Document:

EXHIBIT 10.2
------------

DATED as of January 7, 2004

                       JONES LANG LASALLE LTD (1)

                   JONES LANG LASALLE INCORPORATED (2)

                                 - and -

                       CHRISTOPHER A. PEACOCK (3)

           --------------------------------------------------

                 WITHOUT PREJUDICE & SUBJECT TO CONTRACT
                          COMPROMISE AGREEMENT

           --------------------------------------------------

<PAGE>

                            TABLE OF CONTENTS
                           ------------------

1.    TERMINATION DATE. . . . . . . . . . . . . . . . . . . . . . . . 1

2.    SALARY AND BENEFITS . . . . . . . . . . . . . . . . . . . . . . 3

3.    EXPENSES. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

4.    HOLIDAYS AND MONEY OWED TO COMPANY. . . . . . . . . . . . . . . 4

5.    SUMS OWED TO MR PEACOCK . . . . . . . . . . . . . . . . . . . . 4

6.    SHARE OPTIONS AND OTHER EQUITY GRANTS . . . . . . . . . . . . . 4

7.    PRIVATE MEDICAL INSURANCE . . . . . . . . . . . . . . . . . . . 4

8.    PERMANENT HEALTH INSURANCE. . . . . . . . . . . . . . . . . . . 4

9.    LIFE COVER. . . . . . . . . . . . . . . . . . . . . . . . . . . 4

10.   LAPTOP COMPUTER . . . . . . . . . . . . . . . . . . . . . . . . 5

11.   REFERENCE . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

12.   ASSISTANCE. . . . . . . . . . . . . . . . . . . . . . . . . . . 5

13.   RETURN OF PROPERTY. . . . . . . . . . . . . . . . . . . . . . . 5

14.   STATEMENTS AND SECRECY, CONFIDENTIALITY,
      RESTRICTIVE COVENANTS . . . . . . . . . . . . . . . . . . . . . 6

15.   LEGAL FEES. . . . . . . . . . . . . . . . . . . . . . . . . . . 7

16.   FULL AND FINAL SETTLEMENT . . . . . . . . . . . . . . . . . . . 8

17.   WARRANTIES. . . . . . . . . . . . . . . . . . . . . . . . . . . 9

18.   REPAYMENT ON COMMENCEMENT OF LEGAL PROCEEDINGS. . . . . . . . .10

19.   OTHER ENGAGEMENTS . . . . . . . . . . . . . . . . . . . . . . .10

20.   RELIANCE ON WARRANTIES, ETC.. . . . . . . . . . . . . . . . . .11

21.   GOVERNING LAW AND JURISDICTION. . . . . . . . . . . . . . . . .11

22.   INTERPRETATION AND ENFORCEABILITY . . . . . . . . . . . . . . .11

SCHEDULE 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14

SCHEDULE 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15

SCHEDULE 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16

3     WARRANTIES. . . . . . . . . . . . . . . . . . . . . . . . . . .17

<PAGE>

THIS AGREEMENT is made as of January 7, 2004

BETWEEN:

(1)   JONES LANG LASALLE LTD, a company registered in England and Wales
      under number 1188567 and whose registered office is at 9 Queen
      Victoria Street, London EC4N 4YY ("the Company"); and

(2)   JONES LANG LASALLE INCORPORATED, a company incorporated in Maryland,
      United States of America whose registered office is at 200 East
      Randolph Drive, Chicago, Illinois 60601 ("the US Company")

(3)   CHRISTOPHER A. PEACOCK of Logmore Place, Logmore Lane, Westcott, NR,
      Dorking Surrey  RH4 3JN ("Mr Peacock").

WHEREAS

(A)   Mr Peacock is employed by the Company and formerly served as its
      Chief Executive Officer and President and a Director of the US
      Company;

(b)   The Company and the US Company are entering into this Agreement
      without any admission of liability for themselves and as agents for
      all and any Associated Companies of either of them and are duly
      authorized to do so.

IT IS AGREED as follows:

TERMINATION OF EMPLOYMENT
-------------------------

1.    TERMINATION DATE

      1.1. Mr Peacock's employment with the Company and all other
           employments with the Company and any Associated Company will
           terminate on 9 April 2005 ("the Termination Date") following an
           extended notice period further to Mr Peacock's resignation.  Mr
           Peacock's service agreement dated 9 March 1999 ("the Contract
           of Employment") has and shall have no further effect thereafter
           save in respect of those clauses expressed to apply or capable
           of applying following the Termination Date (including without
           limitation clauses 4(B), 7, 8, and Schedule (A) clauses 7(B),
           (8) and (15) (both as amended hereunder), and as provided in
           this Agreement.

      1.2. From the date of this agreement Mr Peacock will be on garden
           leave in accordance with Schedule (A) clauses (5) and (6) of
           the Contract of Employment ("the Garden Leave Period") until
           the Termination Date. It is agreed that the duties required of
           Mr Peacock under the Contract of Employment shall be varied
           such that during the Garden Leave Period Mr Peacock shall with
           effect from 7 January 2004 and until December 31, 2004 on
           request by the Company or the US Company:

           1.2.1.      host and/or attend client relationship functions
                       (i.e. shoots), for which Mr Peacock will be
                       reimbursed all reasonable related costs;

           1.2.2.      assist in the transfer of his employment duties;

           1.2.3.      provide transition support for key client
                       relationships;

                                    1

<PAGE>

           1.2.4.      consult with and provide advice generally to the
                       Global Executive Committee of the US Company; and

           1.2.5.      provide advice on business strategies.

           For the period of 1 January 2005 until 9 April 2005 Mr Peacock
           shall provide advice and assistance to the Company and the US
           Company on an ad hoc basis in relation to such matters within
           his experience and skills as the Company or the US Company may
           reasonably require from time to time.

      1.3. Other than when attending to the duties described at paragraph
           1.2 above during the Garden Leave Period Mr Peacock will
           perform only such duties, specific projects or tasks as are
           assigned to him expressly the Chairman of by the Company in his
           absolute discretion.

      1.4. Insofar as he has not already done so Mr Peacock shall on the
           request of the Company or any Associated Company resign from
           any directorships, trusteeships or other offices which he may
           hold in the Company or any Associated Company and undertake to
           execute all further documents as are necessary in order to give
           full effect to such resignations. During the Garden Leave
           Period, Mr Peacock shall cease to be an authorised signatory of
           the Company or any Associated Company and shall not hold a
           power of attorney for the Company.  He shall not thereafter nor
           following the Termination Date hold himself out as having such
           directorships, trusteeships or other offices, nor as holding a
           power of attorney nor being such an authorised signatory.

      1.5. The Company and the US Company shall be entitled to make such
           announcements or statements to any regulatory authorities,
           third parties or employees, clients and professional contacts
           of the Company or any Associated Company concerning the
           termination of Mr Peacock's employment that are made in
           accordance with forms of communication, including but not
           limited to the announcement contained on Schedule 3, previously
           agreed between the parties, and any material deviation by the
           Company therefrom shall require the approval of Mr Peacock,
           such approval not to be unreasonably withheld or delayed;
           provided that the foregoing shall not apply to any such
           statements or announcements required pursuant to stock exchange
           listing requirements, regulatory filings or submissions, or any
           legal or regulatory process.

      1.6. During the Garden Leave Period Mr Peacock shall continue to be
           bound by the express and implied duties of his employment,
           including, without limitation, the duty of fidelity and good
           faith owed to the Company.

      1.7  For the avoidance of doubt, nothing in this agreement shall
           prevent the Company terminating the employment of Mr Peacock
           prior to the Termination Date if he is guilty of gross
           misconduct or is otherwise in material breach of the Contract
           of Employment or his common law duties, in which event the
           Company and the US Company shall be entitled to cease forthwith
           making payments to Mr Peacock and the provision of all benefits
           to Mr Peacock provided for in this Agreement shall cease but Mr
           Peacock shall remain bound by the waivers and releases at
           paragraph 16.1 and 16.2.

                                    2

<PAGE>

2.    SALARY, BENEFITS AND ALLOWANCES

      2.1. Subject to paragraphs 1.7, 4 and 16.5 and Mr Peacock's
           continuing compliance with his Contract of Employment the
           Contract of Employment shall be varied by consent such that Mr
           Peacock will be paid a monthly salary at the agreed level of
           US$850,000 per annum.  Mr Peacock will continue to receive the
           benefits due to him to the Termination Date subject to
           deductions for tax and National Insurance Contributions in the
           usual way.  Except as otherwise provided for in this Agreement,
           all benefits extended to Mr Peacock and salary payments
           including, but not limited to, pension contributions will cease
           with effect from the Termination Date.

      2.2. The exchange rate to pounds sterling for any amounts designated
           in US dollars shall be the rate determined by the US Company
           for financial planning purposes, which for 2004 is 1.58 and
           which for 2005 shall be determined by the US Company in its
           sole discretion.

      2.3. Mr Peacock's Form P45 will be made up to the Termination Date
           and issued to Mr Peacock as soon as practicable after the
           Termination Date.

      2.4. Subject to paragraphs 1.7, 4 and 16.5 and Mr Peacock's
           continuing compliance with his Contract of Employment Mr
           Peacock will receive the following allowances, paid or
           reimbursed as they have been in the past, until the Termination
           Date:

           2.4.1.      an annual car allowance of <pound sterling>12,500
                       until the Termination Date;

           2.4.2.      an annual phone allowance of <pound sterling>400;

           2.4.3.      an annual accountant fee allowance of <pound
                       sterling>2,000;

           2.4.4.      reimbursement by the Company for those professional
                       subscriptions and memberships to which he belonged
                       at the date of this agreement; and

           2.4.5.      subject to Inland Revenue limits the Company shall
                       until the Termination Date continue to make
                       contributions to the approved pension provider
                       selected by Mr. Peacock in accordance with the
                       Contract of Employment in the amount grossed-up to
                       provide for a contribution of <pound
                       sterling>15,000 net, provided always that he
                       remains a member of any such approved pension
                       scheme.  A gross deduction of <pound
                       sterling>12,714 will be made from Mr Peacock's
                       monthly salary in March 2005 in respect of the
                       adjustment required in paying the pension payment
                       net of tax.

