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Exhibit 10.22    
  

 
 

FIRST AMENDED EMPLOYMENT AGREEMENT    
  

        This First Amended Employment Agreement (this "Agreement") is entered into by and between Thomas Group. Inc. ("Thomas Group" or the "Company"), a Delaware
corporation, and James Taylor ("Mr. Taylor") (the signatories to this Agreement shall be referred to jointly as the "Parties") as of December 21, 2002, to amend, modify, and restate the
terms and conditions of that certain Employment Agreement executed by and between Mr. Taylor and Thomas Group on or about March 1, 2001 (the "Employment Agreement"). 

        WHEREAS,
Mr. Taylor presently serving as the Chief Financial Officer of Thomas Group, reporting to the Chief Executive Officer, 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 an Employment Agreement on or about March 1, 2001, and the Parties have decided to amend, modify and restate the Employment Agreement; and 

        WHEREAS,
Thomas Group wishes to assure itself of the continued 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: 

Section 1. Position, Reporting and Exclusive Employment.  

        1.1.  The
Company hereby employs or continues to employ Mr. Taylor, and Mr. Taylor hereby accepts employment, upon the terms and conditions hereinafter set
forth. 

        1.2.  During
the term of this Agreement, Mr. Taylor shall diligently and faithfully: (i) serve the Company in the capacity of Chief Financial Officer, and
perform such duties as are customarily performed by executives in a similar capacity, as shall from time to time be assigned to Employee by the Company's Board of Directors (the "Board") (a member of
the Board, a committee of Board members, or the Company's Chief Executive Officer ("CEO") may hereinafter be referred to as an "Authorized Person"); (ii) report directly to the Company's CEO;
(iii) discharge and carry out all duties and responsibilities as may from time to time be assigned, and such directions as may from time to time be given, to Mr. Taylor by an Authorized
Person; and (iv) abide by and carry out the Company's policies and programs in existence or as the same may be changed from time to time. Mr. Taylor shall obey the lawful directions of
an Authorized Person, and shall use his best efforts to promote the interests of the Company and to maintain and to promote the Company's reputation. Mr. Taylor shall at all times faithfully,
with diligence and to the best of his ability, experience, and talent, perform all the duties that may be required of and from him pursuant to the express and implicit terms hereof to the reasonable
satisfaction of any Authorized Person. 

        1.3.  Notwithstanding
the provisions of Section 1.2 above, the duties and responsibilities of Mr. Taylor may be changed or modified from time to time by the
Board, the CEO, or the Company at the Company's sole discretion. Upon the making of any such changes or modifications, Mr. Taylor's employment with the Company shall continue to be governed by
the terms of this Agreement. 

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        1.4.  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 Company) (i) undertake or accept any duties under which there is a conflict of interest between the 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 portion of his business time, attention, energies, skills, learning and best efforts to such activity. 

Section 2. Term.  

        2.1.  The
term of this Agreement shall commence as of July 31, 2002 (the "Commencement Date") and shall continue in effect until terminated in accordance with the
provisions of this Agreement. The period beginning with the Commencement Date and ending on the date on which this Agreement terminates under the terms of this Agreement shall be referred to as the
"Employment Period." 

        Section 3. Compensation and Benefits.    In consideration of the services rendered by
Mr. Taylor during the Employment Period, the Company shall pay or provide Mr. Taylor the compensation and benefits set forth in this Section 3. 

        3.1.  Salary. During the Employment Period, the Company shall pay Mr. Taylor a base salary at the rate of $18,750.00
per month. Such salary shall be paid in accordance with the Company's normal payroll practices and policies. The Company may adjust Mr. Taylor's salary from time to time in its sole discretion.
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. 

        3.2  Incentive Compensation Plan. Mr. Taylor shall be eligible to receive, with respect to each fiscal year of the
Company during the Employment Period, an amount set forth in the Company's Incentive Compensation Plan if and only if the Company achieves certain annual revenue and earnings targets established by
the Company, in its sole discretion. 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 the 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 employed by the Company and actively at work on the intended date of the disbursement of the incentive compensation in order to receive any
incentive compensation award under the Plan. 

        3.3  Entry Development Commission. The Company shall pay an Entry Development Commission to Mr. Taylor in the event
that the Company obtains business at any of the companies in Dallas he introduced to the Company. The amount of the commission will be determined by Jim Houlditch, in his sole discretion. This
commission arrangement may be revoked at any time by the Company. 

        3.3  Employee Benefits. During the Employment Period, Mr. Taylor shall be entitled to participate in or receive
benefits under any benefit plan provided by the Company to its employees generally (including any 401(k), § 125 Cafeteria Plan, and group life, medical and dental insurance plans),
on a basis consistent with the terms and conditions of any such Plans and subject to any eligibility, co-payment and waiting period requirements under or applicable to any such benefit
plans and/or programs. Any employee benefit plans provided by the Company to its employees may be amended or terminated at any time. 

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        3.4  Stock Options. 

        3.4.1  The
Company and Mr. Taylor shall enter into a Non-Qualified Stock Option Agreement (the "Stock Option Agreement") under the terms of
which the Company shall grant to Mr. Taylor stock options to purchase all or any part of an aggregate of 75,000 shares of the Company's common stock under and subject to the terms and
conditions of the Company's 1992 Stock Option Plan (the "1992 Stock Option Plan"); both the Stock Option Agreement and the 1992 Stock Option Plan are incorporated herein by reference and made a part
hereof for all purposes. The purchase price per share for each share of common stock to be purchased hereunder shall be the closing price of TGIS on December 14, 2001. So long as
Mr. Taylor is employed by the Company (or of any one or more of the subsidiaries of the Company) on a full-time basis on any of the "Exercise Dates" set forth in this
Section 3.4.1, then Mr. Taylor shall be entitled, subject to the applicable provisions of the 1992 Stock Option Plan and the Stock Option Agreement, to exercise on or after the
applicable Exercise Date, on a cumulative basis, the number of shares of Stock determined by multiplying the aggregate number of shares set forth in Section 3.4.1 of this Agreement by the
designated percentage set forth below: 

	Exercise Dates

Exercisable
 
	 	Percent of Stock Option
	 
	On or after December 14, 2002	 	33.33	%
	On or after December 14, 2003	 	66.66	%
	On or after December 14, 2004	 	100	%

        3.4.2  The
Company and Mr. Taylor shall enter into a Non-Qualified Stock Option Agreement (the "Stock Option Agreement") under the terms of
which the Company shall grant to Mr. Taylor stock options to purchase all or any part of an aggregate of 75,000 shares of the Company's common stock under and subject to the terms and
conditions of the Company's 1997 Stock Option Plan (the "1997 Stock Option Plan"); both the Stock Option Agreement and the 1997 Stock Option Plan are incorporated herein by reference and made a part
hereof for all purposes. The purchase price per share for each share of common stock to be purchased hereunder shall be the closing price of TGIS on April 16, 2002. So long as Mr. Taylor
is employed by the Company (or of any one or more of the subsidiaries of the Company) on a full-time basis on any of the "Exercise Dates" set forth in this Section 3.4.2, then
Mr. Taylor shall be entitled, subject to the applicable provisions of the 1997 Stock Option Plan and the Stock Option Agreement, to exercise on or after the applicable Exercise Date, on a
cumulative basis, the number of shares of Stock determined by multiplying the aggregate number of shares set forth in Section 3.4.2 of this Agreement by the designated percentage set forth
below: 

	Exercise Dates

Exercisable
 
	 	Percent of Stock Option
	 
	On or after April 16, 2003	 	33.33	%
	On or after April 16, 2004	 	66.66	%
	On or after April 16, 2005	 	100	%

Section 4. Termination.  

        4.1  Termination by Death of Employee. In the event of Mr. Taylor's death during the Employment
Period, the Company's obligations under this Agreement shall automatically terminate as of the date of such death. If this Agreement is terminated because of Mr. Taylor's death, the Company
shall pay to Mr. Taylor's estate (i) any Base Salary earned and unpaid through the date of such death and (ii) any business expenses otherwise due to Mr. Taylor through
such date of death. Termination by death of Mr. Taylor shall not be deemed a "Termination Without Cause" as defined in Section 4.4 below. 

        4.2  Termination by Disability of Employee. In the event Mr. Taylor shall, during the
Employment Period, become physically or mentally ill or disabled so as not to be able to perform the essential functions of his position, and such illness or disability shall continue for more than
two (2) consecutive 

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months or for a total of three (3) months (whether or not consecutive) in any twelve-month period during such term, the Company shall have the right, by written notice to Mr. Taylor, to
terminate the Company's obligations under this Agreement as of a date not less than fourteen (14) days after the date of the sending of such notice (such date to be specified in such notice),
and, upon the provision of such notice, this Agreement shall immediately terminate. If this Agreement is terminated because of Mr. Taylor's disability, the Company shall pay to
Mr. Taylor (i) any Base Salary earned and unpaid through the date specified in such notice and (ii) any business expenses otherwise due to Mr. Taylor through such date of
termination. Termination by disability of Mr. Taylor shall not be deemed a "Termination Without Cause" as defined in Section 4.4 below. 

        4.3  Resignation by Employee. At any time during the Employment Period, Mr. Taylor shall be entitled to terminate this
Agreement by providing the Company with a written notice of resignation (such notice hereinafter referred to as a "Resignation Notice") at least sixty (60) days' prior to his intended
resignation date. If Mr. Taylor decides to resign his employment with the Company, Mr. Taylor agrees to faithfully perform and discharge his duties and responsibilities for the Company
from the date of such Resignation Notice until such termination date. Upon receipt of a Resignation Notice, in lieu of having Mr. Taylor continue working for the Company through the effective
date of his resignation, the Company may request that Mr. Taylor stop working for the Company at any time prior to the expiration of such notice period; provided,
however, that the Company shall pay Mr. Taylor his Base Salary through the expiration of such notice period. Mr. Taylor agrees and understands that, in the event
of any resignation under this Section 4.3, he shall be entitled to receive (i) any Base Salary earned and unpaid through the date of such termination of employment and (ii) any
business expenses otherwise due to Mr. Taylor through the date of such resignation. All other obligations of the Company under this Agreement shall automatically cease, and Mr. Taylor
shall not be entitled to any other salary, payments or benefits otherwise payable under this Agreement, except as otherwise required by law or this
Agreement. Mr. Taylor's election to resign his employment (or a termination by the Company following receipt of a Resignation Notice) shall not
be deemed a "Termination Without Cause" as defined in Section 4.4 below. 

        4.4  Termination By Company Without Cause. Mr. Taylor's employment under this Agreement may be terminated at any time
by the Company, without cause, upon fourteen (14) days' written notice to the Mr. Taylor (such termination referred to throughout this Agreement as a "Termination Without Cause"). In the
event of any such Termination Without Cause, the Company agrees to pay to Mr. Taylor (i) any Base Salary earned and unpaid through the
date of such termination of employment and (ii) any business expenses otherwise due to Mr. Taylor through the date of such Termination Without Cause. In the event of a Termination
Without Cause, the Company further agrees to pay, and Mr. Taylor further agrees to accept, as his sole and exclusive remedy, and as full and adequate additional consideration for
Mr. Taylor's obligations and agreements under Section 7 below, a lump sum amount equal to twelve (12) months of Base Salary, at the rate set and/or approved by the Board;  provided, however, that Mr. Taylor shall execute a general release and separation agreement in a form acceptable to the Company prior to the
payment of any severance compensation under this Section 4.4. In the event of a Termination Without Cause under Section 4.4, 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 the 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. 

