Document:

EXHIBIT 4.1
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              __________________________________________

                    JONES LANG LASALLE INCORPORATED
          AMENDED AND RESTATED STOCK AWARD AND INCENTIVE PLAN

              __________________________________________

                             ____________

                           February 23, 2006

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                    JONES LANG LASALLE INCORPORATED
          AMENDED AND RESTATED STOCK AWARD AND INCENTIVE PLAN

                           TABLE OF CONTENTS

1.   Purpose; Types of Awards; Construction . . . . . . . . .      1

2.   Definitions. . . . . . . . . . . . . . . . . . . . . . .      2

3.   Administration . . . . . . . . . . . . . . . . . . . . .      5

4.   Eligibility. . . . . . . . . . . . . . . . . . . . . . .      6

5.   Stock Subject to the Plan. . . . . . . . . . . . . . . .      6

6.   Specific Terms of Awards . . . . . . . . . . . . . . . .      7

7.   Change in Control Provisions . . . . . . . . . . . . . .     10

8.   Loan Provisions. . . . . . . . . . . . . . . . . . . . .     10

9.   Special Non-Employee Director Awards . . . . . . . . . .     11

10.  General Provisions . . . . . . . . . . . . . . . . . . .     13

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                    JONES LANG LASALLE INCORPORATED
          AMENDED AND RESTATED STOCK AWARD AND INCENTIVE PLAN

     Jones Lang LaSalle Incorporated (the "Company") has previously
established a 1997 Stock Award and Incentive Plan, as amended (the "Stock
Award and Incentive Plan"), and a Stock Compensation Program, as amended
(the "Stock Compensation Program").  The Stock Award and Incentive Plan and
the Stock Compensation Program are referred to herein collectively as the
"Former Plans." Each of the Former Plans has been authorized by the
Company's Board of Directors and approved by the Company's shareholders.

     In order to facilitate the efficient administration of the Former
Plans and the awards granted thereunder, the Company's Board of Directors
has authorized the amendment and restatement of each of the Former Plans in
order to combine the Former Plans into a single plan.  The Former Plans, as
so combined and as subsequently amended and restated most recently as of
the effective date of February 23, 2006, are referred to herein as the
"Plan."

     The Plan shall continue to supersede and replace the Former Plans in
their entirety, except that the adoption of the Plan shall not be deemed to
amend or modify the terms or conditions of any award granted or election
made pursuant to the Former Plans prior to the effective date of the Plan.
All awards granted and elections made pursuant to the Former Plans prior to
the effective date of the Plan shall remain in full force and effect in
accordance with their terms and shall be administered in accordance with
the terms and conditions of the Plan.

     1.    PURPOSE; TYPES OF AWARDS; CONSTRUCTION.

     The purpose of the Plan is to afford an incentive to directors
(including non-employee directors), selected employees and independent
contractors of the Company, or any Subsidiary or Affiliate which now exists
or hereafter is organized or acquired, to acquire a proprietary interest in
the Company, to continue as directors, employees or independent
contractors, as the case may be, to increase their efforts on behalf of the
Company and to promote the success of the Company's business in the
interest of its shareholders.  Pursuant to Section 6 of the Plan, there may
be granted Stock Options (including "incentive stock options" and
"nonqualified stock options"), stock appreciation rights and limited stock
appreciation rights (either in connection with options granted under the
Plan or independently of options), restricted stock, restricted stock
units, dividend equivalents, performance shares and other stock-or-cash-
based awards.  Section 9 of the Plan contains provisions governing certain
special grants of Options to non-employee directors of the Company.  The
Plan also provides the authority to make loans to purchase shares of common
stock of the Company, provided that such loans do not violate any
applicable law, rule or regulation. The Plan is designed to comply with the
requirements of Regulation G (12 C.F.R. Section  207) regarding the
purchase of shares on margin, the requirements for "performance-based
compensation" under Section 162(m) of the Code and the conditions for
exemption from short-swing profit recovery rules under Rule 16b-3 of the
Exchange Act, and shall be interpreted in a manner consistent with the
requirements thereof.

     The terms and conditions of the Plan (exclusive of those set forth in
the Stock Compensation Program) shall govern (i) all grants and awards made
prior to the effective date of the Plan under the Stock Award and Incentive
Plan and (ii) all Awards made pursuant to the Plan from and after the
effective date of the Plan.  The terms and conditions of all grants and
awards made prior to the effective date of the Plan under the Stock
Compensation Program shall govern such grants and awards, except that from
and after such date the Committee under the Plan shall be responsible for
the administration and interpretation of all such grants and awards as
provided in the Plan.  New grants and awards shall not be made pursuant to
the Stock Compensation Program after the effective date of the Plan.

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     2.    DEFINITIONS.

     For purposes of the Plan, the following terms shall be defined as set
forth below:

     (a)   "Affiliate" means any entity if, at the time of granting of an
Award or a Loan, (i) the Company, directly or indirectly, owns at least 20%
of the combined voting power of all classes of such entity or at least 20%
of the ownership interests in such entity or (ii) such entity, directly or
indirectly, owns at least 20% of the combined voting power of all classes
of stock of the Company.

     (b)   "Award" means any Option, SAR (including a Limited SAR),
Restricted Stock, Restricted Stock Unit, Dividend Equivalent, Performance
Share or Other Stock-Based Award or Other Cash-Based Award granted under
the Plan.

     (c)   "Award Agreement" means any written agreement, contract, or
other instrument or document evidencing an Award.

     (d)   "Beneficiary" means the person, persons, trust or trusts which
have been designated by a Grantee in his or her most recent written
beneficiary designation filed with the Company to receive the benefits
specified under the Plan upon his or her death, or, if there is no
designated Beneficiary or surviving designated Beneficiary, then the
person, persons, trust or trusts entitled by will or the laws of descent
and distribution to receive such benefits.

     (e)   "Board" means the Board of Directors of the Company.

