
	 	4.8	Stock Appreciation Rights	 	6
	 	4.9	Certain Tax Provisions	 	6
	5.	Term of the Agreement	 	6
	6.	Termination; Disability; Death; Change in Control	 	6
	 	6.1	Basis	 	6
	 	6.2	Benefits Upon Termination	 	7
	7.	Restrictive Covenants; Work Product; Confidentiality	 	10
	 	7.1	Restrictive Covenants	 	10
	 	7.2	Right to Work Product; Confidentiality	 	10
	8.	General Provisions	 	11
	 	8.1	Notices	 	11
	 	8.2	Entire Agreement	 	12
	 	8.3	Governing Law and Venue	 	12
	 	8.4	Voluntary Agreement	 	12
	 	8.5	Resolution of Certain Controversies	 	12
	 	8.6	Partial Invalidity	 	12
	 	8.7	Reformation	 	12
	 	8.8	Binding Effect	 	12
	 	8.9	Amendments	 	13
	 	8.10	Survival of Provisions	 	13
	 	8.11	Approval	 	13
	Exhibit A—Jim Taylor Incentive Plan	 	14
	Exhibit B—Severance Compensation and Benefits	 	15

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SECOND AMENDED EMPLOYMENT AGREEMENT    
    

This
Second Amended Employment Agreement (this "Agreement") is entered into this    day of January, 2005 to be effective August 1, 2004, by and between Thomas Group. Inc.
("Thomas Group" or the "Company"), a Delaware corporation, and James T. Taylor ("Mr. Taylor") (the signatories to this Agreement shall be referred to jointly as the "Parties"), to amend, modify
and restate the terms and conditions of that certain First Amended Employment Agreement executed by and between Mr. Taylor and Thomas Group on or about December 21, 2002 (the "Employment
Agreement"). 

        WHEREAS,
Mr. Taylor is presently serving as the President and Chief Executive Officer of Thomas Group, reporting to the Board of Directors, and is an integral part of its
management team who participates in the decision-making process relative to short and long-term planning and policy for Thomas Group; and 

        WHEREAS,
Thomas Group determined that it would be in the best interests of Thomas Group and its stockholders to assure continuity in the management of Thomas Group's operations by
entering into an amended employment agreement to retain the services of Mr. Taylor; and 

        WHEREAS,
the Parties entered into the Employment Agreement on or about December 21, 2002 and the Parties have decided to amend, modify and restate the Employment Agreement; and 

        WHEREAS,
Thomas Group wishes to assure itself of the continued and valuable services of Mr. Taylor, and Mr. Taylor is willing to remain employed by Thomas Group, upon the
terms and conditions set forth in this First Amended Employment Agreement. 

        NOW,
THEREFORE, in consideration of the premises and the obligations undertaken by the Parties herein and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Thomas Group and Mr. Taylor agree as follows: 

        1.     Novation and Settlement of Rights. 

        1.1   Novation. In exchange for the promises set forth herein, Mr. Taylor agrees that (a) except as otherwise
provided herein, this Agreement will replace any existing employment agreement between the Parties and, thereby, acts as a novation, (b) all Confidential Information (as defined herein) or Work
Product (as defined herein) developed by Mr. Taylor during past employment with Thomas Group and all goodwill developed with the Company's clients, customers and other business contacts by
Mr. Taylor during past employment with the Company is now the exclusive property of the Company, and (c) that all of the Confidential Information and specialized training received by
Mr. Taylor during past employment with Company will be used only for the benefit of Thomas Group as described above, whether previously so agreed or not. Mr. Taylor waives and releases
any claim or allegation that he should be able to use client and customer goodwill, specialized Company training, or Work Product, or Confidential Information, that was previously received or
developed by him while working for Thomas Group for the benefit of any competing person or entity. 

        1.2   1999 Incentive Plan. Without limiting the effect of the provisions of Section 1.1 above, it is specifically agreed
that Mr. Taylor shall not participate in (i) the Company 1999 Incentive Plan or (ii) other bonus, profit sharing or incentive plans of the Company not specifically provided for
herein. 

        2.     Definitions. The defined terms used in this Agreement shall have the meanings ascribed to them in this Section 2. 

        2.1   Board of Directors. "Board" or the "Board of Directors" shall mean the Board of Directors of Thomas Group or any
committee of the Board empowered to act or make decisions or determinations with respect to this Agreement. 

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        2.2   Cause. "Cause" shall mean that any of the following: (a) Mr. Taylor has engaged in any act of gross
misconduct that is injurious to Thomas Group or its business: (b) any act by Mr. Taylor of dishonesty, misconduct, fraud, misappropriation, embezzlement, theft, moral turpitude or the
like; (c) the refusal by Mr. Taylor to perform the duties or responsibilities properly assigned to him by the Company, or the dereliction of duty by Mr. Taylor; or (d) a
material breach of this Agreement by Mr. Taylor or a violation of any material provision of this Agreement by Mr. Taylor. 

        2.3   Change in Control. A "Change in Control" shall occur if any of the following occurs: 

        (a)   if
any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a "Person") is or becomes the "beneficial owner" (as
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing (i) with respect to options granted pursuant to the 1992
Stock Option Plan, 50 percent or more of the combined voting power of the Company's then outstanding securities, or (ii) with respect to options granted pursuant to the 1997 Stock Option
Plan, 20% or more of the combined voting power of the Company's then outstanding securities, or (iii) with respect to Section 5.2(a) hereof, 40% or more of the combined voting power of
the Company's then outstanding securities; provided, however, that the term "Person" shall not include (A) the Company, (B) any employee
benefits plan of the Company, (C) a trustee or other fiduciary holding securities under an employee benefit plan of the Company and acting in such capacity, (D) a Subsidiary (as that
term is defined in the 1997 Stock Option Plan) of the Company of a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their
ownership of voting securities of the Company, (E) any other person whose acquisitions of shares of voting securities is approved in advance by a majority of the Continuing Directors (as that
term is defined in the 1997 Stock Option Plan), or (F) General John T. Chain, Jr. or Edward P. Evans; 

