Document:

<Page>

                                                                    EXHIBIT 10.2

                                OMNIBUS AMENDMENT

                           DATED AS OF MARCH 26, 2004

                                  BY AND AMONG

                         USS RECEIVABLES COMPANY, LTD.,

                    UNITED STATIONERS FINANCIAL SERVICES LLC,

                          UNITED STATIONERS SUPPLY CO.,

                    FALCON ASSET SECURITIZATION CORPORATION,

                         PNC BANK, NATIONAL ASSOCIATION,

                       MARKET STREET FUNDING CORPORATION,

                       BANK ONE, NA (MAIN OFFICE CHICAGO)

                                       and

                         JPMORGAN CHASE BANK, as Trustee

                   AMENDMENT NO. 1 TO SERIES 2003-1 SUPPLEMENT
                 AMENDMENT NO. 1 TO SECOND AMENDED AND RESTATED
                            SERIES 2000-2 SUPPLEMENT
                 AMENDMENT NO. 1 TO SECOND AMENDED AND RESTATED
                               SERVICING AGREEMENT
                 AMENDMENT NO. 1 TO SECOND AMENDED AND RESTATED
                           RECEIVABLES SALE AGREEMENT
                     AMENDMENT NO. 1 TO AMENDED AND RESTATED
                         USFS RECEIVABLES SALE AGREEMENT

<Page>

                              OMNIBUS AMENDMENT

          This OMNIBUS AMENDMENT (this "OMNIBUS AMENDMENT") is entered into as
of March 26, 2004 by and among USS Receivables Company, Ltd., a Cayman Islands
limited liability company ("USSR"), United Stationers Financial Services LLC, an
Illinois limited liability company ("USFS"), United Stationers Supply Co., an
Illinois corporation ("USSC"), Falcon Asset Securitization Corporation, a
Delaware corporation ("FALCON"), PNC Bank, National Association, as
Administrator under and as defined in the Series 2000-2 Supplement referred to
below ("PNC"), Market Street Funding Corporation ("MARKET STREET"), Bank One, NA
(Main Office Chicago), as the Funding Agent and the sole APA Bank under and as
defined in the Series 2003-1 Supplement referred to below ("BANK ONE" or the
"FUNDING AGENT") and JPMorgan Chase Bank, as Trustee.

                                    RECITALS

          WHEREAS, USSR, USFS, as Servicer (the "SERVICER"), and JPMorgan Chase
Bank, as Trustee (as successor in interest to Bank One) (the "TRUSTEE"), are
parties to that certain Second Amended and Restated Pooling Agreement, dated as
of March 28, 2003 (the "POOLING AGREEMENT");

          WHEREAS, USSR, the Servicer, Falcon, Bank One and the Trustee are
parties to that certain Series 2003-1 Supplement, dated as of March 28, 2003, to
the Pooling Agreement (the "SERIES 2003-1 SUPPLEMENT");

          WHEREAS, USSR, the Servicer, PNC, Market Street and the Trustee, are
parties to that certain Second Amended and Restated Series 2000-2 Supplement,
dated as of March 28, 2003, to the Pooling Agreement (the "SERIES 2000-2
SUPPLEMENT");

          WHEREAS, USSR, the Servicer, USSC, as Support Provider (USSC, together
with USSR and USFS, the "USS COMPANIES"), and the Trustee are parties to that
certain Second Amended and Restated Servicing Agreement, dated as of March 28,
2003 (the "SERVICING AGREEMENT");

          WHEREAS, USSC, USFS and the Servicer are parties to that certain
Second Amended and Restated Receivables Sale Agreement, dated as of March 28,
2003 (the "SALE AGREEMENT");

                                        2
<Page>

          WHEREAS, USFS, USSR and the Servicer are parties to that certain
Amended and Restated USFS Receivables Sale Agreement, dated as of March 28, 2003
(the "USFS SALE AGREEMENT"); and

          WHEREAS, each of the parties hereto now desires to amend the Series
2003-1 Supplement, the Series 2000-2 Supplement, the Servicing Agreement, the
Sale Agreement and the USFS Sale Agreement (collectively, the "AMENDED
DOCUMENTS"), in each case, subject to the terms and conditions hereof.

                                    AGREEMENT

          NOW, THEREFORE, in consideration of the premises, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

          Section 1.     DEFINITIONS USED HEREIN. Capitalized terms used herein
and not otherwise defined herein shall have the respective meanings set forth
for such terms in the Pooling Agreement or, if not defined therein, the Series
2003-1 Supplement or Series 2000-2 Supplement, as applicable.

          Section 2.     PROVISIONS RELATING TO SERIES 2003-1 SUPPLEMENT.

                  (a)    REDUCTION OF SERIES 2003-1 COMMITMENT. (i) The parties
hereto hereby acknowledge that pursuant to Section 2.8 of the Series 2003-1
Supplement, USSR, on behalf of the Trust, has provided written notice of a
Commitment Reduction in the amount of $25,500,000. Subject to the satisfaction
of the conditions set forth in SECTION 7 hereof and the consummation of the
transactions described in this SECTION 2, the Commitment of Bank One, as sole
APA Bank under and as defined in the Series 2003-1 Supplement, shall be reduced
as of the date hereof by $25,500,000. To the extent that any reduction of the
Series 2003-1 Invested Amount is required in connection with such Commitment
Reduction (an "INVESTED AMOUNT REDUCTION"), USSR and the Servicer shall, on or
prior to March 29, 2004, effect such Invested Amount Reduction in accordance
with Section 2.7(a) of the Series 2003-1 Supplement (including, without
limitation, the requirement that such reduction be made with funds on deposit in
the Series 2003-1 Collection Subaccount, but excluding any notice requirement),
and simultaneously with any such Invested Amount Reduction, the Series 2003-1
Subordinated Interest Amount shall be reduced by the Series 2003-1 Subordinated
Interest Reduction Amount pursuant to and in accordance with the terms of
Section 2.7(b) of the Series 2003-1 Supplement.

                                        3
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                         (ii)   The parties hereto hereby further acknowledge
          that pursuant to a certain Series 2004-1 Supplement to the Pooling
          Agreement entered into as of even date herewith among USSR, the
          Servicer, the Trustee and Fifth Third Bank ("FIFTH THIRD") (the
          "2004-1 SUPPLEMENT"), Fifth Third has on the date hereof purchased a
          Certificate in an amount equal to $25,000,000 (the "PURCHASE") and
          that a portion of the proceeds of such Purchase (the "PURCHASE
          PROCEEDS") may be deposited first in the Collection Account and then
          allocated by the Servicer to the Series 2003-1 Collection Subaccount
          and applied to any Invested Amount Reduction contemplated by clause
          (i) above. The application of the Purchase Proceeds and any other
          amounts on deposit in the Series 2003-1 Collection Subaccount to such
          Invested Amount Reduction shall be made in the manner specified by
          Section 3A.6 of the Series 2003-1 Supplement notwithstanding the fact
          that the date on which such Invested Amount Reduction shall occur is
          not a Distribution Date. The parties hereto hereby waive the
          requirements of Sections 2.3(d) and 2.3(g) of the Servicing Agreement
          solely to the extent necessary to permit the deposit of Purchase
          Proceeds to the Series 2003-1 Collection Subaccount.

