CONFIDENTIAL TREATMENT REQUESTED FOR PORTIONS OF PAGES 5 AND 6 OF THIS DOCUMENT. PORTIONS FOR WHICH
CONFIDENTIAL TREATMENT IS REQUESTED ARE DENOTED BY [*]. CONFIDENTIAL INFORMATION OMITTED HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION



Exhibit 10.23



VSCE BUSINESS ALLIANCE AGREEMENT



THIS AGREEMENT is made the 27th day of February 2004



BETWEEN:



|(1) |  | Vsource Inc (VSCE), a company incorporated in Delaware, the United States of America, pursuant to the laws of the State of Delaware, United States of America and
having its headquarters at 7855 Ivanhoe Avenue, Suite 200, La Jolla, California 92037, United States of America, of the first part;
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



AND



|(2) |  | Vsource (Malaysia) Sdn Bhd (Company No. 502982-W) (V-COE), a company incorporated in Malaysia under the Act (as defined hereunder) and having its registered
office at Level 41, Suite B, Menara Maxis, Kuala Lumpur City Centre, 50088 Kuala Lumpur, Malaysia, of the second part;
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



AND



|(3) |  | Symphony House Berhad (Company No. 592563-P) (SHB), a company incorporated in Malaysia under the Act (as defined hereunder), and having its registered office at
Level 17, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, 50490, Kuala Lumpur, Malaysia, of the third part;
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



VSCE, V-COE and SHB shall be referred to in this Agreement individually as Party and collectively as the Parties.



RECITALS:



|A. |  | Pursuant to a Sale and Purchase Agreement dated 11 December 2003 between SHB and VSCE (SPA), SHB had agreed to acquire from VSCE, 30.34% of the enlarged share
capital of V-COE for a cash consideration of RM27,855,392. It was also a condition precedent to Completion (as defined hereunder) of the SPA that SHB, VSCE and V-COE shall enter into a business agreement to regulate their inter-company relationship
following the Completion of the SPA.
|-- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|B. |  | V-COE is a wholly owned subsidiary of VSCE. Upon or after the Completion of the SPA, V-COE will enter into sub-contracts with VSCE, setting out the terms governing the provision of
services by V-COE or any member of the V-COE Group (as defined hereunder), as sub-contractor, to the clients of VSCE and its related corporations (VSCE Sub-contracts). The VSCE Sub-contracts will be premised upon the terms of the
business structure set out in this Agreement.
|-- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|C. |  | It is the intention of the Parties that upon or after the Completion of the SPA, V-COE will enter into contracts with the nominated subsidiaries of SHB, setting out the terms
governing the provision of services by V-COE or any member of the V-COE Group, as sub-contractor to the clients of SHB and its related corporations (Symphony Sub-contracts). Simultaneous with the execution of this Agreement, V-COE
will enter into a separate business alliance agreement with SHB and VSCE, setting out the terms of the business structure upon which the Symphony Sub-contracts will be premised.
|-- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



-1-



---

|1. |  | DEFINITIONS AND INTERPRETATION
|-- |  | ------------------------------



|1.1 |  | Definitions
|--- |  | -----------



|1.1.1 |  | Whenever used in this Agreement, unless the context shall otherwise require, the following expressions shall have the following meanings:
|----- |  | -----------------------------------------------------------------------------------------------------------------------------------------



|Act | means the Malaysian Companies Act of 1965;
|----- | ------------------------------------------



|Agreed Gross Margin | means, with respect to each Contract that the VSCE Group enters into with a client and for which the V-COE Group is delivering Services pursuant
to a VSCE Sub-contract, an amount as determined in good faith by the V-COE Pricing Committee that is equivalent to the difference between the annual revenue derived from Services under such Contract and the Agreed Contract Costs;
|--------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Agreed Contract Costs | means, as determined in good faith by the V-COE Pricing Committee, the actual annual cost of the V-COE Groups personnel, infrastructure,
technology, out-of-pocket expenses, depreciation and amortization of fixed assets and licences associated with the delivery of Services under a VSCE Sub-contract in connection with a Contract;
|----------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|BPO Services | means the provision of customized business process outsourcing and human capital management solutions;
|-------------- | ------------------------------------------------------------------------------------------------------



|Business Day | means a day (other than a Saturday, a Sunday or a public holiday) on which banks in Kuala Lumpur and Hong Kong (as the case may be) are open for
business;
|-------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------



|Completion | means the completion of the SPA subject to the terms and conditions of the SPA;
|------------ | -------------------------------------------------------------------------------



|Contracts | means MNC BPO Contracts and SME Contracts, or either of them;
|----------- | -------------------------------------------------------------



|MNCs | means multinational companies operating within and outside of Malaysia;
|------ | -----------------------------------------------------------------------