        4.5  Termination By Company With Cause. The Company may terminate Mr. Taylor and this Agreement at any time with cause
(such termination referred to throughout this Agreement as a "Termination With Cause"). Any of the following circumstances shall constitute "Cause"
under this Agreement: (i) Mr. Taylor's violation of any material provision of this Agreement which, after thirty (30) days' written notice from the Company setting forth such
violation, either (a) remains uncured or 

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(b) is not in the process of being cured by Mr. Taylor in a manner that will result in such cure within a reasonable period of time; (ii) Mr. Taylor's willful violation of
written directives of the Board or CEO; (iii) repeated acts of negligence by Mr. Taylor; (iv) Mr. Taylor's commission of an act of personal dishonesty which involves
personal profit in connection with Mr. Taylor's employment with the Company, indecency, insubordination, theft of the Company's assets or opportunities, harassment, or disorderly conduct; or
(v) Mr. Taylor's charge, indictment, plea of no contest, or conviction for a criminal offense (excluding traffic and other minor misdemeanors that do not carry a penalty of possible
imprisonment). If Mr. Taylor is terminated for "Cause," all obligations of the Company under this Agreement (except for obligations specifically referred to as continuing) shall automatically
cease, and Mr. Taylor shall not be entitled to any salary, payments, or other benefits otherwise payable under this Agreement for periods after such termination;  provided, however, in the event of
any such Termination With Cause, the Company agrees to pay to
Mr. Taylor (i) any Base Salary earned and unpaid through the date of such termination of employment and (ii) any business expenses otherwise due to Mr. Taylor through the
date of such termination of employment. Mr. Taylor agrees and understands that, in the event of any such termination for Cause, his obligations and agreements under Section 7 (including,
without limitation, Mr. Taylor's obligations concerning confidential information, non-competition and non-solicitation, but not including 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 in such Section 7 below. 

Section 5. Change of Control. 

        5.1  Definitions. 

        5.1.1  Change of 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 acquisition 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; or (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; or (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 a majority 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 

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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; or (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 a majority 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. 

        5.1.2  Resignation for Good Reason. "Resignation for Good Reason" shall mean Mr. Taylor's decision to
terminate his employment under this Agreement if the Company or any successor (a) commits any material breach of this Agreement, or (b) diminishes Mr. Taylor's Base Salary (as
defined herein) below the annual sum of $225,000, or (c) diminishes Mr. Taylor's duties and responsibilities below those of Chief Financial Officer. 

        5.1.3  Termination Without Cause. A "Termination Without Cause" shall mean the termination of
Mr. Taylor's employment with the Company for any reason other than a termination on account of Mr. Taylor's death or disability or a Termination With Cause, as defined in
Section 4.5 above. 

        5.2  Severance Benefits. If, within thirteen (13) 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 and/or
approved by the Board, plus an additional amount equal to the greater of two (2) times the incentive compensation actually paid to Mr. Taylor for the Company's prior Fiscal Year or 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. Mr. Taylor acknowledges and agrees that the transaction between in Company, on the one
hand, and Jack Chain and Ned Evans, on the other, consummated during 2002, does not constitute a Change of Control under this Agreement. 

        Section 6. No Conflicting Agreements.    Mr. Taylor represents and warrants to the Company that he has not entered
into any other agreement which will prevent him from working for the Company and fully complying with the terms of this Agreement, and that Mr. Taylor's employment with the Company does not
constitute a breach of any obligation or duty owed by Mr. Taylor to any other party. Mr. Taylor shall immediately notify the Company if Mr. Taylor enters into any agreement which
will prevent Mr. Taylor from fully complying with the terms of this Agreement or create a possible conflict of interest between Mr. Taylor and the Company. 

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Section 7. Confidentiality, Non-competition and Non-Solicitation. 

        7.1  Confidential Information.

        7.1.1  Definitions.

        7.1.1.1  "Trade Secrets" means any technical information and business information that generally facilitates the
sale of products, increases revenues, or provides an advantage over the Company's competitors and is not generally known. "Know-How" means
all factual knowledge and information related to the Company's business which is not capable of precise, separate description but which, in accumulated form, after being acquired as a result of trial
and error, gives to the one acquiring it the ability to produce and market something which one would otherwise not have known how to produce and market with the same accuracy or precision necessary
for commercial success, provided, however, that such knowledge and information is not in the public domain or readily available to any third party other than a limited number of persons who have
agreed to keep that information secret. "Confidential Information" is information acquired by Mr. Taylor in the course and scope of his
activities for Company that is designated by Company as "confidential" or that Company indicates through its policies, procedures, or other instructions should not be disclosed to anyone outside
Company except
through controlled means. Confidential Information need not be a Trade Secret, Intellectual Property, or Know-How to be protected under this Agreement. The parties specifically agree that,
regardless of its affect on trade secret status, the controlled and limited disclosure of Confidential Information to third parties for legitimate business purposes and the availability of the
Confidential Information to others outside Company through independent investigation and effort will not remove it from protected status as Confidential Information under this Agreement if
Mr. Taylor was first entrusted with the Confidential Information while employed with Company. "Intellectual Property" means all compositions,
articles of manufacture, processes, apparatus (collectively the "Inventions"); data, writings and other works of authorship (including, without limitation, software, protocols, program codes,
audiovisual effects created by program code, and documentation related thereto, drawings); mask works; and certain tangible items (including, without limitation, materials, samples, components, tools,
and operating devices, e.g., board assemblies, and engineering models). "Intellectual Property Rights"
means patents, trademarks, copyrights, mask rights, Trade Secrets, and Know-How covering the Intellectual Property. 

        7.1.1.2  "Company Information" means Trade Secrets, Intellectual Property, Know-How and Confidential
Information (recognizing that certain information and material will fall into multiple categories). Without limitation, Company Information includes, without limitation, information pertaining to:
(i) the identities of customers, clients, vendors, suppliers, or contractors with which or whom the Company does or seeks to do business, as well as the point of contact persons and
decision-makers at these customers, clients, vendors, suppliers, or contractors, including their names, addresses, e-mail addresses and positions, whether contained in the Company's
computer database system or any written report distributed to employees; (ii) the past or present purchasing or sales history of each existing and prospective customers, clients, vendors,
suppliers, or contractors; (iii) work performed for clients and customers, and the volume of business and the nature of the business relationship between the Company and its customers, clients,
vendors, suppliers, or contractors, including any computerized documents or files and/or written reports summarizing such information; (iv) the financing methods employed by and arrangements
between the Company and its existing or prospective customers, clients, vendors, suppliers, or contractors; (v) the pricing of the Company's services and products, including any deviations from
its standard pricing for particular customers, clients, vendors, suppliers, or contractors; (vi) the Company's business plans and strategy, including customer assignments and rearrangements,
sales and 

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administrative staff expansions, marketing and sales plans and strategy, revenue, expense and profit projections, industry analyses, and any proposed or actual implemented technology changes;
(vii) information regarding the Company's employees, including their identities, skills, talents, knowledge, experience, compensation, and preferences; (viii) information about the
Company's financial results and business condition contained on the Company's computer network or in any written or printed documents; (ix) information regarding the use and application of  Total Cycle Time R ("TCT~<') and other information and concepts developed by the Company to improve the business processes of corporations
and other organizations; (x) software or other technology developed by the Company and any research data or other documentation related to the development of such software/technology;
(xi) training materials developed by and utilized by the Company; and (xii) any other information which Employee acquired as a result of his employment with the Company and which
Employee has a reasonable basis to believe the Company would not want disclosed to a business competitor or to the general public. 

        7.1.2  Protection of Company Information. Mr. Taylor recognizes and acknowledges that the Company has and
will continue to provide him with access to Company Information in order to enable him to
perform his duties for the Company. Mr. Taylor agrees that, except as may be required by the lawful order of a court of competent jurisdiction, or except to the extent that he has express
authorization from the Company, he will keep secret and confidential indefinitely all Confidential Information concerning the Company which was acquired by or disclosed to him during the course of his
employment with the Company, and not to disclose the same, either directly or indirectly, to any other person, firm or business entity, or to use it in any way except for the benefit of the Company or
in the performance of the duties assigned to him. 

        7.1.3  Return of Company Property, including Company Information. Mr. Taylor acknowledges that all
memoranda, notes, records, reports, manuals, handbooks, drawings, blueprints, papers, letters, formulas, client and customer lists, contracts, software programs, instruction books, catalogs, lines of
code, technical manuals and documentation, drafts of instructions, maintenance manuals, and other documentation (whether in draft or final form) relating to the Company's business, and any and all
other documents containing Company Information furnished to Mr. Taylor by any representative of the Company or otherwise acquired or developed by Mr. Taylor in connection with his
employment with the Company (collectively, "Recipient Materials") shall at all times be the Company's property. Within twenty-four (24) hours of the termination of his employment
under this Agreement, regardless of the reason for such termination, Mr. Taylor shall return to the Company any Recipient Materials which are in his possession, custody or control, including
Recipient Materials retained by Mr. Taylor in his office or automobile or at his home. If any such information, documentation, or material is stored on Mr. Taylor's personal computer or
disk drive, this fact should be disclosed to the Company within twenty-four (24) hours of Mr. Taylor's termination so that an appropriate course of action may be taken.
Additionally, within twenty-four (24) hours of the termination of his employment under this Agreement, Mr. Taylor agrees to return to the Company any equipment or other
tangible property which Mr. Taylor received from the Company during his employment, including, but not limited to, desktop and laptop computers, printers, monitors, cellular telephones, pagers,
palm pilots or other personal communication devices, credit cards, access cards, security cards, and keys which are in the Mr. Taylor's possession, custody or control, as well as any and all
passwords or codes required to gain access to such devices. 

        7.2  Non-competition with and Non-solicitation of Business Relationships.

        7.2.1  Mr. Taylor
acknowledges that the industry in which the Company is engaged is a highly competitive business. Mr. Taylor further acknowledges
that, as a result of his former and present position in the Company, he has acquired and will continue to acquire Company Information, as 

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well as extensive background in and knowledge of the Company's business and the industry in which it operates. Mr. Taylor further acknowledges that the Company has developed, over a period of
time, and will continue to develop, significant relationships and goodwill between itself and its customers, clients, vendors, suppliers and contractors by providing superior products and services.
Mr. Taylor further acknowledges that these relationships and this goodwill are a valuable asset belonging solely to the Company. Mr. Taylor further acknowledges that any business
relationship that he brings to the Company will belong to and will inure to the benefit of the Company after Mr. Taylor begins his employment. The Company promises to permit Mr. Taylor
to use its goodwill with its current and prospective customers, clients, vendors, suppliers and contractors to enable Mr. Taylor to perform his duties for the Company. The Company further
promises to compensate Mr. Taylor him while he builds and/or maintains the Company's business relationships and goodwill with its current and prospective customers, clients, vendors, suppliers
and contractors on a personal level. The Company also agrees to reimburse
Mr. Taylor for reasonable and necessary business expenses incurred by him in building and maintaining business relationships and goodwill with the Company's current and prospective customers,
clients, vendors, suppliers and contractors. Mr. Taylor acknowledges that the responsibility to build and maintain business relationships and goodwill with current and prospective customers,
clients, vendors, suppliers and contractors creates a special relationship of trust and confidence between him, the Company, and its customers, clients, vendors, suppliers and contractors. 