           Any amounts identified under this paragraph 2.4 as annual
           amounts shall be prorated to the extent of any partial year.

3.    EXPENSES

      Whilst the Company expects that these will be minimal, Mr Peacock
      will be reimbursed for all expenses reasonably incurred by him in the
      proper performance of his duties in the usual way up to the
      Termination Date, subject to the production of such receipts or other
      documentary evidence of expenditure as the Company may require to its
      satisfaction and provided that Mr Peacock has submitted such request
      for reimbursement to the Company within 28 days of the Termination
      Date.

                                    3

<PAGE>

4.    HOLIDAYS AND MONEY OWED TO COMPANY

      Mr Peacock's holiday entitlement shall continue to accrue during the
      Garden Leave Period but he shall be deemed to take such holiday as
      and when it accrues (including any statutory entitlement to annual
      leave) and shall not be entitled to any payment in respect of holiday
      over and above his normal salary payments. The Company acknowledges
      that Mr Peacock has not taken holiday in excess of his pro-rata
      entitlement and there is no outstanding loan or advance of salary
      made or any other sums owed by Mr Peacock to the Company or any
      Associated Company and Mr Peacock acknowledges that the Company or
      any Associated Company does not owe him for any untaken holiday or
      for any outstanding loan or advance, as at the date of this
      agreement.

5.    SUMS OWED TO MR PEACOCK

      Mr Peacock hereby warrants that, except as set out in this Agreement,
      there are no sums owed to him or any arrangement under which a sum
      could become due by the Company or any Associated Company to Mr.
      Peacock including any payments under any bonus, incentive,
      commission, share option or similar scheme and that neither the
      Company nor any Associated Company nor the trustees of any such
      scheme is or shall be liable to make any payment or provide him with
      any shares or other benefits under any such scheme; provided however,
      that Mr. Peacock shall be entitled to that portion of his 2003 target
      bonus as shall be determined by the Compensation Committee of the
      Board of Directors of the US Company in its sole discretion, subject
      to deductions for tax and National Insurance Contributions in the
      usual way.  The Company agrees to convert any such U.S. dollar
      denominated bonus into pounds Sterling at the Company's 2003 plan
      rate, which is 1.50.

6.    SHARE OPTIONS AND OTHER EQUITY GRANTS

      All outstanding equity awards previously granted to Mr. Peacock under
      the US Company's Amended and Restated Stock Award and Incentive Plan,
      including Options, Restricted Stock Units, Stock Ownership Program
      shares and awards under the Jones Lang LaSalle Amended and Restated
      Co-Investment Long Term Incentive Plan (collectively the "Equity
      Awards") shall continue to vest in accordance with the terms of their
      original grants until 31 December 2004, at which time all unvested
      Equity Awards shall fully vest, except for Option grants which shall
      continue to vest in accordance with their terms and which as of April
      9, 2005 will be governed by the retirement provisions thereof; except
      to the extent terminated by the Company or the US Company for cause
      or as a result of a breach by Mr. Peacock of any warranty,
      representation, or covenant contained in this Agreement, in which
      case all unvested Equity Awards shall be forfeited.

7.    PRIVATE MEDICAL INSURANCE

      The Company will continue to provide Mr Peacock with his existing
      private medical insurance until the Termination Date subject to the
      terms of that scheme from time to time in force.

8.    PERMANENT HEALTH INSURANCE

      The Company will continue to provide Mr Peacock with his existing
      permanent health insurance until the Termination Date subject to the
      terms of that scheme from time to time in force.

9.    LIFE COVER

      The Company will continue to provide Mr Peacock with his existing
      life cover until the Termination Date subject to the terms of that
      scheme from time to time in force.

                                    4

<PAGE>

10.   LAPTOP COMPUTER

      Notwithstanding paragraph 13, the Company will allow Mr Peacock to
      retain the laptop computer used by him until the Termination Date
      provided, however, that upon the request of the Company he will
      deliver the laptop computer to the Company or its representative or
      allow the Company or its representative access to the laptop computer
      for the purpose of deleting all property and information relating to
      the business or affairs of the Company or any Associated Company or
      any of its or their respective officers, employees, customers,
      clients, suppliers or agents. Mr Peacock warrants that he has not
      copied, downloaded or otherwise retained any of the above-mentioned
      property and information.

11.   REFERENCE

      The Company will further to any reasonable request by a prospective
      employer, employment agency or executive search agency addressed to
      Stuart L. Scott, Chairman of the Board, Jones Lang LaSalle
      Incorporated, 200 East Randolph Drive, Chicago, Illinois 60601,
      provide a positive written reference with respect to Mr Peacock's
      employment with the Company and will deal with any reasonable oral
      enquiries in a manner consistent therewith (subject in each case to
      such amendment as may be necessary to reflect any material
      information which may subsequently come to the attention of the
      Company and, subject in every case to the Company's overriding legal
      duties and obligations owed to prospective employers).

12.   ASSISTANCE

      Mr Peacock will during the Garden Leave Period and following the
      Termination Date at the request of the Company or the US Company
      promptly provide the Company and any Associated Company with such
      assistance as it may require in the conduct of legal proceedings or
      any regulatory or other inquiry or investigation in respect of which
      the Company, the US Company or its or their legal advisers believe Mr
      Peacock may be able to provide assistance during the term of this
      Agreement and thereafter on financial terms and conditions that
      reflect the obligations imposed on Mr Peacock by the situation. Mr
      Peacock's reasonable out-of-pocket expenses incurred in providing
      such assistance will be reimbursed by the Company or the US Company.

13.   RETURN OF PROPERTY

      13.1.Mr Peacock warrants that all books, documents, correspondence,
           computer disks and records, papers, materials, credit or charge
           and telephone cards and keys, including all copies thereof, and
           all other property of or relating to the business or affairs of
           the Company or any Associated Company or any of its or their
           respective officers, employees, shareholders, customers,
           suppliers or agents which is or has been in Mr Peacock's
           possession or control are and will remain in the possession of
           the Company as of the Termination Date and that none of the
           above are in his personal possession.

      13.2.Mr Peacock warrants that he has not, other than on the laptop
           referenced in paragraph 10 above, saved any information
           belonging to the Company or any Associated Company on any
           personal computer that he may have at home or elsewhere and has
           not retained any copies of any such information, in electronic
           or other format. Mr Peacock will on request notify the Company
           of any and all passwords used by Mr Peacock in relation to its
           computer system.

                                    5

<PAGE>

14.   STATEMENTS AND SECRECY, CONFIDENTIALITY, RESTRICTIVE COVENANTS

      14.1.In consideration of the extension of Mr Peacock's notice period
           hereunder and as part of his continuing duty of confidentiality
           to the Company Mr Peacock agrees that (save as required by any
           court of competent jurisdiction or any regulatory authority or
           to give effect to the terms of this Agreement or until such
           time as the US Company is required to disclose this Agreement
           pursuant to any regulatory authority or listing exchange
           requirements) Mr Peacock has not, directly or indirectly,
           disclosed or caused to be disclosed and will not, without the
           prior written consent of the Company, directly or indirectly
           disclose or cause to be disclosed the existence or terms of
           this Agreement to anyone (other than to Mr Peacock's legal
           advisers who require the information for the purposes of
           advising Mr Peacock in this matter or to his spouse who has
           undertaken to keep the matter confidential) nor directly or
           indirectly made or caused to be made or published or make or
           cause to be made or publish or cause to be published any
           statement about the circumstances leading up to the termination
           of Mr Peacock's employment with the Company or any Associated
           Company and his resignation as an employee and as a
           director/officer of the Company or any Associated Company save
           in the terms of the announcement at Schedule 3 which was
           released on 8 January 2004.  Further, Mr Peacock agrees that he
           has not made or caused to be made or published and shall not
           make or cause to be made or publish or cause to be published
           any derogatory or disparaging comments about the Company, or
           any Associated Company, or any of its or their respective
           officers, employees, shareholders or agents.

      14.2.The Company agrees that (save as required by any court of
           competent jurisdiction or any regulatory authority or
           regulatory process or pursuant to any required filings with any
           regulatory authority or securities exchange or to give effect
           to the terms of this Agreement) the Company has not, directly
           or indirectly, disclosed or caused to be disclosed and will
           not, without the prior written consent of Mr Peacock, directly
           or indirectly disclose or cause to be disclosed the existence
           or terms of this Agreement to anyone (other than to its legal
           and financial advisers who require the information for the
           purposes of advising the Company) nor directly or indirectly
           made or caused to be made or published or make or cause to be
           made or publish or cause to be published any statement about
           the circumstances leading up to the termination of Mr Peacock's
           employment with the Company or any Associated Company and his
           resignation as an employee and as a director/officer of the
           Company or any Associated Company save in the terms of the
           announcement at Schedule 3 which was released on 8 January 2004
           and in accordance with references provided for in paragraph 11.

                                    6

<PAGE>

      14.3.Mr Peacock acknowledges his continuing duty of confidentiality
           to the Company and its Associated Companies and agrees that he
           has not and will not at any time prior to or after the
           Termination Date (except with the prior written authority of
           the Company) used or use for his own purpose or for the benefit
           of any third party, or disclosed or disclose to any third party
           (and Mr Peacock shall use his reasonable endeavours to prevent
           the publication or disclosure of) any confidential information
           belonging to the Company or any Associated Company relating to
           the business, prospective business, business processes,
           finances, pricing models or lists of customers and suppliers or
           information relating to any response by the Company or any
           Associated Company to a request or proposal from any customer
           or prospective customer of the Company or any Associated
           Company which have come into his possession by virtue of his
           employment with the Company or his office, and any other
           information which the Company regards or could reasonably be
           expected to regard as confidential. This restriction shall not
           apply to any disclosure required of Mr Peacock by a court of
           competent jurisdiction or a regulatory authority relevant to Mr
           Peacock's employment with the Company or its termination.