                  (b)    AMENDMENTS TO THE SERIES 2003-1 SUPPLEMENT. Immediately
upon the satisfaction of each of the conditions precedent set forth in SECTION 7
of this Omnibus Amendment, the Series 2003-1 Supplement is hereby amended as
follows, effective as of the date first written above:

                         (i)    Section 1.1 of the Series 2003-1 Supplement is
          hereby amended by amending and restating the definitions of
          "Commitment Expiry Date", "Maximum Commitment Amount", "Maximum
          Invested Amount" and "Series 2003-1 Ratio" in their entirety to read
          as follows:

                  "COMMITMENT EXPIRY DATE" SHALL MEAN MARCH 25, 2005 (AS MAY BE
          EXTENDED FOR AN ADDITIONAL PERIOD OF TIME UP TO 364 DAYS FROM TIME TO
          TIME IN WRITING BY INITIAL PURCHASER, THE FUNDING AGENT AND THE APA
          BANKS).

                  "MAXIMUM COMMITMENT AMOUNT" SHALL MEAN $127,500,000.

                  "MAXIMUM INVESTED AMOUNT" SHALL MEAN $125,000,000.

                                        4
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                  "SERIES 2003-1 RATIO" SHALL MEAN, AS OF ANY SETTLEMENT REPORT
          DATE AND CONTINUING UNTIL (BUT NOT INCLUDING) THE NEXT SETTLEMENT
          REPORT DATE, THE SUM OF THE LOSS PERCENTAGE, THE DILUTION PERCENTAGE,
          THE SERVICING AND DISCOUNT RESERVE RATIO, IN EACH CASE, THEN IN
          EFFECT.

                         (ii)   Section 5.1(o) of the Series 2003-1 Supplement
          is hereby amended and restated in its entirety to read as follows:

                  (o)    AS AT THE END OF ANY ACCRUAL PERIOD, THE AVERAGE
          DELINQUENCY RATIO FOR THE THREE PRECEDING ACCRUAL PERIODS (INCLUDING
          SUCH ACCRUAL PERIOD THEN ENDED) SHALL EXCEED 5.10%.

                         (iii)  Schedule 1 to the Series 2003-1 Supplement is
          hereby deleted in its entirety and replaced with ANNEX A hereto.

                         (iv)   Schedule 2 to the Series 2003-1 Supplement is
          hereby deleted in its entirety and replaced with ANNEX B hereto.

          Section 3.     AMENDMENT TO THE SERIES 2000-2 SUPPLEMENT. Immediately
upon the satisfaction of each of the conditions precedent set forth in SECTION 7
of this Omnibus Amendment, the Series 2000-2 Supplement is hereby amended as
follows, effective as of the date first written above:

                  (a)    Section 1.1 of the Series 2000-2 Supplement is hereby
amended by deleting the defined terms "Credit Agreement" and "Series 2000-2
Purchaser Funded Amount" appearing therein in their entirety.

                  (b)    Section 1.1 of the Series 2000-2 Supplement is hereby
amended by deleting the clause "the sum of (i) the Applicable Margin for a
Floating Tranche and (ii)" where it appears in the definition of "Base Rate" in
its entirety.

                  (c)    Section 1.1 of the Series 2000-2 Supplement is hereby
amended by amending and restating the definitions of "Commitment Expiry Date",
"Series 2000-2 Funded Amount" and "Series 2000-2 Ratio" in their entirety to
read as follows:

                  "COMMITMENT EXPIRY DATE" SHALL MEAN MARCH 25, 2005 (AS MAY BE
          EXTENDED FOR AN ADDITIONAL 364 DAYS FROM TIME TO TIME

                                        5
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          IN WRITING BY THE COMMITTED PURCHASER AND THE ADMINISTRATOR (IN THEIR
          SOLE DISCRETION)).

                  "SERIES 2000-2 FUNDED AMOUNT" SHALL MEAN, AS OF ANY DATE OF
          DETERMINATION, THE SERIES 2000-2 PURCHASER INVESTED AMOUNT OF THE
          COMMITTED PURCHASER ON SUCH DATE.

                  "SERIES 2000-2 RATIO" SHALL MEAN, AS OF ANY SETTLEMENT REPORT
          DATE AND CONTINUING UNTIL (BUT NOT INCLUDING) THE NEXT SETTLEMENT
          REPORT DATE, THE SUM OF THE LOSS PERCENTAGE, THE DILUTION PERCENTAGE,
          THE SERVICING AND DISCOUNT RESERVE RATIO, IN EACH CASE, THEN IN
          EFFECT.

                  (d)    Section 2.3(b) of the Series 2000-2 Supplement is
hereby amended by deleting the reference to "Series 2000-2 Purchaser Funded
Amount" where it appears therein and subsitituting "Series 2000-2 Funded Amount"
in lieu thereof.

                  (e)    Schedule 2 to the Series 2000-2 Supplement is hereby
deleted in its entirety and replaced with ANNEX B hereto.

          Section 4.     AMENDMENT TO THE SERVICING AGREEMENT. Immediately upon
the satisfaction of each of the conditions precedent set forth in SECTION 7 of
this Omnibus Amendment, the Servicing Agreement is hereby amended, effective as
of the date first written above, by deleting Section 4.4 thereof in its entirety
and replacing it with "[Intentionally Omitted]."

          Section 5.     AMENDMENT TO THE SALE AGREEMENT. Immediately upon
the satisfaction of each of the conditions precedent set forth in SECTION 7 of
this Omnibus Amendment, the Sale Agreement is hereby amended, effective as of
the date first written above, by deleting Schedule III to the Sale Agreement in
its entirety and replacing it with ANNEX C hereto.

          Section 6.     AMENDMENT TO USFS SALE AGREEMENT. Immediately upon
the satisfaction of each of the conditions precedent set forth in SECTION 7 of
this Omnibus Amendment, the USFS Sale Agreement is hereby amended, effective as
of the date first written above, by deleting the reference to "Schedule III"
where it appears therein and substituting the following clause in lieu thereof:
"Schedule III to the USSC Receivables Sale Agreement".