        7.2.2  Mr. Taylor
acknowledges that the special relationship of trust and confidence between him, the Company, and its customers, clients, vendors,
suppliers and contractors creates a high risk and opportunity for Mr. Taylor to misappropriate the relationship and goodwill existing between the Company and such persons or entities.
Mr. Taylor acknowledges that his access to the Company's Company Information and goodwill will enable him to benefit from the Company's goodwill and know-how. Mr. Taylor
further acknowledges that it would be inevitable in the performance of his duties as a director, officer, employee, investor, agent or consultant of any person, association, entity, or company which
competes with the Company, or which intends to or may compete with the Company, to disclose and/or use Company Information, as well as to misappropriate the Company's goodwill and
know-how, to or for the benefit of such other person, association, entity, or company. Therefore, Mr. Taylor agrees that it is fair and reasonable for the Company to take steps to
protect itself from the risk of misappropriation of the Company's business relationships, goodwill, and Company Information. 

        7.2.3  For
purposes of this Agreement, "Competing Business" means any person or entity that designs, manufactures, markets, sells or develops for sale products
or services that would compete with or displace any products or services which were designed, manufactured, marketed, sold or developed for sale by the Company during Mr. Taylor's employment,
or engages in any other activities so similar in nature or purpose to those of the Company that they would displace business opportunities or customers of the Company. "Covered Clients or Customers"
means those persons, associations, corporations or other business organizations or entities which Mr. Taylor contacted, communicated with, solicited, called upon, or served, or that he directed
or managed others to contact, solicit, communicate with, call upon, or serve, on behalf of the Company, during the twenty-four (24) month period preceding the separation of
Mr. Taylor's employment with the Company. 

        7.2.4  Ancillary
to the enforceable promises set forth in this Agreement, as well as to protect the vital interests described in this Section, Mr. Taylor
agrees that, while he is employed by or associated with the Company and for a period of twenty-four (24) months following the termination of his employment with the Company,
regardless of the reason for such termination, Mr. Taylor will not, without the prior written consent of the Company, directly or indirectly, alone or for his own account, or as owner, partner,
investor, member, trustee, officer, director, 

9

 

shareholder, employee, consultant, distributor, advisor, proprietor, principal, representative or agent of any partnership, joint venture, corporation, trust, or other business organization or
entity, (i) solicit sales or placement of, sell, deliver or place any product, service or system of the kind and character designed, manufactured, sold, provided, distributed or placed by
Mr. Taylor on behalf of the Company to any Covered Clients or Customers, or divert the business or patronage of any Covered Clients or Customers, unless given the prior written consent of the
Company's CEO to do so; or (ii) work for, become employed by or associated with, or assist a Competing Business in any capacity, unless given the prior written consent of the Company's CEO to
do so. 

        7.2.5  The
restrictions set forth in Section 7.2 are geographically limited to any location, address or place of business in the United States or Canada
where a Covered Client or Customer is present and available for solicitation. The restrictions set forth in Section 7.2 are limited to conduct within the United States or Canada. The Parties
stipulate that these geographic restrictions are reasonable limitations because of the scope of the Company's operations and Mr. Taylor's activities on its behalf. These geographic restrictions
create a narrowly tailored advance approval requirement in order to avoid unfair competition and irreparable harm to the Company and is not intended to be or to be construed as a general restraint
from engaging in a lawful profession or a general covenant against competition. Mr. Taylor further agrees that the limitations as to time and scope of activity to be restrained by this Section
are reasonable and acceptable, and do not impose any greater restraint than is reasonably necessary to protect the goodwill and other business interests of the Company. Mr. Taylor agrees that
if, at some later date, a court of competent jurisdiction determines that the restrictions set forth in this Section does not meet the criteria established by state or federal law, this Section may be
reformed by the court and enforced to the maximum extent permitted under state or federal law. 

        7.2.6  If
Mr. Taylor is found to have violated any of the provisions of this Section 7.2, Mr. Taylor agrees that the restrictive period of
each covenant so violated shall be extended by a period of time equal to the period of such violation by him. It is the intent of this paragraph that the running of the restrictive period of any
covenant shall be tolled during any period of violation of such covenant so that the Company may obtain the full and reasonable protection for which it contracted and so that Mr. Taylor may not
profit by his breach. 

        7.3  Non-Solicitation of Employees and Consultants. Mr. Taylor agrees that, as part of his employment or
association with the Company, he has or will become familiar with the salary, pay scale, capabilities, experiences, skill and desires of the Company's employees and consultants. Mr. Taylor
covenants and agrees that, for a period of eighteen (18) months following the termination of his employment with the Company, whether such termination occurs at the insistence of
Mr. Taylor or the Company, he shall not recruit, solicit, hire or attempt to recruit, solicit, or hire, directly or by assisting others, any persons employed by or associated with the Company,
nor shall he contact or communicate with any such persons for the purpose of inducing such persons to terminate their employment or association with the Company. For purposes of this covenant, the
"persons" covered by this prohibition include permanent employees, temporary employees, or consultants who were employed by, doing business with, or associated with the Company within six
(6) months of the time of the attempted recruiting, solicitation, or hiring. 

        7.4  Survival of Restrictions. Mr. Taylor understands and agrees that each restriction set forth in this
Section 7 shall survive the termination of this Agreement and his employment with the Company. The existence of any claim or cause of action of his against the Company, whether predicated on
this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of said restrictions. 

        7.5  Remedies. In the event that Mr. Taylor violates or threatens to violate any of the provisions set forth in
Section 7, he acknowledges that the Company will suffer immediate and irreparable harm 

10

 

which cannot be accurately calculated in monetary damages. Consequently, Mr. Taylor acknowledges and agrees that the Company shall be entitled to (i) immediate injunctive relief, either
by temporary or permanent injunction, to prevent such a violation; (ii) recovery of attorneys' fees and costs incurred by the Company in obtaining such relief; and (iii) any other
equitable relief to which it may be entitled. An agreed amount for the bond to be posted if any injunction is sought by the Company is $1,000.00. The pursuit of one remedy at any time will not be
deemed an election of remedies or waiver of the right to pursue any other remedy. 

        7.6  General Release and Separation Agreement. Mr. Taylor agrees to execute a general release
and a separation agreement in a form satisfactory to the Company prior to his receipt of any severance payments provided for in Sections 4.4 or 5.2. In general, such release and separation agreement
will waive all rights, causes of action, demands and claims, known and unknown, in contract, law and equity, of any kind whatsoever, that Mr. Taylor has or may have as of the date the general
release and separation agreement is signed by him against the Company, including their past and present officers, directors, trustees, managers, employees, affiliated entities, subsidiaries,
divisions, joint ventures, agents, attorneys, insurers, benefit plans and plan administrators, successors and/or assigns. 

Section 8. Ownership of Information, Inventions and Original Work. 

        8.1  Mr. Taylor
agrees that any invention, discovery, process, machine, software, computer program, design, formulation. product, concept or idea which is conceived,
created or developed by Mr. Taylor, either alone or with others (collectively referred to as "Work Product") is the exclusive property of the Company if: (i) it was conceived or
developed in any part on Company time; (ii) any equipment. facilities, materials or Confidential information of the Company were used in its conception or development; or (iii) it either
(a) relates, at the time of conception or reduction to practice, to the Company's business or to an actual and demonstrably anticipated research or development project of the Company; or
(b) results from work performed by Mr. Taylor for the Company. 

        8.2  With
respect to any such Work Product, Mr. Taylor agrees as follows: (i) Mr. Taylor shall promptly disclose the Work Product to the Company;
(ii) Mr. Taylor agrees to assign, and hereby does assign, all proprietary rights to such Work Product to the Company without further compensation; (iii) Mr. Taylor agrees
not to file any patent or copyright applications related to such Work Product except with the written consent of the Company's President; (iv) Mr. Taylor agrees to assist the Company in
obtaining any patent or copyrights on such Work Product, and to provide such documentation and assistance as is necessary for the Company to obtain such patent or copyright; and
(v) Mr. Taylor shall maintain adequate written records of such Work Product. in such format as may be specified by the Company. Such records will be available to and remain the sole
property of the Company at all times. Any Work Product disclosed by Mr. Taylor within one (1) year following the termination of employment from the Company shall be deemed to be owned by
the Company under the terms of this Agreement, unless proved by Mr. Taylor to have been conceived after such termination. Mr. Taylor's obligations to assist the Company in obtaining and
enforcing patents and copyrights with respect to any Work Product within the scope of this provision shall continue beyond the termination of Mr. Taylor's employment with the Company. 

Section 9.  Novation and Settlement of Rights. In exchange for the promises set
forth herein, Mr. Taylor agrees (a) that (except as otherwise provided below) this Agreement, will replace any existing employment agreement between the Parties and, thereby, acts as a
novation, (b) that all Intellectual Property developed by Mr. Taylor during past employment with the Company 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 Company Information and specialized training
received by Mr. Taylor during past employment with Company will be used only for the benefit of the Company 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 

11

 

client and customer goodwill, specialized Company training, or Intellectual Property, or Company Information, that was previously received or developed by Mr. Taylor while working for the
Company for the benefit of any competing person or entity. 

Section 10.  Severability/Survivability of
Agreement. The Parties acknowledge that each covenant and/or provision in this Agreement shall be enforceable independently of every other covenant and/or provision, and
further, in the event any covenant and/or provision of this Agreement is determined to be unenforceable for any reason, the remaining covenants and/or provisions will remain effective, binding and
enforceable. The Parties agree that this Agreement shall survive Mr. Taylor's employment by the Company, does not in any way restrict Mr. Taylor's right or the right of the Company to
terminate Mr. Taylor's employment, and is binding upon Mr. Taylor's heirs and legal representatives. In the event the Company should consolidate, merge into another entity, or transfer
substantially all of its assets or operations to another entity, this Agreement shall continue in full force and effect with regard to the surviving entity and may be assigned by the Company. Since
Mr. Taylor's obligations under this Agreement are personal in nature, Mr. Taylor may not assign the Agreement to another person or entity. 

Section 11.  Entire Agreement. The Parties acknowledge that the making, execution,
and delivery of this Agreement has not been induced by any representations, statements, warranties or agreements other than those expressed in this Agreement. This Agreement embodies the entire
understanding of the Parties concerning the issues and topics addressed in the Agreement. The Parties further acknowledge that there are no other agreements or understandings, written or oral, in
effect between the parties relating to the subject matter of this Agreement. 

Section 12.  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 Illinois 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. 

Section 13.  Resolution of Controversies. Excluding claims or controversies covered
by Section 7, 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, the Company 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. 

Section 14.  Notices. All notices required to be given under this Agreement shall be
in writing and shall be deemed to be given and received when personally delivered, transmitted by telecopy or telex, or when mailed by registered or certified mail, return receipt requested, addressed
as follows: if to Thomas Group. Inc.. send to: 5221 North O'Connor Blvd., Suite 500, Irving. Texas 75039-3714 (Attn: Human
Resources); and if to Mr. Taylor, send to:            . 

Section 15.  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 

12

 

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. 

        The
undersigned, intending to be legally bound, have executed this Agreement on the date set forth below, to be effective as of the date of Employee's signature. 

	EMPLOYEE	 	Thomas Group, Inc.
	