     (f)   "Change in Control" means a change in control of the Company
which will be deemed to have occurred if:

           (i)   any "person," as such term is used in Section 3(a)(9) of
the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof,
except that such term shall not include (A) the Company or any of its
subsidiaries, (B) any trustee or other fiduciary holding securities under
an employee benefit plan of the Company or any of its affiliates, (C) an
underwriter temporarily holding securities pursuant to an offering of such
securities, (D) any corporation owned, directly or indirectly, by the
shareholders of the Company in substantially the same proportions as their
ownership of Stock, or (E) any person or group as used in Rule 13d-1(b)
under the Exchange Act, is or becomes the Beneficial Owner, as such term is
defined in Rule 13d-3 under the Exchange Act, directly or indirectly, of
securities of the Company (not including the securities beneficially owned
by such Person any securities acquired directly from the Company or its
affiliates other than in connection with the acquisition by the Company or
its affiliates of a business) representing 50% or more of the combined
voting power of the Company's then outstanding securities;

           (ii)  during any period of two consecutive years, individuals
who at the beginning of such period constitute the Board, and any new
director (other than (A) a director designated by a person who has entered
into an agreement with the Company to effect a transaction described in
clause (i), (iii), or (iv) of this Section 2(f) or (B) other than a
director whose initial assumption of office is in connection with an actual
or threatened election contest, including but not limited to a consent
solicitation, relating to the election of directors of the Company) whose
election by the Board or nomination for election by the Company's
shareholders was approved by a vote of at least two-thirds (2/3) of the
directors then still in office who either were directors at the beginning
of the period or whose election or nomination for election was previously
so approved, cease for any reason to constitute at least a majority
thereof;

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           (iii) there is consummated a merger or consolidation of the
Company or any direct or indirect subsidiary of the Company with any other
corporation, other than (A) a merger or consolidation which would result in
the voting securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity or any parent
thereof) in combination with the ownership of any trustee or other
fiduciary holding securities under an employee benefit plan of the Company
or any subsidiary of the Company, at least 75% of the combined voting power
of the securities of the Company or such surviving entity or any parent
thereof outstanding immediately after such merger or consolidation, or
(B) a merger or consolidation effected to implement a recapitalization of
the Company (or similar transaction) in which no person (as defined above)
is or becomes the beneficial owner, directly or indirectly, of securities
of the Company (not including in the securities beneficially owned by such
person any securities acquired directly from the Company or its affiliates
other than in connection with the acquisition by the Company or its
affiliates of a business) representing 25% or more of the combined voting
power of the Company's then outstanding securities; or

           (iv)  the shareholders of the Company approve a plan of
complete liquidation or dissolution of the Company or there is consummated
an agreement for the sale or disposition by the Company of all or
substantially all of the Company's assets (or any transaction having a
similar effect) other than a sale or disposition by the Company of all or
substantially all of the Company's assets to an entity, at least 75% of the
combined voting power of the voting securities of which are owned by
shareholders of the Company in substantially the same proportions as their
ownership of the Company immediately prior to such sale.

     (g)   "Change in Control Price" means the higher of (i) the highest
price per share paid in any transaction constituting a Change in Control or
(ii) the highest Fair Market Value per share at any time during the 60-day
period preceding or following a Change in Control.

     (h)   "Code" means the Internal Revenue Code of 1986, as amended from
time to time.

     (i)   "Committee" means the Board or the committee established by the
Board to administer the Plan.

     (j)   "Company" means Jones Lang LaSalle Incorporated, a corporation
organized under the laws of the State of Maryland, or any successor
corporation.

     (k)   "Dividend Equivalent" means a right, granted to a Grantee under
Section 6(g), to receive cash, Stock, or other property equal in value to
dividends paid with respect to a specified number of shares of Stock.
Dividend Equivalents may be awarded on a free-standing basis or in
connection with another Award, and may be paid currently or on a deferred
basis.

     (l)   "Exchange Act" means the Securities Exchange Act of 1934, as
amended from time to time, and as now or hereafter construed, interpreted
and applied by regulations, rulings and cases.

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     (m)   "Fair Market Value" means, with respect to Stock or other
property, the fair market value of such Stock or other property determined
by such methods or procedures as shall be established from time to time by
the Committee.  Unless otherwise determined by the Committee in good faith,
the per share Fair Market Value of Stock as of a particular date shall mean
(i) the closing sales price per share of Stock on the national securities
exchange on which the Stock is principally traded, for the last preceding
date on which there was a sale of such Stock on such exchange, or (ii) if
the shares of Stock are then traded in an over-the-counter market, the
average of the closing bid and asked prices for the shares of Stock in such
over-the-counter market for the last preceding date on which there was a
sale of such Stock in such market, or (iii) if the shares of Stock are not
then listed on a national securities exchange or traded in an over-the-
counter market, such value as the Committee, in its sole discretion, shall
determine.

     (n)   "Grantee" means a person who, as an employee or independent
contractor of the Company, a Subsidiary or an Affiliate, has been granted
an Award or Loan under the Plan.

     (o)   "ISO" means any Option intended to be and designated as an
incentive stock option within the meaning of Section 422 of the Code.

     (p)   "Limited SAR" means a right granted pursuant to Section 6(c)
which shall, in general, be automatically exercised for cash upon a Change
in Control.

     (q)   "Loan" means the proceeds from the Company borrowed by a Plan
participant under Section 8 of the Plan.

     (r)   "NQSO" means any Option that is designated as a nonqualified
stock option.

     (s)   "Option" means a right, granted to a Grantee under Section 6(b)
and Section 9, to purchase shares of Stock.  An Option may be either an ISO
or an NQSO, PROVIDED THAT, ISO's may be granted only to employees of the
Company or a Subsidiary.

     (t)   "Other Cash-Based Award" means cash award under Section 6(h),
including cash awarded as a bonus or upon the attainment of specified
performance criteria or otherwise as permitted under the Plan.

     (u)   "Other Stock-Based Award" means a right or other interest
granted to Grantee under Section 6(h) that may be denominated or payable
in, valued in whole or in part by reference to, or otherwise based on, or
related to, Stock, including, but not limited to (1) unrestricted Stock
awarded as a bonus or upon the attainment of specified performance criteria
or otherwise as permitted under the Plan, and (2) a right granted to a
Grantee to acquire Stock from the Company for cash and/or a promissory note
containing terms and conditions prescribed by the Committee.

