Document:

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                                                                     EXHIBIT 4.3

                               FIRST AMENDMENT TO
                     SHAREHOLDER PROTECTION RIGHTS AGREEMENT

         THIS FIRST AMENDMENT (this "Amendment"), dated as of March 12, 2002, is
between PRG-SCHULTZ INTERNATIONAL, INC., a Georgia corporation (the "Company"),
and FIRST UNION NATIONAL BANK, as Rights Agent (the "Rights Agent").

                                   WITNESSETH:

         WHEREAS, in connection with that certain Shareholder Protection Rights
Agreement dated as of August 9, 2000 between the Company and the Rights Agent
(the "Agreement"), the Board of Directors of the Company deems it advisable and
in the best interest of the Company and its shareholders to amend the Agreement
in accordance with Section 5.4 of the Agreement;

         NOW, THEREFORE, in consideration of the premises and the respective
agreements set forth herein, the parties hereby agree as follows:

         1.       Defined Terms. Capitalized terms used in this Amendment, which
are not otherwise defined herein, are used with the same meaning ascribed to
such terms in the Agreement.

         2.       Replacement of Summary Schedule. The "Summary of Shareholder
Protection Rights Plan" preceding the Agreement is replaced with the summary
attached to this Amendment as Exhibit A and incorporated herein by reference.

         3.       Amendments.

                  (a)      Section 1.1 is amended as follows:

                           (i)      The last sentence of the definition of
                                    "Acquiring Person" is deleted.

                           (ii)     The definition of "Continuing Director" is
                                    deleted.

                  (b)      Section 5.1(c) of the Agreement is deleted.

                  (c)      The last sentence of Section 5.4 of the Agreement is
                           deleted.

         4.       Counterparts. This Amendment may be executed in any one or
more counterparts, each of which shall be deemed an original and all of which
shall together constitute the same Amendment.

         5.       Ratification. Except as modified and amended as set forth
herein, the Agreement is hereby adopted, ratified and confirmed without further
modification or amendment

         6.       Effectiveness Conditioned Upon Shareholder Approval. This
Amendment shall automatically become effective upon the approval by the
shareholders of the Company at the 2002 Annual Meeting of Shareholders of an
amendment to the Articles of Incorporation of the Company that withdraws the
authority of the shareholders of the Company to remove any or all directors of
the Company without cause.

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         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed as of the date first above written.

                                   PRG-SCHULTZ INTERNATIONAL, INC.

                                   By:   /s/ Clinton McKellar, Jr.
                                      -----------------------------------------
                                   Name:     Clinton McKellar, Jr.
                                        ---------------------------------------
                                   Title:    Senior Vice President and General
                                             Counsel
                                         --------------------------------------

FIRST UNION NATIONAL BANK

By:  /s/ Patrick J. Edwards
   --------------------------------
Name:    Patrick J. Edwards
     ------------------------------
Title:   Vice President
      -----------------------------

                                       2

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                                    EXHIBIT A

                         PRG-SCHULTZ INTERNATIONAL, INC.
                  SUMMARY OF SHAREHOLDER PROTECTION RIGHTS PLAN
                    AS AMENDED BY THE FIRST AMENDMENT THERETO

DISTRIBUTION AND TRANSFER OF RIGHTS; RIGHTS CERTIFICATES: The Board has declared
a dividend of one Right for each share of Common Stock outstanding on August 14,
2000 and authorized the issuance of one Right in respect of each share of Common
Stock issued thereafter and prior to the Separation Time (as defined below).
Prior to the Separation Time referred to below, the Rights will be evidenced by
and trade with the Common Stock and will not be exercisable. After the
Separation Time, the Company will mail Rights Certificates to shareholders and
the Rights will become transferable apart from the Common Stock.

SEPARATION TIME: Rights will separate from the Common Stock and become
exercisable following the earlier of (i) the date of the Flip-in Trigger
referred to below or (ii) the tenth business day (or such later day as the Board
may decide) after any person commences a tender offer that would result in such
person holding a total of 15% or more of the Common Stock.