/s/ James T. Taylor	
 	

By: /s/ John R. Hamann
	

Print Name JAMES T. TAYLOR	
 	

Title: Chief Executive Officer, President

	 	 	Approved by:
	

 	
 	

By:	
 	

/s/ James E. Dykes
	 	 	Name: James E. Dykes
	 	 	Title: Chairman, Nominating, Corporate Governance and
	 	 	 	Compensation Committee

13

QuickLinks

Exhibit 10.22

FIRST AMENDED EMPLOYMENT AGREEMENTQuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 10.23    
  

COMERICA BANK-TEXAS

AND

THOMAS GROUP, INC., et al.  

 
  FIRST AMENDMENT TO
  SECOND AMENDED AND RESTATED REVOLVING CREDIT LOAN AGREEMENT    
  

Dated: April 15, 2003

	Key:	 	 	 	 
	

B	
 	

=	
 	

Thomas Group, Inc., as Borrower
	BC	 	=	 	Jenkens & Gilchrist, as Borrower's counsel
	L	 	=	 	Comerica Bank-Texas
	WSM	 	=	 	Winstead Sechrest & Minick P.C. as Lender's counsel
	Innovative	 	=	 	Innovative Leadership Company Limited
	Shanghai	 	=	 	Thomas Group Consulting (Shanghai) Co., Ltd.

	No.
	 	Document
	 	Person

Responsible
	 	Draft/

Ordered
	 	Final/

Rec'd
	 	Signed

	1.	 	First Amendment to Second Amended and Restated Revolving Credit Loan Agreement	 	WSM	 	X	 	        	 	        
	

2.	
 	

Amended and Restated Variable Rate-Installment Note ($5,000,000)	
 	

WSM	
 	

X	
 	

        	
 	

        
	

3.	
 	

Omnibus General Certificate (Thomas Group, Inc., and each of the other entities)	
 	

BC	
 	

X	
 	

        	
 	

        
	

4.	
 	

No Oral Agreements	
 	

WSM	
 	

X	
 	

        	
 	

        
	

5.	
 	

Certificate of Existence / Good Standing	
 	

 	
 	

 	
 	

 	
 	

 
	

 	
 	

a.	
 	

Borrower	
 	

WSM	
 	

X	
 	

X	
 	

N/A
	

 	
 	

b.	
 	

TGL	
 	

WSM	
 	

X	
 	

X	
 	

N/A
	

 	
 	

c.	
 	

TGS	
 	

WSM	
 	

X	
 	

X	
 	

N/A

 
 
 

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED
  REVOLVING CREDIT LOAN AGREEMENT

        THIS
FIRST AMENDMENT TO SECOND AMENDED AND RESTATED REVOLVING CREDIT LOAN AGREEMENT (this "Amendment"), dated as of April 15, 2003,
is among THOMAS GROUP, INC., a Delaware corporation (the "Borrower") and COMERICA BANK-TEXAS, a Texas banking association
("Lender"). 

RECITALS: 

        The
Borrower and the Lender have entered into that certain Second Amended and Restated Revolving Credit Loan Agreement dated as of November 26, 2002 (as the same has been or may
hereafter be amended, restated or otherwise modified from time to time, the "Agreement"). 

        The
Borrower and the Lender now desire to amend the Agreement as more specifically described herein. 

        NOW,
THEREFORE, in consideration of the premises herein contained and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto
agree as
follows (all provisions of this Amendment being effective as of April 15, 2003 (the "Effective Date") unless otherwise stated herein): 

 
 

ARTICLE I
  
Definitions

        Section 1.1    Definitions. Capitalized terms used in this Amendment, to the extent not otherwise defined herein, shall
have the same meanings as in the Agreement, as amended hereby. 

 
 

ARTICLE II
  
Amendments and Ratifications

        Each
of the following amendments is effective as of the date of this Amendment, unless otherwise stated herein. 

        Section 2.1    Amendments to Section 1 (Definitions) of the Agreement. The following definitions in
Section 1 of the Agreement are amended and restated in their entirety to read as follows, or are added to the Agreement, as applicable. 

        "First Amendment" means that certain First Amendment to Second Amended and Restated Revolving Credit Loan Agreement dated as of the First
Amendment Effective Date executed between Borrower and Lender. 

        "First Amendment Effective Date" means the "Effective Date," as such term is defined in the First Amendment. 

        "Revolving Credit Termination Date" shall mean the earlier to occur of (i) February 2, 2004, subject to prior acceleration
upon the occurrence of an Event of Default and the expiration of any applicable cure period, or (ii) the date on which all Loans are paid in full. 

        "Term Loan Termination Date" shall mean the earlier to occur of (i) February 2, 2004, subject to prior acceleration upon the
occurrence of an Event of Default and the expiration of any applicable cure period, or (ii) the date on which all Loans are paid in full. 

        "Term Note" shall mean that certain Amended and Restated Variable Rate-Installment Note dated as of the First Amendment
Effective Date in the original aggregate principal amount of 

1

 

$5,000,000 executed by Borrower, payable to the order of Lender as the same may be renewed, extended, modified, increased or restated from time to time. 

        Section 2.2    Amendment to Section 9.1.2. The following language is amended and restated in its entirety as
follows: 

        9.1.2.  Interim Financial Statements. 

(a)    Monthly Financial Statements. Furnish to the Lender not later than thirty (30) days after the close of each calendar month
(except when the end of a month is also the end of a calendar quarter, in which case 45 days after the end of such month), beginning with reports for the month ending March 31, 2003,
Borrower's consolidated and consolidating financial statements containing a balance sheet, statements of income, and statements of cash flow, in each case as of the end of each calendar month. These
statements shall be prepared on substantially the same accounting basis as the statements required in Section 9.1.1 of this Agreement and shall
be in such detail as the Lender may require, and in the case of the quarterly statements, the accuracy of the statements (subject to year-end adjustments) shall be certified by an
authorized officer of the Borrower. 

(b)    Statements of Cash Flow. Furnish a statement of cash flow (prepared in accordance with GAAP) for the calendar quarters ending on
June 30, 2003 and September 30, 2003, to be delivered within 45 days of the end of each respective calendar quarter. 

        Section 2.3    Amendment to Sections 9.9. Sections 9.9 of the Agreement is amended and restated in its entirety to read
as follows: 

        9.9    Amendment Fee. The Borrower shall pay to the Lender for the account of the Lender an amendment fee in connection with the
execution of the amendments preceding this Agreement in the amount of $150,000, which shall be payable on February 2, 2004 (the "Amendment Fee"). 

        Section 2.4    Amendments to Sections 9.12, 9.13, 9.14, and 10.13. Effective as of March 31, 2003, Sections 9.12,
9.13, and 9.14 of the Agreement are amended and restated in their entirety to read as follows: 

        9.12    Tangible Net Worth. Borrower (on a consolidated basis) shall maintain a Tangible Net Worth at
all times of not less than the respective amounts set forth below during the corresponding periods set forth below, to be tested on the last day of each month, commencing
April 30, 2003: 

	Period
	 	Amount

	From March 1, 2003 through March 31, 2003	 	$	1,164,000
	

From April 1, 2003 through April 30, 2003	
 	
$	

1,108,000
	

From May 1, 2003 through May 31, 2003	
 	
$	

1,171,000
	

From June 1, 2003 through June 30, 2003	
 	
$	

1,080,000
	

From July 1, 2003 through July 31, 2003	
 	
$	

1,161,000
	

From August 1, 2003 through August 31, 2003	
 	
$	

1,251,000
	

From September 1, 2003 through September 30, 2003	
 	
$	

1,370,000
	

From October 1, 2003 through October 31, 2003	
 	
$	

1,524,000
	

From November 1, 2003 through November 30, 2003	
 	
$	

1,697,000
	

From December 1, 2003 through December 31, 2003	
 	
$	

1,833,000

2

 

        9.13    Debt Ratio. Borrower (on a consolidated basis) shall maintain a Debt Ratio at all
times of not more than the respective ratios set forth during the corresponding periods set forth below, to be tested on the last day of each month, commencing April 30,
2003: 

	Period
	 	Maximum Ratio

	From March 1, 2003 through March 31, 2003	 	6.78:1.00
	From April 1, 2003 through April 30, 2003	 	6.86:1.00
	From May 1, 2003 through May 31, 2003	 	6.26:1.00
	From June 1, 2003 through June 30, 2003	 	6.25:1.00
	From July 1, 2003 through July 31, 2003	 	5.57:1.00
	From August 1, 2003 through August 31, 2003	 	5.32:1.00
	From September 1, 2003 through September 30, 2003	 	4.76:1.00
	From October 1, 2003 through October 31, 2003	 	4.36:1.00
	From November 1, 2003 through November 30, 2003	 	3.82:1.00
	From December 1, 2003 through December 31, 2003	 	3.52:1.00

        9.14    Minimum EBITDA. Borrower (on a consolidated basis) shall generate a minimum EBITDA of not less than the respective
amounts set forth for the corresponding periods set forth below, to be tested on the last day of each month, commencing April 30, 2003: 

	Period
	 	Amount
	 
	From March 1, 2003 through March 31, 2003	 	$	171,000	 
	

From April 1, 2003 through April 30, 2003	
 	
$	

77,000	
 
	

From May 1, 2003 through May 31, 2003	
 	
$	

134,000	
 
	

From June 1, 2003 through June 30, 2003	
 	
$	

(33,000	
)
	

From July 1, 2003 through July 31, 2003	
 	
$	

152,000	
 
	

From August 1, 2003 through August 31, 2003	
 	
$	

163,000	
 
	

From September 1, 2003 through September 30, 2003	
 	
$	

192,000	
 
	

From October 1, 2003 through October 31, 2003	
 	
$	

205,000	
 
	

From November 1, 2003 through November 30, 2003	
 	
$	

225,000	
 
	

From December 1, 2003 through December 31, 2003	
 	
$	

186,000	
 

 
 

ARTICLE III
  
Limited Waiver

        Borrower
has informed the Lender that certain Defaults have occurred under the Agreement solely by reason of the following (hereinafter collectively referred to as the
"ExistingSpecified Defaults"): 

(a)    Borrower's
failure to comply with the Tangible Net Worth financial covenant described in Section 9.12 of the Agreement as of January 31, 2003 and February 28,
2003; 

(b)    Borrower's
failure to comply with the Debt Ratio financial covenant described in Section 9.13 of the Agreement as of December 31, 2002, January 31, 2003, and
February 28, 2003; and 

(c)    Borrower's
failure to comply with the Minimum EBITDA financial covenant described in Section 9.14 of the Agreement as of January 31, 2003. 

3

 

        By
execution of this Amendment, the Lender hereby waives the Existing Specified Defaults through the reporting period ending as of March 31, 2003. Except as otherwise specifically
provided for in this Article III, nothing contained herein shall be construed as a waiver by the Lender of any covenant or provision of the Agreement, the other Loan Documents, this Amendment,
or of any other contract or instrument among Borrower, any Guarantor, and the Lender, and the failure of the Lender at any time or times hereafter to require strict compliance by Borrower of any
provision thereof shall not waive, affect or diminish any right of the Lender to thereafter demand strict compliance therewith. The Lender hereby reserves all rights granted under the Agreement, the
other Loan Documents, this Amendment and any other contract or instrument among Borrower, any Guarantor, and the Lender. 