      14.4.Without prejudice to paragraph 19, the parties acknowledge and
           agree that clauses 8(A) to (G) of Schedule A of the Contract of
           Employment shall be varied such that:

           14.4.1.     the period of restriction referred to in each of
                       clauses 8(B) to (E) of Schedule A of the Contract
                       of Employment shall be extended such that they
                       shall have effect until 9 April 2005; and

           14.4.2.     Schedule A of the Contract of Employment shall be
                       varied such that no payment shall be due by the
                       Company further to clauses 8(i) to (iii) thereof in
                       respect of those ongoing obligations and such
                       amendment shall in no sense constitute a waiver of
                       the Company's entitlement to the provisions of
                       clauses 8(B) to (E) of Schedule A of the Contract
                       of Employment (as amended hereunder).

           Acceptance by Mr Peacock of a non-executive director role,
           subsequent to receiving the prior written agreement of the
           Company in accordance with paragraph 19, shall not constitute a
           breach of this provision and the Company acknowledges and
           accepts Mr Peacock's acceptance to the appointment as a non-
           executive director of Slough Estates Plc.

15.   LEGAL FEES

      The Company will pay Mr Peacock's reasonable legal fees incurred in
      obtaining advice only in respect of the termination of his employment
      directly to his solicitors, Peacock & Co, in the sum of no more than
      <pound sterling>3,000 (plus VAT) ("the Legal Fees") within 28 days of
      receiving their invoice addressed to Mr Peacock but marked payable by
      the Company.

                                    7

<PAGE>

16.   FULL AND FINAL SETTLEMENT

      16.1.Mr Peacock accepts the terms of this Agreement (which
           constitute an improvement of his contractual entitlements) in
           full and final settlement of all and any claims and rights of
           action whatsoever past and future (whether arising under common
           law, statute, tort, European Union law, United States law, the
           laws of any State within the United States or otherwise,
           whether in the United Kingdom or elsewhere in the world) and
           whether contemplated or not that he has or may have against the
           Company, the US Company, or any Associated Company, (including,
           but not limited to, any of its or their predecessors,
           successors or assigns) or any of its or their employees,
           officers, shareholders or agents arising directly or indirectly
           out of his employment by the Company or any Associated Company
           or the termination of such employment, any office held by him
           by virtue of his employment or the loss of any such office and
           any other matter whatsoever and he hereby irrevocably waives
           any such claims or rights of action and will refrain from
           instituting or continuing and will forthwith withdraw any legal
           proceedings or complaint before or to an employment tribunal.
           The Company and any Associated Company and Mr Peacock all
           acknowledge that there are or may be claims and rights which
           are not contemplated (whether on the facts known to the parties
           or on the law as it is known) at the date of this Agreement by
           the parties or either of them but that the waiver contained in
           this paragraph waives and releases any and all such claims and
           rights (except the New Claims referred to in paragraph 16.4
           below).

      16.2.For the avoidance of doubt, paragraph 16.1 waives any claim in
           respect of personal or industrial injury or pension rights
           accrued prior the Termination Date.  Mr Peacock warrants that
           he is not aware of any such claims or any circumstances which
           may give rise to such claims for personal injury or accrued
           pension rights.

      16.3.Mr Peacock has at least twenty-one (21) calendar days to
           consider the terms of this paragraph 16, although he may sign
           it sooner if he wishes.  Furthermore, once Mr Peacock has
           signed this Agreement, he has seven (7) additional days to
           revoke his acceptance and may do so in writing to Mr Stuart
           Scott c/o Jones Lang LaSalle Incorporated, 200 East Randolph
           Drive, Chicago, Illinois 60601.  Provided, however, that no
           payments shall be due hereunder until the eighth day following
           Mr Peacock's execution of this Agreement, assuming that he has
           not revoked his consent prior to that date.

      16.4.The waiver and release at paragraphs 16.1 and 16.2 above do not
           include statutory claims referred to in paragraph 17.1 above or
           personal injury claims in each case arising out of entirely new
           acts or omissions which are currently unknown and not
           contemplated by the parties at the date of this Agreement and
           which occur between the date of this Agreement and the
           Termination Date ("the New Claims"), but for the avoidance of
           doubt the waivers and releases in paragraphs 16.1 and 16.2 do
           include all Claims (other than the New Claims, and claims for
           breach of this Agreement) relating to the future cessation of
           Mr Peacock's employment as provided for in this Agreement.

      16.5.Mr Peacock agrees to execute a further waiver and release of
           the New Claims in the terms of Schedule 4 within 7 days of the
           Termination Date.  The final salary payment is conditional upon
           his executing and delivering to the Company such a waiver and
           release of the New Claims.

                                    8

<PAGE>

17.   WARRANTIES

      Mr Peacock hereby warrants and undertakes that:

      17.1.before signing this Agreement he received independent legal
           advice from John Peacock of Peacock & Co ( "the Legal
           Adviser"), a qualified lawyer, as to its terms and effect, and
           in particular his ability to bring a statutory claim, including
           but not limited to any claim or complaint of:

           17.1.1.     unfair dismissal under the Employment Rights Act
                       1996;

           17.1.2.     a redundancy payment under the Employment Rights
                       Act 1996;

           17.1.3.     unlawful deductions from wages under the Employment
                       Rights Act 1996;

           17.1.4.     unequal treatment contrary to the provisions of the
                       Equal Pay Act 1970;

           17.1.5.     race discrimination or victimisation under the Race
                       Relations Act 1976;

           17.1.6.     sex discrimination or victimisation under the Sex
                       Discrimination Act 1975;

           17.1.7.     disability discrimination or victimisation under
                       the Disability Discrimination Act 1995;

           17.1.8.     breach of the Working Time Regulations 1998;

           17.1.9.     breach of the Trade Union and Labour Relations
                       (Consolidation) Act 1992;

           17.1.10.    breach of the National Minimum Wage Act 1998;

           17.1.11.    breach of the Part-Time Workers (Prevention of Less
                       Favourable Treatment) Regulations 2000;

           17.1.12.    breach of the Transnational Information and
                       Consultation of Employees Regulations 1999;

           17.1.13.    breach of the Employment Equality (Sexual
                       Orientation) Regulations 2003;

           17.1.14.    breach of the Employment Equality (Religion or
                       Belief) Regulations 2003;

           17.1.15.    Age Discrimination in Employment Act of 1964, as
                       amended;

           17.1.16.    the Americans with Disabilities Act of 1990, as
                       amended;

           17.1.17.    the Family Medical Leave Act of 1993, as amended;

           17.1.18.    any other claims related to his employment, or its
                       termination that could be brought under English or
                       US or US State law.

      17.2.to the extent that Mr Peacock has or may have any such
           complaints referred to in paragraph 17.1 above, these have been
           asserted by him or by his Legal Adviser on his behalf to the
           Company and the US Company prior to the date of this Agreement.
           This Agreement and the waiver and release in paragraphs 16.1
           and 16.2 above expressly relate to each and every one of those
           complaints;

                                    9

<PAGE>

      17.3.except for those complaints asserted as indicated in paragraph
           17.2 above Mr Peacock has no other complaints or claims of any
           nature against the Company, the US Company or any Associated
           Company under the Employment Rights Act 1996, the Equal Pay Act
           1970, the Race Relations Act 1976, the Sex Discrimination Act
           1975, the Disability Discrimination Act 1995, the Trade Union
           and Labour Relations (Consolidation) Act 1992, the National
           Minimum Wage Act 1998, the Working Time Regulations 1998, the
           Transnational Information and Consultation of Employees
           Regulations 1999, the Part-Time Workers (Prevention of Less
           Favourable Treatment) Regulations 2000, Employment Equality
           (Sexual Orientation) Regulations 2003, Employment Equality
           (Religion or Belief) Regulations 2003 or otherwise;

      17.4.subject to the Company's due compliance with the material
           provisions of this Agreement, he has not and will not commence
           any legal or arbitration proceedings of any nature against the
           Company, the US Company or any Associated Company in any
           jurisdiction in relation to his employment with the Company,
           the US Company or any Associated Company, the termination of
           such employment, or otherwise, nor will he accept the benefit
           of any lawsuits or claims of any kind brought on his behalf
           against the Company, the US Company or any Associated Company;

      17.5.he has not knowingly committed any breach of duty (including
           fiduciary duty) owed to the Company, the US Company or any
           Associated Company.  For the avoidance of doubt, this Agreement
           shall not have the effect of releasing Mr Peacock from any
           liability owed to the Company, the US Company or any Associated
           Company, whether as an officer or employee;

      17.6.he has not knowingly done or omitted to do any act which

           17.6.1.     had the Company been aware of it, would have
                       entitled the Company to dismiss him summarily
                       without notice or compensation

           17.6.2.     had it been done after the date of this Agreement
                       would be in breach of this Agreement;

      17.7.he will procure that his Legal Adviser will sign the attached
           Solicitor's Certificate addressed to the Company at Schedule 2;
           and

      17.8.all conditions regulating compromise agreements contained in
           any and all the legislation referred to in paragraph 17.1 above
           have been satisfied.

18.   REPAYMENT ON COMMENCEMENT OF LEGAL PROCEEDINGS

      If Mr Peacock has commenced or in the future commences any legal or
      arbitration proceedings of any nature against the Company, the US
      Company or any Associated Company in breach of this Agreement save
      arising out of or to enforce the terms of this Agreement Mr Peacock
      shall forthwith pay to the Company or any Associated Company on
      demand a sum equivalent to such payments as he shall have received in
      respect of the Consultancy Agreement and the Legal Fees, which sum
      shall be recoverable by the Company or any Associated Company as a
      debt.  Exercise of this provision shall be without prejudice to any
      other rights and remedies which the Company and any Associated
      Company may have against Mr Peacock.

19.   OTHER ENGAGEMENTS

      Subject to paragraph 14.4 and the prior written approvals of the
      Company and the US Company (such approvals not to be unreasonably
      withheld) Mr Peacock shall be free between 7 January 2004 and 9 April
      2005 to provide services to any other person, firm or company but he
      may not enter into any other relationship of employment.

                                   10

<PAGE>

MISCELLANEOUS
-------------

20.   RELIANCE ON WARRANTIES, ETC.

      20.1.Mr Peacock accepts that the Company (for itself and on behalf
           of its Associated Companies) and the US Company are entering
           into this Agreement in reliance upon the warranties provided by
           him in this Agreement, including without limitation those
           provided in Sections 5, 10, 13, 14, 17 and 18.