EXERCISE OF RIGHTS: After the Separation Time, each Right will entitle the
holder to purchase, for an Exercise Price of $100, Participating Preferred Stock
designed to have economic and voting terms similar to those of one share of
Common Stock.

"FLIP-IN" TRIGGER: Upon announcement that any person has acquired 15% or more of
the outstanding Common Stock, then:

         (i)      Rights owned by the person acquiring such stock (an "Acquiring
                  Person") or transferees thereof will automatically become
                  void; and

         (ii)     each other Right will automatically become a right to buy, for
                  the Exercise Price, that number of shares of Common Stock or
                  Participating Preferred Stock having a market value of twice
                  the Exercise Price.

EXCHANGE OPTION: If any person acquires between 15% and 50% of the outstanding
Common Stock, the Board may, in lieu of allowing Rights to be exercised, require
each outstanding Right to be exchanged for one share of Common Stock or
Participating Preferred Stock designed to have economic and voting terms similar
to those of one share of Common Stock.

"FLIP-OVER" TRIGGER: The Company may not consolidate or merge with, or sell 50%
or more of its assets or earning power to, any person (a "Flip-Over Transaction
or Event") if at the time of such merger or sale (or agreement to do any of the
foregoing) such other Person controls the Board of Directors and, in the case of
a merger, will receive different treatment than all other shareholders unless
proper provision is made so that each Right would thereafter become a right to
buy, for the Exercise Price, that number of shares of common stock of such other
Person having a market value of twice the Exercise Price.

                                       3
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REDEMPTION: The Rights may be redeemed by the Board, at any time, until a
"Flip-in" Trigger has occurred, at a Redemption Price of $0.001 per Right.

POWER TO AMEND: The Board may amend the Plan in any respect until a "Flip-in"
Trigger has occurred. Thereafter, the Board may amend the Plan in any respect
not materially adverse to Rights holders generally.

EXPIRATION: The Rights will expire no later than ten years from the date of
their issuance.

                                       4<PAGE>
                                                                    EXHIBIT 10.1

                                   May 1, 2002

Mr. John M. Cook
40 Cates Ridge Road, N.W.
Atlanta, Georgia  30327

Dear John:

         This letter confirms our agreement to amend, effective January 25,
2002, your Employment Agreement with PRG-Schultz USA, Inc., successor to The
Profit Recovery Group International II, L.P., dated as of March 20, 1996, as
amended by the First Amendment to Employment Agreement dated March 7, 1997,
effective as of December 31, 1996 and as amended by the Second Amendment to
Employment Agreement dated September 17, 1997, effective as of July 22, 1997
(the "Agreement") in the following respects:

         1.       UPDATE OF TITLE. Section 1 of the Agreement is amended by
deleting the first full sentence and replacing it with the following: "Employee
shall serve as President and Chief Executive Officer of PRG-Schultz
International, Inc., a Georgia corporation ("PRGX") and of PRG-Schultz USA,
Inc., successor to The Profit Recovery Group International II, L.P., and The
Profit Recovery Group International I, Inc., a Georgia corporation ("PRGI"), the
sole general partner of the Company."

         2.       CHANGING RENEWAL TERM FROM 5 YEARS TO 3 YEARS. The second
sentence of Section 2 of the Agreement is deleted in its entirety and replaced
by the following:

                  "Unless otherwise terminated pursuant to Section 11 hereof,
         this Agreement shall automatically renew for additional three (3) year
         periods at the end of each calendar year unless either party gives
         written notice of non-renewal to the other on or before September 30 of
         any calendar year for the immediately succeeding calendar year."

         3.       ADDITIONAL GOOD REASONS. Section 11(c) of the Agreement is
amended by deleting the word "or" preceding subsection (iv) and deleting
subsection (iv) and replacing it with the following: "(iv) there is a "Change of
Control" of PRGX, as defined below or (v) PRGX removes Employee as CEO without
cause."