|MNC BPO Contracts | means contracts entered into or originated by the VSCE Group with MNCs to provide BPO Services to such MNCs;
|------------------ | ------------------------------------------------------------------------------------------------------------



|Services | means the BPO Services and SME Services, or either of them;
|---------- | -----------------------------------------------------------



|SMEs | means small and medium-sized companies based in the United States of America;
|------ | -----------------------------------------------------------------------------



|SME Contracts | means contracts entered into or originated by the VSCE Group with SMEs to provide SME Services;
|--------------- | -----------------------------------------------------------------------------------------------



|SME Services | means those human capital management solutions and other business services designated by the VSCE Group to be fulfilled at locations outside the
United States of America, to be provided to clients with which the VSCE Group has entered into SME Contracts;
|-------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Symphony Business Alliance Agreement | means the business alliance agreement of even date entered into between V-COE, SHB and VSCE;
|-------------------------------------- | --------------------------------------------------------------------------------------------



-2-



---

|V-COE Group | means V-COE and its present and future subsidiaries, including without limitation Vsource (Japan) Limited and Vsource Taiwan Insurance Broker
Limited Company;
|------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------



|V-COE Pricing Committee | means a sub-committee to be set up by the Board of Directors of V-COE after the Completion of the SPA, which shall be chaired by the chief
executive officer of V-COE, with its members represented by one V-COE director nominated by VSCE and one V-COE director nominated by SHB respectively;
|------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|VSCE Group | means VSCE, its present and future subsidiaries and related corporations, but not including the V-COE Group.
|------------ | ------------------------------------------------------------------------------------------------------------



|1.2 |  | Interpretation
|--- |  | --------------



|1.2.1 |  | In this Agreement, unless the context otherwise requires:
|----- |  | ---------------------------------------------------------



|(a) |  | words denoting the singular number include the plural number and vice-versa;
|--- |  | ----------------------------------------------------------------------------



|(b) |  | words denoting the masculine gender shall include the feminine and neuter genders and vice-versa;
|--- |  | -------------------------------------------------------------------------------------------------



|(c) |  | reference to persons shall include bodies corporate, unincorporated associations and partnerships;
|--- |  | --------------------------------------------------------------------------------------------------



|(d) |  | reference to Clauses and Schedules are reference to clauses and schedules to this Agreement unless otherwise specified;
|--- |  | -----------------------------------------------------------------------------------------------------------------------



|(e) |  | reference to any legislation or to any provision of legislation shall include any modification or re-enactment of that legislation and all regulations, guidelines, practice notes
and statutory instruments issued under such legislation or provision made in pursuance thereof as from time to time modified or re-enacted whether before or after the date of this Agreement, so far as such modification or re-enactment, applies or is
capable of applying to any transactions entered into pursuant to this Agreement and (so far as liability thereunder may exist or can arise) shall include also any past statutory provisions, regulations, guidelines, practice notes (as from time to
time modified or re-enacted) which have directly or indirectly been replaced. For the avoidance of doubt, if such modification or re-enactment has the retrospective effect of increasing the liability of either Party hereunder, the other Parties may,
in good faith, review the effect or impact of such modification or re-enactment on the affected Party in the context of this Agreement, and may agree to such other terms and conditions as may be necessary, to address the said effect or impact on the
affected Party;
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(f) |  | headings to the Clauses and Schedules of this Agreement are inserted for convenience only and shall not affect the construction or interpretation of this Agreement;
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(g) |  | where a word or a phrase is defined, other parts of speech and grammatical forms of that word or phrase shall have corresponding meanings;
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------



|(h) |  | reference to any Party to this Agreement or any other agreement or instrument shall include that Partys successors and permitted assigns;
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------



|(i) |  | reference to any agreement or instrument shall include references to such agreement or instrument as amended, novated, supplemented, varied or replaced from time to time;
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(j) |  | the Recitals and Schedules to this Agreement and all documents delivered pursuant to this Agreement shall form part of this Agreement;
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------



|(k) |  | where applicable, where reference to two or more persons or parties are included or comprised in any expression, agreements, covenants, terms, stipulations and undertakings
expressed to be made by such persons or parties shall be enforceable by them jointly and severally and agreements, covenants, terms, stipulations and undertakings expressed to be made by or on behalf of or on the part of such persons or parties
shall be deemed to be binding upon such persons or parties jointly and severally;
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