      20.2.Any failure or delay of the Company or any Associated Company
           to insist upon or enforce any right, remedy or power conferred
           upon it by this Agreement shall not be construed as a waiver
           thereof.

21.   GOVERNING LAW AND JURISDICTION

      This Agreement is to be construed in accordance with the laws of
      England and Wales and is subject to the exclusive  jurisdiction of
      the Courts of England and Wales save for paragraph 6 regarding Equity
      Awards and paragraphs 16.3, 17.1.15, 17.1.16, 17.1.17 and, as
      appropriate, 16.1 and 17.1.18 which shall be construed in accordance
      with laws of the State of Illinois USA and subject to the exclusive
      jurisdiction of the Courts of Illinois.

22.   INTERPRETATION AND ENFORCEABILITY

      22.1.In this Agreement:

           "Associated Company" means the US Company and any company or
           corporation which is a holding company for the time being of
           the Company or the US Company, or a subsidiary for the time
           being of the Company or the US Company or of any such holding
           company ("holding company" and "subsidiary" having the meanings
           set out in section 736, Companies Act 1985 as amended), or any
           company which is designated at any time an Associated Company
           by the directors of the board of the Company or any holding
           company, or any company controlling or under the common control
           of the Company or the US Company.

      22.2.References in this Agreement to the provisions of any statute
           or subordinate legislation shall be deemed to refer to the same
           as in force (including any amendment or re-enactment) from time
           to time.

      22.3.The terms of this Agreement including the documents set out in
           the schedules hereto contain the entire understanding between
           Mr Peacock and the Company and any Associated Company with
           respect to the Garden Leave Period and the termination of Mr
           Peacock's employment and supersede and abrogate all (if any)
           other agreements, arrangements or understandings in such
           respect which shall be deemed terminated by mutual consent.

      22.4.Any Associated Company or the president or chief financial
           officer or director of finance of the Company or the US Company
           may enforce and take the benefits accorded to the Company or
           the US Company or any Associated Company under the terms of
           this Agreement subject to and in accordance with the provisions
           of the Contracts (Rights of Third Parties) Act 1999.  Except as
           provided in this clause, a person who is not a party to this
           Agreement has no right under the Contracts (Rights of Third
           Parties) Act 1999 to enforce any term of this Agreement but
           this does not affect any right or remedy of a third party which
           exists or is available apart from under that Act.  The consent
           of any third party shall not be required for the variation or
           termination of this Agreement, even if that variation or
           termination affects the benefit or benefits conferred on any
           third party.

                                   11

<PAGE>

      22.5.References in this Agreement to the masculine shall be deemed
           to include the feminine, and references to one shall be deemed
           to include the other.

      22.6.The headings in this Agreement are for ease of reference only
           and shall not affect interpretation.

      22.7.Upon signature by both parties and by the Legal Adviser of the
           Agreement and Schedules 1 and 2 respectively, this Agreement
           shall cease to be without prejudice and subject to contract and
           shall become binding upon the parties.

                         SIGNATURES ON NEXT PAGE

                                   12

<PAGE>

Signed:    CHRISTOPHER A. PEACOCK

Date:
           ------------------------------

Signed:
           ------------------------------

For and on behalf of the Company and the Associated Companies

Date:
           ------------------------------

                                   13

<PAGE>

                               SCHEDULE 1

                  Draft Letter resigning Directorships

                                        [ Date of Agreement ]

Dear Stuart,

Effective as of January 7, 2004, I hereby resign as President and CEO and
all of my positions as a director and/or officer of Jones Lang LaSalle
Ltd., Jones Lang LaSalle Incorporated and any and all of their subsidiaries
and/or affiliates.  I also hereby give notice of the termination of my
employment/

I confirm that I have no claim for compensation arising from such offices
or their termination.

Yours faithfully

Christopher A. Peacock

                                   14

<PAGE>

                               SCHEDULE 2

                         Solicitor's Certificate

I, John Peacock of Peacock & Co ("the Legal Adviser"), hereby confirm as
follows:

1.    I am a Solicitor of the Supreme Court of England and Wales holding a
      current practising certificate.

2.    I have advised Christopher Peacock of the terms and effect of the
      agreement between him and the Company ("the Agreement") to which this
      certificate forms Schedule 2 and, in particular, its effect on his
      ability to pursue his rights before an Employment Tribunal following
      its signing.

3.    I am an independent adviser (as defined at section 203, Employment
      Rights Act 1996).   I am not acting (and have not acted) in relation
      to this matter for the Company or any Associated Company (as defined
      in the Agreement).

4.    There is in force and was in force when I gave the advice referred to
      above, cover under a contract of insurance, or an indemnity provided
      for members of a profession or professional bodies relating to the
      risk of a claim by Christopher Peacock in respect of loss arising
      from such advice.

SIGNED:
      ------------------------------

REFERENCE:

DATED:                       2004

                                   15

<PAGE>

                               SCHEDULE 3

                              Announcement

CHRIS PEACOCK RESIGNS AS CEO OF JONES LANG LASALLE

Stuart Scott will assume interim CEO role until a successor is named

CHICAGO, LONDON and SINGAPORE, January 8, 2004 - The Board of Directors of
Jones Lang LaSalle Incorporated (NYSE: JLL) announced today that it has
accepted with regret the resignation of Christopher A. Peacock as President
and Chief Executive Officer. At Mr. Peacock's request, his employment
resignation takes effect immediately, and he has also retired from the
Board of Directors at this time.  Stuart L. Scott, Chairman of the Board of
Jones Lang LaSalle, will assume the role of interim Chief Executive Officer
until a permanent replacement is named.  Mr. Peacock's resignation is based
on his personal decision to spend more time with his family. Although total
year results are not yet complete, the firm is making no adjustment to its
2003 earnings guidance.

While the Board undertakes a global internal and external search to select
a new CEO, members of the firm's Global Executive Committee will report
directly to Mr. Scott and support him in his interim role.  The Global
Executive Committee includes Peter Barge, Robert Orr and Peter Roberts, who
are the company's regional CEOs for Asia Pacific, Europe and the Americas,
respectively; Lynn Thurber, CEO of LaSalle Investment Management; and
Lauralee Martin, the company's Chief Financial Officer.

"On behalf of the Board of Directors, I would like to sincerely thank Chris
for his more than 30 years of committed service to the firm," said Mr.
Scott.  "His dedication to superior client service has played a significant
role in establishing Jones Lang LaSalle as the leader in delivering
comprehensive real estate services across the globe. I am pleased that
Chris will serve the company on a consultative basis for the immediate
future."

Mr. Scott continued, "We are beginning our search for a new CEO immediately
and, while we expect to move quickly, we will take whatever time is
required to select the best person to lead our company. I want to emphasize
that, during this time, we will not be distracted from our commitment to
the highest standards of client service, and to our employees and
shareholders."

Mr. Scott served as Chairman and CEO of Jones Lang LaSalle from 1999 to
2002.   He was CEO of LaSalle Partners from 1990 until the merger with
Jones Lang Wootton in 1999.  Mr. Peacock held the position of Chief
Operating Officer of the firm from 1999 until January 2002, when he was
named CEO.  Previously, he was the International CEO of Jones Lang Wootton.

Jones Lang LaSalle is the world's leading real estate services and
investment management firm, operating across more than 100 markets around
the globe. The company provides comprehensive integrated expertise,
including management services, implementation services and investment
management services on a local, regional and global level to owners,
occupiers and investors.  Jones Lang LaSalle is also the industry leader in
property and corporate facility management services, with a portfolio of
approximately 735 million square feet (68 million square meters) under
management worldwide. LaSalle Investment Management, the company's
investment management business, is one of the world's largest and most
diverse real estate investment management firms, with approximately $21
billion of assets under management.  For more information, visit
www.joneslanglasalle.com.

                                   16

<PAGE>

                               SCHEDULE 4

                      Further Compromise Agreement

Further to the terms of the agreement dated [                             ]
between Jones Lang LaSalle Limited ("the Company"), Jones Lang LaSalle
Incorporated ("the US Company") and Christopher A Peacock ("Mr Peacock"),
Mr Peacock has agreed to enter into this further Compromise Agreement as
follows:-

1.    In consideration of and subject to receipt of his final salary
      payment Mr Peacock waives and releases all and any claims and rights
      of action whatsoever past and future (whether arising under common
      law, statute, tort, European Union law, United States law, the laws
      of any State within the United States or otherwise, whether in the
      United Kingdom or elsewhere in the world) and whether contemplated or
      not that he has or may have against the Company, the US Company, or
      any Associated Company, (including, but not limited to, any of its or
      their predecessors, successors or assigns) or any of its or their
      employees, officers, shareholders or agents arising directly or
      indirectly out of his employment by the Company or any Associated
      Company during the Garden Leave Period or the termination of such
      employment, any office held by him by virtue of his employment or the
      loss of any such office and any other matter whatsoever and he hereby
      irrevocably waives any such claims or rights of action and will
      refrain from instituting or continuing and will forthwith withdraw
      any legal proceedings or complaint before or to an employment
      tribunal. The Company and any Associated Company and Mr Peacock all
      acknowledge that there are or may be claims and rights which are not
      contemplated (whether on the facts known to the parties or on the law
      as it is known) at the date of this Agreement by the parties or
      either of them but that the waiver contained in this paragraph waives
      and releases any and all such claims and rights.

2.    For the avoidance of doubt, paragraph 1 waives any claim in respect
      of personal or industrial injury or pension rights.  Mr Peacock
      warrants that he is not aware of any such claims or any circumstances
      which may give rise to such claims for personal injury or accrued
      pension rights.

      2.1  Mr Peacock has at least twenty-one (21) calendar days to
           consider the terms of this further Compromise Agreement
           although he may sign it sooner if he wishes.  Furthermore, once
           Mr Peacock has signed this further Compromise Agreement, he has
           seven (7) additional days to revoke his acceptance and may do
           so in writing to Mr Stuart Scott c/o Jones Lang LaSalle
           Incorporated, 200 East Randolph Drive, Chicago, Illinois 60601.
           Provided, however, that no payments shall be due hereunder
           until the eighth day following Mr Peacock's execution of this
           Agreement, assuming that he has not revoked his consent prior
           to that date.