     (v)   "Performance Share" means an Award of shares of Stock to a
Grantee under Section 6(h) that is subject to restrictions based upon the
attainment of specified performance criteria.

     (w)   "Plan" means this Amended and Restated Stock Award and
Incentive Plan, as amended from time to time.

     (x)   "Restricted Stock" means an Award of shares of Stock to a
Grantee under Section 6(d) that may be subject to certain restrictions and
to a risk of forfeiture.

     (y)   "Restricted Stock Unit" means a right granted to a Grantee
under Section 6(e) to receive Stock or cash at the end of a specified
deferral period, which right may be conditioned on the satisfaction of
specified performance or other criteria.

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     (z)   "Retirement" shall have the meaning given to that term in
Section 10(k) of this Plan.

     (aa)  "Rule 16b-3" means Rule 16b-3, as from time to time in effect
promulgated by the Securities and Exchange Commission under Section 16 of
the Exchange Act, including any successor to such Rule.

     (bb)  "Stock" means of the common stock, par value $0.01 per share,
of the Company.

     (cc)  "SAR" or "Stock Appreciation Right" means the right, granted to
a Grantee under Section 6(c), to be paid an amount measured by the
appreciation in the Fair Market Value of Stock from the date of grant to
the date of exercise of the right, with payment to be made in cash, Stock,
or property as specified in the Award or determined by the Committee.

     (dd)  "Subsidiary" means any corporation in an unbroken chain of
corporations beginning with the Company if, at the time of granting of an
Award, each of the corporations (other than the last corporation in the
unbroken chain) owns stock possessing 50% or more of the total combined
voting power of all classes of stock in one of the other corporations in
the chain.

     3.    ADMINISTRATION.

     The Plan shall be administered by the Committee.  The Committee shall
have the authority in its discretion, subject to and not inconsistent with
the express provisions of the Plan, to administer the Plan and to exercise
all the powers and authorities either specifically granted to it under the
Plan or necessary or advisable in the administration of the Plan,
including, without limitation, the authority to grant Awards and make
Loans; to determine the persons to whom and the time or times at which
Awards shall be granted and Loans shall be made; to determine the type and
number of Awards to be granted and the amount of any Loan, the number of
shares of Stock to which an Award may relate and the terms, conditions,
restrictions and performance criteria relating to any Award or Loan; and to
determine whether, to what extent, and under what circumstances an Award
may be settled, cancelled, forfeited, exchanged, or surrendered; to make
adjustments in the terms and conditions of, and the criteria and
performance objectives (if any) included in, Awards and Loans in
recognition of unusual or non-recurring events affecting the Company or any
Subsidiary or Affiliate or the financial statements of the Company or any
Subsidiary or Affiliate, or in response to changes in applicable laws,
regulations, or accounting principles; to designate Affiliates; to construe
and interpret the Plan and any Award or Loan; to prescribe, amend and
rescind rules and regulations relating to the Plan; to determine the terms
and provisions of the Award Agreements and any promissory note or agreement
related to any Loan (which need not be identical for each Grantee); and to
make all other determinations deemed necessary or advisable for the
administration of the Plan.

     The Committee may appoint a chairperson and a secretary and may make
such rules and regulations for the conduct of its business as it shall deem
advisable, and shall keep minutes of its meetings.  All determinations of
the Committee shall be made by a majority of its members either present in
person or participating by conference telephone at a meeting or by written
consent.  The Committee may delegate to one or more of its members or to
one or more agents such administrative duties as it may deem advisable, and
the Committee or any person to whom it has delegated duties as aforesaid
may employ one or more persons to render advice with respect to any
responsibility the Committee or such person may have under the Plan.  All
decisions, determinations and interpretations of the Committee shall be
final and binding on all persons, including the Company, and any
Subsidiary, Affiliate or Grantee (or any person claiming any rights under
the Plan from or through any Grantee) and any stockholder.

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     No member of the Board or Committee shall be liable for any action
taken or determination made in good faith with respect to the Plan or any
Award granted or Loan made hereunder.

     4.    ELIGIBILITY.

     Subject to the conditions set forth below, Awards may be granted to
directors (including non-employee directors), selected employees and
independent contractors of the Company and its present or future
Subsidiaries and Affiliates, in the discretion of the Committee, and Loans
may be made to any eligible person, except as may be prohibited by
applicable law, rule, or regulation, in each case in the discretion of the
Committee.  In determining the persons to whom Awards and Loans shall be
granted and the type of any Award or the amount of any Loan (including the
number of shares to be covered by such Award), the Committee shall take
into account such factors as the Committee shall deem relevant in
connection with accomplishing the purposes of the Plan.

     5.    STOCK SUBJECT TO THE PLAN.

     The maximum number of shares of Stock reserved for the grant of
Awards under the Plan shall be 12,110,000 shares of Stock, subject to
adjustment as provided herein.  No more than 75,000 of the total shares
available for grant may be awarded to a single individual in a single year.

Such shares may, in whole or in part, be authorized but unissued shares or
shares that shall have been or may be reacquired by the Company in the open
market, in private transactions or otherwise.  If any shares subject to an
Award are forfeited, cancelled, exchanged or surrendered or if an Award
otherwise terminates or expires without a distribution of shares to the
Grantee, the shares of Stock with respect to such Award shall, to the
extent of any such forfeiture, cancellation, exchange, surrender,
termination or expiration, again be available for Awards under the Plan;
PROVIDED THAT, in the case of forfeiture, cancellation, exchange or
surrender of shares of Restricted Stock or Restricted Stock Units with
respect to which dividends or Dividend Equivalents have been paid or
accrued, the number of shares with respect to such Awards shall not be
available for Awards hereunder unless, in the case of shares with respect
to which dividends or Dividend Equivalents were accrued but unpaid, such
dividends and Dividend Equivalents are also forfeited, exchanged or
surrendered.  Upon the exercise of any Award granted in tandem with any
other Awards or Awards, such related Awards or Awards shall be cancelled to
the extent of the number of shares of Stock as to which the Award is
exercised and, notwithstanding the foregoing, such number of shares shall
no longer be available for Awards under the Plan.

