Document:

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                       FIRST AMENDMENT TO CREDIT AGREEMENT

To Each of the Lenders Signatory Hereto

Ladies and Gentlemen:

         Reference is hereby made to that certain Credit Agreement dated as of
February 25, 2000 (as amended, restated, supplemented and otherwise modified
from time to time, the "Credit Agreement"), between the undersigned, HA-LO
Industries, Inc., an Illinois corporation (the "Company"), American National
Bank and Trust Company of Chicago, as agent for the Lenders (the "Agent"), and
you (the "Lenders"). All capitalized terms used herein without definition shall
have the same meanings herein as such terms have in the Credit Agreement.

         The Company has requested that the Lenders increase the Revolving
Credit Commitments and the Lenders are willing to do so on the terms and
conditions set forth in this agreement (the "Amendment").

1.       AMENDMENTS.

         Subject to the satisfaction of the conditions precedent set forth in
Section 2 below, the Credit Agreement shall be amended as follows:

                  (l) The signature pages to the Credit Agreement shall be
         amended by (i) (a) deleting the amount "$22,500,000" appearing under
         the caption "Revolving Credit Commitment" and (b) deleting the
         percentage "50%" appearing under the caption "Percentage", opposite
         American National Bank and Trust Company of Chicago's signature and
         inserting in its place the amount "$26,666,667" and the percentage
         "53.3333334%", (ii) deleting the percentage "33.333%" appearing under
         the caption "Percentage", opposite Harris Trust and Savings Bank's
         signature and inserting in its place the percentage "30.00%", (iii) (a)
         deleting the amount "$7,500,000" appearing under the caption "Revolving
         Credit Commitment" and (b) deleting the percentage "16.667%" appearing
         under the caption "Percentage", opposite Comerica Bank's signature and
         inserting in its place the amount "$8,333,333" and the percentage
         "16.6666667%", and (iv) deleting the amount "$45,000,000" appearing
         under the caption "Aggregate Revolving Credit Commitments" after the
         signatures of the Lenders and inserting in its place the amount
         "50,000,000".

2.       CONDITIONS PRECEDENT.

         The effectiveness of this Amendment is subject to the satisfaction of
all of the following conditions precedent:

                  2.1 The Company, the Agent and the Lenders shall have executed
and delivered this Amendment.

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                  2.2 The Company shall have executed and delivered to each of
         American National Bank and Trust Company of Chicago and Comerica Bank a
         Revolving Credit Note in the form of Exhibit A hereto payable to the
         order of such Lender in the principal amount of its Revolving Credit
         Commitment in effect after giving effect to this Amendment.

                  2.3 Each Subsidiary of the Company party to the Guaranty shall
         have executed and delivered the Guarantor's Acknowledgment in the form
         attached hereto as Exhibit B.

3.       REPRESENTATIONS.

         In order to induce the Lenders to execute and deliver this Amendment,
the Company hereby represents to the Lenders that as of the date hereof the
representations and warranties set forth in Section 5 of the Credit Agreement
are and shall be and remain true and correct and the Company is in compliance
with all of the terms and conditions of the Credit Agreement and no Default or
Event of Default has occurred and is continuing under the Credit Agreement or
shall result after giving effect to this Amendment.

4.       EQUALIZATION.

         Anything contained in the Credit Agreement or in this Amendment to the
contrary notwithstanding, upon satisfactory completion of the conditions
precedent to the effectiveness of this Amendment as set forth above, there shall
be such purchases and sales of interests in the Revolving Loans, if any then
outstanding, as shall be necessary so that after giving effect thereto each
Lender holds its ratable share of the total of the Revolving Loans then
outstanding in accordance with its Percentage of the Revolving Credit
Commitments.

5.       MISCELLANEOUS.

         5.1 Except as specifically amended herein, the Credit Agreement shall
continue in full force and effect in accordance with its original terms.
Reference to this specific Amendment need not be made in the Credit Agreement,
the Notes, or any other instrument or document executed in connection therewith,
or in any certificate, letter or communication issued or made pursuant to or
with respect to the Credit Agreement, any reference in any of such items to the
Credit Agreement being sufficient to refer to the Credit Agreement as amended
hereby.

                                       2
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         5.2 This Amendment may be executed in any number of counterparts, and
by the different parties on different counterpart signature pages, all of which
taken together shall constitute one and the same agreement. Any of the parties
hereto may execute this Amendment by signing any such counterpart and each of
such counterparts shall for all purposes be deemed to be an original. This
Amendment shall be governed by the internal laws of the State of Illinois.

         Dated as of March __, 2000

                                       HA-LO INDUSTRIES, INC.

                                       By:____________________________
                                       Name:__________________________
                                       Title:___________________________

                                       3
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Accepted and agreed to as of the date and year last above written.