                                        6
<Page>

          Section 7.     CONDITIONS TO EFFECTIVENESS OF THIS OMNIBUS AMENDMENT.
The effectiveness of this Omnibus Amendment is subject to the satisfaction of
the following conditions precedent:

                  (a)    OMNIBUS AMENDMENT. The Trustee shall have received, on
or before the date hereof, executed counterparts of this Omnibus Amendment, duly
executed by each of the parties hereto.

                  (b)    REPRESENTATIONS AND WARRANTIES. As of the date hereof,
both before and after giving effect to this Omnibus Amendment, all of the
representations and warranties of the USS Companies contained in each Amended
Document, as amended hereby and in each other Transaction Document (other than
those that speak expressly only as of a different date) shall be true and
correct in all material respects as though made on the date hereof (and by its
execution hereof, each of the USS Companies shall be deemed to have represented
and warranted such).

                  (c)    NO EARLY AMORTIZATION EVENT. As of the date hereof,
both before and after giving effect to this Omnibus Amendment, no Early
Amortization Event shall have occurred and be continuing (and by its execution
hereof, each of the USS Companies shall be deemed to have represented and
warranted such).

                  (d)    PAYMENT OF FEES. USSR shall have paid all costs, fees
and expenses due and owing pursuant to that certain Fee Letter, dated as of
March 28, 2003, among USSR, the Funding Agent and Falcon, including, without
limitation, the Agency Fee (as defined therein) payable to the Funding Agent
pursuant to Section 1(c) thereof.

                  (e)    AMENDED AND RESTATED FEE LETTER. The Funding Agent and
Falcon shall have received, on or before the date hereof, executed counterparts
of an amended and restated Fee Letter, dated the date hereof, among USSR, the
Funding Agent and Falcon, in form and substance satisfactory to the Funding
Agent and Falcon, duly executed by each of the parties thereto.

                  (f)    2004-1 SUPPLEMENT AND CERTIFICATE, SERIES 2004-1. The
Trustee shall have received, on or before the date hereof, executed counterparts
of the 2004-1 Supplement, in form and substance satisfactory to the Trustee,
duly executed by each of the parties thereto. Fifth Third shall have received,
on or before the date hereof, a Certificate, Series 2004-1, in the original
principal amount of $25,000,000 issued in favor of Fifth Third and duly executed
and delivered by USSR and duly authenticated by the Trustee.

                                        7
<Page>

                  (g)    OPINION RELIANCE LETTERS. Fifth Third shall have
received, on or before the date hereof, letters addressed to Fifth Third, as
Administrator and as Committed Purchaser under and as defined in the 2004-1
Supplement, from each of Weil, Gotshal & Manges LLP, Jenner & Block and Maples
and Calder, each a special legal counsel to USSR and certain of its affiliates
(collectively, the "COUNSELS"), in each case, allowing Fifth Third to rely on
the opinions provided by the Counsels on March 28, 2003 with respect to the
Transaction Documents and the transactions contemplated thereby.

                  (h)    PAYMENT OF CERTAIN FEES. The USS Companies shall have
reimbursed Bank One for the fees of Skadden, Arps, Slate, Meagher & Flom, LLP,
special legal counsel to Bank One, owing on the date hereof of and incurred in
connection with the preparation, execution and delivery of this Omnibus
Amendment and the other Transaction Documents.

          Section 8.     TRUSTEE'S WAIVER OF NOTICE OF SERIES 2004-1 SUPPLEMENT.
The parties hereto acknowledge that the issuance of the 2004-1 Supplement and
the related Certificate to Fifth Third is being made pursuant to and in
accordance with Section 5.10 of the Pooling Agreement, provided that the Trustee
hereby waives the following requirements of Section 5.10 of the Pooling
Agreement: (i) that the Trustee receive at least 30 days prior written notice
from USSR of the issuance of the 2004-1 Supplement and the related Certificate,
(ii) that USSR deliver to the Trustee a Tax Opinion addressed to the Trustee and
the Trust and (iii) that USSR deliver to the Trustee a General Opinion addressed
to the Trustee and the Trust.

          Section 9.     MISCELLANEOUS.

                  (a)    EFFECT; RATIFICATION. The amendments and waivers set
forth herein are effective solely for the purposes set forth herein and shall be
limited precisely as written, and shall not be deemed to (i) be a consent to any
amendment, waiver or modification of any other term or condition of any Amended
Document or of any other instrument or agreement referred to therein; or (ii)
prejudice any right or remedy which any of the Trustee, the Funding Agent,
Falcon, PNC or Market Street may now have or may have in the future under or in
connection with any Amended Document, as amended hereby or any other instrument
or agreement referred to therein. Each reference in the Series 2003-1 Supplement
to "this Supplement," "herein," "hereof" and words of like import and each
reference in the other Transaction Documents to the "Series 2003-1 Supplement"
shall mean the Series 2003-1 Supplement as amended hereby. Each reference in the
Series 2000-2 Supplement to "this Supplement," "herein," "hereof" and words of
like import and each reference in the other Transaction Documents to the "Series
2000-2 Supplement" shall mean the Series 2000-2 Supplement as amended hereby.
Each reference in the Servicing Agreement to "this Agreement," "herein,"
"hereof" and words of like import and each reference in the other Transaction
Documents to the "Servicing Agreement" shall mean the Servicing Agreement as
amended hereby. Each

                                        8
<Page>

reference in the Sale Agreement to "this Agreement," "herein," "hereof" and
words of like import and each reference in the other Transaction Documents to
the "USSC Receivables Sale Agreement" shall mean the Sale Agreement as amended
hereby. Each reference in the USFS Sale Agreement to "this Agreement," "herein,"
"hereof" and words of like import and each reference in the other Transaction
Documents to the "USFS Receivables Sale Agreement" shall mean the USFS Sale
Agreement as amended hereby. This Omnibus Amendment shall be construed in
connection with and as part of each Amended Document, as amended hereby,
respectively, and all terms, conditions, representations, warranties, covenants
and agreements set forth in each such agreement and each other instrument or
agreement referred to therein, except as herein amended, are hereby ratified and
confirmed and shall remain in full force and effect.

                  (b)    TRANSACTION DOCUMENTS. This Omnibus Amendment is a
Transaction Document executed pursuant to the Amended Documents and shall be
construed, administered and applied in accordance with the terms and provisions
thereof.

                  (c)    COSTS, FEES AND EXPENSES. The USS Companies agree to
reimburse each of the Trustee, the Funding Agent, Falcon, PNC and Market Street
on demand for all costs, fees and expenses (including the reasonable fees and
expenses of counsels to each of the Trustee, the Funding Agent, Falcon, PNC and
Market Street) incurred in connection with the preparation, execution and
delivery of this Omnibus Amendment.