     In the event that the Committee shall determine that any dividend or
other distribution (whether in the form of cash, Stock, or other property),
recapitalization, Stock split, reverse split, reorganization, merger,
consolidation, spin-off, combination, repurchase, or share exchange, or
other similar corporate transaction or event, affects the Stock such that
an adjustment is appropriate in order to prevent dilution or enlargement of
the rights of Grantees under the Plan, then the Committee shall make such
equitable changes or adjustments as it deems necessary or appropriate to
any or all of (i) the number and kind of shares of Stock which may
thereafter be issued in connection with Awards, (ii) the number and kind of
shares of Stock issued or issuable in respect of outstanding Awards, and
(iii) the exercise price, grant price, or purchase price relating to any
Award; PROVIDED THAT, with respect to ISOs, such adjustment shall be made
in accordance with Section 424(h) of the Code.

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     6.    SPECIFIC TERMS OF AWARDS.

     (a)   GENERAL.  The term of each Award shall be for such period as
may be determined by the Committee.  Subject to the terms of the Plan and
any applicable Award Agreement, payments to be made by the Company or a
Subsidiary or Affiliate upon the grant, maturation, or exercise of an Award
may be made in such forms as the Committee shall determine at the date of
grant or thereafter, including, without limitation, cash, Stock, or other
property, and may be made in a single payment or transfer, in installments,
or on a deferred basis.  The Committee may make rules relating to
installment or deferred payments with respect to Awards, including the rate
of interest to be credited with respect to such payments.  In addition to
the foregoing, the Committee may impose on any Award or the exercise
thereof, at the date of grant or thereafter, such additional terms and
conditions, not inconsistent with the provisions of the Plan, as the
Committee shall determine.

     (b)   OPTIONS.  The Committee is authorized to grant Options to
Grantees on the following terms and conditions:

           (i)   TYPE OF AWARD.  The Award Agreement evidencing the grant
of an Option under the Plan shall designate the Option as an ISO or an
NQSO.

           (ii)  EXERCISE PRICE.  The exercise price per share of Stock
purchasable under an Option shall be determined by the Committee; PROVIDED
THAT, in the case of an ISO, such exercise price shall be not less than the
Fair Market Value of a share on the date of grant of such Option, and in no
event shall the exercise price for the purchase of shares be less than par
value.  The exercise price for Stock subject to an Option may be paid in
cash or by an exchange of Stock previously owned by the Grantee, or a
combination of both, in an amount having a combined value equal to such
exercise price.  A Grantee may also elect to pay all or a portion of the
aggregate exercise price by having shares of Stock with a Fair Market Value
on the date of exercise equal to the aggregate exercise price withheld by
the Company or sold by a broker-dealer under circumstances meeting the
requirements of 12 C.F.R. Section  220 or any successor thereof.

           (iii) TERM AND EXERCISABILITY OF OPTIONS.  The date on which
the Committee adopts a resolution expressly granting an Option shall be
considered the day on which such Option is granted.  Options shall be
exercisable over the exercise period (which shall not exceed ten years from
the date of grant), at such times and upon such conditions as the Committee
may determine, as reflected in the Award Agreement; PROVIDED THAT, the
Committee shall have the authority to accelerated the exercisability of any
outstanding Option at such time and under such circumstances as it, in its
sole discretion, deems appropriate.  An Option may be exercised to the
extent of any or all full shares of Stock as to which the Option has become
exercisable, by giving written notice of such exercise to the Committee or
its designated agent.

           (iv)  TERMINATION OF EMPLOYMENT, ETC.  An Option may not be
exercised unless the Grantee is then in the employ of, or then maintains an
independent contractor relationship with, the Company or a Subsidiary or an
Affiliate (or a company or a parent or subsidiary company of such company
issuing or assuming the Option in a transaction to which Section 424(a) of
the Code applies), and unless the Grantee has remained continuously so
employed, or continuously maintained such relationship, since the date of
grant of the Option; PROVIDED THAT, the Award Agreement may contain
provisions extending the exercisability of Options, in the event of
specified terminations, to a date not later than the expiration date of
such Option.

           (v)   OTHER PROVISIONS.  Options may be subject to such other
conditions including, but not limited to, restrictions on transferability
of the shares acquired upon exercise of such Options, as the Committee may
prescribe in its discretion or as may be required by applicable law.

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     (c)   SARs AND LIMITED SARs.  The Committee is authorized to grant
both stand-alone and in-tandem SARs and Limited SARs to Grantees on the
following terms and conditions:

           (i)   IN GENERAL.  Unless the Committee determines otherwise,
an SAR or a Limited SAR (1) granted in tandem with an NQSO may be granted
at the time of grant of the related NQSO or at any time thereafter or
(2) granted in tandem with an ISO may only be granted at the time of grant
of the related ISO.  An SAR or Limited SAR granted in tandem with an Option
shall be exercisable only to the extent the underlying Option is
exercisable.

           (ii)  SARs.  An SAR shall confer on the Grantee a right to
receive an amount with respect to each share subject thereto, upon exercise
thereof, equal to the excess of (1) the Fair Market Value of one share of
Stock on the date of exercise over (2) the grant price of the SAR (which in
the case of an SAR granted in tandem with an Option shall be equal to the
exercise price of the underlying Option, and which in the case of any other
SAR shall be such price as the Committee may determine).

           (iii) LIMITED SARs.  A Limited SAR shall confer on the Grantee
a right to receive with respect to each share subject thereto,
automatically upon the occurrence of a Change in Control, an amount equal
in value to the excess of (1) the Change in Control Price (in the case of a
LSAR granted in tandem with an ISO, the Fair Market Value), of one share of
Stock on the date of such Change in Control over (2) the grant price of the
Limited SAR (which in the case of a Limited SAR granted in tandem with an
Option shall be equal to the exercise price of the underlying Option, and
which in the case of any other Limited SAR shall be such price as the
Committee determines); PROVIDED THAT, in the case of a Limited SAR granted
to a Grantee who is subject to the reporting requirements of Section 16(a)
of the Exchange Act (a "Section 16 Individual"), such Section 16 Individual
shall only be entitled to receive such amount if such Limited SAR has been
outstanding for at least six (6) months as of the date of the Change in
Control.

