**Exhibit 10.23**

**Management Incentive Plan (MIP) 2006**

**Overview:**

The 2006Management Incentive Plan provides eligible participants with the opportunityto earn incentive pay based upon one or more of the following factors:

·                  SITEL achieving its Earnings Per Share (EPS) target,

·                  The Business Unit achieving its Business UnitContribution (BUC) target, and

·                  The individual’s contribution toward achieving the BU/SITEL objectives

Eligibleparticipants are employees who are typically in Grade 15 and above.  Employees classified as a Manager and/orDirector, must also be a direct report to the Business Unit Leader or SWWDivision Head to be considered an eligible participant.

**IncentiveOpportunity:**

SITEL has chosen a“percentage of base salary” as the appropriate target incentiveopportunity.  The table below shows theapplicable percentage at various grade levels.

| CEO, ExCo                                                     |   | 100% of base salary |
|---------------------------------------------------------------|--------|---------------------|
| COOs (grade 19)                                               |   | 40% of base salary  |
| BU  Leaders/MDs/Global SVPs   (typically grades 16 – 19) |   | 30% of base salary  |
| VPs and Directors (typically grades 16 – 17)             |   | 20% of base salary  |
| Managers (typically grade 15)                                 |   | 15% of base salary  |

 

**IncentiveComponents:**

MIP participantswithin BUs have a target incentive opportunity that is split between an EPSperformance component and a BUC performance component.

The amount of thesplit depends upon the level of employee. The higher the employee’s job gradelevel, the greater the proportion of target incentive opportunity is based onEPS.  The table below summarizes theproportion of target incentive opportunity that is based on EPS and BUC.
| **Level**                                                    | ** ** | **Incentive Based on  EPS** | ** ** | **Incentive Based on  BUC** | ** ** |
|--------------------------------------------------------------|------------|---------------------------------------|------------|---------------------------------------|------------|
| CEO, ExCo, Group  COOs, and Global SVPs (Grades  19)         |       | 100                                   | %          | 0                                     | %          |
| SWW VPs,  Directors, and Managers   (typically Grades 15-17) |       | 100                                   | %          | 0                                     | %          |
| BU Leaders/MDs (typically  Grades 16 – 18)              |       | 40                                    | %          | 60                                    | %          |
| BU VPs, Directors, and  Managers   (typically Grades 15-17)  |       | 20                                    | %          | 80                                    | %          |

 

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**IncentivePlan Thresholds (“Gatekeepers”):**

To be eligible forany award or payment based on either performance component (EPS or BUC),certain threshold conditions must be met.

Revenue GrowthThreshold (BU Participants Only) — To maintain a high level of focus on revenuegrowth, a minimum level of revenue growth has been defined.  A BU must achieve a minimum of 70% of plannedrevenue growth before the plan participant is eligible for either the EPS orBUC incentive payments.  “Planned revenuegrowth” is the difference between the FY2005 actual revenues and the FY2006budgeted revenues.  A BU that fails toachieve at least 70% of planned revenue growth is ineligible for either an EPSor BUC incentive payment.   If theplanned revenue growth of a BU is negative, that is, the FY2006 budgetedrevenues are less than FY2005, then the BU must not have a revenue decrease anygreater than the budgeted decrease in order to be eligible for an EPS or BUCincentive payment.

EPS Threshold (All Participants) — In addition to theRevenue Growth Threshold, the Compensation Committee of the Board of Directorshas defined a minimum level of EPS. SITEL must achieve a minimum EPS before the plan participant iseligible for either the EPS or BUC incentive payment. This minimum EPS level isnecessary to fund the MIP, but does not guarantee a payout of any incentivepayments to plan participants.

**EPSPerformance Component:**

A low targetEPS, defined by the Compensation Committee of the Board of Directors, must bemet or exceeded to trigger the calculation of an EPS award amount.  At the low target EPS level, 30% of theincentive opportunity (associated with the EPS component) is awarded (notnecessarily paid).  For each additional 1cent (USD) of EPS above the low target EPS level, an additional 6% of theincentive opportunity (associated with the EPS component) will be awarded, upto a maximum incentive opportunity of 120% (associated with the EPScomponent).  The award percentages atvarious EPS levels are shown in the table below:

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| EPS Level                     | ** ** | **Award Percentage for EPS  Component of the Total   Incentive Opportunity** | ** ** |
|------------------------------------|------------|----------------------------------------------------------------------------------------------------------------------|------------|
| Low target                         |       | 30                                                                                                                   | %          |
| Low target + 1 cent                |       | 36                                                                                                                   | %          |
| Low target + 2 cents               |       | 42                                                                                                                   | %          |
| Low target + 3 cents               |       | 48                                                                                                                   | %          |
| Low target + 4 cents               |       | 54                                                                                                                   | %          |
| Low target + 5 cents               |       | 60                                                                                                                   | %          |
| Low target + 6 cents               |       | 66                                                                                                                   | %          |
| Low target + 7 cents               |       | 72                                                                                                                   | %          |
| Low target + 8 cents               |       | 78                                                                                                                   | %          |
| Low target + 9 cents               |       | 84                                                                                                                   | %          |
| Low target + 10 cents              |       | 90                                                                                                                   | %          |
| Low target + 11 cents              |       | 96                                                                                                                   | %          |
| Low target + 12 cents              |       | 102                                                                                                                  | %          |
| Low target + 13 cents              |       | 108                                                                                                                  | %          |
| Low target + 14 cents              |       | 114                                                                                                                  | %          |
| Greater than low target + 15 cents |       | 120                                                                                                                  | %          |