        (b)   if
individuals who, as of the date hereof, constitute the Board (the "Incumbent Board") cease for any reason to constitute more than 50 percent of the members of
the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election or nomination for election by the
Company's stockholders was approved by a vote of at least two-thirds of the directors then constituting the Incumbent Board, shall be considered as though such individual were a member of
the Incumbent Board; 

        (c)   if
stockholders of the Company approve a merger, consolidation, or reorganization of the Company with or into another corporation or other legal person and, as a result
of such merger, consolidation or reorganization, (i) with respect to options granted pursuant to the 1992 Stock Option Plan, less than 51% of the combined voting power of the then outstanding
securities of the remaining corporation or legal person or its ultimate parent immediately after such transaction is owned by persons who were stockholders of the Company immediately prior to such
merger, consolidation, or reorganization, or (ii) with respect to the options granted pursuant to the 1997 Stock Option Plan, if, as a result of such transaction, the holders of the Company's
Common Stock immediately prior to such transaction do not have the same proportionate ownership of the common stock of the surviving entity immediately after such transaction; 

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        (d)   if
stockholders of the Company approve a sale or disposition of all or substantially all of the Company's assets to any other corporation or other legal person and,
(i) with respect to options granted pursuant to the 1992 Stock Option Plan as a result of such sale, less than 51% of the combined voting power of the then outstanding securities of such
corporation or legal person or its ultimate parent immediately after such transaction is owned by persons who were stockholders of the Company immediately prior to such sale or disposition, or
(ii) with respect to the options granted pursuant to the 1997 Stock Option Plan, if, as a result of such transaction, the holders of the Company's Common Stock immediately prior to such
transaction do not have the same proportionate ownership of the common stock of the surviving entity immediately after such transaction; 

        (e)   if
stockholders of the Company approve a plan of liquidation or dissolution of the Company; 

        (f)    with
respect to options granted under the 1992 Stock Option Plan, a public announcement is made of a tender or exchange offer by any Person for fifty percent or more of
the outstanding Voting Securities of the Corporation, and the Board of Directors approves or fails to oppose that tender or exchange offer in its statements in Schedule 14D-9 under
the Exchange Act; or 

        (g)   with
respect to options granted pursuant to the 1997 Stock Option Plan, if, in a Title 11 Bankruptcy Proceeding, the appointment of a trustee or the conversion of a case
involving the Company to a case under Chapter 7. 

        2.4   Commercial Revenue. "Commercial Revenue" shall mean any revenue, as recognized under GAAP, from a source that is not part
of the United States Department of Defense. 

        2.5   Common Stock. "Common Stock" shall mean the common stock of Thomas Group, par value $.01 per share. 

        2.6   Disability. "Disability" shall mean the inability of Mr. Taylor to perform his material managerial duties and
responsibilities as contemplated under Section 3 during his employment with Thomas Group, with or without a reasonable accommodation, for a consecutive period of three (3) months or a
non-consecutive period of six (6) months within any twelve- (12) month period. The Company will comply with the requirements of the Americans with Disabilities Act with
respect to attempting to reach a reasonable accommodation. The existence of Disability and the date of commencement of Disability shall be determined in accordance with
Section 6.1(e).

        2.7   Exchange Act. The Securities Exchange Act of 1934, as amended. 

        2.8   Good Reason. "Good Reason" shall mean Mr. Taylor's decision to terminate his employment under this Agreement if
Thomas Group or any successor commits any material breach of this Agreement, or diminishes Mr. Taylor's Base Salary (as defined herein) below $435,000, or diminishes Mr. Taylor's duties
and responsibilities below those of President and Chief Executive Officer, or at any time within one hundred and eighty (180) days following a Change of Control. 

        2.9   Operating Profit. "Operating Profit" is determined by following formula: 

As
defined by GAAP and audited annually by independent accountants: 

Revenue

Less: Cost of Sales

Less: S, G&A expenses 

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Excluding:
restructuring charges, foreign exchanges gains/losses, closing costs of non-US subsidiaries, cumulative translation adjustments, expenses related to termination benefits
agreements agreed to by Board prior to Mr. Taylor's employment as CEO (January 13, 2004) and any other nonrecurring or unusual income or expense to be mutually agreed upon between
Mr. Taylor and the compensation committee. 

        2.10 Term of Employment. "Term of Employment" shall mean the period of time commencing on August 1, 2004 and
continuing until December 31, 2006; provided, however, that Mr. Taylor and Thomas Group can agree, in writing, to extend the Term of
Employment. 

        3.     Employment. 

        3.1   Employment. Thomas Group agrees to employ Mr. Taylor and Mr. Taylor accepts employment by Thomas Group as
President and Chief Executive Officer of Thomas Group for the Term of Employment on the terms and conditions and for the compensation set forth in this Agreement. Subject to the authority of the Board
of Directors, Mr. Taylor shall be responsible for the overall operations of Thomas Group in the ordinary course of its business with all such powers as may be reasonably incident to such
responsibilities as its President and Chief Executive Officer. Mr. Taylor shall devote his full time and effort to the discharge of his duties as Thomas Group's President and Chief Executive
Officer. 

        3.2   Personal Services. All services to be provided by Mr. Taylor under this Agreement shall be performed by
Mr. Taylor personally. During the term of this Agreement, Mr. Taylor shall devote his entire business time, attention, energies, skills, learning and best efforts to the business
operations of the Company, and shall not (without the prior written consent of the Chairman of the Board of Directors) (i) undertake or accept any duties under which there is a conflict of
interest between Mr. Taylor's responsibilities towards the Company or Mr. Taylor's responsibilities to any customer of the Company, on the one hand, and any other interest, on the other
hand; or (ii) as a partner, officer, director, stockholder, employee or consultant of any entity, association, agency, organization or institution, engage in any other business or profession
which would necessitate the giving of any significant portion of his business time, attention, energies, skills, learning and best efforts to such activity. 