         In addition, Section 11(c) of the Agreement is further amended by
deleting all of Section (A) and the words "or (B)" in the last sentence thereof
and by adding the following immediately after the last sentence thereof:

"For purposes of this Agreement, a "Change of Control" shall have occurred if:

         (A) a majority of the directors of PRGX shall be persons other than
         persons:

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Mr. John M. Cook
May 1, 2002
Page 2

                  (1) for whose election proxies shall have been solicited by
         the board; or

                  (2) who are then serving as directors appointed by the board
         to fill vacancies on the board caused by death or resignation, but not
         by removal, or to fill newly-created directorships; or

         (B) a majority of the outstanding voting power of PRGX shall have been
         acquired or beneficially owned by any person (other than PRGX or a
         subsidiary of PRGX) or any two or more persons acting as a partnership,
         limited partnership, syndicate or other group, entity or association
         acting in concert for the purpose of voting, acquiring, holding or
         disposing of voting stock of PRGX; or

         (C) there shall have occurred:

                  (1) a merger or consolidation of PRGX with or into another
         corporation, other than (1) a merger or consolidation with a subsidiary
         of PRGX or (2) a merger or consolidation in which the holders of voting
         stock of PRGX immediately prior to the merger as a class hold
         immediately after the merger at least a majority of all outstanding
         voting power of the surviving or resulting corporation or its parent;
         or

                  (2) a statutory exchange of shares of one or more classes or
         series of outstanding voting stock of PRGX for cash, securities or
         other property, other than an exchange in which the holders of voting
         stock of PRGX immediately prior to the exchange as a class hold
         immediately after the exchange at least a majority of all outstanding
         voting power of the entity with which the PRGX stock is being
         exchanged; or

                  (3) the sale or other disposition of all or substantially all
         of the assets of PRGX, in one transaction or a series of transactions,
         other than a sale or disposition in which the holders of voting stock
         of PRGX immediately prior to the sale or disposition as a class hold
         immediately after the exchange at least a majority of all outstanding
         voting power of the entity to which the assets of PRGX are being sold;
         or

                  (4) the liquidation or dissolution of PRGX."

         4.       UPDATE OF BASE SALARY. Section 1(a) of Exhibit B to the
Agreement is amended by deleting said subsection and replacing it with the
following:

         "(a)     Base Salary. Five-Hundred Thousand and no/100 dollars
($500,000.00) on an annual basis ("Base Salary") shall be payable in accordance
with the Company's customary payroll procedures."

         5.       UPDATE OF BONUS. Section 1(b) of Exhibit B to the Agreement is
amended by deleting the second sentence thereof in its entirety. Sections
1(b)(i), (ii) and (iii) of Exhibit B to the Agreement are deleted in their
entirety and replaced by the following:

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Mr. John M. Cook
May 1, 2002
Page 2

                  "(i)     "Target" - Employee shall be entitled to a Bonus in
                           an amount equal to one hundred percent (100%) of his
                           Base Salary if PRGX meets the target goals
                           established for other senior executive officers by
                           the Compensation Committee of the Board of Directors;
                           and

                  (ii)     "Stretch" - Employee shall be entitled to a Bonus in
                           an amount equal to two hundred percent (200%) of his
                           Base Salary if PRGX meets the stretch goals
                           established for other senior executive officers by
                           the Compensation Committee of the Board of
                           Directors."

         6.       CAR ALLOWANCE. Section 3(b) of Exhibit B to the Agreement is
amended to provide as follows:

                  "(b) Employee shall be provided an annual automobile allowance
         of Thirty Thousand and No/100 Dollars ($30,000.00), payable in
         accordance with the Company's customary procedures, which amount shall
         be reviewed annually and may be modified in writing prior to the
         commencement of any Term Year."