     (d)   RESTRICTED STOCK.  The Committee is authorized to grant
Restricted Stock to Grantees on the following terms and conditions:

           (i)   ISSUANCE AND RESTRICTIONS.  Restricted Stock shall be
subject to such restrictions on transferability and other restrictions, if
any, as the Committee may impose at the date of grant or thereafter, which
restrictions may lapse separately or in combination at such times, under
such circumstances, in such installments, or otherwise, as the Committee
may determine.  Such restrictions may include factors relating to the
increase in the value of the Stock or to individual or Company performance
such as the attainment of certain specified individual, divisional or
Company-wide performance goals, sales volume increases or decreases in
earnings per share.  Except to the extent restricted under the Award
Agreement relating to the Restricted Stock, a Grantee granted Restricted
Stock shall have all of the rights of a stockholder including, without
limitation, the right to vote Restricted Stock and the right to receive
dividends thereon.

           (ii)  FORFEITURE.  Upon termination of employment with or
service to the Company, or upon termination of the independent contractor
relationship, as the case may be, during the applicable restriction period,
Restricted Stock and any accrued but unpaid dividends or Dividend
Equivalents that are at that time subject to restrictions shall be
forfeited; PROVIDED THAT, the Committee may provide, by rule or regulation
or in any Award Agreement, or may determine in any individual case, that
restrictions or forfeiture conditions relating to Restricted Stock will be
waived in whole or in part in the event of terminations resulting from
specified causes, and the Committee may in other cases waive in whole or in
part the forfeiture of Restricted Stock.

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           (iii) CERTIFICATES FOR STOCK.  Restricted Stock granted under
the Plan may be evidenced in such manner as the Committee shall determine.
If certificates representing Restricted Stock are registered in the name of
the Grantee, such certificates shall bear an appropriate legend referring
to the terms, conditions, and restrictions applicable to such Restricted
Stock, and the Company shall retain physical possession of the certificate.

           (iv)  DIVIDENDS.  Dividends paid on Restricted Stock shall be
either paid at the dividend payment date, or deferred for payment to such
date as determined by the Committee, in cash or in shares of unrestricted
Stock having a Fair Market Value equal to the amount of such dividends.
Stock distributed in connection with a stock split or stock dividend, and
other property distributed as a dividend, shall be subject to restrictions
and a risk of forfeiture to the same extent as the Restricted Stock with
respect to which such Stock or other property has been distributed.

     (e)   RESTRICTED STOCK UNITS.  The Committee is authorized to grant
Restricted Stock Units to Grantees, subject to the following terms and
conditions:

           (i)   AWARD AND RESTRICTIONS.  Delivery of Stock or cash, as
determined by the Committee, will occur upon expiration of the deferral
period specified for Restricted Stock Units by the Committee.  In addition,
Restricted Stock Units shall be subject to such restrictions as the
Committee may impose, at the date of grant or thereafter, which
restrictions may lapse at the expiration of the deferral period or at
earlier or later specified times, separately or in combination, in
installments or otherwise, as the Committee may determine.  Such
restrictions may include factors relating to the increase in the value of
the Stock or to individual or Company performance such as the attainment of
certain specified individual, divisional or Company-wide performance goals,
sales volume increases or increases in earnings per share.

           (ii)  FORFEITURE.  Upon termination of employment or
termination of the independent contractor relationship during the
applicable deferral period or portion thereof to which forfeiture
conditions apply, or upon failure to satisfy any other conditions precedent
to the delivery of Stock or cash to which such Restricted Stock Units
relate, all Restricted Stock Units that are then subject to deferral or
restriction shall be forfeited; PROVIDED THAT, the Committee may provide,
by rule or regulation or in any Award Agreement, or may determine in any
individual case, that restrictions or forfeiture conditions relating to
Restricted Stock Units will be waived in whole or in part in the event of
termination resulting from specified causes, and the Committee may in other
cases waive in whole or in part the forfeiture of Restricted Stock Units.

     (f)   STOCK AWARDS IN LIEU OF CASH AWARDS.  The Committee is
authorized to grant Stock as a bonus, or to grant other Awards, in lieu of
Company commitments to pay cash under other plans or compensatory
arrangements.  Stock or Awards granted hereunder shall have such other
terms as shall be determined by the Committee.

     (g)   DIVIDEND EQUIVALENTS.  The Committee is authorized to grant
Dividend Equivalents to Grantees.  The Committee may provide, at the date
of grant or thereafter, that Dividend Equivalents shall be paid or
distributed when accrued or shall be deemed to have been reinvested in
additional Stock, or other investment vehicles as the Committee may
specify, provided that Dividend Equivalents (other than freestanding
Dividend Equivalents) shall be subject to all conditions and restrictions
on the underlying Awards to which they relate.

     (h)   PERFORMANCE SHARES AND OTHER STOCK- OR CASH-BASED AWARDS.  The
Committee is authorized to grant to Grantees Performance Shares and/or
Other Stock-Based Awards or Other Cash-Based Awards as an element of or
supplement to any other Award under the Plan, as deemed by the Committee to
be consistent with the purposes of the Plan.  Such Awards may be granted
with value and payment contingent upon performance of the Company or any
other factors designated by the Committee, or valued by reference to the
performance of specified Subsidiaries or Affiliates.

                                   9

<PAGE>

     The Committee shall determine the terms and conditions of such Awards
at the date of grant or, to the extent permitted by Section 162(m) of the
Code, thereafter; PROVIDED THAT performance objectives for each year shall
be established by the Committee not later than the latest date permissible
under Section 162(m) of the Code.  Such performance objectives may be
expressed in terms of one or more financial or other objective goals.
Financial goals may be expressed, for example, in terms of sales, earnings
per share, stock price, return on equity, net earnings growth, net
earnings, related return ratios, cash flow, earnings before interest,
taxes, depreciation and amortization (EBITDA), return on assets or total
stockholder return.  Other objective goals may include the attainment of
various productivity and long-term growth objectives, including, without
limitation reductions in the Company's overhead ratio and expense to sales
ratios.  Any criteria may be measured in absolute terms or as compared to
another corporation or corporations.  To the extent applicable, any such
performance objective shall be determined (i) in accordance with the
Company's audited financial statements and generally accepted accounting
principles and reported upon by the Company's independent accountants or
(ii) so that a third party having knowledge of the relevant facts could
determine whether such performance objective is met.  Performance
objectives shall include a threshold level of performance below which no
award payment shall be made, levels of performance above which specified
percentages of target Awards shall be paid, and a maximum level of
performance above which no additional Award shall be paid.  Performance
objectives established by the Committee may be (but need not be) different
from year-to-year and different performance objectives may be applicable to
different Grantees.