        4.     Compensation and Benefits During the Term of Employment. 

        4.1   Base Compensation. Mr. Taylor shall receive base compensation ("Base Salary") in the amount determined by the
Compensation Committee of the Board of Directors (the "Compensation Committee"). The amount of Mr. Taylor's Base Salary shall initially be at the annual rate of $435,000 beginning
August 1, 2004 and shall be reviewed annually by the Compensation Committee, no later than March 30 of each year. Thomas Group shall pay Base Salary to Mr. Taylor in equal monthly
installments. Mr. Taylor understands and agrees that he is an exempt employee as that term is applied for purposes of Federal or State wage and hour laws, and further understands that he shall
not be entitled to any compensatory time off or other compensation for overtime 

        4.2   Bonus for Prior Performance. Pursuant to prior discussions Thomas Group shall pay Mr. Taylor a cash bonus in the
amount of $225,000 based on his performance prior performance as Chief Financial Officer and Chief Executive Officer, such bonus to be paid immediately. 

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        4.3   Incentive Compensation Arrangement. Mr. Taylor shall be paid a cash incentive, calculated annually, based upon two
criteria as defined in this agreement; Commercial Revenue and Operating Profit. The starting point for the incentive calculation is 70% of Base Compensation, called the Target Incentive ("Target").
The two criteria represent the following percentages of the Target: 

	 
	 	2004
	 	2005*
	 	2006*

	Commercial Revenue	 	70%	 	50%	 	0%
	Operating Profit	 	30%	 	50%	 	100%

The
incentive for each criteria begins at 20% of Target upon reaching a minimum annual threshold and is capped at 200% of Target upon reaching a maximum annual threshold. The annual thresholds and
their corresponding percentages of Target are: 

	2004 Threshold
 
	 	Commercial

Revenue
	 	Operating

Profit
	 	% of Target
	 
	Minimum	 	$	3,000,000	 	$	1,500,000	 	20	%
	Target	 	$	4,000,000	 	$	1,700,000	 	100	%
	Maximum	 	$	7,000,000	 	$	2,700,000	 	200	%

	*
	The
2005 & 2006 targets and thresholds will be mutually agreed upon between the Board and Mr. Taylor at a future date. 

        Attached
hereto as Exhibit A is a sample calculation of the Incentive Compensation. 

        The
computation of annual incentive compensation will be based upon the audited financial results of Thomas Group. Thomas Group shall pay the incentive compensation to Mr. Taylor
within fifteen (15) days following completion of an audit of Thomas Group's financial statements by the Company's certified public accountants, and no later than April 15 of each year.
Mr. Taylor must be on the Company's active payroll at the end of the year in question (December 31st ) in order to be eligible to receive an award for that
year. 

        4.4   Travel Costs. Thomas Group shall reimburse Mr. Taylor for all reasonable travel costs incurred by
Mr. Taylor in connection with Thomas Group's business, together with all other reasonable business expenses of Mr. Taylor in performing his duties. 

        4.5   Automobile Expenses. Thomas Group shall provide Mr. Taylor a monthly car allowance in the amount of $900, which
includes all costs including insurance. Such allowance shall be prorated for partial months. 

        4.6   Insurance; Benefit Plan Participation. Mr. Taylor shall be entitled to participate in Thomas Group's 401(k) and
deferred compensation plans, subject to the terms and conditions of such plans. Thomas Group also shall provide medical, disability and life insurance coverage to Mr. Taylor on the terms and
conditions of each of the plans Thomas Group maintains. Thomas Group will purchase term insurance covering Mr. Taylor, payable to Mr. Taylor's designated beneficiaries (or to his estate)
in the case of death while in the employment of Thomas Group. Such term insurance will have a face value of $1 million, and Thomas Group will pay the annual premiums so long as
Mr. Taylor is employed by Thomas Group. 

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        4.7   Stock Options. During his employment with the Company, Thomas Group has granted Mr. Taylor options to purchase
255,649 shares of Thomas Group Common Stock, as follows: 

	Grant Date
 
	 	Plan
	 	Shares

	March 1, 2001	 	1992 Stock Option Plan	 	30,000
	December 14, 2001	 	1992 Stock Option Plan	 	75,000
	April 16, 2002	 	1992 Stock Option Plan	 	36,554
	April 16, 2002	 	1992 Stock Option Plan	 	38,446
	November 11, 2002	 	1997 Stock Option Plan	 	75,649
	 	 	 	 	

	 	 	 	 	255,649

        Mr. Taylor
shall be entitled to receive additional stock options as may be granted by the Company. 

        4.8   Stock Appreciation Rights. During his employment with the Company, Thomas Group and Mr. Taylor entered into an
Appreciation Rights Agreement dated December 13, 2003, effective April 2, 2003 with respect to 99,351 shares of Common Stock of Thomas Group. Mr. Taylor shall be entitled to
receive additional Stock Appreciation Rights as may be granted by the Company. 

        4.9   Certain Tax Provisions. Mr. Taylor acknowledges and agrees that all payments and benefits which are required by
applicable federal, state or local laws to be subject to withholding for income taxes, shall be so subject. 

        5.     Term of the Agreement. The term of this Agreement, unless terminated sooner pursuant to Section 6, shall be for the
Term of Employment. 

        6.     Termination; Disability; Death; Change in Control. 

        6.1   Basis. Mr. Taylor's employment under this Agreement may be terminated as described in this Section 6.1. In
the event that Mr. Taylor's employment is terminated, Mr. Taylor shall be entitled to receive the benefits described in Section 6.2 that correspond with the manner of such
termination. 

        (a)   Termination Without Cause. Thomas Group may terminate Mr. Taylor's employment without Cause by written notice to
Mr. Taylor to that effect. Unless otherwise specified in the notice, such termination shall be effective immediately. 

        (b)   Termination With Cause. Thomas Group may terminate the employment of Mr. Taylor for Cause by written notice to
Mr. Taylor to that effect. Unless otherwise specified in the notice, such termination shall be effective immediately. 