 
 

ARTICLE IV
  
Conditions Precedent

        Section 4.1    Conditions. The effectiveness of this Amendment is subject to the satisfaction of the following conditions
precedent: 

(a)    Lender
shall have received each of the following, which, in the case of documents, shall be dated (unless otherwise indicated) the date of this Amendment, in form and substance
satisfactory to the Lender: 

        (i)    this
Amendment executed by the Borrower and the Lender; 

        (ii)    the
Term Note executed by the Borrower and payable to the order of the Lender; 

        (iii)    Resolutions
of the Board of Directors of the Borrower certified by its Secretary or Assistant Secretary which authorize the execution, delivery, and performance by the
Borrower of this Amendment, the Term Note, and other Loan Documents executed in connection herewith; 

        (iv)    Resolutions
of the Board of Directors of each Domestic Subsidiary certified by each of its respective Secretaries or Assistant Secretaries which authorize the
execution, delivery, and performance by each Domestic Subsidiary of this Amendment, and other Loan Documents executed in connection herewith; 

        (v)    All
reasonable costs and expenses incurred by Lender in connection with the preparation, negotiation, and execution of this Amendment and any other documents executed
pursuant hereto, including without limitation the costs and reasonable fees of Lender's legal counsel; and 

        (vi)    such
other documents, instruments, and agreements as Lender may require. 

(b)    No
Default or Event of Default (other than the Existing Specified Defaults) shall have occurred and be continuing; 

(c)    All
of the representations and warranties contained in Article V of the Agreement, as amended hereby and in the other Loan Documents, shall be true and correct on and as of the
date of this Amendment with the same force and effect as if such representations and warranties had been made on and as of such date, except to the extent such representations and warranties speak to
a specific date or the existence of the Existing Specified Defaults. 

4

 

 
 

ARTICLE V
  
Ratifications, Representations and Warranties

        Section 5.1    Ratifications Generally. The terms and provisions set forth in this Amendment shall modify and supersede
all inconsistent terms and provisions set forth in the Agreement and except as expressly modified and superseded by this Amendment, the terms and provisions of the Agreement and any notes relating
hereto, the Loan Documents, and all other documents executed in connection with the Agreement are hereby ratified and confirmed and shall continue in full force and effect. Borrower, each Domestic
Subsidiary, and Lender agree that the Agreement, as amended hereby, the other Loan Documents, as amended hereby, and all other documents executed in connection with the Agreement or this Amendment to
which Borrower or any Domestic Subsidiary is a party shall continue to be legal, valid, binding and enforceable in accordance with their respective terms. 

        Section 5.2    Ratifications by Domestic Subsidiaries. Each Domestic Subsidiary hereby ratifies and reaffirms all of its
obligations under its respective Guaranty and acknowledges that such Domestic Subsidiary's respective Guaranty is not subject to any claims, defenses or offsets. Each Domestic Subsidiary also hereby
agrees that nothing contained in the Agreement and the Loan Documents, as hereby amended, shall adversely affect any right or remedy of the Lender under the Guaranties and that the execution and
delivery of this Amendment and the Loan Documents shall in no way change or modify such Domestic Subsidiaries' obligations under such Domestic Subsidiaries' respective Guaranty and shall not
constitute a waiver (except as in Article III) by the Lender of any of its rights against such Domestic Subsidiary. 

        Section 5.3    Representations and Warranties. Borrower and each Domestic Subsidiary hereby represent and warrant to
Lender that (a) the execution, delivery and performance of this Amendment and any and all other Loan Documents executed and/or delivered in connection herewith have been authorized by all
requisite action on the part of the Borrower and each Domestic Subsidiary and will not violate the certificate of incorporation or bylaws of the Borrower or any Domestic Subsidiary, or otherwise
violate any other agreement to which Borrower or any Domestic Subsidiary or any of their respective properties is bound, (b) the certificate of incorporation and bylaws of Borrower and each
Domestic Subsidiary has not been amended or revoked since the date of the Agreement and each of the Borrower's and each Domestic Subsidiary's certificate of incorporation and bylaws is in full force
and in effect, and (c) the representations and warranties contained in the Agreement, as amended hereby, and any other Loan Documents executed in connection therewith or herewith are true and
correct on and as of the date hereof as though made on and as of the date hereof except to the extent such representations and warranties speak to a specific date or the existence of the Existing
Specified Defaults, (d) except for the Existing Specified Defaults, no Default has occurred and is continuing, and (e) except for the Existing Specified Defaults, Borrower is in full
compliance with all covenants and agreements contained in the Agreement as amended hereby. 

 
 

ARTICLE VI
  
Miscellaneous

        Section 6.1    Survival of Representations and Warranties. All representations and warranties made in this Amendment or
any other document executed in connection herewith shall survive the execution and delivery of this Amendment, and no investigation by Lender or any closing shall affect the representations and
warranties or the right of Lender to rely upon them. 

        Section 6.2    Reference to Agreement. Each of the Agreement, the other Loan Documents and any and all other agreements,
documents, or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Agreement as amended hereby, are hereby 

5

 

amended so that any reference in such documents to the Agreement and the other Loan Documents shall mean a reference to the Agreement and the other Loan Documents, each as amended hereby. 

        Section 6.3    Expenses of Lender. As provided in the Agreement, Borrower (and each Domestic Subsidiary) agrees to pay on
demand all reasonable costs and expenses incurred by Lender in connection with the preparation, negotiation, and execution of this Amendment and any other documents executed pursuant hereto and any
and all amendments, modifications, and supplements thereto, including without limitation the costs and reasonable fees of Lender's legal counsel, and all costs and expenses incurred by Lender in
connection with the enforcement or preservation of any rights under the Agreement, as amended hereby, or any other document executed in connection therewith, including without limitation the costs and
reasonable fees of Lender's legal counsel. 

        Section 6.4    Severability. Any provision of this Amendment held by a court of competent jurisdiction to be invalid or
unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable. 

        Section 6.5    Applicable Law. This Amendment and all other documents executed pursuant hereto shall be deemed to have
been made and to be performable in Dallas, Dallas County, Texas and shall be governed by and construed in accordance with the laws of the State of Texas. 

        Section 6.6    Successors and Assigns. This Amendment is binding upon and shall inure to the benefit of Lender, Borrower
and its successors and assigns, except Borrower may not assign or transfer any of its rights or obligations hereunder without the prior written consent of Lender. 

        Section 6.7    No Waiver. No consent or waiver, express or implied, by Lender to or for any breach of or deviation from
any covenant, condition or duty by any Borrower or any obligated party shall be deemed a consent or waiver to or of any other future breach of the same or any other covenant, condition or duty. 

        Section 6.8    Headings. The headings, captions, and arrangements used in this Amendment are for convenience only and
shall not affect the interpretation of this Amendment. 

        Section 6.9    Counterparts; Facsimiles. This Amendment may be executed in any number of counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same instrument. Further, any facsimile copy, other copy or reproduction of a signed counterpart original of this
Amendment shall be as fully effective and binding as the original signed counterpart of this Amendment. 

        Section 6.10    RELEASE AND COVENANT NOT TO SUE. BORROWER AND EACH DOMESTIC SUBSIDIARY (IN ITS OWN RIGHT AND ON BEHALF OF
ITS RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, INDEPENDENT CONTRACTORS, ATTORNEYS AND AGENTS) (THE "RELEASING PARTIES") JOINTLY AND SEVERALLY RELEASE,
ACQUIT, AND FOREVER
DISCHARGE LENDER AND ITS DIRECTORS, OFFICERS, EMPLOYEES, INDEPENDENT CONTRACTORS, ATTORNEYS AND AGENTS, AND ATTORNEYS (THE "RELEASED PARTIES"), TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE STATE AND FEDERAL LAW, FROM ANY AND ALL ACTS AND OMISSIONS OF THE RELEASED PARTIES, AND FROM ANY AND ALL CLAIMS, CAUSES OF ACTION, COUNTERCLAIMS, DEMANDS,
CONTROVERSIES, COSTS, DEBTS, SUMS OF MONEY, ACCOUNTS, RECKONINGS, BONDS, BILLS, DAMAGES, OBLIGATIONS, LIABILITIES, OBJECTIONS, AND EXECUTIONS OF ANY NATURE, TYPE, OR DESCRIPTION WHICH THE RELEASING
PARTIES HAVE AGAINST THE RELEASED PARTIES, INCLUDING, BUT NOT LIMITED TO, NEGLIGENCE, USURY, DECEIT, MISREPRESENTATION, CONSPIRACY, UNCONSCIONABILITY, DURESS, ECONOMIC DURESS, DEFAMATION, CONTROL,
INTERFERENCE WITH CONTRACTUAL AND BUSINESS RELATIONSHIPS, CONFLICTS OF INTEREST, MISUSE OF INSIDER INFORMATION, CONCEALMENT,  

6

 

 DISCLOSURE, SECRECY, MISUSE OF COLLATERAL, WRONGFUL RELEASE OF COLLATERAL, FAILURE TO INSPECT, ENVIRONMENTAL DUE DILIGENCE, NEGLIGENT LOAN PROCESSING AND ADMINISTRATION, WRONGFUL SETOFF, VIOLATIONS
OF STATUTES AND REGULATIONS OF GOVERNMENTAL ENTITIES, INSTRUMENTALITIES AND AGENCIES (BOTH CIVIL AND CRIMINAL), RACKETEERING ACTIVITIES, SECURITIES AND ANTITRUST LAWS VIOLATIONS, TYING ARRANGEMENTS,
DECEPTIVE TRADE PRACTICES, BREACH OR ABUSE OF ANY ALLEGED FIDUCIARY DUTY, BREACH OF ANY ALLEGED SPECIAL RELATIONSHIP, COURSE OF CONDUCT OR DEALING, ALLEGED OBLIGATION OF FAIR DEALING, ALLEGED
OBLIGATION OF GOOD FAITH, AND ALLEGED OBLIGATION OF GOOD FAITH AND FAIR DEALING, WHETHER OR NOT IN CONNECTION WITH OR RELATED TO THE LOAN DOCUMENTS AND THIS AGREEMENT, AT LAW OR IN EQUITY, IN CONTRACT
IN TORT, OR OTHERWISE, KNOWN OR UNKNOWN, SUSPECTED OR UNSUSPECTED UP TO AND INCLUDING THE DATE OF THIS AGREEMENT (THE "RELEASED CLAIMS"). THE RELEASING
PARTIES FURTHER AGREE TO LIMIT ANY DAMAGES THEY MAY SEEK IN CONNECTION WITH ANY CLAIM OR CAUSE OF ACTION, IF ANY, TO EXCLUDE ALL PUNITIVE AND EXEMPLARY DAMAGES, DAMAGES ATTRIBUTABLE TO LOST PROFITS OR
OPPORTUNITY, DAMAGES ATTRIBUTABLE TO MENTAL ANGUISH, AND DAMAGES ATTRIBUTABLE TO PAIN AND SUFFERING, AND THE RELEASING PARTIES DO HEREBY WAIVE AND RELEASE ALL SUCH DAMAGES WITH RESPECT TO ANY AND ALL
CLAIMS OR CAUSES OF ACTION WHICH MAY ARISE AT ANY TIME AGAINST ANY OF THE RELEASED PARTIES. THE RELEASING PARTIES REPRESENT AND WARRANT THAT NO FACTS EXIST WHICH COULD PRESENTLY OR IN THE FUTURE COULD
SUPPORT THE ASSERTION OF ANY OF THE RELEASED CLAIMS AGAINST THE RELEASED PARTIES. THE RELEASING PARTIES FURTHER COVENANT NOT TO SUE THE RELEASED PARTIES ON ACCOUNT OF ANY OF THE RELEASED CLAIMS, AND
EXPRESSLY WAIVE ANY AND ALL DEFENSES THEY MAY HAVE IN CONNECTION WITH THEIR DEBTS AND OBLIGATIONS UNDER THE LOAN DOCUMENTS AND THIS AGREEMENT. THIS PARAGRAPH IS IN ADDITION TO AND SHALL NOT IN ANY WAY
LIMIT ANY OTHER RELEASE, COVENANT NOT TO SUE, OR WAIVER BY THE RELEASING PARTIES IN FAVOR OF THE RELEASED PARTIES.  