3     WARRANTIES

      Mr Peacock hereby warrants and undertakes that:

      3.1  before signing this further Compromise Agreement he received
           independent legal advice from John Peacock of Peacock & Co (
           "the Legal Adviser"), a qualified lawyer, as to its terms and
           effect, and in particular his ability to bring a statutory
           claim, including but not limited to any claim or complaint of:

           3.1.1  unfair dismissal under the Employment Rights Act 1996;

           3.1.2  a redundancy payment under the Employment Rights Act
                  1996;

                                   17

<PAGE>

           3.1.3  unlawful deductions from wages under the Employment
                  Rights Act 1996;

           3.1.4  unequal treatment contrary to the provisions of the
                  Equal Pay Act 1970;

           3.1.5  race discrimination or victimisation under the Race
                  Relations Act 1976;

           3.1.6  sex discrimination or victimisation under the Sex
                  Discrimination Act 1975;

           3.1.7  disability discrimination or victimisation under the
                  Disability Discrimination Act 1995;

           3.1.8  breach of the Working Time Regulations 1998;

           3.1.9  breach of the Trade Union and Labour Relations
                  (Consolidation) Act 1992;

           3.1.10 breach of the National Minimum Wage Act 1998;

           3.1.11 breach of the Part-Time Workers (Prevention of Less
                  Favourable Treatment) Regulations 2000;

           3.1.12 breach of the Transnational Information and Consultation
                  of Employees Regulations 1999;

           3.1.13 breach of the Employment Equality (Sexual Orientation)
                  Regulations 2003;

           3.1.14 breach of the Employment Equality (Religion or Belief)
                  Regulations 2003;

           3.1.15 Age Discrimination in Employment Act of 1964, as
                  amended;

           3.1.16 the Americans with Disabilities Act of 1990,as amended;

           3.1.17 the Family Medical Leave Act of 1993, as amended;

           3.1.18 any other claims related to his employment, or its
                  termination that could be brought under English or US or
                  US State law;

      3.2  to the extent that Mr Peacock has or may have any such
           complaints referred to in paragraph 3.1 above, these have been
           asserted by him or by his Legal Adviser on his behalf to the
           Company and the US Company prior to the date of this Agreement.
           This further Compromise Agreement and the waiver and release in
           paragraphs 1 and 2 above expressly relate to each and every one
           of those complaints;

      3.3  except for those complaints asserted as indicated in paragraph
           3.2 above Mr Peacock has no other complaints or claims of any
           nature against the Company, the US Company or any Associated
           Company under the Employment Rights Act 1996, the Equal Pay Act
           1970, the Race Relations Act 1976, the Sex Discrimination Act
           1975, the Disability Discrimination Act 1995, the Trade Union
           and Labour Relations (Consolidation) Act 1992, the National
           Minimum Wage Act 1998, the Working Time Regulations 1998, the
           Transnational Information and Consultation of Employees
           Regulations 1999, the Part-Time Workers (Prevention of Less
           Favourable Treatment) Regulations 2000, Employment Equality
           (Sexual Orientation) Regulations 2003, Employment Equality
           (Religion or Belief) Regulations 2003 or otherwise;

                                   18

<PAGE>

      3.4  he has not and will not commence any legal or arbitration
           proceedings of any nature against the Company, the US Company
           or any Associated Company in any jurisdiction in relation to
           his employment with the Company, the US Company or any
           Associated Company, the termination of such employment, or
           otherwise, nor will he accept the benefit of any lawsuits or
           claims of any kind brought on his behalf against the Company,
           the US Company or any Associated Company;

      3.5  he has not knowingly committed any breach of duty (including
           fiduciary duty) owed to the Company, the US Company or any
           Associated Company.  For the avoidance of doubt, this further
           Compromise Agreement shall not have the effect of releasing Mr
           Peacock from any liability owed to the Company, the US Company
           or any Associated Company, whether as an officer or employee;

      3.6  he has not knowingly done or omitted to do any act which

           3.6.1  had the Company been aware of it, would have entitled
                  the Company to dismiss him summarily without notice or
                  compensation

           3.6.2  had it been done after the Termination Date would be in
                  breach of this further Compromise Agreement;

      3.7  he will procure that his Legal Adviser will sign a further
           Solicitor's Certificate addressed to the Company in the form
           set out at Schedule 2 of the agreement between Jones Lang
           LaSalle Limited, Jones Lang LaSalle Incorporated dated [     ]
           but referring to this further Compromise Agreement; and

      3.8  all conditions regulating compromise agreements contained in
           any and all the legislation referred to in paragraph 3.1 above
           have been satisfied.

                                   19EXHIBIT 10.3
------------

                __________________________________________

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

                __________________________________________

                               ____________

                             February 26, 2004

<PAGE>

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

                             TABLE OF CONTENTS

                                                                  Page
                                                                  ----

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. . . . . . . . . . . . . . . .   11

8.    Loan Provisions . . . . . . . . . . . . . . . . . . . . . .   11

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

10.   General Provisions. . . . . . . . . . . . . . . . . . . . .   14

                                     i

<PAGE>

                      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 stockholders.

      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, are referred to herein as the "Plan."

      The Plan shall become effective as of May 14, 2002, and from and
after its effective date shall 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 stockholders.  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. 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 Annex A attached hereto) 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 Annex A shall
govern all grants and awards made prior to the effective date of the Plan
under the Stock Compensation Program, 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 Annex A after the
effective date of the Plan.

                                     1

<PAGE>

      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 stockholders 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 stockholders 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

                                     2

<PAGE>

            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;

                  (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 stockholders 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
            stockholders 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.

                                     3

<PAGE>

            (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.

                                     4

<PAGE>

            (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.

            (z)   "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.

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

            (bb)  "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.

            (cc)  "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.

                                     5

<PAGE>

            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 and Loans 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.  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 9,110,000 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.

                                     6

<PAGE>

      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

                                     7

<PAGE>

            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.

            (c)   SARs AND LIMITED SARs.  The Committee is authorized to
      grant 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

                                     8

<PAGE>

            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.

                  (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.

                                     9

<PAGE>

                  (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.

            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.

                                    10

<PAGE>

      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)), 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.

      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 annual meeting of shareholders
            scheduled for May 27, 2004, 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 stockholders 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
                  $50,000.00.

                       (II)  On the first business day following each
                  annual meeting of stockholders, 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 $50,000.00.

                                    11

<PAGE>

                  (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, the Company may, at
                       its discretion, determine to distribute the
                       Restricted Stock on a quarterly basis or 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.

            (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.

                                    12

<PAGE>

                       (II)  On the first business day following each
                  annual meeting of the stockholders', 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.

                                    13

<PAGE>

      10.   GENERAL PROVISIONS.

            (a)   APPROVAL BY BOARD.  The Plan shall take effect upon its
      adoption by the Board.

            (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.

            (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.

            (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.

                                    14

<PAGE>

            (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.

                                    15

<PAGE>

                                                          ANNEX A

                      JONES LANG LASALLE INCORPORATED

              AMENDED AND RESTATED STOCK COMPENSATION PROGRAM

<PAGE>

                             TABLE OF CONTENTS

                                                                  Page
                                                                  ----

1.    PURPOSE . . . . . . . . . . . . . . . . . . . . . . . . . .    1

      1.1  Purpose. . . . . . . . . . . . . . . . . . . . . . . .    1

      1.2  Employers. . . . . . . . . . . . . . . . . . . . . . .    1

      1.3  Effective Date . . . . . . . . . . . . . . . . . . . .    1

      1.4  Administrator. . . . . . . . . . . . . . . . . . . . .    1

      1.5  Notices. . . . . . . . . . . . . . . . . . . . . . . .    1

2.    PARTICIPATION . . . . . . . . . . . . . . . . . . . . . . .    1

      2.1  Participation. . . . . . . . . . . . . . . . . . . . .    1

      2.2  Continuity of Participation. . . . . . . . . . . . . .    1

3.    STOCK COMPENSATION ALLOCATIONS. . . . . . . . . . . . . . .    2

      3.1  Amount of SCA Credits. . . . . . . . . . . . . . . . .    2

      3.2  SCA Account and Vesting. . . . . . . . . . . . . . . .    2

      3.3  Distribution Election. . . . . . . . . . . . . . . . .    3

4.    BONUS DEFERRAL ELECTIONS. . . . . . . . . . . . . . . . . .    3

      4.1  Bonus Deferral Elections . . . . . . . . . . . . . . .    3

      4.2  Period for Which Deferral Election Effective . . . . .    3

      4.3  Distribution Elections . . . . . . . . . . . . . . . .    4

      4.4  SCA Participant's Accounts . . . . . . . . . . . . . .    4

      4.5  Adjustment of SCA Participant's Accounts . . . . . . .    4

      4.6  Company Stock and Investment Funds . . . . . . . . . .    5

      4.7  Individual Investment Option . . . . . . . . . . . . .    5

      4.8  No Responsibility for Company Stock or
           Investment Decisions . . . . . . . . . . . . . . . . .    6

      4.9  Statement of Account . . . . . . . . . . . . . . . . .    6

5.    SALARY DEFERRAL ELECTIONS . . . . . . . . . . . . . . . . .    6

6.    DISTRIBUTION OF ACCOUNTS. . . . . . . . . . . . . . . . . .    6

      6.1  Distributions. . . . . . . . . . . . . . . . . . . . .    6

      6.2  Pre- and Post-Retirement Age Distributions . . . . . .    6

      6.3  Designation of Beneficiary . . . . . . . . . . . . . .    7

                                     i

<PAGE>

                             TABLE OF CONTENTS
                                (continued)

                                                                  Page
                                                                  ----

7.    STOCK OWNERSHIP PROGRAM AWARDS. . . . . . . . . . . . . . .    7

      7.1  Allocation of Bonus Award. . . . . . . . . . . . . . .    7

      7.2  Vesting and Issuance of Deferred Shares. . . . . . . .    7

      7.3  Company Match. . . . . . . . . . . . . . . . . . . . .    7

      7.4  Dividends on Deferred Shares . . . . . . . . . . . . .    7

      7.5  Transferability. . . . . . . . . . . . . . . . . . . .    8

      7.6  Termination of Employment. . . . . . . . . . . . . . .    8

      7.7  Pensionable Remuneration . . . . . . . . . . . . . . .    8

8.    ADMINISTRATION AND INTERPRETATION . . . . . . . . . . . . .    8

9.    MISCELLANEOUS . . . . . . . . . . . . . . . . . . . . . . .    8

      9.1  No Right to Company Assets; Limitations Related
           to Company Stock . . . . . . . . . . . . . . . . . . .    8