     7.    CHANGE IN CONTROL PROVISIONS.

     The following provisions shall apply in the event of a Change of
Control unless otherwise determined by the Committee or the Board in
writing at or after the grant of an Award, but prior to the occurrence of
such Change in Control:

     (a)   any Award carrying a right to exercise that was not previously
exercisable and vested shall become fully exercisable and vested;

     (b)   the restrictions, deferral limitations, payment conditions, and
forfeiture conditions applicable to any other Award granted under the Plan
shall lapse and such Awards shall be deemed fully vested, and any
performance conditions imposed with respect to Awards shall be deemed to be
fully achieved; and

     (c)   the value of all outstanding Awards shall, to the extent
determined by the Committee at or after grant, be cased out on the basis of
the Change of Control Price as of the date the Change of Control occurs or
such other date as the Committee may determine prior the Change of Control.

     8.    LOAN PROVISIONS

     Subject to the provisions of the Plan and all applicable federal and
state laws, rules and regulations (including the requirements of
Regulation G (12 C.F.R. Section  207)) and the rules and regulations of any
stock exchange on which Stock is listed, the Committee shall have the
authority to make Loans to Grantees (on such terms and conditions as the
Committee shall determine), to enable such Grantees to purchase shares in
connection with the realization of Awards under the Plan.  Loans shall be
evidenced b a promissory note or other agreement, signed by the borrower,
which shall contain provisions for repayment and such other terms and
conditions as the Committee shall determine.

                                  10

<PAGE>

     9.    SPECIAL NON-EMPLOYEE DIRECTOR AWARDS.

     (a)   RESTRICTED STOCK AND RESTRICTED STOCK UNITS

           (i)   ANNUAL GRANTS.  In addition to any other Award granted
hereunder, as of the 2004 Annual Meeting of Shareholders, non-employee
directors of the Company will be granted the Restricted Stock Units
described in clauses (I) and (II) of this Section 9(a)(i) (the "Automatic
Restricted Stock Units").  The grants will be valued using the closing
price of a share of Stock on the first business day following each annual
meeting of shareholders and will vest 20% each year over five (5) years:

                 (I)  Each non-employee director (a "New Director") who,
     is elected to the Board for the first time, will at the time such
     non-employee director is elected and duly qualified, be granted
     automatically, without action by the Committee, Restricted Stock
     Units with a value of, effective as of and after February 23, 2006,
     $75,000.00.

                 (II) On the first business day following each annual
     meeting of shareholders, each non-employee director (other than a New
     Director) who is continuing service as a member of the Board, will be
     granted automatically, without action by the Committee, Restricted
     Stock Units with a value of, effective as of and after February 23,
     2006, $75,000.00.

           (ii)  IN LIEU OF ANNUAL RETAINER.  For the calendar year
beginning January 1, 2003, non-employee directors may elect to receive, in
lieu of any or all of their annual retainer for a calendar year, Restricted
Stock in increments of 5% (i.e., 5%, 10%, 15%, etc.) as follows:

                 (I)  Non-employee directors can elect to receive their
     Restricted Stock either:

                      i.    during the calendar year in which the annual
           retainer is to be earned, in quarterly installments equal to
           the percent of the annual retainer elected to be received in
           Restricted Stock, divided by four, divided by the price per
           share of Stock on the last day of each quarter, prorated for
           any partial calendar year or quarter (for administrative
           purposes, shares may not actually be distributed until after
           the end of the year in which the annual retainer was earned),
           or

                      ii.   on a deferred basis:

                            a.    until they retire from the Board,

                            b.    ten (10) years from the date they
                                  retire from the Board,

                            c.    for a period of not less than 1 year
                                  and not more than 10 years, in
                                  increments of 1 year, or

                            d.    until they retire from their primary
                                  employment.

                 (II) Any election to defer Stock shall be made prior to
     the year in which the annual retainer subject to deferral shall be
     paid and shall be irrevocable.  Any newly elected non-employee
     director shall have five (5) days from the date of their election to
     the Board to elect to defer any percentage hereunder.  An election
     shall continue in effect until revoked.  Any Stock for which receipt
     is deferred shall be matched by the Company by a number of shares
     equal to 25% of the value of the quarterly amount so deferred, based
     on the price per share of Stock on the last day of each quarter.

                                  11

<PAGE>

     (b)   OPTIONS.

           (i)   AUTOMATIC OPTIONS.  Until the  calendar year beginning
January 1, 2004, at which point this provision shall no longer be
applicable, in addition to any other Award granted hereunder, non-employee
directors of the Company will be granted the Options described in
clauses (i) and (ii) of this Section 9(b)(i) (the "Automatic Options"):

                 (I)  Each non-employee director (a "New Director") who,
     after the effective date of the Plan, is elected to the Board for the
     first time, will at the time such non-employee director is elected
     and duly qualified, be granted automatically, without action by the
     Committee, an Option to purchase 5,000 shares of Stock.

                 (II) On the first business day following each annual
     meeting of the shareholders', each non-employee director (other than
     a New Director) who is continuing service as a member of the Board,
     will be granted automatically, without action by the Committee, an
     Option to purchase 5,000 shares of Stock.