 

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***Forpurposes of this plan “target” payment will equal 96%**

**BUCPerformance Component (BU Participants Only):**

Each BU has a TargetBUC expressed as a percentage of the BU’s revenue, together with a LowTarget BUC and High Target BUC. If the actual BUC performance is below the Low Target, no incentiveaward is made for the BUC component.  Ifthe actual BUC performance is above the Low Target but below the Target, 75% ofthe incentive opportunity (associated with the BUC component) is awarded (notnecessarily paid).  If the actual BUCperformance is at or above the Target but below the High Target, 100% of theincentive opportunity (associated with the BUC component) is awarded (notnecessarily paid).  If the actual BUCperformance meets or exceeds the High Target, the maximum incentive opportunityof 120% (associated with the BUC component) is awarded (not necessarily paid).The award percentages at various BUC performance levels are shown in the tablebelow.

| BUC Performance Level          | ** ** | **Award Percentage for BUC  Component of the Total   Incentive Opportunity** | ** ** |
|------------------------------------------|------------|----------------------------------------------------------------------------------------------------------------------|------------|
| below**Low Target**                      |       | 0                                                                                                                    | %          |
| above**Low Target**& below**Target** |       | 75                                                                                                                   | %          |
| at or above **Target**                   |       | 100                                                                                                                  | %          |
| at or above **High Target**              |       | 120                                                                                                                  | %          |

 

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**IndividualPerformance Impact on Incentive Payments (All Participants):**

The actual amount of anindividual’s incentive award may be reduced due to personal performance.  Each MIP participant’s manager is to assessthe individual’s contribution to achieving the objectives of thecorporation.  The mechanism for makingthis assessment is the individual’s performance review in which financial andnon-financial performance objectives are defined.  If the individual’s manager determines thatthe individual’s performance was below expectations, the manager may reduce theincentive award by a fraction or the entire amount.

All reductions in anincentive award are to be reviewed by the appropriate HR manager to ensure thecompleteness and accuracy of the MIP participant’s manager’s assessment.

**Days Sales Outstanding (DSO) Impact on BUCIncentive (BU Participants Only):**

DSO has been added to theMIP for 2006 due to the significant financial effect of deteriorating accountsreceivable effectiveness. Every day of additional consolidated DSO, SITEL mustborrow and pay interest on an additional $2.75 million.  A five day increase in DSO increases SITEL’stotal debt by 10% and interest expense by more than $1 million.

DSO is calculated bydividing accounts receivable by the average daily revenue for the precedingquarter. DSO will be measured at the end of each quarter in 2006. The averageof the four quarterly DSO values will be the DSO “performance of record” formeasurement against the target.  Each BUwill receive an individually determined target, approved in advance by the SWWCFO, based upon their historic DSO performance and the Company’s overallobjective.

The DSO effect on BUC isrepresented as a three percent (3%) reduction in BUC payment for each onepercent (1%) of DSO the BU is above their established target. The maximumreduction for missing the target DSO is 30%.

For example, if a BU’sDSO target has been set at 65 days and the average actual DSO over the fourquarters is 70 days, then the DSO target has been missed by 7.7% (70 – 65 = 5divided by 65 = 7.7%)  Since thereduction to BUC is calculated as a 3% reduction for every 1% above the target,the actual reduction to the BUC incentive payout will be 23% (7.7% X 3% =23.1%).

**IncentiveCalculation Examples:**

**Example 1— Business Unit Leader/Managing Director**

The tables belowillustrate the incentive calculations for an employee with a base salary of$100,000 and an incentive opportunity of 30% of base salary, under severaldifferent EPS, BUC and DSO performance level achievement scenarios:  

**Incentive Calculation Based on EPS Component**

 
| Maximum Incentive   Opportunity | ** ** | **Percentage of   Incentive Opportunity   Based on EPS** | ** ** | **EPS Performance Level   Scenarios** | ** ** | **Incentive Award Calculation as   % of Base Salary** | ** ** | **% of   Base** | ** ** | **Incentive   Award** | ** ** |
|-------------------------------------------|------------|----------------------------------------------------------------------------------------|------------|------------------------------------------------------|------------|------------------------------------------------------------------------------------------|------------|---------------------------|------------|----------------------------|------------|
| 30% of Base  Salary                       |       | 40                                                                                     | %          | Below  minimum EPS                                   |       | (.30  X .40) X .0                                                                        |       | 0                         |       | 0                          |       |
|                                      |       |                                                                                   |       | Low  target                                          |       | (.30  X .40) X .30                                                                       |       | 3.60                      | %          | 3,600                      |       |
|                                      |       |                                                                                   |       | Low  Target + 2 cents                                |       | (.30  X .40) X .42                                                                       |       | 5.04                      | %          | 5,040                      |       |
|                                      |       |                                                                                   |       | Low  Target + 9 cents                                |       | (.30  X .40) X .84                                                                       |       | 10.08                     | %          | 10,080                     |       |
|                                      |       |                                                                                   |       | Low Target + 15 cents                                |       | (.30 X .40) X 1.20                                                                       |       | 14.40                     | %          | 14,400                     |       |