                  (d)    AUTHORIZATION TO FILE FINANCING STATEMENT AMENDMENTS.
Each of the parties hereto hereby authorize Bank One and/or JPMorgan Chase Bank
to file any financing statements or amendments relating to the financing
statements currently filed in connection with the Pooling Agreement and the
other Transaction Documents (including, without limitation, any financing
statements "in lieu" of continuation statements, terminations, continuations,
assignments or other amendments) necessary to reflect JPMorgan Chase Bank as
Trustee and to otherwise reflect the Trustee's interest in the Trust Assets,
including those transferred to USSR.

                  (e)    COUNTERPARTS. This Omnibus Amendment may be executed in
two or more counterparts (and by different parties on separate counterparts),
each of which shall be an original, but all of which together shall constitute
one and the same instrument.

                                        9
<Page>

                  (f)    SEVERABILITY. If any one or more of the covenants,
agreements, provisions or terms of this Omnibus Amendment shall for any reason
whatsoever be held invalid, then such covenants, agreements, provisions or terms
shall be deemed severable from the remaining covenants, agreements, provisions
or terms of this Omnibus Amendment and shall in no way affect the validity or
enforceability of the other provisions of this Omnibus Amendment.

                  (g)    GOVERNING LAW. THIS OMNIBUS AMENDMENT SHALL BE GOVERNED
BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL
BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                            [SIGNATURE PAGES FOLLOW]

                                       10
<Page>

          IN WITNESS WHEREOF, the parties hereto have caused this Omnibus
Amendment to be executed and delivered by their respective duly authorized
officers as of the date first written above.

                                     USS RECEIVABLES COMPANY, LTD.

                                     By: /s/ Brian S. Cooper
                                        ---------------------------------
                                     Name:    BRIAN S. COOPER
                                     Title:   TREASURER

                                     UNITED STATIONERS FINANCIAL
                                     SERVICES LLC, individually and as Servicer

                                     By: /s/ Brian S. Cooper
                                        ---------------------------------
                                     Name:    BRIAN S. COOPER
                                     Title:   TREASURER

                                     UNITED STATIONERS SUPPLY CO.,
                                     individually and as Support Provider

                                     By: /s/ Brian S. Cooper
                                        ---------------------------------
                                     Name:    BRIAN S. COOPER
                                     Title:   TREASURER

<Page>

                                     BANK ONE, NA (MAIN OFFICE CHICAGO),
                                     individually as an APA Bank and as
                                     Funding Agent under and as defined
                                     in the Series 2003-1 Supplement

                                     By: /s/ Ronald J. Atkins
                                        ---------------------------------
                                     Name:   RONALD J. ATKINS
                                     Title:  Director, Capital Markets

                                     FALCON ASSET SECURITIZATION
                                     CORPORATION, as Initial Purchaser under
                                     and as defined in the Series 2003-1
                                     Supplement

                                     By: /s/ Ronald J. Atkins
                                        ---------------------------------
                                     Name:   RONALD J. ATKINS
                                     Title:  Authorized Signor

<Page>

                                     PNC BANK, NATIONAL ASSOCIATION,
                                     as Administrator under and as defined in
                                     the Series 2000-2 Supplement

                                     By: /s/ John T. Smathers
                                        ---------------------------------
                                     Name:   John T. Smathers
                                     Title:  Vice President

                                     MARKET STREET FUNDING
                                     CORPORATION, as Committed Purchaser
                                     under and as defined in the Series 2000-2
                                     Supplement

                                     By: /s/ Evelyn Echevarria
                                        ---------------------------------
                                     Name:   Evelyn Echevarria
                                     Title:  Vice President

<Page>

                                     JPMORGAN CHASE BANK, not in its
                                     individual capacity but solely as Trustee

                                     By:  /s/ Mark J. Fyre
                                        ---------------------------------
                                     Name:    Mark J. Fyre
                                     Title:   Attorney-In-Fact

<Page>

                                                                         ANNEX A

                                   Schedule 1

                               LIST OF COMMITMENTS

<Table>
<Caption>
Name of APA Bank                        Commitment
----------------                        ----------
<S>                                    <C>
Bank One, NA (Main Office Chicago)     $ 127,500,000
</Table>

                                  Schedule 1-1
<Page>

                                                                         ANNEX B

                                   Schedule 2

                               LOCKBOX AGREEMENTS

                                    PNC BANK

Lockbox Number 821724               Philadelphia, Pennsylvania

Lockbox Number 910284               Pasadena, California

Lockbox Number 771708               Chicago, Illinois

Lockbox Number 676502               Dallas, Texas

Lockbox Account Number 2149466

                                     US BANK

Lockbox Number 952418               St. Louis, Missouri

Lockbox Account Number 152302004717

                                  Schedule 2-1
<Page>

                                                                         ANNEX C

                                  SCHEDULE III

                               Lockbox Processors:

                                    PNC BANK

Lockbox Number 821724               Philadelphia, Pennsylvania

Lockbox Number 910284               Pasadena, California

Lockbox Number 771708               Chicago, Illinois

Lockbox Number 676502               Dallas, Texas

Lockbox Account Number 2149466

                                     US BANK

Lockbox Number 952418               St. Louis, Missouri

Lockbox Account Number 152302004717<Page>

                                                                   Exhibit 10.1

                         AFFILIATED MANAGERS GROUP, INC.

            AMENDED AND RESTATED 1997 STOCK OPTION AND INCENTIVE PLAN

                                 APRIL 27, 2004

SECTION 1.  GENERAL PURPOSE OF THE PLAN; DEFINITIONS

     The name of the plan is the Affiliated Managers Group, Inc. Amended and
Restated 1997 Stock Option and Incentive Plan (the "Plan"). The purpose of the
Plan is to encourage and enable the officers, employees, Independent Directors
and other key persons (including consultants) of Affiliated Managers Group, Inc.
(the "Company") and its Subsidiaries upon whose judgment, initiative and efforts
the Company largely depends for the successful conduct of its business to
acquire a proprietary interest in the Company. It is anticipated that providing
such persons with a direct stake in the Company's welfare will assure a closer
identification of their interests with those of the Company, thereby stimulating
their efforts on the Company's behalf and strengthening their desire to remain
with the Company.

     The following terms shall be defined as set forth below:

     "ACT" means the Securities Exchange Act of 1934, as amended.

     "ADMINISTRATOR" is defined in Section 2(a).

     "AWARD" or "AWARDS," except where referring to a particular category of
grant under the Plan, shall include Incentive Stock Options and Non-Qualified
Stock Options.

     "BOARD" means the Board of Directors of the Company.