           (ii)  ELECTED OPTIONS.  Until the calendar year beginning
January 1, 2003, at which point this provision shall no longer be
applicable, each non-employee director could, at any time prior to the
commencement of any calendar year during which he or she was to serve as a
member of the Board, irrevocably elect to receive, in lieu of the annual
directors' retainer payable to such non-employee director with respect to
such calendar year (prorated for any partial calendar year, an Option (an
"Elected Option") to purchase shares of Stock. The number of shares of
Stock covered by an Elected Option received in lieu of an annual retainer
for 2002 shall be the number (rounded to the nearest whole number of
shares) equal to (i) the annual, or prorated, retainer divided by (ii) the
value per share of the Elected Option, which value shall be equal to thirty
three percent (33%) of the exercise price.  An Elected Option shall be
granted on January 1 of the year following the year in which the annual
retainer to which it relates is earned.

     (c)   TERMS AND CONDITIONS OF OPTIONS.  Automatic Options and Elected
Options shall be subject to the following specific terms and conditions
(and shall otherwise be subject to all other provisions of the Plan not in
conflict with this Section 9):

           (i)   Each Automatic Option and each Elected Option shall be a
NQSO.

           (ii)  The exercise price of Automatic Options shall be equal to
the Fair Market Value of the shares of Stock subject to such Automatic
Options on the date of grant.  The exercise price of Elected Options shall
be equal to (i) the average closing price of the Stock on the national
securities exchange on which the Stock is principally traded on the last
trading day in March, June, September and December of the year in which the
annual retainer is earned, or (ii) if the shares of Stock are then traded
in an over-the-counter market, the average of the closing bid and asked
prices for the shares of Stock in such over-the-counter market on the last
trading day on which a trade occurs in March, June, September and December
of the year in which the annual retainer is earned, or (iii) if the shares
of Stock are not then listed on a national securities exchange or traded in
an over-the-counter market, such value as the Committee, in its sole
discretion, shall determine.

           (iii) Automatic Options shall be exercisable as to twenty
percent (20%) of the Stock subject thereto on the first anniversary of the
date of grant, and shall become exercisable as to an additional twenty
percent (20%) of such shares on each of the second, third, fourth and fifth
anniversaries of such date of grant.  Automatic Options shall be
exercisable for a period of ten (10) years from the date of grant of such
Option; PROVIDED THAT, the exercise period shall be subject to earlier
termination in accordance with the provisions of Section 6(b)(iv) hereof.
Elected Options shall be exercisable for a period ending ten (10) years
from the December 31st of the year in which the retainer was earned.

                                  12

<PAGE>

     10.   GENERAL PROVISIONS.

     (a)   APPROVAL.  The Plan shall take effect upon its adoption by the
Board, subject to approval by the shareholders of the Company in the manner
and to the degree required by applicable law.

     (b)   NONTRANSFERABILITY.  Awards shall not be transferable by a
Grantee except by will or the laws of descent and distribution or, if then
permitted under Rule 16b-3, pursuant to a qualified domestic relations
order as defined under the Code or Title I of the Employee Retirement
Income Security Act of 1974, as amended, or the rules thereunder, and shall
be exercisable during the lifetime of a Grantee only by such Grantee or his
guardian or legal representative.

     (c)   NO RIGHT TO CONTINUED EMPLOYMENT, ETC.  Nothing in the Plan or
in any Award or Loan granted or any Award Agreement, promissory note or
other agreement entered into pursuant hereto shall confer upon any Grantee
the right to continue in the employ of or to continue as an independent
contractor of the Company, any subsidiary or any Affiliate or to be
entitled to any remuneration or benefits not set forth in the Plan or such
Award Agreement, promissory note or other agreement or to interfere with or
limit in any way the right of the Company or any Subsidiary or Affiliate to
terminate such Grantee's employment or independent contractor relationship.

     (d)   TAXES.  The Company or any Subsidiary or Affiliate is
authorized to withhold from any Award granted, any payment relating to an
Award under the Plan, including from a distribution of Stock, or any other
payment to a Grantee, amounts of withholding and other taxes due in
connection with any transaction involving an Award, and to take such other
action as the Committee may deem advisable to enable the Company and
Grantees to satisfy obligations for the payment of withholding taxes and
other tax obligations relating to any Award.  This authority shall include
authority to withhold or receive Stock or other property and to make cash
payments in respect thereof in satisfaction of a Grantee's tax obligations.

     (e)   AMENDMENT AND TERMINATION OF THE PLAN.  The Board may at any
time and from time-to-time alter, amend, suspend, or terminate the Plan in
whole or in part.  Notwithstanding the foregoing, no amendment shall affect
adversely any of the rights of any Grantee, without such Grantee's consent,
under any Award or Loan theretofore granted under the Plan.

     The Company shall obtain stockholder approval of any Plan amendment
to the extent necessary or desirable to comply with applicable law, rule,
or regulation.  Additionally, notwithstanding anything in the Plan to the
contrary, the Board may not, without approval of the Company's
shareholders:

           (i)   materially increase the number of shares of Stock
issuable under the Plan, except for permissible adjustment as provided for
herein; or

           (ii)  reprice Options issued under the Plan by lowering the
exercise price of a previously granted award, by canceling outstanding
Options and issuing replacements, or by otherwise replacing existing
Options with substitute Options with a lower price.

     (f)   NO RIGHTS TO AWARDS OR LOANS; NO STOCKHOLDER RIGHTS.  No
Grantee shall have any claim to be granted any Award or Loan under the
Plan, and there is no obligation for uniformity of treatment of Grantees.
Except as provided specifically herein, a Grantee or a transferee of an
Award shall have no rights as a stockholder with respect to any shares
covered by the Award until the date of the issuance of a stock certificate
to him for such shares.

                                  13

<PAGE>

     (g)   UNFUNDED STATUS OF AWARDS.  The Plan is intended to constitute
an "unfunded" plan for incentive and deferred compensation.  With respect
to any payments not yet made to a Grantee pursuant to an Award, nothing
contained in the Plan or any Award shall give any such Grantee any rights
that are greater than those of a general creditor of the Company.

     (h)   NO FRACTIONAL SHARES.  No fractional shares of Stock shall be
issued or delivered pursuant to the Plan or any Award.  The Committee shall
determine whether cash, other Awards, or other property shall be issued or
paid in lieu of such fractional shares or whether such fractional shares or
any rights thereto shall be forfeited or otherwise eliminated.