-3-



---

|(l) |  | if an event must occur on a stipulated day which is not a Business Day then the stipulated day will be taken to be the next Business Day;
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------



|(m) |  | where an act is required to be done within a specified number of days after or from a specified date, the period is inclusive of and begins to run from the date so specified;
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(n) |  | a period of a month from the happening of an event or the doing of an act or thing will be deemed to be inclusive of the day on which the event happens or the act or thing is
required to be done;
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(o) |  | where applicable, reference to subsidiary(ies), related company(ies) and holding company(ies) shall have the meanings respectively ascribed to them
under the Act;
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(p) |  | where applicable, reference to the best of the knowledge and belief of any person or persons means to the best of the knowledge and belief of such person or
persons after undertaking enquiries which were reasonable in the circumstances;
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(q) |  | reference to writing shall include any method of reproducing words in a legible manner on paper and delivered either through facsimile or post or by hand.
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------



|2. |  | BUSINESS ALLIANCE STRUCTURE
|-- |  | ---------------------------



|2.1 |  | The Parties hereby agree that the VSCE Sub-contracts will be premised upon the following terms and conditions set out in this Agreement.
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------



|2.1.1 |  | MNC BPO Contracts: Unless this Agreement is terminated in accordance with Clause 7 of this Agreement, the V-COE Group will have a first right of refusal to deliver BPO
Services, as primary sub-contractor, to clients with which the VSCE Group has entered into new MNC BPO Contracts, on the understanding that:
|----- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) |  | the revenue earned by the V-COE Group on each VSCE Sub-Contract shall be equivalent to the Agreed Contract Costs plus [*Confidential information omitted and filed separately with
the Securities and Exchange Commission]% of the Agreed Gross Margin; and
| | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) |  | the V-COE Group will undertake in each VSCE Sub-contract to deliver the specified sub-contracted BPO Services to the relevant VSCE Group client in accordance with the service level
agreements set forth in the relevant new MNC BPO Contract.
| | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | The V-COE Group shall continue to have the first right of refusal to deliver the BPO Services in the manner stipulated herein upon each successive renewal of such MNC BPO Contract.
| |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2.1.2 |  | V-COE as primary contractor: The Parties hereby agree that new MNC BPO Contracts with the VSCE Group clients may be entered into directly by any member of the V-COE Group as
the primary or sole contractor, if so requested by the relevant client. In each such case, the relevant member of the V-COE Group shall pay to VSCE the management fee set out in Clause 3.2 of this Agreement.
|----- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2.1.3 |  | SME Contracts: Unless this Agreement is terminated in accordance with Clause 7 of this Agreement, the V-COE Group will have a first right of refusal to deliver, as primary
sub-contractor, SME Services on the understanding that:
|----- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) |  | the revenue earned by the V-COE Group on each VSCE Sub-contract shall be equivalent to the Agreed Contract Costs divided by [*Confidential information omitted and filed separately
with the Securities and Exchange Commission]%, providing the V-COE Group with a gross margin equivalent to [*Confidential information omitted and filed separately with the Securities and Exchange Commission]%; and
| | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) |  | the V-COE Group will undertake in each VSCE Sub-contract to deliver the specified sub-contracted SME Services to the relevant VSCE Group client in accordance with the service level
agreements set forth in the relevant SME Contract, or if no service level agreements are specified in the relevant SME Contract, then as mutually agreed between the V-COE Group and the VSCE Group.
| | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | The V-COE Group shall continue to have the first right of refusal to deliver the SME Services in the manner stipulated herein upon each successive renewal of such SME Contract.
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



-4-



---

|2.1.4 |  | The Parties further agree that the arrangement referred to in Clauses 2.1.1 and 2.1.3 shall continue to subsist between the VSCE Group and the V-COE Group for each successive
renewal of the Contracts between the VSCE Group and the VSCE Group clients.
|----- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2.1.5 |  | For the avoidance of doubt, the V-COE Group will remain as the primary contractor in all MNC BPO Contracts to which any member of the V-COE Group is a party and are subsisting as of
the date of Completion of the SPA, and the V-COE Group will not be required to compensate VSCE or any member of the VSCE Group for services provided in respect of these MNC BPO Contracts except if otherwise or as mutually agreed.
|----- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2.1.6 |  | The Parties further agree that the execution of this Agreement and the Symphony Business Alliance Agreement shall be deemed satisfaction of the condition precedent referred to in
Clause 4.1.3 of the SPA.
|----- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3. |  | PRICING, MANAGEMENT FEES AND SUB-CONTRACT FEES
|-- |  | ----------------------------------------------



|3.1 |  | Pricing:
|--- |  | --------



|3.1.1 |  | The Parties further agree that the pricing of any new Contracts with multinational and Malaysian companies shall be subjected to the approval of the V-COE Pricing Committee, which
approval shall not be unreasonably withheld or delayed.
|----- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3.1.2 |  | Any decision of the V-COE Pricing Committee shall be unanimous and decided by all three (3) members of the V-COE Pricing Committee. If there should be any deadlock or impasse
amongst the members of the V-COE Pricing Committee, the matter shall, unless VSCE and SHB otherwise agree, be referred to mediation in accordance with the terms set out in this Agreement.
|----- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3.2 |  | MNC BPO Contracts where V-COE Group is the primary or sole contractor:
|--- |  | ----------------------------------------------------------------------