     "CHANGE OF CONTROL" is defined in Section 10.

     "CODE" means the Internal Revenue Code of 1986, as amended, and any
successor Code, and related rules, regulations and interpretations.

     "COMMITTEE" means the Committee of the Board referred to in Section 2.

     "COVERED EMPLOYEE" means an employee who is a "Covered Employee" within the
meaning of Section 162(m) of the Code.

     "EFFECTIVE DATE" means the date on which the Plan is approved by
stockholders as set forth in Section 12.

     "FAIR MARKET VALUE" of the Stock on any given date means the fair market
value of the Stock determined in good faith by the Administrator; provided,
however, that (i) if the Stock is admitted to quotation on the National
Association of Securities Dealers Automated Quotation System ("NASDAQ"), the
Fair Market Value on any given date shall not be less than the average of the
highest bid and lowest asked prices of the Stock reported for such date or, if
no

<Page>

bid and asked prices were reported for such date, for the last day preceding
such date for which such prices were reported, or (ii) if the Stock is admitted
to trading on a national securities exchange or the NASDAQ National Market
System, the Fair Market Value on any date shall not be less than the closing
price reported for the Stock on such exchange or system for such date or, if no
sales were reported for such date, for the last date preceding the date for such
a sale was reported. Notwithstanding the foregoing, the Fair Market Value on the
first day of the Company's initial public offering of Stock shall be the initial
public price as set forth in the final prospectus for the Company's initial
public offering.

     "INCENTIVE STOCK OPTION" means any Stock Option designated and qualified as
an "incentive stock option" as defined in Section 422 of the Code.

     "INDEPENDENT DIRECTOR" means a member of the Board who is not also an
employee of the Company or any Subsidiary.

     "NON-QUALIFIED STOCK OPTION" means any Stock Option that is not an
Incentive Stock Option.

     "OPTION" or "STOCK OPTION" means any option to purchase shares of Stock
granted pursuant to Section 5.

     "STOCK" means the Common Stock, par value $.01 per share, of the Company,
subject to adjustments pursuant to Section 3.

     "SUBSIDIARY" means any corporation or other entity (other than the Company)
in any unbroken chain of corporations or other entities beginning with the
Company if each of the corporations or entities (other than the last corporation
or entity in the unbroken chain) owns stock or other interests possessing 50
percent or more of the economic interest or the total combined voting power of
all classes of stock or other interests in one of the other corporations or
entities in the chain.

SECTION 2.  ADMINISTRATION OF PLAN; ADMINISTRATOR AUTHORITY TO SELECT
            PARTICIPANTS AND DETERMINE AWARDS

     (a)    COMMITTEE. The Plan shall be administered by either the Board or a
committee of not less than two Independent Directors (in either case, the
"Administrator"). Each member of the Committee shall be an "outside director"
within the meaning of Section 162(m) of the Code and the regulations promulgated
thereunder and a "non-employee director" within the meaning of Rule
16b-3(b)(3)(i) promulgated under the Act, or any successor definition under said
rule.

     (b)    POWERS OF ADMINISTRATOR. The Administrator shall have the power and
authority to grant Awards consistent with the terms of the Plan, including the
power and authority:

            (i)     to select the individuals to whom Awards may from time to
time be granted;

                                        2
<Page>

            (ii)    to determine the time or times of grant, and the extent, if
any, of Incentive Stock Options and Non-Qualified Stock Options, or any
combination of the foregoing, granted to any one or more participants;

            (iii)   to determine the number of shares of Stock to be covered by
any Award;

            (iv)    to determine and modify from time to time the terms and
conditions, including restrictions, not inconsistent with the terms of the Plan,
of any Award, which terms and conditions may differ among individual Awards and
participants, and to approve the form of written instruments evidencing the
Awards;

            (v)     to accelerate at any time the exercisability or vesting of
all or any portion of any Award or the lapsing at any time of any restrictions
on transfer of all or any portion of any Award;

            (vi)    subject to the provisions of Section 5(a)(ii), to extend at
any time the period in which Stock Options may be exercised;

            (vii)   to determine at any time whether, to what extent, and under
what circumstances distribution or the receipt of Stock and other amounts
payable with respect to an Award shall be deferred either automatically or at
the election of the participant and whether and to what extent the Company shall
pay or credit amounts constituting interest (at rates determined by the
Administrator) or dividends or deemed dividends on such deferrals; and

          (viii)    at any time to adopt, alter and repeal such rules,
guidelines and practices for administration of the Plan and for its own acts and
proceedings as it shall deem advisable; to interpret the terms and provisions of
the Plan and any Award (including related written instruments); to make all
determinations it deems advisable for the administration of the Plan; to decide
all disputes arising in connection with the Plan; and to otherwise supervise the
administration of the Plan.

     All decisions and interpretations of the Administrator shall be binding on
all persons, including the Company and Plan participants.

     (c)    DELEGATION OF AUTHORITY TO GRANT AWARDS. The Administrator, in its
discretion, may delegate to the Chief Executive Officer of the Company all or
part of the Administrator's authority and duties with respect to the granting of
Awards at Fair Market Value, to individuals who are not subject to the reporting
and other provisions of Section 16 of the Act or Covered Employees. Any such
delegation by the Administrator shall include a limitation as to the amount of
Awards that may be granted during the period of the delegation and shall contain
guidelines as to the determination of the exercise price of any Option, the
conversion ratio or price of other Awards and the vesting criteria. The
Administrator may revoke or amend the terms of a delegation at any time but such
action shall not invalidate any prior actions of the Administrator's delegate or
delegates that were consistent with the terms of the Plan.

                                        3
<Page>

SECTION 3.  STOCK ISSUABLE UNDER THE PLAN; MERGERS; SUBSTITUTION

     (a)    STOCK ISSUABLE. The maximum number of shares of Stock reserved and
available for issuance under the Plan shall be 7,875,000 (which amount gives
effect to the three-for-two stock split declared by the Board in January 2004
and effected by a stock dividend in March 2004). For purposes of this
limitation, the shares of Stock underlying any Awards which are forfeited,
cancelled, reacquired by the Company, satisfied without the issuance of Stock or
otherwise terminated (other than by exercise) shall be added back to the shares
of Stock available for issuance under the Plan. Subject to such overall
limitation, shares of Stock may be issued up to such maximum number pursuant to
any type or types of Award; provided, however, that Stock Options with respect
to no more than 1,050,000 shares (which amount gives effect to the three-for-two
stock split declared by the Board in January 2004 and effected by a stock
dividend in March 2004) of Stock may be granted to any one individual
participant during any one calendar year period. The shares available for
issuance under the Plan may be authorized but unissued shares of Stock or shares
of Stock reacquired by the Company and held in its treasury.

