Document:

EXHIBIT 10.1
                                                                    ------------

                     AMENDMENT NO. 3 TO TREY RESOURCES, INC.
               2004 DIRECTORS' AND OFFICERS' STOCK INCENTIVE PLAN

The Board of Directors through unanimous written consent on June 21, 2005
amended the 2004 Directors' and Officers' Stock Incentive Plan (the "Plan") by
deleting the reference to "12 million shares of the Company Class A, Common
Stock, par value $.00001" in Section 5 of the Plan and replacing it with "14.5
million shares of the Company Class A, Common Stock, par value $.00001".Exhibit 10.1

 

SECOND AMENDMENT TO LOAN
AGREEMENT

DATED JUNE 20, 2005

 

This Second Amendment to
Loan Agreement (the “Second Amendment”) is made as of this 20th day
of June 2005 by and between CRA International, Inc., formerly known
as Charles River Associates Incorporated (“Borrower”), a Massachusetts
corporation with its principal executive office at the John Hancock Tower, 200
Clarendon Street, T-33, Boston, Massachusetts 02116-5092 and Citizens Bank of
Massachusetts, a bank with offices at 28 State Street, Boston, Massachusetts
(the “Lender”) in consideration of the mutual covenants contained herein and
the benefits to be derived herefrom. 
Unless otherwise specified, all capitalized terms shall have the same
meaning herein as set forth in the Agreement (as defined below).

 

W I T N E S S E T H:

 

WHEREAS,
on January 14, 2004, the Borrower and the Lender entered into a loan
arrangement (the “Loan Arrangement”) as evidenced by, amongst other documents
and instruments, a certain Loan Agreement dated as of January 14, 2004 as
amended by a First Amendment to Loan Agreement dated as of March 29, 2005
(as may be amended from time to time, the “Agreement”) by and between the
Borrower and the Lender pursuant to which the Lender agreed to provide certain
financial accommodations to or for the benefit of the Borrower; and

 

WHEREAS,
the Borrower has requested that the Lender amend certain terms and conditions
of the Agreement, and

 

WHEREAS,
the Lender has agreed to so amend the Agreement provided the Borrower and the
Lender entered into this Second Amendment; and

 

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

 

1.               The second sentence
of Section 1(a) of the Agreement is hereby deleted in its entirety
and replaced with the following:

 

“The Borrower shall use the proceeds of the Line of Credit for working
capital, general corporate purposes, acquisitions, letters of credit, foreign
exchange contracts and potential redemption of convertible subordinated bonds.”

 

2.               The definition of
Credit Limit in Section 1(g) is hereby deleted and replaced with the
following:

 

“Credit Limit shall mean an amount equal to Ninety
Million ($90,000,000.00) Dollars.”

 

1

 

3.               Section 1(u)
of the Agreement is hereby amended by deleting “eighteen one-hundredths of one
percent (0.18%) and replacing it with “sixteen and one half one-hundredths of
one percent (0.165%).

 

4.               Section 1(v) of
the Agreement is hereby supplemented by adding the following sentence at the
end:

 

“Upon execution of the Second Amendment the Borrower shall pay the Lender
a one time fee of Forty Five Thousand ($45,000.00) Dollars.”

 

5.               Section 9 of
the Agreement is hereby supplemented by adding the following subsections (m)
and (n) at the end:

 

“(m)                       (“Limit
on Advances”)  Without the Lender’s
prior written consent, Borrower may only obtain advances under the Line of
Credit in excess of Fifty Million ($50,000,000.00) Dollars to redeem Borrower’s
convertible bonds.

 

(n)                                 (“Stock
Pledges”)  With the exception of the
Borrower’s NeuCo subsidiary, the Borrower agrees to execute Stock Pledge
Agreements for: (i) 100% of its stock of all existing and future wholly-
owned United States subsidiaries; (ii) 65% of its stock of all existing
and future wholly-owned foreign subsidiaries. 
Borrower shall not be required to pledge any second tier subsidiaries
and may fold subsidiaries up into the Borrower or another subsidiary that has
pledged its stock.  As used herein a “second
tier subsidiary” shall be a subsidiary of a subsidiary.”

 

6.               The definition of “subordinated
debt” at the end of Section 10 of the Agreement is hereby supplemented by
adding the following at the end of definition:

 

“including, without limitation, the Borrower’s subordinated debentures
in the principal amount of $90,000,000.00”

 

7.               Section 11(a)(v) of
the Agreement is hereby supplemented by adding the following parenthetical
after the number $5,000,000.00:

 

“(the fact that the subordinated debentures are convertible from time
to time is not an event of default)”

 

8.               Schedule D of
the Agreement is hereby deleted and replaced by the Schedule D annexed
hereto and incorporated herein.