      9.2  No Employment Rights . . . . . . . . . . . . . . . . .    8

      9.3  Facility of Payment. . . . . . . . . . . . . . . . . .    9

      9.4  Nonassignability . . . . . . . . . . . . . . . . . . .    9

      9.5  Effect on Other Benefits . . . . . . . . . . . . . . .    9

      9.6  Independence of Program. . . . . . . . . . . . . . . .    9

      9.7  Responsibility for Legal Effect. . . . . . . . . . . .    9

      9.8  Action by the Company. . . . . . . . . . . . . . . . .    9

      9.9  Successors, Acquisitions, Mergers, Consolidations. . .    9

      9.10 Gender and Number. . . . . . . . . . . . . . . . . . .    9

      9.11 Governing Laws . . . . . . . . . . . . . . . . . . . .    9

      9.12 Claims Procedure . . . . . . . . . . . . . . . . . . .   10

      9.13 Withholding; Employment Taxes. . . . . . . . . . . . .   10

10.   AMENDMENT AND TERMINATION . . . . . . . . . . . . . . . . .   10

                                    ii

<PAGE>

1.    PURPOSE

      1.1   PURPOSE.  JONES LANG LASALLE INCORPORATED STOCK COMPENSATION
PROGRAM (the "program") has been established by JONES LANG LASALLE
INCORPORATED (the "company") to credit participants with amounts which may
be applied toward deemed shares of company stock, and to enable designated
employees to elect to defer a portion of their bonuses and other cash
compensation, subject to the terms of the program and to provide bonuses
consisting of deferred stock to designated employees.

      1.2   EMPLOYERS.  The program as set forth below shall apply to
eligible employees of the company and each subsidiary of the company unless
otherwise determined by the administrator. The company and each subsidiary
of the company will be referred to as an "employer" and may be referred to
collectively as the "employers."

      1.3   EFFECTIVE DATE.  The "effective date" of the program as set
forth below is the closing date of the initial public offering of the
company, expected to occur on or about July 21, 1997.  The program was
amended and restated effective January 1, 2000.

      1.4   ADMINISTRATOR.  The program will be administered by the
Compensation Committee of the Board of Directors of the company, which may
delegate such authority to the president of the company to the extent such
delegation is appropriate.

      1.5   NOTICES.  Any notice or document relating to the program which
is to be filed with the company may be delivered, or mailed by registered
or certified mail, postage prepaid, to the Corporate Secretary, Jones Lang
LaSalle Incorporated, 200 E. Randolph Drive, Chicago, Illinois 60601.

2.    PARTICIPATION

      2.1   PARTICIPATION.  For the period beginning on the effective date
and for each subsequent calendar year, the administrator will designate
before the effective date and before the beginning of the calendar year
those employees, if any, who are to participate (the "SCA Participant(s)")
in the program. In addition, the administrator may designate during a
calendar year additional employees who are to participate in the program.
In general, employees covered by the program will be limited to a select
group of management and highly-compensated employees with expected annual
compensation of at least $100,000.  A SCA Participant will receive SCA
credits and may make deferral elections as described in Sections 2 through
6 below.

      2.2   CONTINUITY OF PARTICIPATION.  A SCA Participant who separates
from service with the company and all its subsidiaries and affiliates will
cease participation and will become entitled to distributions as described
in Section 6. However, the separation from service of an employee with one
employer which has adopted the program (as described in subsection 1.2)
will not interrupt the continuity of his participation if, concurrently
with or immediately after such separation, he is employed by one or more of
the other employers which has adopted the program. A SCA Participant who
separates from service with all employers but remains in the employ of a
subsidiary or affiliate of the company which has not adopted the program
will become entitled to distributions in accordance with Section 6. A SCA
Participant will separate from service upon the first to occur of the
following:

            retirement as defined by the administrator;

            retirement on account of disability at any age, as determined
            by a qualified physician selected by the administrator (a SCA
            Participant will be considered disabled for purposes of the
            program if, on account of a disability, he is no longer capable
            of performing the duties assigned to him by his employer); or
            the SCA Participant's death; or

                                     1

<PAGE>

            resignation or dismissal from the employ of all the employers
            before retirement and for a reason other than disability.

3.    STOCK COMPENSATION ALLOCATIONS

      3.1   AMOUNT OF SCA CREDITS.  Each year, beginning with the year of
the effective date, each SCA Participant will be credited under the program
with a stock compensation allocation ("SCA"). The amount of SCA credited to
each SCA Participant will be determined in accordance with the following
table:

                  STOCK COMPENSATION ALLOCATION SCHEDULE

      Actual Compensation             Stock Compensation Allocation
  --------------------------      ------------------------------------
    Equal to or     but less                                of excess
   greater than       than         Minimum         + x%        over
   ------------     --------       --------      --------   ----------

       $      0      100,000              0            0%            0
        100,000      150,000          2,000           10%      100,000
        200,000      250,000         13,000           15%      200,000
        250,000      300,000         20,500           17%      250,000
        300,000      400,000         29,000           19%      300,000
        400,000      500,000         48,000           19%      400,000
        500,000                      67,000         13.4%      500,000

At any time, the administrator may adjust the amounts and percentages set
forth above. As of each December 31 after the effective date, the amount of
each SCA Participant's SCA credit will be determined and the amount will be
credited to the SCA Participant's SCA account under the program. The amount
so credited will, according to the SCA Participant's written election, be
applied among options made available by the administrator or, at the
election of the SCA Participant, will be converted to a deemed investment
consisting of shares of company stock (as defined in subsection 4.6).
Shares of company stock will be credited to a SCA Participant's SCA account
on the terms set forth in subsection 4.6, including a deemed purchase
discount of 15%. Each SCA Participant's election in accordance with the
preceding must be made in writing and filed with the company at the time
prescribed by the administrator. A SCA Participant's "compensation" for
purposes of this subsection shall include such items of remuneration as are
determined by the administrator and, for the calendar year which includes
the effective date, a SCA Participant's compensation will include amounts
received from the company and from its predecessor.

      3.2   SCA ACCOUNT AND VESTING.  A "SCA account" will be maintained in
the name of each SCA Participant under the program, and each SCA account
will be credited as provided in subsection 3.1. SCA accounts will be
reduced by amounts applied toward options made available by the
administrator, and SCA accounts will be adjusted from time to time as
provided in subsection 4.5. If for any year a SCA Participant's SCA account
is credited with shares of company stock in accordance with subsection 3.1,
shares of company stock will be credited by taking into account a deemed
purchase discount of 15 percent, as specified in subsection 4.6. For each
year that a SCA account is credited with shares of company stock, a
"discount subaccount" will also be established which reflects the number of
shares represented by the 15 percent deemed purchase discount. The number
of shares of company stock credited to the discount subaccount maintained
for each year is subject to the vesting schedule in the next sentence. If
the SCA Participant separates from service with the company within three

                                     2

<PAGE>

years from the date as of which company stock is credited to the SCA
Participant's discount subaccount, the amount then credited (as adjusted
under subsection 4.5) to the discount subaccount will be forfeited, unless
the SCA Participant's separation is due to one of the following:

            death;

            total and permanent disability;

            retirement (as defined by the administrator), provided the
            SCA Participant announces his retirement on or before the date
            company stock is credited.

      3.3   DISTRIBUTION ELECTION.  In accordance with subsection 3.1,
company stock will be credited as a deemed investment to the SCA accounts
of certain SCA Participants. Each such SCA Participant may, but need not,
make an election of the date on which the amount so credited (together with
any investment gains or losses thereon) will be distributed, subject to the
vesting requirements of subsection 3.2. Such date shall be referred to as
the "distribution date" and shall occur no later than March 15 (based on
the prior December 31 valuation) following one of the following dates:
December 31 of the second, third, fourth, fifth, sixth, seventh, eighth,
ninth or tenth calendar year after the calendar year for which a SCA
account credit was made. The distribution date, once elected by the SCA
Participant, shall be irrevocable, subject only to subsection 6.2. If for
any calendar year a SCA Participant does not make a distribution election
in accordance with this subsection, the amount of company stock credited to
his SCA account for that year (to the extent vested under subsection 3.2)
will be distributed as soon as practicable after such amount becomes vested
in accordance with subsection 3.2.

4.    BONUS DEFERRAL ELECTIONS

      4.1   BONUS DEFERRAL ELECTIONS. In order to defer a portion of his
bonus for any calendar year, a SCA Participant with annual compensation not
greater than $225,000 may irrevocably elect to defer from his bonus an
amount not to exceed 10 percent of his total compensation for that year.
The amount which can be deferred by a SCA Participant under the preceding
sentence shall be reduced by the amount of the SCA Participant's SCA credit
for that year. A SCA Participant must make his bonus deferral election in
advance by signing a deferral agreement and filing it with the
administrator no later than the date specified by the administrator. A SCA
Participant's bonus deferral election filed with the administrator is
irrevocable on and after the administrator's deadline for the election. The
amount of each SCA Participant's bonus deferral election will be credited
to a deferral account established in his name, as provided in subsection
4.4, but amounts credited to deferral accounts (which are applied toward
company stock) will not be eligible for the deemed purchase discount
described in subsection 4.6. The administrator is authorized to modify this
subsection to:

            allow other SCA Participants to make bonus deferral elections;

            change the rate of bonus deferral permitted; or

            delete the reduction for SCA credit.

      4.2   PERIOD FOR WHICH DEFERRAL ELECTION EFFECTIVE. A SCA
Participant's deferral election under subsection 4.1 and under Section 5
shall remain in effect only for the calendar year specified in the deferral
agreement. No deferral election shall be effective for more than one
calendar year.  A SCA Participant must file a separate deferral election at
the time prescribed by the administrator in order to make deferrals for
that year.