     (b)    CHANGES IN STOCK. If, as a result of any reorganization,
recapitalization, reclassification, stock dividend, stock split, reverse stock
split or other similar change in the Company's capital stock, the outstanding
shares of Stock are increased or decreased or are exchanged for a different
number or kind of shares or other securities of the Company, or additional
shares or new or different shares or other securities of the Company or other
non-cash assets are distributed with respect to such shares of Stock or other
securities, the Administrator shall make an appropriate or proportionate
adjustment in (i) the maximum number of shares reserved for issuance under the
Plan, (ii) the number of Stock Options that can be granted to any one individual
participant, (iii) the number and kind of shares or other securities subject to
any then outstanding Awards under the Plan, and (iv) the price for each share
subject to any then outstanding Stock Options under the Plan, without changing
the aggregate exercise price (i.e., the exercise price multiplied by the number
of Stock Options) as to which such Stock Options remain exercisable. The
adjustment by the Administrator shall be final, binding and conclusive. No
fractional shares of Stock shall be issued under the Plan resulting from any
such adjustment, but the Administrator in its discretion may make a cash payment
in lieu of fractional shares.

     The Administrator may also adjust the number of shares subject to
outstanding Awards and the exercise price and the terms of outstanding Awards to
take into consideration material changes in accounting practices or principles,
extraordinary dividends, acquisitions or dispositions of stock or property or
any other event if it is determined by the Administrator that such adjustment is
appropriate to avoid distortion in the operation of the Plan, provided that no
such adjustment shall be made in the case of an Incentive Stock Option, without
the consent of the participant, if it would constitute a modification, extension
or renewal of the Option within the meaning of Section 424(h) of the Code.

     (c)    MERGERS. In contemplation of and subject to the consummation of a
consolidation or merger or sale of all or substantially all of the assets of the
Company in which outstanding shares of Stock are exchanged for securities, cash
or other property of an unrelated corporation or business entity or in the event
of a liquidation of the Company (in each case, a "Transaction"), the Board, or
the board of directors of any corporation assuming the obligations of the
Company, may, in its discretion, take any one or more of the following actions,
as to outstanding Awards:

                                        4
<Page>

(i) provide that such Awards shall be assumed or equivalent awards shall be
substituted, by the acquiring or succeeding corporation (or an affiliate
thereof), and/or (ii) upon written notice to the participants, provide that all
Awards will terminate immediately prior to the consummation of the Transaction.
In the event that, pursuant to clause (ii) above, Awards will terminate
immediately prior to the consummation of the Transaction, all vested Stock
Options shall be fully settled, in cash or in kind, in an amount equal to the
difference between (A) the consideration payable per share of Stock pursuant to
the business combination (the "Merger Price") times the number of shares of
Stock subject to such outstanding Stock Options (to the extent then exercisable
at prices not in excess of the Merger Price) and (B) the aggregate exercise
price of all such outstanding Stock Options; provided, however, that each
participant shall be permitted, within a specified period determined by the
Administrator prior to the consummation of the Transaction, to exercise all
outstanding Stock Options, including any that are not then exercisable; and,
provided further, that any restrictions on transfer then in effect with respect
to any Stock issued or issuable upon the exercise of outstanding Stock Options
shall lapse and be of no further force or effect, subject, in each case, to the
consummation of the Transaction.

     (d)    SUBSTITUTE AWARDS. The Administrator may grant Awards under the Plan
in substitution for stock and stock based awards held by employees of another
corporation who become employees of the Company or a Subsidiary as the result of
a merger or consolidation of the employing corporation with the Company or a
Subsidiary or the acquisition by the Company or a Subsidiary of property or
stock of the employing corporation. The Administrator may direct that the
substitute awards be granted on such terms and conditions as the Administrator
considers appropriate in the circumstances.

SECTION 4.  ELIGIBILITY

     Participants in the Plan will be such full or part-time officers and other
employees, Independent Directors and key persons of the Company and its
Subsidiaries who are responsible for or contribute to the management, growth or
profitability of the Company and its Subsidiaries as are selected from time to
time by the Administrator in its sole discretion.

SECTION 5.  STOCK OPTIONS

     Any Stock Option granted under the Plan shall be in such form as the
Administrator may from time to time approve.

     Stock Options granted under the Plan may be either Incentive Stock Options
or Non-Qualified Stock Options. Incentive Stock Options may be granted only to
employees of the Company or any Subsidiary that is a "subsidiary corporation"
within the meaning of Section 424(f) of the Code. To the extent that any Option
does not qualify as an Incentive Stock Option, it shall be deemed a
Non-Qualified Stock Option.

     No Incentive Stock Option shall be granted under the Plan after April 14,
2009.

     (a)    GRANT OF STOCK OPTIONS. The Administrator in its discretion may
grant Stock Options to employees, Independent Directors and key persons of the
Company or any Subsidiary. Stock Options granted pursuant to this Section 5(a)
shall be subject to the following

                                        5
<Page>

terms and conditions and shall contain such additional terms and conditions, not
inconsistent with the terms of the Plan, as the Administrator shall deem
desirable.

            (i)     EXERCISE PRICE. The exercise price per share for the Stock
covered by a Stock Option granted pursuant to this Section 5(a) shall be
determined by the Administrator at the time of grant but, except as provided in
the last sentence of this Section 5(a)(i), shall not be less than 100 percent of
the Fair Market Value on the date of grant. If an employee owns or is deemed to
own (by reason of the attribution rules of Section 424(d) of the Code) more than
10 percent of the combined voting power of all classes of stock of the Company
or any parent or subsidiary corporation and an Incentive Stock Option is granted
to such employee, the option price of such Incentive Stock Option shall be not
less than 110 percent of the Fair Market Value on the grant date. If the
Administrator so determines, Stock Options may be granted in lieu of cash
compensation at the participant's election, subject to such terms and conditions
as the Administrator may establish. Stock Options granted in lieu of cash
compensation may have an exercise price less than 100 percent of the Fair Market
Value on the date of grant.

            (ii)    OPTION TERM. The term of each Stock Option shall be fixed by
the Administrator, but no Stock Option shall be exercisable more than seven
years after the date the option is granted. If an employee owns or is deemed to
own (by reason of the attribution rules of Section 424(d) of the Code) more than
10 percent of the combined voting power of all classes of stock of the Company
or any parent or subsidiary corporation and an Incentive Stock Option is granted
to such employee, the term of such option shall be no more than five years from
the date of grant.