| |  | VSCE shall be entitled to a management fee amounting to [*Confidential information omitted and filed separately with the Securities and Exchange Commission]% of the Agreed Gross
Margin (VSCE Management Fee) for each new MNC BPO Contract where the said contract, at the request of the client, is executed between the relevant client and any member of the V-COE Group with such member of the V-COE Group as the
primary or sole contractor (Direct MNC BPO Contract). The Management Fee shall continue to be payable by the relevant member of the V-COE Group to VSCE for each successive renewal of such Direct MNC BPO Contracts.
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3.2.1 |  | The VSCE Management Fee shall be paid by V-COE to VSCE within seven (7) Business Days of receipt by the V-COE Group of any payment from the relevant client for the performance of
the V-COE Groups services under the relevant Direct MNC BPO Contract.
|----- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3.3 |  | VSCE Sub-contracts: Save as otherwise provided in the relevant VSCE Sub-contract, the V-COE Groups sub-contracting fees shall be invoiced to VSCE on a back to
back basis to match the times that VSCE or a member of the VSCE Group will invoice clients under the relevant Contracts or renewed Contracts, as the case may be, and such invoiced fees shall be paid by VSCE to V-COE within seven (7) Business
Days of receipt by the VSCE Group of the corresponding payment from the relevant clients under the relevant Contract or renewed Contract, as the case may be.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4. |  | REPRESENTATIONS AND WARRANTIES
|-- |  | ------------------------------



|4.1 |  | Each Party hereby represents and warrants to the other Parties that:
|--- |  | --------------------------------------------------------------------



| | 4.1.1 |  | it is a company incorporated and validly existing under the laws of the country of its incorporation and has full power and authority to enter into this Agreement;
| | ----- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.1.2 |  | this Agreement constitutes the legal, valid and binding obligations of each Party in accordance with their respective terms;
| | ----- |  | ----------------------------------------------------------------------------------------------------------------------------



-5-



---

| | 4.1.3 |  | the execution, delivery and performance of this Agreement is within each Partys respective corporate power, have been duly authorised by all necessary corporate actions and do
not contravene each Partys respective memorandum and articles of association; and
| | ----- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.1.4 |  | to the best of its knowledge and belief and save as otherwise disclosed to the other Parties in writing, no conflict of interest exists or is likely to arise in the performance of
the first mentioned Partys obligations under this Agreement.
| | ----- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4.2 |  | V-COE hereby represents and warrants to VSCE and SHB that the V-COE Groups personnel who will be involved in the provision of the Services in relation to the VSCE
Sub-contracts, the Direct MNC BPO Contracts and the Symphony Sub-contracts are knowledgeable in the relevant fields of expertise to which that personnel has been assigned.
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5. |  | RESPONSIBILIITIES OF THE PARTIES
|-- |  | --------------------------------



|5.1 |  | Upon presentation of the first right of refusal by the VSCE Group to the V-COE Group of the relevant Contract and prior to the V-COE Groups accepting or rejecting the said
Contract, the V-COE Group shall take such reasonable steps to ensure that an objective assessment of the relevant Contract is undertaken. If the V-COE Group should reject any of the said Contracts, the reasons for such rejection will be properly
documented and provided in writing to VSCE and SHB.
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5.2 |  | VSCE shall ensure that the V-COE Group is authorized to use all software licences licensed to VSCE for the benefit of its subsidiaries and related corporations and which are
necessary for the provision of the Services by the V-COE Group pursuant to the VSCE Sub-contracts.
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5.3 |  | VSCE shall provide the V-COE Group with such documents and information as the V-COE Group shall reasonably require from time to time, to enable the V-COE Group to carry out its
obligations under the VSCE Sub-contracts.
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5.4 |  | Except as otherwise set forth in a VSCE Sub-contract, the V-COE Group shall be responsible for providing all personnel, software, hardware and any other assets and facilities
necessary to perform its obligations under each VSCE Sub-contract that it enters into with VSCE.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5.5 |  | V-COE shall be responsible for the training of all of the V-COE Groups employees, agents and sub-contractors involved in the delivery of the Services pursuant to the VSCE
Sub-contracts.
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5.6 |  | V-COE shall maintain a complete and accurate set of records and documents on the clients to which the VSCE Sub-contracts and Direct MNC BPO Contracts relate and the performance of
the V-COE Group under the VSCE Sub-contracts and Direct MNC BPO Contracts. V-COE shall make these records and documents available for inspection by VSCE or SHB, upon the giving of reasonable notice by VSCE or SHB, as the case may be.
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5.7 |  | Each Party further agree that it shall not, during the course of this Agreement, the Symphony Business Alliance Agreement, the VSCE Sub-contracts, the Direct MNC BPO Contracts or
the Symphony Sub-contracts, engage in any activity which is likely to compromise the ability of the other Parties to perform their respective obligations under this Agreement, the Symphony Business Alliance Agreement, the VSCE Sub-contracts, the
Direct MNC BPO Contracts or the Symphony Sub-contracts, fairly and independently and shall disclose to the other Parties, any activity which constitutes or may constitute a conflict of interest.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|6. |  | EVENTS OF DEFAULT
|-- |  | -----------------