        (c)   Good Reason. Upon the occurrence of an event constituting Good Reason as described in Section 2.7,
Mr. Taylor may terminate his employment for Good Reason within thirty (30) days of the occurrence of the event upon provision of written notice to Thomas Group. If the occurrence or the
effect of the occurrence of the event described in Section 2.7 may be cured, Thomas Group shall have the opportunity to cure any such occurrence or effect for a period of thirty
(30) days following receipt of Mr. Taylor's termination notice. The right of Mr. Taylor to terminate his employment for Good Reason under this Section 6.1(c) shall not
limit Thomas Group's ability to terminate Mr. Taylor for Cause under Section 6.1(b), if Cause is determined to exist prior to the time
Mr. Taylor delivers to Thomas Group his written notice of termination for Good Reason. 

        (d)   Without Good Reason. Mr. Taylor may voluntarily terminate his employment without Good Reason upon written notice
to Thomas Group to that effect. 

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        (e)   Disability. Mr. Taylor or Thomas Group may terminate Mr. Taylor's employment by reason of Disability
immediately upon written notice to the other party to that effect. If the parties are unable to agree as to the existence of Disability or as to the date of commencement of Disability, each of
Mr. Taylor and Thomas Group shall select a physician licensed to practice medicine in the State of Texas and the determination as to any such question shall be made by such physicians;  provided, however, that if such two physicians are unable to agree, they shall mutually select a third physician licensed to practice medicine in the
State of Texas and the determination as to any such question shall be made by a majority of such physicians. Any determination made by such physicians in accordance with the provisions of the
immediately foregoing sentence shall be final and binding on the Parties. Mr. Taylor agrees to submit to any and all reasonable medical examinations or procedures and to execute and deliver any
and all consents to release of medical information and records or otherwise as shall be reasonably required by any of the physicians selected in accordance with this Section 6.1(e). Unless
otherwise specified in the notice, such termination shall be effective immediately. 

        (f)    Death. This Employment Agreement shall automatically terminate as of the date of Mr. Taylor's death. 

        (g)   Change in Control. Following a Change in Control, Mr. Taylor shall be required to continue his employment under
this Agreement for ninety (90) days after the date of such Change in Control, unless his employment is terminated sooner by Thomas Group as set forth in Section 6.1(h). In the event that
Mr. Taylor decides to resign or otherwise voluntarily terminate his employment following the occurrence of a Change in Control, Mr. Taylor may do so by giving written notice to Thomas
Group to that effect on or before one hundred and eighty (180) days after the occurrence of the Change in Control. If Mr. Taylor does not give such notice to Thomas Group, this Agreement
will remain in effect; provided, however, that the failure of Mr. Taylor to terminate this Agreement following the occurrence of a Change in
Control shall not be deemed a waiver of Mr. Taylor's right to terminate his employment upon a subsequent occurrence of a Change in Control in accordance with the terms of this subsection.
Mr. Taylor acknowledges and agrees that the transaction between the Company, on the one hand, and General John T. Chain, Jr. and Edward P. Evans, on the other, consummated during 2002, does not
constitute a Change of Control under this Agreement. 

        (h)   Notwithstanding
that Mr. Taylor has given notice of termination pursuant to Section 6.1(g), Thomas Group may, in its sole discretion, thereafter require
Mr. Taylor to terminate his employment prior to the expiration of the applicable notice period. 

        6.2   Benefits Upon Termination. Mr. Taylor shall receive the benefits described in this Section 6.2 that
corresponds with the manner of termination of Mr. Taylor's employment under Section 6.1. 

        (a)   Without Cause. In the event Thomas Group terminates Mr. Taylor's employment without Cause, Mr. Taylor shall
be entitled to the compensation and/or benefits set forth on Exhibit B; provided, however, that
Mr. Taylor shall execute a general release and separation agreement in a form acceptable to the Thomas Group prior to the payment of any severance compensation under this Section 6.2(a).
In the event of a Termination Without Cause under Section 6.1, Mr. Taylor agrees and understands that all of his obligations and agreements under Section 7 below (including,
without limitation, Mr. Taylor's obligations concerning confidential information, non-competition and non-solicitation, and Mr. Taylor's agreement to execute a
general release and separation agreement) shall continue in full force and effect in the manner and on the terms set forth herein. 

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        (b)   With Cause. In the event Mr. Taylor's employment is terminated with Cause, no further payments or benefits shall
be paid or provided by Thomas Group to Mr. Taylor except for reimbursement for expenses incurred prior to the date of termination, or the payment of incentive compensation that has become due
and payable to Mr. Taylor on or before the date of such termination under Section 4.3. In addition, Mr. Taylor shall be entitled to exercise any vested but unexercised stock
options for a period of ninety (90) days following the effective date of the termination for Cause, and if any such options remain unexercised upon the expiration of such 90-day
period, they shall be determined forfeited. 

        (c)   Good Reason. In the event Mr. Taylor terminates his employment for Good Reason, Mr. Taylor shall be
entitled to the compensation and/or benefits set forth on Exhibit B, unless Mr. Taylor terminates his employment for Good Reason within
one hundred and eighty (180) days following a Change in Control, in which event the compensation and/or benefits of 6.2(g) shall apply. 

        (d)   Without Good Reason. In the event Mr. Taylor terminates his employment without Good Reason pursuant to
Section 6.1(d), Mr. Taylor shall be entitled to the benefits or payments provided for in Section 6.2(b).

        (e)   Disability. In the event that Mr. Taylor's employment is terminated by reason of Disability, Mr. Taylor
shall be entitled to the payments and benefits set forth on Exhibit B. Additionally, Mr. Taylor or the estate, beneficiary or legal
representative of Mr. Taylor shall be entitled to disability benefits available under benefit plans maintained by the Company at the time of such Disability. 