         7.       CHANGING PAYMENT OF COMPENSATION IF YOU VOLUNTARILY RESIGN.

         (a)      Section 4(a) of Exhibit B to the Agreement is amended to
delete your voluntary resignation as an event giving rise to the payment
described therein, as follows:

                  "(a) In the event Employee's employment hereunder is
         terminated for cause, Employee shall be entitled to receive Employee's
         Base Salary prorated through the date of such termination, payable
         within sixty (60) days after termination and shall not be entitled to
         receive any Bonus or other amount in respect of the Term Year in which
         termination occurs or in respect of any subsequent years."

         (b)      Section 4(b) of Exhibit B to the Employment Agreement is
amended to add your voluntary resignation as an event giving rise to the payment
described therein and to change the payments arising from such termination from
five (5) years to three (3) years, as follows:

                  "(b) In the event Employee's employment hereunder is
         terminated by the Company without cause or by Employee for Good Reason
         or upon Employee's voluntary resignation, Employee shall be entitled to
         receive Base Salary and Bonus for the Term Year in which the
         termination occurs (prorated through the date of such termination and
         determined after the end of the applicable Term Year), plus a payments
         payable over a 3-year period commencing upon termination in an annual
         amount equal to the sum of (A) Employee's Base Salary at the rate then
         in effect and (B) the annual Bonuses calculated as if the Company
         achieved its Target level of performance for the Term Year in which
         termination

<PAGE>

Mr. John M. Cook
May 1, 2002
Page 4

         occurs. Employee shall not be entitled to receive any other amount in
         respect of the Term Year in which termination occurs or in respect of
         any subsequent years. The prorated Base Salary shall be payable in a
         lump sum within sixty (60) days after termination, the prorated Bonus
         shall be payable in a lump sum within ninety (90) days after the end of
         the Term Year to which it relates, and the payments shall be payable in
         equal monthly installments for the three (3) year term commencing on
         the last day of the first month following termination. If the Company
         gives Employee notice of non-renewal pursuant to Section 2 of this
         Agreement, it shall be deemed to be a termination of Employee's
         employment without cause and Employee shall be entitled to compensation
         pursuant to this Section 4(b)."

         (c)      Section 4(e) of Exhibit B to the Employment Agreement is
amended by inserting after the words "non-renewal of this Agreement" in the
fourth line thereof the following: ", except if said non-renewal constitutes a
voluntary resignation by Employee."

         8.       ADDING PROVISION RE HEALTH INSURANCE. Section 4(f) of Exhibit
B to the Agreement is amended by adding a period after the words "this Exhibit
B", deleting the remainder of Section 4(f) and inserting a new Section (g)
immediately after Section (f), as follows:

                  (g)      Upon the expiration or sooner termination of
         Employee's employment with the Company for any reason (including death)
         other than termination by the Company for cause pursuant to Section
         11(a) of the Agreement, or upon Employee's otherwise becoming
         ineligible for coverage as an employee under the group health plan
         sponsored by the Company, the Company shall provide Employee and his
         spouse with coverage required by Section 4980B of the Internal Revenue
         Code and Part 6 of Subtitle B of Title I of ERISA ("COBRA Coverage")
         and shall not charge any otherwise applicable premium or charge for
         such coverage. Upon expiration of COBRA Coverage for either of Employee
         or his spouse or both (as applicable), the Company shall assist
         Employee and/or his spouse in obtaining an individual health insurance
         policy which provides health coverage on terms substantially similar to
         those provided under COBRA Coverage (the "Individual Replacement
         Policy"). The Company shall pay all premiums for any Individual
         Replacement Policy for Employee and his spouse up to $25,000 per
         calendar year in the aggregate, which maximum amount shall be increased
         each calendar year commencing January 1, 2003, by a percentage equal to
         the percentage increase in the "CPI" occurring since January 1, 2002.
         For purposes hereof, "CPI" means the index now known as the "Consumer
         Price Index for All Urban Consumers, All Items, U.S. Cities Average,
         (1982-1984 = 100)", issued and published by the Bureau of Labor
         Statistics of the United States Department of Labor. If the CPI ceases
         to use 1982-1984 equaling 100 as the basis of calculation, or if a
         change is made in the terms or number of items contained in