        Section 6.11    INDEMNIFICATION. BORROWER AND EACH DOMESTIC SUBSIDIARY HEREBY AGREE TO INDEMNIFY,
DEFEND AND SAVE LENDER HARMLESS FROM ANY AND ALL CLAIMS, LOSSES, COSTS, DAMAGES, LIABILITIES, OBLIGATIONS AND EXPENSES, INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS' FEES (WHETHER INSIDE OR
OUTSIDE COUNSEL IS USED), INCURRED BY LENDER BY REASON OF ANY DEFAULT OR EVENT OF DEFAULT, IN COMMERCIALLY REASONABLE ACTIONS TO DEFEND OR PROTECT THE LIENS WHICH SECURE OR PURPORT TO SECURE ALL OR
ANY PORTION OF THE
INDEBTEDNESS, WHETHER EXISTING UNDER ANY LOAN DOCUMENTS OR OTHERWISE OR THE PRIORITY THEREOF, OR IN COMMERCIALLY REASONABLE ACTS TO ENFORCE THE OBLIGATIONS OF BORROWER, ANY DOMESTIC SUBSIDIARY, OR ANY
OTHER PERSON UNDER OR PURSUANT TO ANY LOAN DOCUMENT, OR IN THE PROSECUTION OR DEFENSE OF ANY ACTION OR PROCEEDING CONCERNING ANY MATTER GROWING OUT OF OR CONNECTED WITH THE COLLATERAL OR ANY LOAN
DOCUMENTS, INCLUDING ANY CLAIMS, LOSSES, COSTS, DAMAGES, LIABILITIES, OBLIGATIONS, AND EXPENSES RESULTING FROM LENDER'S OWN NEGLIGENCE, EXCEPT AND TO THE EXTENT BUT ONLY TO THE EXTENT CAUSED BY
LENDER'S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.  

        Section 6.12    ENTIRE AGREEMENT. THE AGREEMENT, THIS AMENDMENT AND ALL OTHER INSTRUMENTS,
DOCUMENTS AND AGREEMENTS EXECUTED AND DELIVERED IN CONNECTION WITH THE AGREEMENT OR THIS AMENDMENT EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES HERETO AND SUPERSEDE ANY AND ALL PRIOR
COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER  

7

 

 WRITTEN OR ORAL, RELATING TO THIS AMENDMENT, AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE
NO ORAL AGREEMENTS AMONG THE PARTIES HERETO.  

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

8

        Executed as of the date first written above. 

	

 	
 	
BORROWER:
	

 	
 	

THOMAS GROUP, INC., a Delaware corporation
	

 	
 	

By:	
 	

/s/  JIM TAYLOR        
 Jim Taylor

Chief Financial Officer, Vice President
	

 	
 	
LENDER:
	

 	
 	

COMERICA BANK-TEXAS
	

 	
 	

By:	
 	

/s/  ROBIN M. KAIN        
 Robin M. Kain, Vice President

 
 

Joinder

        By
execution of this Joinder each Domestic Subsidiary hereby expressly (i) acknowledges and accepts the terms of this Amendment, (ii) affirms the representations and warranties
attributable to each of them in Section 5.3 of the Amendment, (iii) ratifies and affirms its obligations under its respective Guaranty Agreement in favor of the Lender (as amended,
supplemented or otherwise modified the "Guaranty Agreement"), as provided in Section 5.2 of the Amendment, (iv) acknowledges, renews and extends its continued liability under its
Guaranty Agreement and agrees that its Guaranty Agreement remains in full force and effect, as provided for in Section 5.2 of the Amendment; and (iv) guarantees to the Lender to promptly
pay when due all amounts owing or to be owing by it under its Guaranty Agreement pursuant to the terms and conditions thereof. 

	

 	
 	
DOMESTIC SUBSIDIARIES:
	

 	
 	

THOMAS GROUP OF LOUISIANA, INC.
	

 	
 	

By:	
 	

/s/  ALEX W. YOUNG        
 Alex W. Young

Vice President, Secretary
	

 	
 	

THOMAS GROUP OF SWEDEN, INC.
	

 	
 	

By:	
 	

/s/  ROBERT FRENCH        
 Robert French

Managing Director

  

	

 	 	Amended and Restated Variable Rate-Installment Note

	

	AMOUNT	 	NOTE DATE	 	MATURITY DATE	 	TAX IDENTIFICATION NUMBER
	$5,000,000.00	 	April 15, 2003	 	February 2, 2004	 	72-0843540
	

FOR VALUE RECEIVED, the undersigned promise(s) to pay to the order of COMERICA BANK-TEXAS, a Texas
banking association ("Bank"), at any office of the Bank in the State of Texas, Five Million and No/100 Dollars (U.S. $5,000,000) plus interest on the unpaid balance from the date of this Note at a per
annum rate equal to the lesser of (a) the Maximum Rate, as later defined, or (b) the Stated Rate, as later defined, until maturity, whether by acceleration or otherwise. If on any day
the Stated Rate shall exceed the Maximum Rate for that day, the rate of interest applicable to this Note shall be fixed at the Maximum Rate on that day and on each day thereafter until the total
amount of interest accrued on the unpaid principal balance of this Note equals the total amount of interest which would have accrued if there had been no Maximum Rate. Subject to the limitations
hereinbelow set forth, interest shall be calculated for the actual number of days the principal is outstanding on the basis of a 360-day year if this Note evidences a business or
commercial loan. The Stated Rate shall mean the Bank's "prime rate," which is the annual rate of interest so designated by the Bank and which is changed by the Bank from time to time, plus four
percent (4%). Interest rate changes will be effective for interest computation purposes as and when the Maximum Rate or the Stated Rate, as applicable, changes. 

Reference
is made to that certain Second Amended and Restated Revolving Credit Loan Agreement dated as of November 26, 2002 executed between the undersigned and the Bank (as the same may be
amended, restated or modified from time to time, the "Loan Agreement"). Unless otherwise defined herein, capitalized terms herein shall have the meanings given such terms in the Loan Agreement. This
Note is the Term Note referred to in the Loan Agreement. 

Notwithstanding
the foregoing, (i) upon the occurrence of an Event of Default, or (ii) after the earlier of acceleration or the Term Loan Termination Date, interest on the unpaid
principal balance of this Note shall accrue and be paid at the Default Rate. 

Accrued
and unpaid interest on the unpaid principal balance of this Note shall be due and payable under this Note on the first (1st) day of each month, commencing May 1, 2003, and continuing on
the same day of each successive month thereafter through and including the Term Loan Termination Date. In addition to (and not in lieu of) the required monthly installments of interest to be paid as
set forth in this Note, the undersigned shall pay the following amounts, in each case, to be credited to the unpaid principal balance of this Note: 

        On
or before April 15, 2003, an installment in the amount of $1,000,000; and additionally,

(i)  If
the Borrower's consolidated cash flow for the calendar quarter ending June 30, 2003 as shown onthe statement of cash flow required to be delivered pursuant to
Section 9.1.2 of the Loan Agreement (the "Second Quarter Cash Flow") is less than negative $679,000 (<$679,000>), Borrower shall pay, on or before August 15, 2003, an
installment equal to fifty percent (50%) of the difference between (x) the Second Quarter Cash Flow, and (y) negative $679,000 (<$679,000>); for example, and in avoidance of
doubt, if the Second Quarter Cash Flow is negative $500,000 (<$500,000>), then the additional required payment pursuant to this provision would be positive $89,500 (+$89,500);  and

(ii)  If
the Borrower's consolidated cash flow for the calendar quarter ending September 30, 2003 as shown on the statement of cash flow required to be delivered pursuant to
Section 9.1.2 of the Loan Agreement (the "Third Quarter Cash Flow") exceeds $124,000, Borrower shall pay, on or before November 15, 2003, an installment equal to fifty percent (50%) of
the difference between (x) the Third Quarter Cash Flow, and (y) $124,000. 

The
term "Maximum Rate," as used herein, shall mean at the particular time in question the maximum nonusurious rate of interest which, under applicable law, may then be charged on this Note. If such
maximum rate of interest changes after the date hereof, the Maximum Rate shall be automatically increased or decreased, as the case may be, without notice to the undersigned from time to time as of
the effective date of each change in such maximum rate. 

If
this Note or any installment under this Note shall become payable on a day other than a day on which the Bank is open for business, this payment may be extended to the next succeeding business day
and interest shall be payable at the rate specified in this Note during this extension. Any payments of principal in excess of the installment payments required under this Note need not be accepted by
the Bank (except as required under applicable law), but if accepted shall apply to the installments last falling due. A late installment charge equal to a reasonable amount not to exceed 5% of each
late installment may be charged on any installment payment not received by the Bank within 10 calendar days after the installment due date, but acceptance of payment of this charge shall not waive any
Default under this Note. 

This
Note and any other indebtedness and liabilities of any kind of the undersigned (or any of them) to the Bank (including without limitation that certain Amended and Restated Revolving Credit Note
dated as of November 26, 2002 in the original aggregate principal amount of $3,000,000 executed by the undersigned in favor of the Bank, as the same may be amended, restated, increased,
extended or otherwise modified from time to time), and any and all modifications, renewals or extensions of it, whether joint or several, contingent or absolute, now existing or later arising, and
however evidenced and whether incurred voluntarily or involuntarily, known or unknown, or originally payable to the Bank or to a third party and subsequently acquired by Bank including, without
limitation, any late charges; loan fees or charges; overdraft indebtedness; costs incurred by Bank in establishing, determining, continuing or defending the validity or priority of any security
interest, pledge or other lien or in pursuing any of its rights or remedies under any loan document (or otherwise) or in connection with any proceeding involving the Bank as a result of any financial
accommodation to the undersigned (or any of them); and reasonable costs and expenses of attorneys and paralegals, whether inside or outside counsel is used, and whether any suit or other action is
instituted, and to court costs if suit or action is instituted, and whether any such fees, costs or expenses are incurred at the trial court level or on appeal, in bankruptcy, in administrative
proceedings, in probate proceedings or otherwise (collectively "Indebtedness") are secured by and the Bank is granted a security interest in and lien upon all items deposited in any account of any of
the undersigned with the Bank and by all proceeds of these items (cash or otherwise), all account balances of any of the undersigned from time to time with the Bank, by all property of any of the
undersigned from time to time in the possession of the Bank and by any 

2

 

other collateral, rights and properties described in each and every deed of trust, mortgage, security agreement, pledge, assignment and other agreement which has been, or will at any time(s) later
be, executed by any (or all) of the undersigned to or for the benefit of the Bank (collectively "Collateral"). 