 

9.               The Borrower hereby
acknowledges and agrees that the Borrower has no claims, offsets, defenses or
counterclaims against the Lender with respect to the Loan Arrangement or
otherwise and to the extent the Borrower may have any such claims the 

 

2

 

Borrower hereby WAIVES
and RENOUNCES such claims, offsets, defenses and counterclaims.

 

10.         This Second Amendment and
all other documents executed in connection herewith incorporate all discussions
and negotiations between the Borrower and the Lender either expressed or implied,
concerning the matters contained herein and in such other instruments, any
statute, custom or use to the contrary notwithstanding.  No such discussions or negotiations shall
limit, modify or otherwise effect the provisions hereof.  The modification amendment, or waiver of any
provision of this Second Amendment, the Agreement or any provision under any
other agreement or document entered into between the Borrower and the Lender
shall not be effective unless executed in writing by the party to be charged
with such modification, amendment or waiver, and if such party be the Lender,
then by a duly authorized officer thereof.

 

11.         Except as specifically
modified herein, the Agreement shall remain in full force and effect as
originally written, and the Borrower hereby ratifies and confirms all terms and
conditions contained in the Agreement.

 

12.         This Second Amendment
shall be construed in accordance with and governed by the laws of the
Commonwealth of Massachusetts and shall take effect as a sealed instrument.

 

IN
WITNESS WHEREOF, the parties hereof have set their hands and seals as of the
date first written above.

 

 

	
   

  	
  CRA INTERNATIONAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J. Phillip
  Cooper

  	
   

  
	
   

  	
  Name:

  	
  J. Phillip
  Cooper

  	
   

  
	
   

  	
  Title:

  	
  Vice Chairman,
  Executive Vice

  	
   

  
	
   

  	
   

  	
  President, and
  Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CITIZENS BANK OF
  MASSACHUSETTS

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael G.
  McAuliffe

  	
   

  
	
   

  	
  Name:

  	
  Michael G.
  McAuliffe

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice
  President

  	
   

  
								

 

3Exhibit 10.2

 

SECOND AMENDMENT TO REVOLVING NOTE

 

This
Second Amendment to Revolving Note (the “Second Amendment”) is made as of this 20th day of June 2005 by and
between Citizens Bank of Massachusetts (the “Bank”) having a principal office
located at 28 State Street, Boston, Massachusetts 02108 and CRA International, Inc.,
formerly known as Charles River Associates Incorporated (the “Borrower”), a
Massachusetts corporation having an office at the John Hancock Tower, 200
Clarendon Street, T-33, Boston, Massachusetts 02116-5092 to that certain
Revolving Note dated January 14, 2004 executed by the Borrower in favor of
the Bank (as amended, the “Note”).  Any
capitalized terms not otherwise defined herein shall have the same meanings
designated in the Note.

 

W I T N E S S E T H:

 

WHEREAS,
the Borrower did on January 14, 2004 execute, seal and deliver to the Bank
the Note, which Note was amended by a First Amendment to Revolving Note dated March 29,
2005; and

 

WHEREAS,
the Borrower has requested that the Bank increase the amount of the Note;

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein and other
good and valuable consideration, receipt of whereof is hereby acknowledged, it
is hereby agreed by and between the Borrower and the Bank as follows:

 

1.                                       The Note is
hereby amended by replacing any and all references to “Forty Million Dollars”
with “Ninety Million Dollars” and all references to “$40,000,000.00” to “90,000,000.00”.

 

2.                                       The Note, as
amended hereby, shall remain in full force and effect and all terms hereof are
hereby ratified and confirmed by the Borrower. 
Except as specifically provided herein, all other terms and conditions
of the Note shall remain in full force and effect.

 

3.                                       The
Borrower by its execution of this Second Amendment in the space provided below,
represents, warrants and agrees that the Borrower has no claims, defenses,
counterclaims or offsets against the Bank in connection with the Note or any of
the other documents executed in connection therewith and, to the extent that
any such claim, defense, counterclaim or offset may exist, the Borrower by its
execution of this Second Amendment in the space provided below, hereby
affirmatively WAIVES and RELEASES the Bank from same.

 

4.                                       This
Second Amendment shall take effect as a sealed instrument under the laws of the
Commonwealth of Massachusetts as of the date first above written.

 

5.                                       Any
and all references to the Note and any instrument previously and now hereafter
executed by the Borrower shall be deemed to refer to the Note as amended by
this Second 

 

1

 

Amendment
and any future amendments hereafter entered into between the Borrower and the
Bank.

 

IN
WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date
and year first above written as a sealed instrument.

 

 

	
  WITNESS:

  	
  CRA
  International, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Miriam F.
  Cooper

  	
   

  	
  By:

  	
  /s/ J. Phillip
  Cooper

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
  Vice Chairman,
  Executive Vice

  	
   

  
	
   

  	
   

  	
  President, and
  Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CITIZENS BANK OF
  MASSACHUSETTS

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael G.
  McAuliffe

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
   Senior
  Vice President

  	
   

  
								

 

2

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