            (iii)   EXERCISABILITY; RIGHTS OF A STOCKHOLDER. Stock Options shall
become exercisable at such time or times and any Stock issued or issuable
thereunder shall become free of any restrictions on transfer, whether or not in
installments, as shall be determined by the Administrator at or after the grant
date; provided, however, that Stock Options granted in lieu of compensation
shall be exercisable in full and any Stock issued or issuable thereunder shall
be free of any restrictions on transfer as of the grant date. The Administrator
may at any time accelerate the exercisability of all or any portion of any Stock
Option and the lapsing of any restrictions on transfer on any Stock issued or
issuable thereunder, as the case may be. An optionee shall have the rights of a
stockholder only as to shares acquired upon the exercise of a Stock Option,
subject to any applicable restrictions on transfer on the issued Stock, and not
as to any unexercised Stock Options.

            (iv)    METHOD OF EXERCISE. Stock Options may be exercised in whole
or in part, by giving written notice of exercise to the Company, specifying the
number of shares to be purchased. Payment of the purchase price may be made by
one or more of the following methods to the extent provided in the Option Award
agreement:

                    (A)  In cash, by certified or bank check or other instrument
     acceptable to the Administrator;

                    (B)  Through the delivery (or attestation to the ownership)
     of shares of Stock that are not then subject to restrictions under any
     Company plan and that have been purchased by the optionee on the open
     market or have been beneficially owned by the

                                        6
<Page>

     optionee for at least six months, if permitted by the Administrator in its
     discretion. Such surrendered shares shall be valued at Fair Market Value on
     the exercise date;

                    (C)  By the optionee delivering to the Company a properly
     executed exercise notice together with irrevocable instructions to a broker
     to promptly deliver to the Company cash or a check payable and acceptable
     to the Company for the purchase price; provided that in the event the
     optionee chooses to pay the purchase price as so provided, the optionee and
     the broker shall comply with such procedures and enter into such agreements
     of indemnity and other agreements as the Administrator shall prescribe as a
     condition of such payment procedure; or

                    (D)  By the optionee delivering to the Company a promissory
     note if the Board, upon the advice of counsel, has expressly authorized the
     loan of funds to the optionee for the purpose of enabling or assisting the
     optionee to effect the exercise of his Stock Option; provided that at least
     so much of the exercise price as represents the par value of the Stock
     shall be paid other than with a promissory note.

     Payment instruments will be received subject to collection. The delivery of
     certificates representing the shares of Stock to be purchased pursuant to
     the exercise of a Stock Option will be contingent upon receipt from the
     optionee (or a purchaser acting in his stead in accordance with the
     provisions of the Stock Option) by the Company of the full purchase price
     for such shares and the fulfillment of any other requirements contained in
     the Stock Option or applicable provisions of laws. In the event an optionee
     chooses to pay the purchase price by delivery of previously-owned shares of
     Stock through the attestation method, the number of shares of Stock
     transferred to the optionee upon the exercise of the Stock Option shall be
     net of the number of shares attested to.

            (v)     ANNUAL LIMIT ON INCENTIVE STOCK OPTIONS. To the extent
required for "incentive stock option" treatment under Section 422 of the Code,
the aggregate Fair Market Value (determined as of the time of grant) of the
shares of Stock with respect to which Incentive Stock Options granted under this
Plan and any other plan of the Company or its parent and subsidiary corporations
become exercisable for the first time by an optionee during any calendar year
shall not exceed $100,000. To the extent that any Stock Option exceeds this
limit, it shall constitute a Non-Qualified Stock Option.

     (b)    RELOAD OPTIONS. At the discretion of the Administrator, Options
granted under the Plan may include a "reload" feature pursuant to which an
optionee exercising an option by the delivery of a number of shares of Stock in
accordance with Section 5(a)(iv)(B) hereof would automatically be granted an
additional Option (with an exercise price equal to the Fair Market Value of the
Stock on the date the additional Option is granted and with such other terms as
the Administrator may provide) to purchase that number of shares of Stock equal
to the number delivered to exercise the original Option with an Option term
equal to the remainder of the original Option term unless the Administrator
otherwise determines in the Award agreement for the original Option grant.

     (c)    NON-TRANSFERABILITY OF OPTIONS. No Stock Option shall be
transferable by the optionee otherwise than by will or by the laws of descent
and distribution and all Stock Options

                                        7
<Page>

shall be exercisable, during the optionee's lifetime, only by the optionee.
Notwithstanding the foregoing, the Administrator, in its sole discretion, may
provide in the Award agreement regarding a given Option that the optionee may
transfer, without consideration for the transfer, his Non-Qualified Stock
Options to members of his immediate family, to trusts for the benefit of such
family members, or to partnerships in which such family members are the only
partners, provided that the transferee agrees in writing with the Company to be
bound by all of the terms and conditions of this Plan and the applicable Option.

     (d)    TERMINATION. Except as may otherwise be provided by the
Administrator either in the Award agreement, or subject to Section 8 below, in
writing after the Award agreement is issued, an optionee's rights in all Stock
Options shall automatically terminate upon the participant's termination of
employment (or cessation of business relationship) with the Company and its
Subsidiaries for any reason.

SECTION 6.  TAX WITHHOLDING

     (a)    PAYMENT BY PARTICIPANT. Each participant shall, no later than the
date as of which the value of an Award or of any Stock or other amounts received
thereunder first becomes includable in the gross income of the participant for
Federal income tax purposes, pay to the Company, or make arrangements
satisfactory to the Administrator regarding payment of, any Federal, state, or
local taxes of any kind required by law to be withheld with respect to such
income. The Company and its Subsidiaries shall, to the extent permitted by law,
have the right to deduct any such taxes from any payment of any kind otherwise
due to the participant. The Company's obligation to deliver stock certificates
to any participant is subject to and conditioned on tax obligations being
satisfied by the participant.

     (b)    PAYMENT IN STOCK. Subject to approval by the Administrator, a
participant may elect to have the minimum tax withholding obligation satisfied,
in whole or in part, by (i) authorizing the Company to withhold from shares of
Stock to be issued pursuant to any Award a number of shares with an aggregate
Fair Market Value (as of the date the withholding is effected) that would
satisfy the minimum withholding amount due, or (ii) transferring to the Company
shares of Stock owned by the participant with an aggregate Fair Market Value (as
of the date the withholding is effected) that would satisfy the minimum
withholding amount due.

SECTION 7.  TRANSFER, LEAVE OF ABSENCE, ETC.

     For purposes of the Plan, the following events shall not be deemed a
termination of employment:

     (a)    a transfer to the employment of the Company from a Subsidiary or
from the Company to a Subsidiary, or from one Subsidiary to another; or

     (b)    an approved leave of absence for military service or sickness, or
for any other purpose approved by the Company, if the employee's right to
re-employment is guaranteed either by a statute or by contract or under the
policy pursuant to which the leave of absence was granted or if the
Administrator otherwise so provides in writing.