|6.1 |  | Each of the following events is referred to as an Event of Default:-
|--- |  | ----------------------------------------------------------------------



| | 6.1.1 |  | if any of the Parties hereto is in material breach or default of any of its material obligations under this Agreement, which will include a failure by the VSCE Group to provide a
first right of refusal to the V-COE Group in accordance with Clause 2;
| | ----- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



-6-



---

| | 6.1.2 |  | if any of the Parties hereto goes into liquidation (either voluntary or compulsory unless as part of a bone fide scheme of reconstruction or amalgamation), be dissolved, compound
with its creditors or have a receiver appointed over the whole or any part of its assets,
| | ----- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | then, the Party referred to in the abovementioned paragraphs shall hereinafter be referred to as the Defaulting Party.
| |  | ------------------------------------------------------------------------------------------------------------------------



|6.2 |  | Where an Event of Default occurs, either or both of the other Parties who is or are not the Defaulting Party (collectively the Non-Defaulting Party) has the
option exercisable by giving notice (the Default Notice) to the Defaulting Party (with a copy to the remaining Party) to require the Defaulting Party to remedy the Event of Default (where applicable) within thirty (30) days from
the date of the Default Notice (Remedial Period); Provided That in the case of an Event of Default under Clause 6.1.2, there will be no Remedial Period. If the Defaulting Party is not able to remedy the said Event of Default
within the Remedial Period, the Non-Defaulting Party may (subject to Clause 6.4 below), but is not obliged to serve a termination notice (Termination Notice) on the Defaulting Party (with a copy to the remaining Party) to
terminate the Agreement immediately.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|6.3 |  | If an Event of Default occurs, the Non-Defaulting Party may instead of giving a Termination Notice in cases where such an Event of Default is remediable by either the Non-Defaulting
Party or the Defaulting Party, either immediately upon service of the Default Notice or upon the expiry of the Remedial Period, as the case may be, take steps to remedy the Event of Default in which event the Defaulting Party shall indemnify and
shall keep the Non-Defaulting Party indemnified of any liability, cost and expense of such remedial action, together with interest on the amount of such liability, cost and expense at a prescribed rate (to be agreed between the Parties).
Notwithstanding such steps on the part of the Non-Defaulting Party, the Event of Default is deemed to continue unless it can be completely remedied by taking such steps.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|6.4 |  | Notwithstanding the provisions of Clauses 6.2 and 6.3 and save as otherwise provided in this Agreement, where the Defaulting Party is V-COE or VSCE, then so long as VSCE is the
largest shareholder of V-COE, neither VSCE as the Non-Defaulting Party where V-COE is the Defaulting Party, nor V-COE as the Non-Defaulting Party where VSCE is the Defaulting Party, may exercise its right to terminate this Agreement unless it has
obtained the written consent of SHB.
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|7. |  | TERMINATION OF AGREEMENT
|-- |  | ------------------------



|7.1 |  | This Agreement shall terminate upon the happening of whichever of the following shall first occur:-
|--- |  | ---------------------------------------------------------------------------------------------------



| | 7.1.1 |  | upon delivery of the Termination Notice upon the happening of an Event of Default referred to in Clause 6;
| | ----- |  | ----------------------------------------------------------------------------------------------------------



| | 7.1.2 |  | within seven (7) Business Days from the date of notice by one Party invoking the force majeure provision on termination set out in this Agreement; or
| | ----- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------



| | 7.1.3 |  | upon mutual agreement of the Parties.
| | ----- |  | -------------------------------------



|7.2 |  | The V-COE Group shall, within seven (7) Business Days of the termination of this Agreement, return to VSCE all documents and records pertaining to the Contracts received by V-COE
from VSCE.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|7.3 |  | No Party shall have any further claims against the other Parties upon the termination of this Agreement and each of the Parties shall thereafter freely pursue such other related
opportunities with the clients pursuant to the Contracts, either on its own or with any other third party of its choice.
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|7.4 |  | Save where termination arose out of a default of one Party, no Party shall have any further claims for compensation or damages against the first mentioned Party upon the termination
of this Agreement.
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|7.5 |  | The termination of this Agreement pursuant to the aforesaid Clauses above will not affect the Parties obligations pursuant to Clause 8. Notwithstanding the termination of this
Agreement, the Symphony Business Alliance Agreement, the VSCE Sub-contracts, the Direct MNC BPO Contracts and the Symphony Sub-contracts, whether subsisting or renewed, shall continue to bind the parties therein independent of this Agreement, in
accordance with their respective terms.
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