                                       AMERICAN NATIONAL BANK AND TRUST

                                       COMPANY OF CHICAGO, individually and as

                                       Agent

                                       By:______________________________________
                                       Name:____________________________________
                                       Title:___________________________________

                                       HARRIS TRUST AND SAVINGS BANK

                                       By:______________________________________
                                       Name:____________________________________
                                       Title:___________________________________

                                       COMERICA BANK

                                       By:______________________________________
                                       Name:____________________________________
                                       Title:___________________________________

                                       4<PAGE>

                 ASSUMPTION AND SUPPLEMENT TO GUARANTY AGREEMENT

         This Assumption and Supplement to Guaranty Agreement (the "AGREEMENT")
is dated as of this _____ day of March, 2000, made by [1], a ___________
corporation (the "NEW GUARANTOR");

                                WITNESSETH THAT:

         WHEREAS, certain parties have executed and delivered to the Guaranteed
Creditors that certain Guaranty Agreement dated as of March 1, 2000, or
supplements thereto (such Guaranty Agreement, as the same may from time to time
be modified or amended, including supplements thereto which add or substitute
parties as Guarantors thereunder, being hereinafter referred to as the
"GUARANTY") pursuant to which such parties (the "EXISTING GUARANTORS") have
guaranteed to the Guaranteed Creditors the full and prompt payment of, among
other things, any and all indebtedness, obligations and liabilities of HA-LO
Industries, Inc. (the "COMPANY") arising under or relating to the Credit
Agreement and the other Credit Documents described therein; and

         WHEREAS, the Company provides the New Guarantor with substantial
financial, managerial, administrative, technical and design support and the New
Guarantor will benefit, directly and indirectly, from credit and other financial
accommodations extended and to be extended by the Lenders to the Company;

         NOW, THEREFORE, FOR VALUE RECEIVED, and in consideration of advances
made or to be made, or credit accommodations given or to be given, to the
Company by the Lenders from time to time, the New Guarantor hereby agrees as
follows:

         1. The New Guarantor acknowledges and agrees that it shall become a
"Guarantor" party to the Guaranty effective upon the date of the New Guarantor's
execution of this Agreement and the delivery of this Agreement to the Agent on
behalf of the Guaranteed Creditors, and that upon such execution and delivery,
all references in the Guaranty to the terms "Guarantor" or "Guarantors" shall be
deemed to include the New Guarantor.

         2. The New Guarantor hereby assumes and becomes liable (jointly and
severally with all the other Guarantors) for the indebtedness hereby guaranteed
(as defined in the Guaranty) and agrees to pay and otherwise perform all of the
obligations of a Guarantor under the Guaranty according to, and otherwise on and
subject to, the terms and conditions of the Guaranty to the same extent and with
the same force and effect as if the New Guarantor had originally been one of the
Existing Guarantors under the Guaranty and had originally executed the same as
such an Existing Guarantor.

         3. All capitalized terms used in this Agreement without definition
shall have the same meanings herein as such terms have in the Guaranty, except
that any reference to the term "Guarantor" or "Guarantors" and any provision of
the Guaranty providing meaning to such term shall be deemed a reference to the
Existing Guarantors and the New Guarantor. Except as specifically modified
hereby, all of the terms and conditions of the Guaranty shall stand and remain
unchanged and in full force and effect.

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         4. The New Guarantor agrees to execute and deliver such further
instruments and documents and do such further acts and things as the Agent or
the Guaranteed Creditors reasonably may deem necessary or proper to carry out
more effectively the purposes of this Agreement.

         5. No reference to this Agreement need be made in the Guaranty or in
any other document or instrument making reference to the Guaranty, any reference
to the Guaranty in any of such to be deemed a reference to the Guaranty as
modified hereby.

         6. This Agreement shall be governed by and construed in accordance with
the laws of the State of Illinois (without regard to principles of conflicts of
law) in which state it shall be performed by the New Guarantor.

                                       [1]

                                       By

                                            Its
                                               ---------------------------
                                       Address:

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

                                               ---------------------------
                                               Attention
                                               Telephone
                                                Telecopy

         Acknowledged and agreed to in Chicago, Illinois as of the date first
above written.

                                       AMERICAN NATIONAL BANK AND TRUST
                                         COMPANY OF CHICAGO, as Agent

                                       By

                                            Its
                                               ---------------------------

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                                   SCHEDULE 1

         There are seven (7) documents omitted as Exhibits which contain the
same material terms of the attached agreement, except that the parties defined
therein as "New Guarantor" (marked as "[1]" in the first paragraph and signature
page of such document) differ among the documents. Such parties are set forth
below (listed as "New Guarantor").

NEW GUARANTOR

Upshot (New York), Inc.

Market U.S.A. Inc.

Upshot Direct, Inc.

Lipson Associates, Inc.

HA-LO Sports, Inc.

CF Napa Design, Inc.

Premier Promotions and Marketing, Inc.

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