If
an Event of Default (as defined in the Loan Agreement) occurs, or if the undersigned (or any of them) or any guarantor under a guaranty of all or part of the Indebtedness ("guarantor")
(i) fail(s) to pay this Note or any of the Indebtedness when due, by maturity, acceleration or otherwise, or fail(s) to pay any Indebtedness owing on a demand basis upon demand; or
(ii) fail(s) to comply with any of the terms or provisions of any agreement between the undersigned (or any of them) or any guarantor and the Bank; or (iii) become(s) insolvent or the
subject of a voluntary or involuntary proceeding in bankruptcy, or a reorganization, arrangement or creditor composition proceeding, (if a business entity) cease(s) doing business as a going concern,
(if a natural person) die(s) or become(s) incompetent, (if a partnership) dissolve(s) or any general partner of it dies, becomes incompetent or becomes the subject of a bankruptcy proceeding or (if a
corporation or a limited liability company) is the subject of a dissolution, merger or consolidation; or (a) if any warranty or representation made by any of the undersigned or any guarantor in
connection with this Note or any of the Indebtedness shall be discovered to be untrue or incomplete; or (b) if there is any termination, notice of termination, or breach of any guaranty,
pledge, collateral assignment or subordination agreement relating to all or any part of the Indebtedness; or (c) if there is any failure by any of the undersigned or any guarantor to pay when
due any of its indebtedness (other than to the Bank) or in the observance or performance of any term, covenant or condition in any document evidencing, securing or relating to such indebtedness; or
(d) if the Bank deems itself insecure, believing that the prospect of payment of this Note or any of the Indebtedness is impaired or shall fear deterioration, removal or waste of any of the
Collateral; or (e) if there is filed or issued a levy or writ of attachment or garnishment or other like judicial process upon the undersigned (or any of them) or any guarantor or any of the
Collateral, including without limit, any accounts of the undersigned (or any of them) or any guarantor with the Bank, then the Bank, upon the occurrence of any of these events (each a "Default"), may
at its option and without prior notice to the undersigned (or any of them), declare any or all of the Indebtedness to be immediately due and payable (notwithstanding any provisions contained in the
evidence thereof to the contrary), sell or liquidate all or any portion of the Collateral, set off against the Indebtedness any amounts owing by the Bank to the undersigned (or any of them), charge
interest at the default rate provided in the document evidencing the relevant Indebtedness and exercise any one or more of the rights and remedies granted to the Bank by any agreement with the
undersigned (or any of them) or given to it under applicable law. All payments under this Note shall be in immediately available United States funds, without setoff or counterclaim. 

If
this Note is signed by two or more parties (whether by all as makers or by one or more as an accommodation party or otherwise), the obligations and undertakings under this Note shall be that of all
and any two or more jointly and also of each severally. This Note shall bind the undersigned, and the undersigned's respective heirs, personal representatives, successors and assigns. 

The
undersigned waive(s) presentment, demand, protest, notice of dishonor, notice of demand or intent to demand, notice of acceleration or intent to accelerate, and all other notices and agree(s) that
no extension or indulgence to the undersigned (or any of them) or release, substitution or nonenforcement of any security, or release or substitution of any of the undersigned, any guarantor or any
other party, whether with or without notice, shall affect the obligations of any of the undersigned. The undersigned waive(s) all defenses or right to discharge available under Section 3.605 of
the Texas Uniform Commercial Code and waive(s) all other suretyship defenses or right to discharge. The undersigned agree(s) that the Bank has the right to sell, assign, or grant participations or any
interest in, any or all of the Indebtedness, and that, in connection with this right, but without limiting its ability to make other disclosures to the full extent allowable, the Bank may disclose all
documents and information which the Bank now or later has relating to the undersigned or the Indebtedness. The undersigned agree(s) that the Bank may provide information relating to this Note or the
Indebtedness or relating to the undersigned to the Bank's parent, affiliates, subsidiaries and service providers. 

The
undersigned agree(s) to reimburse the holder or owner of this Note upon demand for any and all costs and expenses (including without limit, court costs, legal expenses and reasonable attorneys'
fees, whether inside or outside counsel is used, and whether or not suit is instituted and, if suit is instituted, whether at the trial court level, appellate level, in a bankruptcy, probate or
administrative proceeding or otherwise) incurred in collecting or attempting to collect this Note or incurred in any other matter or proceeding relating to this Note. 

The
undersigned acknowledge(s) and agree(s) that there are no contrary agreements, oral or written, establishing a term of this Note and agree(s) that the terms and conditions of this Note may not be
amended, waived or modified except in a writing signed by an officer of the Bank expressly stating that the writing constitutes an amendment, waiver or modification of the terms of this Note. As used
in this Note, the word "undersigned" means, individually and collectively, each maker, accommodation party, indorser and other party signing this Note in a similar capacity. If any provision of this
Note is unenforceable in whole or part for any reason, the remaining provisions shall continue to be effective. THIS NOTE IS MADE IN THE STATE OF TEXAS AND SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF TEXAS, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES. 

This
Note and all other documents, instruments and agreements evidencing, governing, securing, guaranteeing or otherwise relating to or executed pursuant to or in connection with this Note or the
Indebtedness evidenced hereby (whether executed and delivered prior to, concurrently with or subsequent to this Note), as such documents may have been or may hereafter be amended from time to time
(the "Loan Documents") are intended to be performed in accordance with, and only to the extent permitted by, all applicable usury laws. If any provision hereof or of any of the other Loan Documents or
the application thereof to any person or circumstance shall, for any reason and to any extent, be invalid or unenforceable, neither the application of such provision to any other person or
circumstance nor the remainder of the instrument in which such provision is contained shall be affected thereby and shall be enforced to the greatest extent permitted by law. It is expressly
stipulated and agreed to be the intent of the holder hereof to at all times comply with the usury and other applicable laws now or hereafter governing the interest payable on the indebtedness
evidenced by this Note. If the applicable law is ever revised, repealed or judicially interpreted so as to render usurious any amount called for under this Note or under any of the other Loan
Documents, or contracted for, charged, taken, reserved or received with respect to the indebtedness evidenced by this Note, or if Bank's exercise of the option to accelerate the maturity of this Note,
or if any prepayment by the undersigned or prepayment agreement results (or would, if complied with, result) in the undersigned having paid, contracted for or being charged for any interest in excess
of that permitted by law, then it is the express intent of the undersigned and Bank that this Note and the other Loan Documents shall be limited to the extent necessary to prevent such result and all
excess amounts theretofore collected by Bank shall be credited on 

3

 

the principal balance of this Note or, if fully paid, upon such other Indebtedness as shall then remaining outstanding (or, if this Note and all other Indebtedness have been paid in full, refunded to
the undersigned), and the provisions of this Note and the other Loan Documents shall immediately be deemed reformed and the amounts thereafter collectable hereunder and thereunder reduced, without the
necessity of the execution of any new document, so as to comply with the then applicable law, but so as to permit the recovery of the fullest amount otherwise called for hereunder or thereunder. All
sums paid, or agreed to be paid, by the undersigned for the use, forbearance, detention, taking, charging, receiving or reserving of the indebtedness of the undersigned to Bank under this Note or
arising under or pursuant to the other Loan Documents shall, to the maximum extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such
indebtedness until payment in full so that the rate or amount of interest on account of such indebtedness does not exceed the usury ceiling from time to time in effect and applicable to such
indebtedness for so long as such indebtedness is outstanding. To the extent federal law permits Bank to contract for, charge or receive a greater amount of interest, Bank will rely on federal law
instead of the Texas Finance Code, as supplemented by Texas Credit Title, for the purpose of determining the Maximum Rate. Additionally, to the maximum extent permitted by applicable law now or
hereafter in effect, Bank may, at its option and from time to time, implement any other method of computing the Maximum Rate under the Texas Finance Code, as supplemented by Texas Credit Title, or
under other applicable law, by giving notice, if required, to the undersigned as provided by applicable law now or hereafter in effect. Notwithstanding anything to the contrary contained herein or in
any of the other Loan Documents, it is not the intention of Bank to accelerate the maturity of any interest that has not accrued at the time of such acceleration or to collect unearned interest at the
time of such acceleration. 

The
indebtedness evidenced by this Note is in renewal, extension, and modification, but not in extinguishment or novation of the indebtedness evidenced by that certain Variable
Rate-Installment Note dated November 26, 2002 in the original principal amount of $5,000,000 executed by the undersigned and payable to the order of the Bank. 

THE
UNDERSIGNED AND THE BANK, BY ACCEPTANCE OF THIS NOTE, ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED. EACH PARTY, AFTER CONSULTING (OR HAVING HAD
THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF THEIR CHOICE, KNOWINGLY AND VOLUNTARILY, AND FOR THEIR MUTUAL BENEFIT, WAIVES ANY RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION REGARDING THE
PERFORMANCE OR ENFORCEMENT OF, OR IN ANY WAY RELATED TO, THIS NOTE OR THE INDEBTEDNESS. 

THIS WRITTEN LOAN AGREEMENT (AS DEFINED BY SECTION 26.02 OF THE TEXAS BUSINESS AND COMMERCE CODE) REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED
BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

	

 	
 	

DEBTOR:
	

 	
 	

THOMAS GROUP, INC.,

a Delaware corporation
	

 	
 	

By:	
 	

/s/  JIM TAYLOR        
 Jim Taylor

Chief Financial Officer, Vice President of Finance

	

	
 	

 	
 	

 	
 	

 
	5221 N. O'Connor Boulevard, Suite 500	 	Irving,	 	Texas	 	75039
	

	STREET ADDRESS	 	CITY	 	STATE	 	ZIP CODE

	

  

	For Bank Use Only	 	CCAR #
	

	LOAN OFFICER INITIALS	 	LOAN GROUP NAME	 	OBLIGOR NAME
	

	LOAN OFFICER ID. NO.	 	LOAN GROUP NO.	 	OBLIGOR NO.	 	NOTE NO.	 	AMOUNT
	

4

  

 
 

OMNIBUS GENERAL CERTIFICATE    
  

        The undersigned persons, holding the respective offices as set forth in the signatures of each of the respective undersigned entities, being THOMAS
GROUP, INC. ("Company"), a Delaware corporation, THOMAS GROUP OF SWEDEN, INC.
("TGSweden"), a Delaware corporation, and THOMAS GROUP OF LOUISIANA, INC. ("TGL"), a Delaware
corporation, (a) hereby deliver this Certificate in connection with that certain First Amendment to Second Amended and Restated Revolving Credit Loan Agreement dated as of even date herewith
(the "Amendment"), by and between Company and Comerica Bank-Texas ("Lender"), a Texas
banking association, and related loan documents and (b) hereby certify to Lender, with the knowledge and intent that Lender may, without any investigation on its part, rely fully upon the
matters herein in connection with any extension of credit to Company, that the following matters are true and correct on the date hereof. Company, TGSweden, and TGL are sometimes collectively referred
to herein as the "Constituent Companies." 

        1.    Resolutions. Attached hereto as Exhibit A are true and correct
copies of resolutions relating to the agreements to be executed and delivered by each of the Constituent Companies to Lender in connection with the Amendment and related documents (collectively, the
"Subject Agreements"), which resolutions have been duly adopted by the Board of Directors of each of the Constituent Companies, and none of such
resolutions have been amended, modified or repealed in any respect, and all of such resolutions are in full force and effect on the date hereof. 