        (f)    Death. In the event Mr. Taylor's employment is terminated by reason of his death, Thomas Group shall not be
required to make any payments or provide any benefits, except for (a) reimbursement for expenses incurred prior to such termination date and (b) payment of incentive compensation that
has become due and payable to Mr. Taylor on or before the date of such termination under Section 4.2, provided, however, that nothing
contained herein shall limit or diminish any rights of Mr. Taylor' s estate or any other person to payments under any life insurance policy maintained by Thomas Group for the benefit of
Mr. Taylor or his beneficiaries or any health, disability or other benefit plan provided pursuant to Section 4.6, in each case in
accordance with the terms of such plan. If Mr. Taylor's employment is terminated by reason of his death, the benefits provided under this
Section 6.2(f)shall be paid to the beneficiary or beneficiaries designated in writing by Mr. Taylor and delivered to an officer/manager of
Thomas Group; however, if no such beneficiary designation is made by Mr. Taylor during his lifetime, the benefits hereunder shall be paid to his estate. In addition, Mr. Taylor's estate
shall be entitled to exercise any vested but unexercised stock options for a period of one hundred eighty (180) days following the date of Mr. Taylor's death, and if any such options
remain unexercised upon the expiration of such 180-day period, they shall be determined forfeited. 

        (g)   Change in Control. In the event Mr. Taylor's employment is terminated as provided in Section 6.1(g)
following the occurrence of a Change in Control, Mr. Taylor shall be entitled to the payments and benefits provided herein. 

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          (i)  Severance Benefits. If, within twenty four (24) months of the effective date of a Change of Control,
Mr. Taylor's employment is terminated by the Company without Cause or by Mr. Taylor, for Good Reason, Mr. Taylor shall, within thirty (30) days following the date of
termination and receipt by the Company of a signed release of any claims against the Company in a form acceptable to the Company, receive the following severance benefits: (a) the Company shall
pay Mr. Taylor a lump sum amount equal to two (2) times the sum of his Base Salary as set or approved by the Board, plus an additional amount equal to the greater of (i) two
(2) times the incentive compensation actually paid to Mr. Taylor for the Company's prior Fiscal Year or (ii) two times the target incentive compensation for the current Fiscal
Year, such lump sum payment to be subject to applicable tax withholdings; and (b) the vesting and exercisability of all unvested, outstanding options to purchase Common Stock then held by
Mr. Taylor shall be fully accelerated. If any of such options remain unexercised ninety (90) days after Termination of employment they shall be determined forfeited. 

         (ii)  Tax
Gross-up Payment. In the event it shall be determined, either by the Company or by a final determination of the Internal Revenue Service, that any
payment, distribution or benefit by or from the Company to or for the benefit of Mr. Taylor pursuant to Section 6.2(g)(i) or otherwise (the "Payment") would cause
Mr. Taylor to become subject to the excise tax imposed by Section 4999 of the Code (the "Excise Tax"), then the Company shall pay to or for the benefit of Mr. Taylor, within the
later of ninety (90) days of the termination date of Mr. Taylor's employment or ninety (90) days of the date of determination referred to above, an additional amount (the
"Gross-Up Payment") in an amount that shall fund the payment by Mr. Taylor of any Excise Tax on the Payment, as well as any income taxes imposed on the Gross-Up Payment,
any Excise Tax imposed on the Gross-Up Payment and any interest or penalties imposed with respect to taxes on the Gross-Up Payment or any Excise Tax. For purposes of
determining the amount of the Gross-Up Payment, Mr. Taylor shall be deemed to pay federal, state and local income taxes at the highest nominal marginal rate of such federal, state
and local income taxation in the calendar year in which the Gross-Up Payment is due, net of the maximum reduction in federal income taxes which could be obtained from deduction of such
state and local taxes. In the event that Excise Tax is subsequently determined to be less than the amount taken into account to determine the amount of the Gross-Up Payment, then
Mr. Taylor shall repay to the Company at that time the portion of the Gross-Up Payment attributable to such reduction (plus an amount equal to any tax reduction, whether of the
Excise Tax, any applicable income tax, or any applicable employment tax, which Mr. Taylor has received as a result of such initial repayment). In the event that the Excise Tax is subsequently
determined, whether by the Company or by a final determination of the Internal Revenue Service, to be more than the amount taken into account to determine the amount of the Gross-Up
payment, then the Company shall pay to Mr. Taylor an additional amount, which shall be determined using the same methods as were used for calculating the Gross-Up Payment, with
respect to such excess. For purposes of this Section 6.2(g), a determination of the Internal Revenue Service as to the amount of Excise Tax for which Mr. Taylor is liable shall not be
treated as final until the time that either (i) the Company agrees to acquiesce to the determination of the Internal Revenue Service or (ii) the determination of the Internal Revenue
Service has been upheld in a court of competent jurisdiction and the Company decides not to appeal such judicial decision or such decision is not appeasable. If the Company chooses to contest the
determination of the Internal Revenue Service, then all costs, attorneys' fees, charges assessed and other expenses shall be borne and paid when due by the Company. 

9

 

        7.     Restrictive Covenants; Work Product; Confidentiality. 

        7.1   Restrictive Covenants. Without the prior written consent of Thomas Group, Mr. Taylor shall not: 

        (a)   During
employment with Thomas Group and for a period of eighteen (18) months following termination of employment, engage in or perform services for a Competing
Business. For purposes of this Agreement a "Competing Business" is one which provides the same or substantially similar products and services as those provided by Thomas Group during
Mr. Taylor's employment, including but not limited to management consulting services to improve the cycle time of business processes of any business organization. This restriction is limited to
the geographic area(s) in which Mr. Taylor performed services for Thomas Group, including, but not limited to, the area within a 50-mile radius of any office or facility of Thomas
Group. 

        (b)   During
employment with Thomas Group and for a period of eighteen (18) months following the termination of employment, solicit business from, attempt to do
business with, or do business with any client of Thomas Group with whom Thomas Group did business within the preceding twelve (12) months, and with whom Mr. Taylor became acquainted as a
result of his employment with Thomas Group. This restriction applies also to prospective clients of Thomas Group for whom Thomas Group has performed an analysis or assessment. This restriction applies
only to business that is in the scope of a Competing Business as defined in this Agreement. The geographic area for purposes of this restriction is the area where the client/prospective client is
located and/or does business. 

        (c)   For
a period of eighteen (18) months following the termination of employment, solicit, induce or attempt to solicit or induce any employee or consultant of Thomas
Group to terminate his/her employment with Thomas Group and/or accept employment elsewhere. 