     (i)   REGULATIONS AND OTHER APPROVALS.

           (i)   The obligation of the Company to sell or deliver Common
Stock with respect to any Award granted under the Plan shall be subject to
all applicable laws, rules and regulations, including all applicable
federal and state securities laws, and the obtaining of all such approvals
by governmental agencies as may be deemed necessary or appropriate by the
Committee.

           (ii)  Each Award is subject to the requirement that, if at any
time the Committee determines, in its absolute discretion, that the
listing, registration or qualification of Common Stock issuable pursuant to
the Plan is required by any securities exchange or under any state or
federal law, or the consent or approval of any governmental regulatory body
is necessary or desirable as a condition of, or in connection with, the
grant of an Award or the issuance of Common Stock, no such Award shall be
granted or payment made or Common Stock issued, in whole or in part, unless
listing, registration, qualification, consent or approval has been effected
or obtained free of any conditions not acceptable to the Committee.

           (iii) In the event that the disposition of Common Stock
acquired pursuant to the Plan is not covered by a then current registration
statement under the Securities Act and is not otherwise exempt from such
registration, such Common Stock shall be restricted against transfer to the
extent required by the Securities Act or regulations thereunder, and the
Committee may require a Grantee receiving Common Stock pursuant to the
Plan, as a condition precedent to receipt of such Common Stock, to
represent to the Company in writing that the Common Stock acquired by such
Grantee is acquired for investment only and not with a view to
distribution.

     (j)   GOVERNING LAW.  The Plan and all determinations made and
actions taken pursuant hereto shall be governed by the laws of the State of
Maryland without giving effect to the conflict of laws principles thereof.

     (k)   STANDARD DEFINITION OF RETIREMENT.  Effective for all
determinations made on or after February 23, 2006, and notwithstanding
anything to the contrary in any Award Agreement (whether issued before or
after that date), the standard definition of "Retirement" for each Grantee
shall mean the termination of employment when any one of the following
conditions has been met:  (i) being at least fifty-five (55) years old with
at least ten (10) years of service to the Company and its Affiliates, (ii)
being at least fifty-five years old and having any combination of age plus
years of service to the Company and its Affiliates equal to at least sixty-
five (65) or (iii) having reached age 55, attainment of the statutory
retirement age as defined within the country of the Grantee's residence or
citizenship, as applicable.  In addition, the Company may in its discretion
impose on a Grantee additional conditions regarding non-competition and
non-solicitation of clients and employees in order for the Grantee to
realize the benefits relating to a qualified Retirement for purposes of
this Plan.EXHIBIT 10.1
------------

                    AMENDMENT NO. 1 TO THE LANDAUER, INC.
                              1996 EQUITY PLAN
             (AS AMENDED AND RESTATED THROUGH NOVEMBER 8, 2001)

            WHEREAS, Landauer, Inc. (the "Company") has adopted the 1996
Equity Plan, as Amended and Restated through November 8, 2001 (the "Plan");
and

            WHEREAS, the Company desires to amend the Plan as set forth
herein.

            NOW, THEREFORE, pursuant to Section 5.2 of the Plan, the Plan
hereby is amended as follows:

      1.    Section 5.8(a)(2) of the Plan is amended to read in its
entirety as follows:

            "(2)  Notwithstanding any provision in this Plan or any
Agreement, in the event of a Change in Control pursuant to Section (b)(1)
or (2) below, or in the event of a Change in Control pursuant to Section
(b)(3) or (4) below in connection with which the holders of Common Stock
receive consideration other than shares of common stock that are registered
under Section 12 of the Exchange Act, (i) in the case of an outstanding
option or Free-Standing SAR, the Board may, in its discretion, require (A)
that each outstanding option or SAR immediately become exercisable in full
and if there shall be a surviving corporation in such Change in Control, or
a parent corporation thereof, that shares of capital stock of such
surviving corporation or parent corporation be substituted for some or all
of the shares of Common Stock then subject to such option or SAR, as the
case may be, and the purchase price per share of Common Stock subject to
each such option, and the base price of each such SAR, shall be
appropriately adjusted by the Board (whose determination shall be final,
binding and conclusive), such adjustments to be made without an increase in
the aggregate purchase price or base price, as the case may be, or (B) that
each outstanding option or SAR shall be surrendered to the Company by the
holder thereof, and each such option or SAR shall immediately be canceled
by the Company, and the holder shall receive, within 10 days of the
occurrence of a Change in Control, a cash payment from the Company in an
amount equal to (1) in the case of an option, the number of shares of
Common Stock then subject to such option, multiplied by the excess, if any,
of the greater of (x) the highest per share price offered to stockholders
of the Company in any transaction whereby the Change in Control takes place
or (y) the Fair Market Value of a share of Common Stock on the date of
occurrence of the Change in Control, over the purchase price per share of
Common Stock subject to the option, and (2) in the case of a Free-Standing
SAR, the number of shares of Common Stock then subject to such SAR,
multiplied by the excess, if any, of the greater of (x) the highest per
share price offered to stockholders of the Company in any transaction
whereby the Change in Control takes place or (y) the Fair Market Value of a
share of Common Stock on the date of occurrence of the Change in Control,
over the base price of the SAR or (ii) in the case of a Restricted Stock
Award or Performance Share Award, each outstanding award shall be
surrendered to the Company by the holder thereof, and each such award shall
immediately be canceled by the Company, and the holder shall receive,
within ten days of the occurrence of a Change in Control, a cash payment
from the Company in an amount equal to the number of shares of Common Stock

                                      1

<PAGE>

or the number of Performance Shares, as the case may be, then subject to
such award, multiplied by the greater of (A) the highest per share price
offered to stockholders of the Company in any transaction whereby the
Change in Control takes place or (B) the Fair Market Value of a share of
Common Stock on the date of occurrence of the Change in Control.  In the
event of a Change in Control, each Tandem SAR shall be surrendered by the
holder thereof and shall be canceled simultaneously with the cancellation
of the related option."

In all other respects, the Plan shall remain in full force and effect in
accordance with its terms.

Adopted by the Board of Directors of Landauer, Inc. on December 30, 2005.

                                      2

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