<PAGE>

Mr. John M. Cook
May 1, 2002
Page 5

         the CPI, or if the CPI is altered, modified, converted or revised in
         any way, then the increase in annual premiums hereunder shall be
         determined by reference to the index designated as the successor to the
         CPI or other substitute index published by the government of the United
         States. In the event the CPI shall hereafter be converted to a
         different standard reference base or otherwise revised, determinations
         based upon the CPI shall be made with the use of such conversion
         factor, formula or table for converting the CPI as may be published by
         the Bureau of Labor Statistics, or, failing such publication, with the
         use of such conversion factor, formula, or table as may be published by
         any other nationally recognized publisher of similar statistical
         information. In the event the publication of the CPI is hereafter
         discontinued, PRGX shall designate a comparable index to be used in
         lieu thereof. For purposes hereof, the CPI for a given date shall be
         determined by reference to the CPI for the calendar month in which such
         date falls. Upon Employee and/or his wife becoming enrolled for
         Medicare coverage, the obligation of the Company with respect to the
         Individual Replacement Policy shall terminate but the Company shall
         become responsible for paying (or reimbursing Employee and/or his
         spouse for) any premiums required by Medicare for Part A or B coverage
         and for any premiums associated with any supplemental individual
         insurance policy selected and obtained by Employee and/or his spouse
         for each up to the age of 80, respectively. In no event, however, shall
         the Company's obligation pursuant to the immediately preceding sentence
         exceed $25,000 per year, as adjusted by the CPI escalator described
         above. The Company's obligations with respect to Employee and/or his
         spouse under this paragraph shall terminate upon Employee or his spouse
         becoming covered under a group health plan sponsored by any other
         employer due to the employment of Cook or his spouse."

         9.       CERTAIN PAYMENTS UPON CHANGE OF CONTROL. The current Section
4(g) of Exhibit B to the Agreement is deleted in its entirety, and the following
is inserted in lieu thereof:

                  "(h) The parties agree that a portion of the payments provided
         for in this Section 4 to be paid in the event of a Change of Control
         shall be in consideration of the post-termination non-competition,
         non-solicitation and confidentiality restrictive covenants of Employee
         contained herein (collectively, the "Non-competition Payment"). The
         amount of the payments allocated to the Non-competition Payment shall
         be the reasonable value of the post-termination restrictive covenants
         of Employee upon a Change of Control determined by an independent
         appraiser, selected by the Company, its successor or assign. The
         parties hereto specifically acknowledge that by virtue of Employee's
         unique position as the founder and executive in charge of all business
         operations of the Company, his knowledge and services are substantial
         assets of the Company and the Company would suffer irreparable damage
         if the Employee were not to comply with the post-termination
         restrictive covenants contained herein. Accordingly, in the event there
         is a Change of Control and Employee's employment hereunder is
         terminated by Employee, the Company or the Company's successor or
         assign, the Company shall, and Employee hereby acknowledges the
         Company's intention to, enforce the post-termination restrictive
         covenants contained herein against Employee to the fullest extent
         permitted by applicable law."