        (d)   Mr. Taylor
agrees that the scope of the restrictions in this Section is reasonable and necessary to protect Thomas Group's business goodwill, Confidential
Information and other legitimate business interests. 

        7.2   Right to Work Product; Confidentiality. 

        (a)   Thomas
Group and Mr. Taylor each acknowledge that performance of this Agreement may result in the discovery, creation or development of inventions, combinations,
methods, formulae, techniques, processes, improvements, software designs, computer programs, strategies, specific computer-related know-how, course materials, seminar materials, computer
models, customer lists, data and original works of authorship (collectively, the "Work Product"). Mr. Taylor agrees that he will promptly and fully disclose to Thomas Group any and all Work
Product generated, conceived, reduced to practice or learned by him, either solely or jointly with others, during his employment with Thomas Group, which in any way relates to the business of Thomas
Group. Mr. Taylor further agrees that neither he, nor any party claiming through him will, other than in the performance of this Agreement, make use of or disclose to others any proprietary
information relating to the Work Product. 

        (b)   Mr. Taylor
agrees that, whether or not the services performed by him under this Agreement are considered works made for hire or an employment to invent, all Work
Product discovered, created or developed under this Agreement shall be and remain the sole property of Thomas Group and its assigns. Mr. Taylor agrees that Thomas Group shall have all copyright
and patent rights with respect to any Work Product discovered, created, or developed under this Agreement without regard to the origin of the Work Product. 

10

 

        (c)   Thomas
Group agrees to provide Mr. Taylor with specialized knowledge and training regarding the business in which Thomas Group is involved, and to provide
Mr. Taylor with initial and ongoing confidential information and trade secrets of Thomas Group ("Confidential Information"). For purposes of this Agreement, Confidential Information includes:
information regarding the use and application of Total Cycle Time methodologies and other information and concepts developed by Thomas Group to improve the business processes of corporations and other
organizations; software or other technology developed by Thomas Group and any research data or other documentation related to the development of such software/technology; client lists and prospects
lists developed by Thomas Group; information regarding Thomas Group's clients which Mr. Taylor acquires as a result of employment with Thomas Group, including client contracts, work performed
for clients, client contacts, client requirements and needs, data used by Thomas Group to formulate client bids, client financial information, and other information regarding the client's business;
information related to Thomas Group's business, including but not limited to marketing strategies and plans, sales procedures, operating policies and procedures, pricing and pricing strategies,
business plans, sales, profits, and other business and financial information of the Company; training materials developed by and utilized by Thomas Group; and any other information which
Mr. Taylor acquired as a result of his employment with Thomas Group and which Mr. Taylor has a reasonable basis to believe Thomas Group would not want disclosed to a business competitor
or to the general public. 

        (d)   Mr. Taylor
understands and acknowledges that such Confidential Information gives Thomas Group a competitive advantage over others who do not have this
information, and that Thomas Group would be harmed if the Confidential Information were disclosed. Mr. Taylor agrees that he will hold all Confidential Information in trust and will not use the
information for any purpose other than the benefit of Thomas Group, or disclose to any person or entity any Confidential Information except as necessary during Mr. Taylor's employment with
Thomas Group to perform services on behalf of Thomas Group. Mr. Taylor will also take reasonable steps to safeguard such Confidential Information and prevent its disclosure to unauthorized
persons. 

        8.     General Provisions. 

        8.1   Notices. All notices, requests, demands, or other communications with respect to this Agreement shall be in writing and
shall be personally delivered, sent via telecopy, or mailed, postage prepaid, certified or registered mail, or delivered by a nationally recognized express courier service, charges prepaid, to the
following addresses (or such other addresses as the parties may specify from time to time in accordance with this Section 8.1): 

	

Taylor:	
 	

James T. Taylor

5924 Beth Drive

Plano, Texas 75093
	

Thomas Group:	
 	

Thomas Group, Inc.

5221 North O'Connor Boulevard

Suite 500

Irving, TX 75039

Attention: Chairman of the Board of Directors

Any
such notice shall, when sent in accordance with the preceding sentence, be deemed to have been given and received (i) on the day personally delivered or sent via telecopy, (ii) on
the third day following the date mailed, or (iii) 24 hours after shipment by such courier service. 

11

 

        8.2   Entire Agreement. This Agreement, together with the exhibits hereto, supersedes any and all other agreements, either oral
or written between the parties hereto with respect to the employment of Mr. Taylor by Thomas Group, including the Employment Agreement, and contains all of the covenants and agreements between
the parties with respect to such employment. Any modification of this Agreement will be effective only if it is in writing signed by each of the parties hereto. 

        8.3   Governing Law and Venue. The Parties acknowledge that the laws of the State of Texas will govern the interpretation,
validity and effect of this Agreement without regard to the place of execution or the place for performance thereof, it being stipulated by the Parties that Texas has a compelling state interest in
the subject matter of this Agreement and that Mr. Taylor has or will have regular contact with Texas in the performance of this Agreement. With respect to any dispute or claims arising out of
this Agreement or Mr. Taylor's employment relationship with the Company, the Parties agree that the state and federal courts situated in Dallas County, Texas, shall have personal jurisdiction
over the Company and Mr. Taylor to hear disputes concerning such claims, and that venue for any such disputes shall be exclusively in the state or federal courts in Dallas County, Texas. 

        8.4   Voluntary Agreement. The Parties acknowledge that each has had an opportunity to consult with an attorney or other
counselor concerning the meaning, import, and legal significance of this Agreement, and each has read this Agreement, as signified by their respective signatures hereto, and each is voluntarily
executing the same after, if sought, advice of counsel for the purposes and consideration herein expressed. 