-7-



---

|8. |  | CONFIDENTIALITY
|-- |  | ---------------



|8.1 |  | Except as permitted in Clauses 8.2 and 8.6, each Party shall procure that each Party, its employees, officers, agents and professional advisors must treat as strictly confidential
all information received or obtained by the Party as a result of entering into or performing this Agreement, including any confidential, technical, commercial, financial or other information of or concerning the business or affairs of the other
Parties (Confidential Information) unless specifically agreed to between the Parties.
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|8.2 |  | A Party, its employees, officers, agents, representatives or professional advisors may disclose information which would otherwise be classified as Confidential Information if and to
the extent:
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8.2.1 |  | that is required to be disclosed by law or any securities exchange or regulatory or governmental body to which it is subject, wherever situated;
| | ----- |  | ------------------------------------------------------------------------------------------------------------------------------------------------



| | 8.2.2 |  | that is known to the Party receiving the information prior to the same being disclosed to it pursuant to this Agreement;
| | ----- |  | ------------------------------------------------------------------------------------------------------------------------



| | 8.2.3 |  | that it considers necessary to disclose the information to its professional advisors or auditors provided that the Party does so on a confidential basis; or
| | ----- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8.2.4 |  | that the information has come into the public domain through no fault of that Party and other than by reason of breach by any Party or any of its employees, officers, agents,
representatives or professional advisors in connection with its obligations in this Agreement.
| | ----- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|8.3 |  | The Parties agree that:
|--- |  | -----------------------



| | 8.3.1 |  | monetary damages alone would not be adequate compensation to a Party for a breach by the other Party(ies) of the provisions of Clause 8.1;
| | ----- |  | ------------------------------------------------------------------------------------------------------------------------------------------



| | 8.3.2 |  | a Party may seek an injunction from a court of competent jurisdiction if:
| | ----- |  | -------------------------------------------------------------------------



| | (a) |  | the other Party(ies) fails to comply or threatens to fail to comply with the provisions of Clause 8.1; or
| | --- |  | ---------------------------------------------------------------------------------------------------------



| | (b) |  | that Party has reason to believe that the other Party(ies) will not comply with the provisions of Clause 8.1.
| | --- |  | -------------------------------------------------------------------------------------------------------------



|8.4 |  | The provisions of Clause 8.1 will survive the termination of this Agreement. In the event that this Agreement is terminated, the Parties shall promptly return to each other, all
documents and other written materials so obtained pursuant to this Agreement.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|8.5 |  | Each of the Parties shall indemnify and keep each other fully and effectively indemnified against any loss, damage, cost and expense which the latter Party(ies) may directly suffer
or which the first Party knew the latter Party(ies) would be likely to suffer as a result of or in connection with any breach of the confidentiality provisions referred to in Clause 8.1.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|8.6 |  | For the avoidance of doubt, the Parties acknowledge that under the applicable securities laws and regulations of Malaysia and the United States of America, each Party will be
required to publicly disclose the execution of this Agreement, a copy of this Agreement and a summary of the terms of the transactions contemplated under this Agreement, and the Parties hereby consent to such disclosure by the other Parties.
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|9. |  | LIMIT OF LIABILITY
|-- |  | ------------------



|9.1 |  | No Party shall be liable to the other Parties for any special, indirect or consequential loss or damage or for any loss of use, business, income, profits or contracts suffered by
the first mentioned Party.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|10. |  | FORCE MAJEURE
|--- |  | -------------



|10.1 |  | No Party shall be liable to the other Party(ies) in respect of any delay in performing or failure to perform any of its obligations hereunder if such delay or failure results from:-
|---- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.1.1 |  | any acts or intervention by any Governmental authorities or agencies;
| | ------ |  | ---------------------------------------------------------------------