<PAGE>

Mr. John M. Cook
May 1, 2002
Page 6

         10.      PARACHUTE PAYMENTS. Section 4 of Exhibit B to the Agreement is
amended by adding a new Section (i) immediately after Section (h), as follows,
and all cross references to the current 4(g), prior to the amendments contained
herein, are hereby changed to references to Section "4(i)":

                  (i)      In the event that any payment to be received by
         Employee pursuant to this Section 4 of Exhibit B or the value of any
         acceleration right in respect of options occurring pursuant to this
         Agreement in connection with a Change of Control of the Company and the
         termination of Employee's employment would be subject to an excise tax
         pursuant to Section 4999 of the Code, whether in whole or in part, as a
         result of being an "excess parachute payment", within the meaning of
         such term in Section 280G(b) of the Code, the amount payable under this
         Section 4 shall be reduced so that no portion of such payment or the
         value of such acceleration rights is subject to the excise tax pursuant
         to Section 4999 of the Code. If the amount necessary to eliminate such
         excise tax exceeds the amount otherwise payable under this Section 4,
         no payment shall be made under this Section and no further adjustment
         shall be made. Notwithstanding the preceding sentence, no portion of
         such payment or any acceleration right which tax counsel, selected by
         the Company's independent auditors and acceptable to Employee,
         determines not to constitute a "parachute payment" within the meaning
         of Section 280G(b)(2) of the Code will be taken into account."

         11.      STOCK OPTIONS. The parties hereby agree to delete any and all
provisions in the Agreement, and terminate any and all understandings between
Employee and the Company, pursuant to which Employee is eligible for, or might
be entitled to, any grant of options to purchase shares of PRGX Common Stock
based on the achievement of Company performance goals by PRGX. In addition,
Section 2 of Exhibit B to the Agreement is deleted in its entirety and the
following inserted in lieu thereof:

                  "2.      STOCK OPTIONS.

                  (a)      Employee shall be eligible for grants of nonqualified
         options to purchase shares of PRGX Common Stock as the Compensation
         Committee of the Board of Directors of PRGX may from time to time
         determine in its sole discretion.

                  (b)      All grants of options shall be evidenced by a
         separate stock option agreement in the form as adopted by the Company
         from time to time.

                  (c)      If the Company terminates Employee's employment for
         any reason other than for "cause", as defined in Section 11(a) hereof,
         or if Employee terminates this Agreement for "Good Reason" as defined
         in Section 11(c) hereof, or upon Employee's voluntary resignation, then
         and in any such event, Employee shall immediately vest in all

<PAGE>

Mr. John M. Cook
May 1, 2002
Page 7

         of the options granted pursuant to this Section. Unvested portions of
         the options shall terminate on the death or Disability of Employee. If
         there is any conflict between the terms of the separate stock option
         agreement and this Agreement, the terms of this Agreement shall
         control."

         12.      CHANGING VESTING OF STOCK OPTIONS IF YOU VOLUNTARILY RESIGN.

         (a)      Section 5 of the Agreement is amended by inserting "or if
Employee voluntarily resigns his employment," between the words "hereof," and
"then" in the seventeenth line of Section 5.

         (b)      Section 8(b) of Exhibit C to the Agreement is amended by
deleting Subsection (b), but not items (b)(i) and (b)(ii), and replacing
Subsection (b) with the following:

                  "(b)     Termination of Employment Due to Death or Disability.
         If the Optionee's employment by the Company terminates by reason of
         death or disability, then"

         (c)      Section 8(d) of Exhibit C of the Agreement is amended by
inserting "or due to Retirement or voluntary resignation," after the term "good
reason," in the third line of Section 8(d).

         13.      AMENDMENT OF STOCK OPTION GRANT AGREEMENTS. The parties hereto
hereby agree that Section 11 and Section 12 of this letter, which provide for
the acceleration of vesting of all of Employee's outstanding options to purchase
shares of PRGX common stock upon his voluntary resignation, are intended to, and
do hereby, amend any provisions to the contrary contained in any and all option
grant agreements between Employee and PRGX.

     Except as herein amended, all other terms of your Agreement shall remain
unchanged.

                                        Yours very truly,

                                        /s/ Marie Neff

                                        Marie Neff
                                        Senior Vice President, Human Resources

Accepted and agreed to
this 1st day of May, 2002:

/s/ John M. Cook
----------------------------
John M. Cook

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