        8.5   Resolution of Certain Controversies. In the event of a breach of this Agreement by Mr. Taylor, Thomas Group shall
be entitled to all appropriate equitable and legal relief, including, but not limited to: (a) injunction to enforce this Agreement or prevent conduct in violation of this Agreement;
(b) damages incurred by Thomas Group as a result of the breach; and (c) attorneys' fees and costs incurred by Thomas Group in enforcing the terms of this Agreement. Additionally, any
period or periods of breach of Section 7 of this Agreement shall not count toward the restrictive period, but shall instead be added to the restrictive period. In the event of any controversy
or claim arising out of or related to the provisions concerning the use and protection of Confidential Information or the restrictive covenants, Thomas Group shall be entitled to seek equitable and
other relief. In the event of any controversy or claim arising out of or related to the other provisions of this Agreement, the parties agree first to try in good faith to settle the dispute by
non-binding mediation administered by the American Arbitration Association under its Commercial Mediation Rules. In the event that mediation does not resolve the dispute, such dispute
shall be settled exclusively by arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association in Dallas, Texas, and judgment may be entered in any court
having jurisdiction thereof. Each party is responsible for its own attorneys' fees and costs of preparing for and presenting its case at the arbitration. However, Thomas Group shall pay the fee of the
American Arbitration Association, the arbitration panel's fee, and costs associated with the facilities for the arbitration, and the arbitration panel shall not apportion these costs. 

        8.6   Partial Invalidity. In the event any court of competent jurisdiction holds any provision of this Agreement to be invalid,
the remaining provisions shall not be affected or invalidated and shall remain in full force and effect. 

        8.7   Reformation. In the event any court of competent jurisdiction holds any restrictions in this Agreement to be unreasonable
and/or unenforceable as written, the court may reform the Agreement to make it enforceable, and the Agreement shall remain in full force and effect as reformed by the court. 

        8.8   Binding Effect. This Agreement is for the sole and exclusive benefit of, and shall be binding upon Mr. Taylor, and
his legal representatives and Thomas Group and any subsidiaries, affiliated companies, successors or assigns of Thomas Group. This Agreement is not assignable by Mr. Taylor. 

12

 

        8.9   Amendments. Amendments to any Section of this Agreement shall not be effective unless agreed to in writing by the parties
to this Agreement. This Agreement, including this provision against oral modification, shall not be amended, modified or terminated except in a writing signed by each of the parties to this Agreement,
and no waiver of any provision of this Agreement shall be effective unless in a writing duly signed by the party sought to be bound. 

        8.10 Survival of Provisions. The covenants and obligations in Section 7 of this Agreement shall survive and continue
in effect following the termination of this Agreement. 

        8.11 Approval. This Agreement shall not be effective until signed by Mr. Taylor and the Company and approved by both
the Chairman of the Board of Directors and the Chairman of the Compensation Committee. 

        IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written to be effective August 1, 2004. 

	 	 	TAYLOR:
	

 	
 	

 James T. Taylor, individually
	

 	
 	
THOMAS GROUP, INC.
	

 	
 	

By:	
 	

	 	 	Name: Jimmy C. Houlditch
	 	 	Title: Vice President
	

 	
 	
Approved by:
	

 	
 	

By:	
 	

	 	 	Name: General John T. Chain, Jr.
	 	 	Title: Chairman, Board of Directors
	

 	
 	

By:	
 	

	 	 	Name: David B. Mathis
	 	 	Title: Chairman, Compensation Committee

13

 
 
 

EXHIBIT A    
    

Jim Taylor Incentive Plan

Assuming Base Compensation of $435,000
  From Dave Mathis 8/20/04 e-mail based on discussion with Chain/Taylor/Mathis 

	2004
	If Revenue is:	 	The incentive is:
	Not over $3.0m	 	$0
	Between $3.0m and $3,999,999	 	$42630, plus $0.17052 x every dollar over $3.0m
	Between $4.0m and $6,999,999	 	$213150, plus $0.07105 x every dollar over $4.0m
	Over $7.0m	 	$426,300
	If Operating Profit is:	 	The incentive is:
	Not over $1.5m	 	$0
	Between $1.5m and $1,699,999	 	$18270, plus $0.3654 x every dollar over $1.5m
	Between $1.7m and $2,699,999	 	$91350, plus $0.091315 x every dollar over $1.7m
	Over $2.7m	 	$182,700

*No incentive is earned below minimum threshold  

	 
	 	2004

100%

Incentive
	 	2004

70%

Commercial revenue
	 	2004

30%

Operating Profit

	Floor incentive is 20% of target if minimum threshold is reached*	 	$	60,900	 	$	42,630	 	$	18,270
	Target incentive is 70% of base salary of $435,000	 	$	304,500	 	$	213,150	 	$	91,350
	Ceiling incentive is 200% of target if maximum threshold is reached	 	$	609,000	 	$	426,300	 	$	182,700
	
Thresholds:
	
 	
 	

 	
 	
 	

 	
 	
 	

 
	Minimum	 	 	 	 	$	3,000,000	 	$	1,500,000
	Target	 	 	 	 	$	4,000,000	 	$	1,700,000
	Maximum	 	 	 	 	$	7,000,000	 	$	2,700,000
	
Incentive payout per dollar:
	
 	
 	

 	
 	
 	

 	
 	
 	

 
	Minimum	 	 	 	 	$	0.142	 	$	0.0122
	Target	 	 	 	 	$	0.170520	 	$	0.3654000
	Maximum	 	 	 	 	$	0.071050	 	$	0.091350

14

 
 
 

EXHIBIT B
  
    Severance Compensation and Benefits    

[Termination—Without Cause 6.2(a)]  

[Termination—Good Reason 6.2(c)]  

[Termination—Disability 6.2(e)]

        1.     A
lump sum payment in cash, not later than twenty (20) days after the termination of Mr. Taylor's employment, in an amount equal to the total of
(a) 1.5 times Mr. Taylor's then-current base compensation, plus (b) eighteen (18) months of incentive
compensation at the target incentive compensation of 50% of base compensation. 

        2.     The
unvested portion of any stock options granted to Mr. Taylor shall become fully vested and immediately exercisable on the effective date of such termination and
shall be exercisable for the maximum period specified in such options. 