-8-



---

| | 10.1.2 |  | fire, flood or explosion;
| | ------ |  | -------------------------



| | 10.1.3 |  | any act of God;
| | ------ |  | ---------------



| | 10.1.4 |  | declared or undeclared war, acts of terrorism or sabotage, or riots or civil commotion; or
| | ------ |  | ------------------------------------------------------------------------------------------



| | 10.1.5 |  | strikes or other industrial disputes which are beyond the control of the Parties.
| | ------ |  | ---------------------------------------------------------------------------------



|10.2 |  | If a delay or failure of a Party to perform its obligations due to force majeure exceeds twenty-one (21) Business Days, either of the remaining Parties, may immediately terminate
this Agreement by providing written notice to the other Parties pursuant to Clause 7.
|---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|11. |  | SEVERANCE
|--- |  | ---------



|11.1 |  | If any provision of this Agreement is declared by any judicial or other competent authority to be void, voidable or illegal for any reason, but is capable of being read down, it
will be read down to the extent necessary to render it binding and enforceable. If it is capable of being so read down, then such word or words, or if required, the whole provision will thereupon be severed and the remainder of this Agreement will
otherwise remain in full force and effect.
|---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|12. |  | ENTIRE AGREEMENT
|--- |  | ----------------



|12.1 |  | The foregoing represents the complete and exclusive statement of the Agreement between the Parties and supersedes any and all prior oral or written agreements, proposals,
commitments, understandings, or communications with respect to the subject matter of this Agreement.
|---- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|13. |  | CHANGE OF ADDRESS
|--- |  | -----------------



|13.1 |  | Each of the Parties shall give notice to the other of the change of any address or telephone or facsimile at the earliest possible opportunity but in any event within forty-eight
(48) hours of such change.
|---- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|14. |  | NOTICES
|--- |  | -------



|14.1 |  | Any notice, or other communication, including, but not limited to any request, demand, consent or approval to or by a Party under this Agreement must be in writing and in English,
addressed to the relevant persons named below:
|---- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|                |  |                           
|--------------- |  | --------------------------
|14.1.1          |  | VSCE                      
|                | 
|Address:        |  | 7855 Ivanhoe Avenue       
|                |  | Suite 200                 
|                |  | La Jolla, California 92037
|                |  | United States of America  
|                | 
|Attention:      |  | Chief Financial Officer   
|                | 
|Fax No:         |  | +1 (858) 456-4878         
|                | 
|with a copy to: |  |                           
|                | 
|Address:        |  | Vsource (Asia) Ltd        
|                |  | Unit 501, AXA Centre      
|                |  | 151 Gloucester Road       
|                |  | Wanchai, Hong Kong        
|                | 
|Attention:      |  | General Counsel           
|                | 
|Fax No:         |  | +852 2523-1344            



-9-



---

|                |  |                                                         
|--------------- |  | --------------------------------------------------------
|                | 
|14.1.2          |  | V-COE                                                   
|                | 
|Address:        |  | Level 12, Menara HLA                                    
|                |  | No 3, Jalan Kia Peng                                    
|                |  | 50450 Kuala Lumpur                                      
|                |  | Malaysia                                                
|                | 
|Attention:      |  | Chief Operating Officer/Corporate Controller            
|                | 
|Fax No:         |  | +603-7490 8008                                          
|                | 
|with a copy to: |  |                                                         
|                | 
|Address:        |  | Vsource (Asia) Ltd                                      
|                |  | Unit 501, AXA Centre                                    
|                |  | 151 Gloucester Road                                     
|                |  | Wanchai, Hong Kong                                      
|                | 
|Attention:      |  | General Counsel                                         
|                | 
|Fax No:         |  | +852 2523-1344                                          
|                | 
|14.1.3          |  | SHB                                                     
|                | 
|Address:        |  | Level 17, Menara Milennium                              
|                |  | Jalan Damanlela                                         
|                |  | Pusat Bandar Damansara                                  
|                |  | 50490 Kuala Lumpur                                      
|                | 
|Attention:      |  | Y Bhg Dato Azman Yahya/Encik Abdul Hamid Sheikh Mohamed
|                | 
|Fax No:         |  | +603-2715 7677                                          



|14.2 |  | A notice sent:
|---- |  | --------------



| | 14.2.1 |  | by hand shall be deemed to have been served on the day of delivery;
| | ------ |  | -------------------------------------------------------------------



| | 14.2.2 |  | by telefax shall be deemed to have been served upon confirmation of completion of transmission;
| | ------ |  | -----------------------------------------------------------------------------------------------



| | 14.2.3. |  | by registered post shall be deemed to have been served on the 5th Business Day after posting, and in proving service, it shall be sufficient to prove that the notice was properly
addressed and posted.
| | ------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|15. |  | GOVERNING LAW AND JURISDICTION
|--- |  | ------------------------------



|15.1 |  | This Agreement is to be governed by and construed in accordance with Malaysian laws and each Party hereby submits to the non-exclusive jurisdiction of the Malaysian courts.
|---- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|16. |  | DISPUTE RESOLUTION
|--- |  | ------------------



|16.1 |  | Where any dispute arises between the Parties as to any matter arising out of or in connection with this Agreement, the Parties shall endeavour in good faith to resolve the dispute
by mediation to be conducted at the Mediation Centre set up by the Bar Council of Malaysia in accordance with the Mediation Rules of the Mediation Centre by the appointment of a mediator (Mediator). The costs of such mediation
shall be borne equally between the Parties.
|---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|16.2 |  | If at the end of such mediation (which shall not exceed forty-five (45) days following the reference of the dispute or breach to the Mediator the matter remains unresolved), any
Party hereto may refer the matter to be finally resolved by arbitration administered by the Hong Kong International Arbitration Centre (HKIAC) in accordance with the UNCITRAL Arbitration Rules in force at the date of this Agreement.
|---- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