                                     3

<PAGE>

      4.3   DISTRIBUTION ELECTIONS. Each deferral election made by a SCA
Participant under subsection 4.1 and Section 5 may, but need not, include
an election of the date on which the amount of such deferral (together with
any investment gains or losses thereon) will be distributed. As provided in
subsection 3.3, SCA Participant may also elect a distribution date for the
amount of company stock credited each year to the SCA Participant's SCA
account. Such date shall be referred to as the "distribution date" and
shall occur no later than March 15 (based on the prior December 31
valuation) following one of the following dates: the second, third, fourth,
fifth, sixth, seventh, eighth, ninth or tenth calendar year after the
calendar year to which the deferral election relates. The distribution
date, once elected by the SCA Participant, shall be irrevocable, subject
only to subsection 6.2.  If a SCA Participant does not make a distribution
election in accordance with this subsection, the amount of such deferral
(together with any investment gains and losses thereon) will be distributed
in accordance with Section 6.

      4.4   SCA PARTICIPANT'S ACCOUNTS. The administrator shall maintain in
the name of each SCA Participant bookkeeping accounts to be known as the
SCA Participant's "SCA account" and his "deferral account." A SCA
Participant's accounts shall include a subaccount for each calendar year
that amounts are credited on behalf of the SCA Participant. Each such
subaccount shall reflect (i) the amount credited during that year and (ii)
investment gains or losses on the investments deemed credited to those
accounts. SCA credits and deferred amounts shall be credited to subaccounts
as of the date bonuses or cash compensation would otherwise have been paid
to the SCA Participant. Subaccounts will be adjusted from time to time to
reflect investment gains and losses, as provided in subsection 4.5.

      4.5   ADJUSTMENT OF SCA PARTICIPANT'S ACCOUNTS.  As of each
December 31 (that date is referred to below as an "accounting date"), the
administrator shall:

            first, charge to the proper accounts all payments or
            distributions made since the last preceding accounting date
            that have not been charged previously;

            next, credit SCA Participants' accounts with SCA credits and
            other amounts deferred which were applied to company stock;

            next, as to any deferrals other than those in (b) above, credit
            SCA Participants' accounts with a portion of the amounts
            deferred on behalf of the SCA Participant since the last
            preceding accounting date, to equitably reflect that deferrals
            were made from time to time during the accounting period;

            next, credit SCA Participants' accounts with their pro rata
            share of any increase or charge such accounts with their pro
            rata share of any decrease in the adjusted net worth (as
            defined below) of each deemed investment relating to such
            accounts;

            next, allocate and credit deferred amounts, not already
            credited under subparagraph (c) above, that are to be credited
            as of that date.

The "adjusted net worth" of a deemed investment or other investment fund as
at any date means the then net worth of such investment fund as determined
by the administrator. The administrator may specify additional "accounting
dates" from time to time on a uniform basis.

                                     4

<PAGE>

      4.6   COMPANY STOCK AND INVESTMENT FUNDS.  SCA credits and other
deferred amounts under the program will, as elected by the SCA Participant,
be credited as a deemed investment consisting of shares of common stock of
Jones Lang LaSalle Incorporated (the "company stock"). With respect to any
such deemed investment credited to a SCA Participant's SCA account (but not
as to any such deemed investment credited to a SCA Participant's deferral
account because of a bonus deferral election under subsection 4.1), company
stock will be credited to a SCA Participant's account taking into account a
deemed purchase discount of 15 percent. The price of company stock credited
to a SCA Participant's account in accordance with the preceding sentence
will be determined by the administrator, taking into account the average of
the closing prices of the company stock on the New York Stock Exchange for
a period of 20 consecutive trading days, with the last of those trading
days to occur not later than March 31 following the December 31 as of which
SCA account credits are made. The administrator may also allow SCA
Participants to elect one or more investment funds for the investment of
all or a portion of the amounts deferred by the SCA Participant under
Section 4 or 5 of the program (but such investment fund elections will not
apply to SCA accounts). Each such election shall be made at such time, in
such manner and with respect to such investment funds as the administrator
shall determine, and shall be effective only in accordance with such rules
as the administrator shall establish. Prior to an accounting date, a SCA
Participant may elect in writing that all or part of his interest in an
investment fund be liquidated and the proceeds thereof transferred to one
or more of the other investment funds, in accordance with rules established
from time to time by the administrator. The deemed investments in company
stock, the investment funds described in this subsection and the individual
investment option in subsection 4.7 are for recordkeeping purposes only and
do not allow SCA Participants to direct any company or trust assets, and
this subsection does not create in any SCA Participant any rights greater
than those described in subsection 8.1. If there is a deemed purchase or
sale of the common stock of the company, then it (i) shall be subject to
the company's policies which restrict trading in company securities, and
(ii) the election shall not be given effect until such policies would allow
the individual to purchase and sell company securities. Amounts deemed
invested in the common stock of the company shall be credited with an
amount equal to the dividends earned on such deemed investment.

      4.7   INDIVIDUAL INVESTMENT OPTION.  In addition to the investment
funds described in subsection 4.6, if the administrator decides to make
this option available, amounts credited to a SCA Participant's deferral
account may be deemed credited to an individual investment option (as
hereinafter defined) chosen by such SCA Participant. The investment
experience of each individual investment option will be calculated by
reference to the closing price (as hereinafter defined) or net asset value
of amounts deemed credited to such individual investment option. In
addition, the amount credited to each individual investment option will be
reduced by an amount equal to the brokerage or other transaction costs that
would have been incurred in connection with the deemed purchase or sale of
an investment. The individual investment option will consist of a deemed
investment in any mutual fund, money market fund, common stock, preferred
stock or other security so long as such security is listed for trading on a
national securities exchange or the National Association of Securities
Dealers Automated Quotation System. All money market funds which are
elected as investment options must be money market funds which invest
solely in tax-exempt securities. A SCA Participant may change his
investment option by election made in accordance with subsection 4.6. The
term "closing price" with respect to a security shall mean (i) the closing
sale price of such security if such security is traded on a national
securities exchange, or (ii) if such security is not traded on a national
securities exchange, the average of the highest bid and the lowest asked
prices for such security.

                                     5

<PAGE>

      4.8   NO RESPONSIBILITY FOR COMPANY STOCK OR INVESTMENT DECISIONS.
Responsibility for the consequences of the company stock investment, as
well as for all decisions on investment funds and options, belongs solely
to the SCA Participant, and the company (including its employees, officers
and agents) provides no advice with respect to, and assumes no
responsibility for, any consequences of the company stock investment or of
a SCA Participant's investment elections.

      4.9   STATEMENT OF ACCOUNT.  As soon as practicable after the end of
each calendar year, the administrator shall furnish each SCA Participant
with a statement of the balance credited to the SCA Participant's accounts
as at the end of that year.

5.    SALARY DEFERRAL ELECTIONS

      This Section 5 does not take effect until the administrator selects
an effective date. At the time authorized by the administrator, an employee
designated as a SCA Participant for a calendar year may irrevocably elect
to defer a portion of his salary for that year. All salary deferral
elections are subject to minimum amounts established by the administrator.
A SCA Participant's "salary" means the SCA Participant's total base pay as
paid by an employer hereunder, and for purposes of a deferral election a
SCA Participant's rate of base pay on January 1 of any year shall be
considered to remain at the same rate during that calendar year. A SCA
Participant must make his salary deferral election in advance by signing a
salary deferral agreement and filing it with the administrator no later
than the December 31 which precedes the calendar year to which the election
relates. A SCA Participant's salary deferral election filed with the
administrator is irrevocable on and after the deadline for the election.
Salary deferrals will be credited to SCA Participant's deferral accounts as
described in subsection 4.4 and will be subject to the same distribution
elections available under subsection 4.3.

6.    DISTRIBUTION OF ACCOUNTS

      6.1   DISTRIBUTIONS.  Subject to subsection 6.2, amounts credited and
deferred under Section 3 through Section 5 for each calendar year (and
investment gains and losses thereon) shall be distributed in a lump sum to
the SCA Participant on the applicable distribution date elected by the SCA
Participant, if any; provided, however, that if on any distribution date,
any investment gains or losses cannot then be determined, such distribution
will be delayed until the accounting steps described in subsection 4.5 have
been completed. Distributions may be made in cash, company stock or other
property, as determined by the administrator.

      6.2   PRE- AND POST-RETIREMENT AGE DISTRIBUTIONS.  If a SCA
Participant separates from service with the employers prior to attainment
of retirement age (as defined by the administrator), the entire balance in
the SCA Participant's deferral account shall be distributed to him in a
lump sum in cash on or about March 15 (the "early distribution dates")
following the calendar year in which the SCA Participant separates from
service, unless the administrator in its sole discretion determines that
distributions shall occur on the distribution dates elected by the SCA
Participant, if any. If a SCA Participant separates from service with the
employers on or after attainment of retirement age (as defined by the
administrator), the balances in the SCA Participant's deferral account
shall be distributed to the SCA Participant on the applicable distribution
dates elected by the SCA Participant if any, unless the administrator in
its sole discretion determines that distribution shall be made in a single
sum payment. Distribution shall be made to the SCA Participant or, in the
event of his death, to his beneficiary.

                                     6

<PAGE>

      6.3   DESIGNATION OF BENEFICIARY.  A SCA Participant may designate a
beneficiary under this program by filing a written notice with the
administrator in such form as it requires. A SCA Participant may from time
to time change his designated beneficiary without the consent of such
beneficiary by filing a new designation in writing with the administrator.
If no designation under this program is in effect at the death of the SCA
Participant, the beneficiary shall be the spouse of the SCA Participant at
the time of his death or, if no spouse is living at the death of the SCA
Participant, the representative of the SCA Participant's estate. A SCA
Participant's beneficiary designation form may specify whether payment is
to be made to the beneficiary in a single sum payment or in installments
over a period not to exceed ten years.

7.    STOCK OWNERSHIP PROGRAM AWARDS

      7.1   ALLOCATION OF BONUS AWARD.  A specified portion of the
discretionary bonus award will be granted to a participant pursuant to this
section ("SOP Participant") of the program for the year 1999 or thereafter,
in the form of deferred shares of company stock (the "deferred shares"), as
approved by the administrator.  The specified percentage shall be 25% of
any bonus, unless otherwise determined by the administrator.  Each deferred
share will be subject to a vesting schedule in accordance with Section 7.2.