15

QuickLinks

Exhibit 10.34

TABLE OF CONTENTS

SECOND AMENDED EMPLOYMENT AGREEMENT

EXHIBIT A

EXHIBIT B Severance Compensation and BenefitsQuickLinks
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Exhibit 10.35    
    

 
 

AMENDMENT TO EMPLOYMENT AGREEMENT    

        This
Amendment to Employment Agreement (this "Amendment") is made and entered into this 28th day of March, 2005, but
effective January 1, 2005, by and between Thomas Group, Inc. ("TGI"), a Delaware corporation, and Jimmy C.
Houlditch ("Employee"), an individual residing in Texas. 

 
 

Recitals    
    

        TGI and Employee have previously entered into an Employment Agreement dated as of August 12, 1996 and executed by TGI on June  5, 1996
and by Employee on June 10, 1996 (the "Employment Agreement"), pursuant to which Employee
was employed by TGI, which employment continues to this date. 

        TGI
and Employee wish to amend certain terms and provisions of the Employment Agreement as hereinafter provided. 

        NOW,
THEREFORE, for and in consideration of premises and other mutual covenants set forth herein, further good and valuable consideration, the receipt and sufficiency hereby
acknowledged, TGI and Employee do hereby agree as follows: 

        1.     Effective
as of January 1, 2005, Paragraph 1 "Employment" of the Employment Agreement is hereby amended to
read as follows: 

        1.     Employment. TGI hereby employs Employee as President, North America, with the duties set forth in paragraph 3
hereof. 

        2.     Effective
January 1, 2005, Paragraph 2 "Term" of the Employment Agreement is hereby amended to read as follows: 

        2.     Term: Termination. 

        2.1   Term. The term of this Agreement shall be one year commencing January 1, 2005, and ending December 31,
2005, unless earlier terminated as provided below. 

        2.2   Termination on Death or Disability. This Agreement shall be automatically terminated on the death of Employee or on the
disability of Employee if he is no longer able, with reasonable accommodation, to perform the essential functions of his position with TGI. In the event of Employee's disability, this Agreement shall
not terminate unless and until Employee has been unable to perform the essential functions of his position hereunder for a period of three (3) consecutive months as a result of Employee's
disability. 

        2.3   Termination With Cause. TGI may terminate this Agreement for "Cause."
"Cause" means the termination by the Company of Employee's employment based upon a good faith determination by the Board of Directors of TGI that
Employee has committed an illegal act or an act of gross negligence or willful misconduct that has or is reasonably expected to have a material adverse effect on the business or affairs of TGI. 

        2.4   Termination for Good Reason. Employee may terminate his employment under this Agreement for Good Reason (as defined
below). For purposes of this Agreement, "Good Reason" means, without the Employee's prior written consent the occurrence of any one or more of the
following: 

        (a)   any
action by TGI which results in a material diminution in the nature or status of the Employee's position, authority, duties or responsibilities as described in
Paragraph 3 hereof or 

1

 

        (b)   if
within 6 months following the date of the completion of such Change in Control (as defined below), the Employee, in good faith and in his sole discretion,
determines that the Employee's relationship with TGI or any successor company in such Change in Control, has deteriorated such that the Employee is no longer able to effectively carry out his duties
or that his continued employment with TGI has become untenable. 

For
purposes of this Agreement, a "Change in Control" means and shall be deemed to have occurred if: (1) any person, entity or "group", within
the meaning of Sections 13(d)(3) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), other than (A) TGI, its
subsidiaries or any employee benefit plan established and maintained by TGL or its subsidiaries, (B) the Employee or any of the Employee's affiliates, becomes the "beneficial owner" (within the
meaning of Rule 13d-3 promulgated under the Exchange Act), or (C) General John T. Chain, Jr. and Edward P. Evans, either individually or together, acquires directly or
indirectly, securities of TGI representing forty percent (40%) or more of the combined voting power of TGI's then outstanding securities entitled to vote generally in the election of directors; or
(2) the shareholders of TGI approve (X) a reorganization, merger or consolidation with respect to which persons who were the shareholders of TGI immediately prior to such reorganization,
merger or consolidation do not, immediately thereafter, own more than fifty percent (50%) 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 (Y) the sale of all or substantially all of the assets of TGI, unless the approved reorganization, merger, consolidation,
liquidation, dissolution or sale is subsequently abandoned." 

        3.     Effective
January 1, 2005, Paragraph 3 "Duties" of the Employment Agreement is hereby amended to read as
follows: 

        3.     Duties. During the calendar year 2005, Employee will serve as a fill-time employee of TGI, with
responsibilities for development of Government, Military and Aerospace Contracts, reporting to the President/CEO of TGI.." 

        4.     Effective
January 1, 2005, paragraph 4 "Compensation" of the Employment Agreement is hereby amended to read
as follows: 

        4.     Compensation.

        4.1   Base Salary. During calendar year 2005, Employee shall be paid a salary at the annual rate of $425,000 payable in equal
monthly installments at the end of each month 

        4.2   Commissions. During 2005, Employee shall be entitled to receive commissions on sales to federal government agencies of
five percent for existing programs and three percent for new programs or business. 

        5.     Effective
January 1, 2003, Paragraph 5 "Participation in TGI's Incentive Compensation Plan" is hereby
amended to read as follows: "Participation in TGI's Incentive Compensation Plan. Employee acknowledges that during the term of this Agreement, he is not
entitled to participate in TGI's incentive compensation plan." 

        6.     Except
as amended hereby, the Employment Agreement remains in full force and effect— 

        7.     This
Amendment shall be effective as of January 1, 2005. 

        8.     This
Amendment may be executed in multiple counterparts, each of which shall be deemed an original, and all of which taken together shall constitute one and the same
instrument. 

2

 

        9.     This
Amendment and the rights and obligations of the parties hereunder shall be governed by, and construed in accordance with, the laws of the State of Texas, and each
party hereto submits to the non-exclusive jurisdiction of the state and federal courts within the State of Texas. 

	 	 	Thomas Group, Inc.
	

 	
 	

By:	

 
	 	 	 	

	

 	
 	

Name:	

 
	 	 	 	

	

 	
 	

Title:	

 
	 	 	 	

	

 	
 	

Jimmy C. Houlditch

3

QuickLinks

Exhibit 10.35

AMENDMENT TO EMPLOYMENT AGREEMENT

Recitals

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