                                        8
<Page>

SECTION 8.  AMENDMENTS AND TERMINATION

     The Board may, at any time, amend or discontinue the Plan and the
Administrator may, at any time, amend or cancel any outstanding Award for the
purpose of satisfying changes in law or for any other lawful purpose, but no
such action shall adversely affect rights under any outstanding Award without
the holder's consent. If and to the extent determined by the Administrator to be
required by the Code to ensure that Incentive Stock Options granted under the
Plan are qualified under Section 422 of the Code or to ensure that compensation
earned under Stock Options qualifies as performance-based compensation under
Section 162(m) of the Code, if and to the extent intended to so qualify, Plan
amendments shall be subject to approval by the Company stockholders entitled to
vote at a meeting of stockholders. Except as provided in Section 3(b) or 3(c),
any action by the Board or the Administrator to reduce the exercise price of any
outstanding Stock Option or to cancel any outstanding Stock Option and re-grant
such Stock Option at a lower exercise price, shall be subject to approval by the
Company's stockholders entitled to vote at a meeting of stockholders. Nothing in
this Section 8 shall limit the Board's authority to take any action permitted
pursuant to Section 3(c).

SECTION 9.  STATUS OF PLAN

     With respect to the portion of any Award that has not been exercised and
any payments in cash, Stock or other consideration not received by a
participant, a participant shall have no rights greater than those of a general
creditor of the Company unless the Administrator shall otherwise expressly
determine in connection with any Award or Awards. In its sole discretion, the
Administrator may authorize the creation of trusts or other arrangements to meet
the Company's obligations to deliver Stock or make payments with respect to
Awards hereunder, provided that the existence of such trusts or other
arrangements is consistent with the foregoing sentence.

SECTION 10.  CHANGE OF CONTROL PROVISIONS

     Upon the occurrence of a Change of Control as defined in this Section 10:

     (a)    Except as otherwise provided in the applicable Award agreement, each
outstanding Stock Option shall automatically become fully exercisable and any
Stock issued or issuable thereunder shall become free of any restrictions on
transfer.

     (b)    "Change of Control" shall mean the occurrence of any one of the
following events:

            (i)     any "PERSON," as such term is used in Sections 13(d) and
14(d) of the Act (other than the Company, any of its Subsidiaries, or any
trustee, fiduciary or other person or entity holding securities under any
employee benefit plan or trust of the Company or any of its Subsidiaries),
together with all "affiliates" and "associates" (as such terms are defined in
Rule 12b-2 under the Act) of such person, shall become the "beneficial owner"
(as such term is defined in Rule 13d-3 under the Act), directly or indirectly,
of securities of the Company representing 25 percent or more of the combined
voting power of the Company's then outstanding securities having the right to
vote in an election of the Company's Board of Directors ("Voting Securities")
(in such case other than as a result of an acquisition of securities directly
from the Company); or

                                        9
<Page>

            (ii)     the stockholders of the Company shall approve (A) any
consolidation or merger of the Company where the stockholders of the Company,
immediately prior to the consolidation or merger, would not, immediately after
the consolidation or merger, beneficially own (as such term is defined in Rule
13d-3 under the Act), directly or indirectly, shares representing in the
aggregate 50 percent or more of the voting shares of the corporation issuing
cash or securities in the consolidation or merger (or of its ultimate parent
corporation, if any), (B) any sale, lease, exchange or other transfer (in one
transaction or a series of transactions contemplated or arranged by any party as
a single plan) of all or substantially all of the assets of the Company or (C)
any plan or proposal for the liquidation or dissolution of the Company.

     Notwithstanding the foregoing, a "Change of Control" shall not be deemed to
have occurred for purposes of the foregoing clause (i) solely as the result of
an acquisition of securities by the Company which, by reducing the number of
shares of Voting Securities outstanding, increases the proportionate number of
shares of Voting Securities beneficially owned by any person to 25 percent or
more of the combined voting power of all then outstanding Voting Securities;
PROVIDED, HOWEVER, that if any person referred to in this sentence shall
thereafter become the beneficial owner of any additional shares of Voting
Securities (other than pursuant to a stock split, stock dividend, or similar
transaction or as a result of an acquisition of securities directly from the
Company), then a "CHANGE OF CONTROL" shall be deemed to have occurred for
purposes of the foregoing clause (i).

SECTION 11.  GENERAL PROVISIONS

     (a)    NO DISTRIBUTION; COMPLIANCE WITH LEGAL REQUIREMENTS. The
Administrator may require each person acquiring Stock pursuant to an Award to
represent to and agree with the Company in writing that such person is acquiring
the shares without a view to distribution thereof.

     No shares of Stock shall be issued pursuant to an Award until all
applicable securities law and other legal and stock exchange or similar
requirements have been satisfied. The Administrator may require the placing of
such stop-orders and restrictive legends on certificates for Stock and Awards as
it deems appropriate.

     (b)    DELIVERY OF STOCK CERTIFICATES. Stock certificates to participants
under this Plan shall be deemed delivered for all purposes when the Company or a
stock transfer agent of the Company shall have mailed such certificates in the
United States mail, addressed to the participant, at the participant's last
known address on file with the Company.

     (c)    OTHER COMPENSATION ARRANGEMENTS; NO EMPLOYMENT RIGHTS. Nothing
contained in this Plan shall prevent the Board from adopting other or additional
compensation arrangements, including trusts, and such arrangements may be either
generally applicable or applicable only in specific cases. The adoption of this
Plan and the grant of Awards do not confer upon any employee any right to
continued employment with the Company or any Subsidiary.

     (d)    TRADING POLICY RESTRICTIONS. Option exercises and other Awards under
the Plan shall be subject to such Company's insider-trading-policy-related
restrictions, terms and

                                       10
<Page>

conditions as may be established by the Administrator, or in accordance with
policies set by the Administrator, from time to time.

     (e)    LOANS. The Board may, in its sole discretion, authorize the grant of
loans to selected key employees to be used solely for the purchase of shares of
Stock or payment of taxes in connection with Awards under the Plan. The terms of
such loans shall be determined at the sole discretion of the Board. Such loans
shall be secured by the shares of Stock, and may be made with or without
recourse against the employee.

SECTION 12. EFFECTIVE DATE OF PLAN

     This Plan first became effective in October, 1997.

SECTION 13. GOVERNING LAW

     This Plan and all Awards and actions taken thereunder shall be governed by,
and construed in accordance with, the laws of the State of Delaware, applied
without regard to conflict of law principles.

[This Plan has been amended and restated as of April 27, 2004.]

                                       11

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