-10-



---

|16.3 |  | The arbitration tribunal shall consist of one arbitrator to be appointed by the HKIAC in accordance with its rules.
|---- |  | -------------------------------------------------------------------------------------------------------------------



|16.4 |  | Arbitration shall take place in Hong Kong and the language of arbitration shall be English.
|---- |  | -------------------------------------------------------------------------------------------



|16.5 |  | The decision of the arbitrator shall be final, binding and uncontestable and may be used as a basis for judgment thereon in any legal jurisdiction. Such decision shall include a
determination as to which of the Parties shall bear the costs of the arbitration proceedings.
|---- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|16.6 |  | No Party shall be entitled to commence or maintain any action in a court of law upon any matter in dispute until such matter shall have been submitted and determined as hereinbefore
provided and then only for the enforcement of such arbitration.
|---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|16.7 |  | Pending the submission to arbitration and thereafter until the arbitrator publishes its award, all Parties shall continue to perform all their obligations under this Agreement
without prejudice to a final adjustment in accordance with the said award.
|---- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|17. |  | WAIVER
|--- |  | ------



|17.1 |  | The failure by any Party to enforce at any time or for any period any one or more of the terms or conditions of this Agreement shall not be a waiver of them or of the right at any
time subsequently to enforce all terms and conditions of this Agreement.
|---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|18. |  | COSTS
|--- |  | -----



|18.1 |  | Save as otherwise provided in this Agreement, any and all costs, expenses or liabilities to third parties of any of the Parties arising from activities performed under this
Agreement or otherwise relating to this Agreement shall be borne by each Party separately and individually. No Party shall be liable or obligated to the other Party(ies) for any such cost, expense or liability.
|---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|18.2 |  | Each of the Parties shall bear its own costs and expenses in connection with the preparation and finalisation of this Agreement.
|---- |  | --------------------------------------------------------------------------------------------------------------------------------



|19. |  | ASSIGNMENT
|--- |  | ----------



|19.1 |  | No Party will be entitled to assign all or part of its rights and obligations hereunder without the prior written consent of the other Parties.
|---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------



|20. |  | VARIATIONS AND AMENDMENTS
|--- |  | -------------------------



|20.1 |  | No provision of this Agreement may be varied, amended or waived except otherwise agreed to by the Parties in writing.
|---- |  | ---------------------------------------------------------------------------------------------------------------------



|21. |  | CO-OPERATION
|--- |  | ------------



|21.1 |  | In entering into this Agreement, the Parties recognise that it is impractical to make provisions for every contingency that may arise in the course of performance thereof and
accordingly the Parties hereby declare it to be their intention that this Agreement shall operate between them with fairness and without detriment to the interest of any of them and if in the course of performance of the obligations under this
Agreement any unforeseen unfairness to any part is discovered or anticipated then the Parties hereto shall act in good faith and use their best endeavours to agree to such recourse as may be necessary and equitable to overcome such unfairness.
|---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|21.2 |  | Each Party shall sign and execute all documents and do all things necessary or desirable to give effect to this Agreement and will procure that its officers, employees and agents to
declare, make, sign or execute all documents and do all things necessary or desirable to give full effect to this Agreement.
|---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



-11-



---

|22. |  | COUNTERPARTS
|--- |  | ------------



|22.1 |  | This Agreement may be executed in any number of counterparts, each of which when executed and delivered is an original and all of which together evidence the same agreement.
|---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



[The Rest Of This Page Has Been Intentionally
Left Blank]



-12-



---

IN WITNESS WHEREOF the Parties hereto have hereunto set their hands the day and year first above written.



|                           |  |  
|-------------------------- |  | -
|SIGNED BY                  |  | )
|VSOURCE INC                |  | )
|on behalf of               |  | )
|in the presence of         |  | )
|                           | 
|SIGNED BY                  |  | )
|VSOURCE (MALAYSIA) SDN BHD |  | )
|on behalf of               |  | )
|in the presence of         |  | )
|                           | 
|SIGNED BY                  |  | )
|SYMPHONY HOUSE BERHAD      |  | )
|on behalf of               |  | )
|in the presence of         |  | )
|                           |  | )