The administrator shall have the authority to modify the terms of any
restricted bonus award as reasonably necessary to comply with the relevant
laws of any foreign jurisdiction in which a SOP Participant is employed.

      7.2   VESTING AND ISSUANCE OF DEFERRED SHARES.  Unless otherwise
determined by the administrator, 50% of the deferred shares will vest and
be issued to the SOP Participant on the first day of the 19th month
following the last day of the year (or other period) with respect to which
the relevant bonus is attributable and the remaining 50% will vest on the
first day of the 31st month following the end of such year (or other
period).

      In lieu of issuing deferred shares to a SOP Participant, the company,
at the direction of the administrator, may pay to such SOP Participant an
amount in cash equal to the fair market value of the deferred shares based
upon the closing price of company stock on the New York Stock Exchange on
the trading day immediately preceding the day on which the shares vest.

      7.3   COMPANY MATCH.  That portion of the bonus award that is in the
form of deferred shares pursuant to the program will be matched by the
company by 20% for bonus awards granted with respect to the year 1999 and
in an amount to be determined by the administrator, in its sole discretion,
for bonus awards granted with respect to the years (or other periods)
thereafter.

      7.4   DIVIDENDS ON DEFERRED SHARES.

      Dividends paid on deferred shares shall be paid in the form of
additional deferred shares (having the same vesting terms as the deferred
shares with respect to which the dividend is paid) having a fair market
value equal to the amount of such dividends as determined on the dividend
payment date by the administrator based upon the closing price of company
stock on the New York Stock Exchange on the trading day immediately
preceding the dividend payment date (with any fractional shares rounded
down to the nearest whole share).

      Deferred shares distributed in connection with a stock split or stock
dividend shall be subject to restrictions and a risk of forfeiture to the
same extent as the deferred shares with respect to which such additional
shares have been distributed.  In the event of such a stock split or stock
dividend, a proportionate adjustment shall be made in the aggregate number
of deferred shares available and reserved for issuance under the program,
as may be determined by the administrator, in its sole discretion.

                                     7

<PAGE>

      7.5   TRANSFERABILITY.  Deferred shares may not be sold, assigned,
transferred, pledged, hypothecated or otherwise disposed of and shall be
subject to a risk of forfeiture until such deferred shares vest pursuant to
Section 7.2.

      7.6   TERMINATION OF EMPLOYMENT.  In the event that the SOP
Participant ceases to be employed by the company by reason of (a) death,
(b) disability (as defined in Section 2.2(b)), or (c) termination of
participant's employment by the Company under special circumstances (as
determined by the administrator), the deferred shares will continue to vest
in accordance with Section 7.2; provided, however, such vesting schedule
may be accelerated at the discretion of the administrator.  In the event
that (x) the SOP Participant's employment is terminated by the company for
"cause" or (y) the SOP Participant voluntarily resigns, then the deferred
shares (and any related accrued but unpaid dividends) that at that time
have not vested, shall be forfeited to the company without payment of any
consideration therefor, and neither the SOP Participant nor any of his
successors, heirs or assigns, shall thereafter have any further rights or
interests in such deferred shares or certificates.  Notwithstanding the
foregoing, if the Participant voluntarily resigns due to normal or approved
early retirement (as defined by the administrator) any unvested deferred
shares held by such participant shall become immediately vested.

      The term "Cause" shall mean failure to perform the SOP Participant's
job responsibilities in good faith, falsification of company records,
theft, failure to cooperate with an investigation, use or distribution on
the premises of the company or any of the company's subsidiaries of illegal
drugs, or conviction of any crime against the company, any of the company's
subsidiaries or any of their employees.

      7.7   PENSIONABLE REMUNERATION.  Benefits received under this
Section 7 will not form part of a participant's pensionable remuneration.

8.    ADMINISTRATION AND INTERPRETATION

      The administrator shall administer and interpret the program, and any
interpretation by the administrator shall be final and binding upon
participants and beneficiaries. The administrator may adopt such rules and
regulations relating to the program as it deems necessary or advisable. The
administrator may delegate administrative responsibilities to advisors or
other persons who may or may not be employees of the company and may rely
upon information or opinions of legal counsel or experts selected to render
advice with respect to the program. If the administrator is a participant,
he may not decide or determine any matter or question concerning his
benefits under the program that he would not have the right to decide or
determine if he were not the administrator.

9.    MISCELLANEOUS

      9.1   NO RIGHT TO COMPANY ASSETS; LIMITATIONS RELATED TO COMPANY
STOCK.  No participant under this program or other person shall acquire by
reason of the program any right in or title to any assets, funds or
property of the employers whatsoever including, without limiting the
generality of the foregoing, any specific funds, assets, or other property
which the employers, in their sole discretion, may set aside in
anticipation of a liability hereunder. Any benefits which become payable
hereunder shall be paid from the general assets of the employers. A
participant shall have only a contractual right to the amounts, if any,
payable hereunder to that participant. The employers' obligations under
this program are not secured or funded in any manner.

      9.2   NO EMPLOYMENT RIGHTS.  Nothing herein shall constitute a
contract of continuing service or in any manner obligate the company or any
of its subsidiaries to continue the employment of any participant, or
obligate any participant to continue in the employment of the company or
any of its subsidiaries, and nothing herein shall be construed as fixing or
regulating the compensation payable to a participant.

                                     8

<PAGE>

      9.3   FACILITY OF PAYMENT.  When a person entitled to benefits under
the program is under legal disability, or, in the administrator's opinion,
is in any way incapacitated so as to be unable to manage his financial
affairs, the administrator may direct payment of benefits to such person's
legal representative, or to a relative or friend of such person for such
person's benefit, or the administrator may direct the application of such
benefits for the benefit of such person. Any payment made in accordance
with the preceding sentence shall be a full and complete discharge of any
liability for such payment under the plan.

      9.4   NONASSIGNABILITY.  No participant or other person shall have
any right to commute, sell, assign, pledge, anticipate, mortgage or
otherwise encumber, transfer or convey in advance of actual receipt the
amounts, if any, payable hereunder. No amounts payable hereunder shall,
prior to actual payment, be subject to claims of creditors, seizure or
sequestration for the payment of any debts, judgments, alimony, domestic
relations order or separate maintenance owed by the participant or any
other person, or be transferable by operation of law in the event of the
participant's or any other person's bankruptcy or insolvency.
Notwithstanding the foregoing, if an estate or trust is a beneficiary
entitled to distributions from the program upon the death of the
participant, the representatives of the estate or the trustees of the trust
may assign the right to receive such payments to the persons, estates or
trusts beneficially entitled thereto, and the administrator may rely
conclusively and without any liability on the certification of the
representative or trustee.

      9.5   EFFECT ON OTHER BENEFITS.  Except as provided below in this
subsection, the participant's compensation for purposes of calculating his
awards and benefits under any employee benefit plan or program maintained
by the company shall not be reduced on account of deferrals under this
program. However, amounts deferred for more than one year under this
program shall not be included when calculating a participant's benefits or
contributions under any 401(k) plan, 423(b) plan or other plan sponsored by
the company which is qualified under Section 401(a) of the Internal Revenue
Code. Except for amounts deferred one year or less, distributions made from
this program shall be excluded from a participant's compensation in years
distributed for purposes of calculating contributions, awards and benefits
under any employee benefit plan or program maintained by the company.

      9.6   INDEPENDENCE OF PROGRAM.  Except as otherwise expressly
provided herein, the program shall be independent of, and in addition to,
any employment agreement or other plan or rights that may exist from time
to time between an employer and a participant in the program.

      9.7   RESPONSIBILITY FOR LEGAL EFFECT.  No representations or
warranties, express or implied, are made by the employers or the
administrator and neither the employers nor the administrator assumes any
responsibility concerning the legal, tax, or other implications or effects
of the program.

      9.8   ACTION BY THE COMPANY.  Any action required or permitted to be
taken under the program by the company shall be by one or more officers
designated by the Board of Directors of the company.

      9.9   SUCCESSORS, ACQUISITIONS, MERGERS, CONSOLIDATIONS.  The terms
and conditions of the program shall inure to the benefit of and bind the
employers, the participants, their successors, assigns, and personal
representatives.

      9.10  GENDER AND NUMBER.  Wherever appropriate herein, the masculine
may mean the feminine and the singular may mean the plural or vice versa.

      9.11  GOVERNING LAWS.  This program shall be construed and
administered according to the laws of the State of Illinois.

                                     9

<PAGE>

      9.12  CLAIMS PROCEDURE. The company will provide notice in writing to
any participant or beneficiary whose claim for benefits under the plan is
denied, and the company shall afford such participant or beneficiary a full
and fair review of its decision if so requested. The company has
discretionary authority and responsibility to construe and interpret the
provisions of the plan and make factual determinations thereunder,
including the power to determine the rights or eligibility of employees or
participants and any other persons, and the amounts of their benefits under
the plan, and to remedy ambiguities, inconsistencies or omissions, and each
such determination by the company shall be binding on all parties. Any
interpretation of the provisions of the plan and any decisions on any
matter within the discretion of the company made by the company in good
faith shall be binding on all persons. Any misstatement or other mistake of
fact shall be corrected when it becomes known and the company shall make
such adjustment on account thereof as it considers equitable and
practicable.

      9.13  WITHHOLDING; EMPLOYMENT TAXES.  To the extent required by law
in effect at the time distribution is made from the program, the employers
may withhold any taxes required to be withheld by federal, state or local
governments.

10.   AMENDMENT AND TERMINATION

      The company reserves the right, in its sole discretion, to
discontinue or completely terminate the program at any time. If the program
is discontinued with respect to future deferrals, participants' account
balances shall be distributed on the distribution dates elected by them,
unless the administrator designates an earlier distribution date. As of the
date designated by the administrator following the date of complete
termination, each participant shall receive distribution of his entire
deferral account balance as if his elected distribution dates had occurred.
The program may be amended by a written instrument executed by the company,
provided that an amendment of the program may not reduce the balance in a
SCA Participant's deferral account as of the date the amendment is adopted.

                                    10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00065-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00065-of-00352.parquet"}]]