        2.    Incumbency. The individuals named on Schedule I attached hereto are
the duly elected, qualified and acting officers, respectively, of each of the Constituent Companies and hold the offices set forth opposite their respective names as of the date hereof, and the
signatures under the respective names and titles of said officers are their true and authentic signatures. 

        3.    Incorporation. The certificate of incorporation, bylaws (and all amendments thereto) of the Constituent Companies, which
have been delivered to Lender, are still in full force and effect and have not been amended. 

        4.    Organization, Standing and Qualification. Each of the Constituent Companies (a) is duly organized, validly existing
and in good standing under the laws of the state of organization, (b) has all requisite power, corporate or otherwise, to conduct business and to execute and deliver, and perform its respective
obligations under, the Subject Agreements, and (c) is duly qualified to transact business as a
foreign corporation in each jurisdiction where the nature of its respective property or assets (whether real, personal or mixed, or tangible or intangible), or the conduct of business requires such
qualification. 

        5.    Full Disclosure. No information, exhibit or written report furnished by or on behalf of any of the Constituent Companies
to Lender in connection with the negotiation or execution of the Subject Agreements, or the transactions contemplated thereby, contains any material misstatement of fact or omits the statement of a
material fact necessary to make the statements contained therein not misleading. 

1

        IN WITNESS WHEREOF, I have duly executed this Certificate as of April 15, 2003. 

	

 	
 	

THOMAS GROUP, INC.
	

 	
 	

By:	
 	

/s/ Jim Taylor
 Jim Taylor

Vice President and Chief Financial Officer
	

 	
 	

THOMAS GROUP OF LOUISIANA, INC.
	

 	
 	

By:	
 	

/s/ Alex W. Young
 Alex W. Young

Vice President and Secretary
	

 	
 	

THOMAS GROUP OF SWEDEN, INC.
	

 	
 	

By:	
 	

/s/ Robert French
 Robert French

Managing Director

 
 

SCHEDULE I    
  

	Name
	 	Signature
	 	Entity
	 	Title

	Jim Taylor	 	/s/ Jim Taylor
	 	Thomas Group, Inc.	 	Chief Financial Officer, Vice President
	

Alex W. Young	
 	

/s/ Alex W. Young
	
 	

Thomas Group of Louisiana, Inc.*	
 	

Vice President, Secretary
	

Robert French	
 	

/s/ Robert French
	
 	

Thomas Group of Sweden, Inc.*	
 	

Managing Director

        This
Schedule may be executed in one or more counterparts, each of which shall be certified as follows: 

        The
undersigned, Jim Taylor, hereby certifies each above signature to be the authentic signature of the person whose name appears opposite such signature. 

	 	 	/s/ Jim Taylor
 Jim Taylor, Secretary to Thomas Group, Inc., and authorized by the "*" entities to verify the signatures above corresponding to the "*" entity officers.

 
 

EXHIBIT A    
  

RESOLUTIONS
OF THE CONSTITUENT COMPANIES 

[See
Attached.] 

  

 
 

RESOLUTIONS OF THE BOARD OF DIRECTORS OF
  THOMAS GROUP, INC.
  (the "Corporation")    

        RESOLVED,
that the Chairman of the Board, the President and any Vice President of the Corporation, by the signature of any one or more of them, be, and the same hereby are, authorized
and directed to execute and deliver to Comerica Bank-Texas (hereinafter referred to as "Bank") in the name of and on behalf of the
Corporation, with such changes in the terms and provisions thereof as the officer executing same shall, in his sole discretion, deem advisable, in each case in form as approved by the above-authorized
officers, (i) a certain proposed First Amendment to Second Amended and Restated Revolving Credit Loan Agreement, (ii) a certain proposed Amended and Restated Variable
Rate—Installment Note (the agreements referred to in clauses (i) and (ii) are collectively referred to herein as the  "Agreements") and (iii) such other agreements, documents,
instruments, statements and writings as the officer or officers executing the same may
deem desirable or necessary in connection with any of the foregoing, and to incur on behalf of the Corporation the obligations described in the Agreements; be it 

        RESOLVED
FURTHER, that said agreements and other statements in writing executed in the name and on behalf of the Corporation by the Chief Executive Officer, President or any Vice
President shall be presumed conclusively to be the instruments, the execution of which is authorized by the resolutions; be it 

        RESOLVED
FURTHER, that the aforementioned officers of the Corporation be, and the same hereby are, authorized and directed to execute, in the name of and on behalf of the Corporation,
notes, deeds of trust, security agreement, financing statements, assignments, collateral reports, loan statements, confirmations of delivery, lien statements, pledge certificates, release
certificates, removal reports, guaranties, cross-collateralization agreements and such other writings as are necessary in their dealings with Bank, and any such papers executed by any of them prior to
this time are approved, ratified and confirmed; and that the Secretary and every Assistant Secretary of the Corporation be, and they severally hereby are, instructed to provide Bank, from time to time
with lists of the persons who shall have been authorized by the Corporation to take the above action; and that such designations communicated to Bank shall continue in full force and effect until
notice of revocation thereof is communicated to Bank at least ten (10) days prior to the effective date of termination of such authority; be it 

        RESOLVED
FURTHER, that any officer of the Corporation, by his signature, be, and the same hereby is, authorized and directed to certify to Bank the adoption of these resolutions; and be
it 

        RESOLVED
FURTHER, that the aforementioned officers of the Corporation be, and each of them hereby is, authorized, directed and empowered to do all other things and acts, to execute and
deliver all other instruments, documents and certificates and to pay all costs, fees and taxes as may be, in their sole judgment, necessary, proper or advisable in order to carry out or comply with
the purpose or intent of the foregoing resolutions; and that all of the acts and deeds of the aforementioned officers of the Corporation which are consistent with the purposes and intent of such
resolutions be, and the same hereby are, in all respect approved, confirmed and adopted as the acts and deeds of the Corporation. 

1

  

 
 

RESOLUTIONS OF THE BOARD OF DIRECTORS OF
  THOMAS GROUP OF SWEDEN, INC., and
  THOMAS GROUP OF LOUISIANA, INC.
  (collectively, the "Corporation")    

        RESOLVED,
that the Managing Director, the President and any Vice President of the Corporation, by the signature of any one or more of them, be, and the same hereby are, authorized and
directed to execute and deliver to Comerica Bank-Texas (hereinafter referred to as "Bank") in the name of and on behalf of the Corporation,
with such changes in the terms and provisions thereof as the officer executing same shall, in his sole discretion, deem advisable, (i) a certain proposed First Amendment to Second Amended and
Restated Revolving Credit Loan Agreement (the "Agreement") in such form as is approved by the above-authorized officers; and (ii) such other
agreements, documents, instruments, statements and writings as the officer or officers executing the same may deem desirable or necessary in connection with any of the foregoing; be it 

        RESOLVED
FURTHER, that said agreements and other statements in writing executed in the name and on behalf of the Corporation by the Managing Director, President or any Vice President
shall be presumed conclusively to be the instruments, the execution of which is authorized by the resolutions; be it 

        RESOLVED
FURTHER, that the Board of Directors of the Corporation has determined that the benefits to be received under the Agreement as set forth in these resolutions are at least equal
to the potential exposure and risk to the Corporation under the Agreement; be it 

        RESOLVED
FURTHER, that the aforementioned officers of the Corporation be, and the same hereby are, authorized and directed to execute, in the name of and on behalf of the Corporation,
such other writings as are necessary in their dealings with Bank, and any such papers executed by any of them prior to this time are approved, ratified and confirmed; and that the Secretary and every
Assistant Secretary of the Corporation be, and they severally hereby are, instructed to provide Bank, from time to time with lists of the persons who shall have been authorized by the Corporation to
take the above action; and that such designations communicated to Bank shall continue in full force and effect until notice of revocation thereof is communicated to Bank at least ten (10) days
prior to the effective date of termination of such authority; be it 

        RESOLVED
FURTHER, that any officer of the Corporation, by his signature, be, and the same hereby is, authorized and directed to certify to Bank the adoption of these resolutions; and be
it 

        RESOLVED
FURTHER, that the aforementioned officers of the Corporation be, and each of them hereby is, authorized, directed and empowered to do all other things and acts, to execute and
deliver all other instruments, documents and certificates and to pay all costs, fees and taxes as may be, in their sole judgment, necessary, proper or advisable in order to carry out or comply with
the purpose or intent of the foregoing resolutions; and that all of the acts and deeds of the aforementioned officers of the Corporation which are consistent with the purposes and intent of such
resolutions be, and the same hereby are, in all respect approved, confirmed and adopted as the acts and deeds of the Corporation. 

1

 
 
 

	

 	 	NO ORAL AGREEMENTS

        This
Agreement (the "Agreement") is executed as of April 15, 2003 by THOMAS GROUP, INC. ("Borrower"), THOMAS GROUP OF LOUISIANA, INC., THOMAS GROUP OF
SWEDEN, INC. (collectively, the "Domestic Subsidiaries"), and COMERICA BANK—TEXAS, a Texas banking association ("Lender"), in connection with credit accommodations made by the
Lender to the Borrower (the "Loan"). 

        The
parties covenant and agree as follows: 

	(1)
	The
rights and obligations of the parties shall be determined solely from the written "Loan Agreement" (as such term is defined in Section 26.02(a)(2) of the Texas Business and
Commerce Code) executed and delivered in connection with the Loan, and any oral agreements between or among the parties are superseded by and merged into the Loan Agreement.

	(2)
	The
Loan Agreement has not been and may not be varied by any oral agreements or discussions that have or may occur before, contemporaneously with, or subsequent thereto.

	(3)
	THE
WRITTEN LOAN AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE
PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

        This
Agreement, which may be executed in counterparts, is executed and delivered as of the date first written above. 

	
BORROWER:	
 	

LENDER:
	

THOMAS GROUP, INC.,

a Delaware corporation	
 	

COMERICA BANK — TEXAS
	

By:	
 	

/s/ Jim Taylor
      Jim Taylor

      Chief Financial Officer;

      Vice President of Finance	
 	

By:	
 	

/s/ Robin M. Kain
      Robin M. Kain

      Vice President
	
DOMESTIC SUBSIDIARIES:	
 	

 	
 	

 
	

THOMAS GROUP OF LOUISIANA, INC.	
 	

 	
 	

 
	

By:	
 	

/s/ Alex W. Young
      Alex W. Young

      Vice President; Secretary	
 	

 	
 	

 
	

THOMAS GROUP OF SWEDEN, INC.	
 	

 	
 	

 
	

By:	
 	

/s/ Robert French
      Robert French

      Managing Director	
 	

 	
 	

 

QuickLinks

Exhibit 10.23

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED REVOLVING CREDIT LOAN AGREEMENT

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED REVOLVING CREDIT LOAN AGREEMENT

ARTICLE I Definitions

ARTICLE II Amendments and Ratifications

ARTICLE III Limited Waiver

ARTICLE IV Conditions Precedent

ARTICLE V Ratifications, Representations and Warranties

ARTICLE VI Miscellaneous

Joinder

OMNIBUS GENERAL CERTIFICATE

SCHEDULE I

EXHIBIT A

RESOLUTIONS OF THE BOARD OF DIRECTORS OF THOMAS GROUP, INC. (the "Corporation")

RESOLUTIONS OF THE BOARD OF DIRECTORS OF THOMAS GROUP OF SWEDEN, INC., and THOMAS GROUP OF LOUISIANA, INC. (collectively, the "Corporation")

NO ORAL AGREEMENTS

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