Options and Restricted Stock Awards

6 Months Ended

Jun. 30, 2011

Options and Restricted Stock Awards

Options and Restricted Stock Awards

5. Options and Restricted Stock Awards— On June 9, 2011, the Compensation and Corporate Governance Committee of our Board of Directors and Michael E. McGrath, our Executive Chairman, President and Chief Executive Officer, mutually agreed to cancel the restricted share award previously granted to Mr. McGrath on March 15, 2011. Under the award, Mr. McGrath was eligible to receive up to 60,000 restricted shares of our common stock, vesting in installments of 15,000 shares at the end of each calendar quarter of 2011 if he was employed by us on the last day of the quarter. Mr. McGrath previously received 15,000 shares pursuant to the award on March 31, 2011. Although Mr. McGrath continues to be employed by the Company, as a result of the cancellation of the award, Mr. McGrath will not receive the remaining 45,000 shares.

On June 9, 2011, we terminated the 2008 Omnibus Stock and Incentive Plan for Thomas Group, Inc. and the 2005 Omnibus Stock & Incentive Plan for Thomas Group, Inc., and we filed post-effective amendments to each of our outstanding registration statements on Form S-8 to deregister remaining but unsold shares of common stock under the compensation plans to which those registration statements relate.

As of  June 30, 2011, all existing options had expired and there were no options to purchase  shares of our common stock outstanding.