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**IncentiveCalculation Based on BUC Component**
| Maximum Incentive  Opportunity | ** ** | **Percentage of   Incentive Opportunity   Based on BUC** | ** ** | **BUC Performance Level  Scenarios** | ** ** | **Incentive Award Calculation as  % of Base Salary** | ** ** | **% of   Base** | ** ** | **Incentive   Award** | ** ** |
|-------------------------------------|------------|----------------------------------------------------------------------------------------|------------|------------------------------------------------|------------|------------------------------------------------------------------------------------|------------|---------------------------|------------|----------------------------|------------|
| 30% of Base Salary                  |       | 60                                                                                     | %          | Below  Low Target = 0                          |       | (.30  X .60) * (.0)                                                                |       | 0.0                       | %          | 0                          |       |
|                                |       |                                                                                   |       | >  or = Low Target =.75                     |       | (.30  X .60) * (.75)                                                               |       | 13.5                      | %          | 13,500                     |       |
|                                |       |                                                                                   |       | >  or = Target = 1.0                        |       | (.30  X .60) * (1.00)                                                              |       | 18.0                      | %          | 18,000                     |       |
|                                |       |                                                                                   |       | > or = High Target =  1.2                   |       | (.30 X .60) * (1.20)                                                               |       | 21.6                      | %          | 21,600                     |       |

 

**IncentiveCalculation Based on BUC and DSO Component**
| Maximum Incentive  Opportunity | ** ** | **Percentage of   Incentive Opportunity   Based on BUC** | ** ** | **BUC Performance Level  Scenarios** | ** ** | **Incentive   Award** | ** ** | **BUC Incentive   Payout IF DSO 3%  above target (9%   reduction)** | ** ** | **BUC Incentive Payout   IF DSO 10% above   target (30% reduction** | ** ** |
|-------------------------------------|------------|----------------------------------------------------------------------------------------|------------|------------------------------------------------|------------|----------------------------|------------|-------------------------------------------------------------------------------------------------------------|------------|------------------------------------------------------------------------------------------------------------------|------------|
| 30% of Base  Salary                 |       | 60                                                                                     | %          | Below  Low Target                              |       | 0                          |       | 0                                                                                                           |       | 0                                                                                                                |       |
|                                |       |                                                                                   |       | >  or = Low Target                          |       | 13,500                     |       | 12,285                                                                                                      |       | 9,450                                                                                                            |       |
|                                |       |                                                                                   |       | >  or = Target                              |       | 18,000                     |       | 16,380                                                                                                      |       | 12,600                                                                                                           |       |
|                                |       |                                                                                   |       | > or = High Target                          |       | 21,600                     |       | 19,656                                                                                                      |       | 15,120                                                                                                           |       |

 

**In theexamples above, the incentive awards shown are the maximum possiblepayout.  For example, assuming an actualEPS of Low Target + 2 cents and Target BUC performance, the EPS componentincentive award would be $5,040 and the BUC component incentive award would be$18,000 for a total incentive award of $23,040. Assuming then that the DSO was on target, $23,040 would be thecalculated payment.  If the DSO was 3%greater, the BUC calculation would be reduced to $$16,380 or a final calculatedpayment of $21,420.  The MIP participant’smanager might, through a performance review, determine that this person hadperformed below expectations during the year such that the actual paymentshould be reduced by $6,000, such that the actual incentive payment would be$17,040 or $15,420 depending upon which DSO calculation is appropriate. Notethat the $6,000 reduction in this example does NOT become available to themanager to pay to another individual.  AMIP participant’s manager may decrease, but not increase, an incentive awardbased upon individual performance.**

**Example 2 – Business UnitVice President or Director**

The tables belowillustrate the incentive calculations for BU VP or Director with a base salaryof $100,000 and an incentive opportunity of 20% of base salary, under severaldifferent EPS, BUC and DSO performance level achievement scenarios:

**Incentive Calculation Based on EPSComponent**

 
| Maximum Incentive  Opportunity | ** ** | **Percentage of   Incentive Opportunity   Based on EPS** | ** ** | **EPS Performance Level   Scenarios** | ** ** | **Incentive Award Calculation as  % of Base Salary** | ** ** | **% of   Base** | ** ** | **Incentive   Award** | ** ** |
|-------------------------------------|------------|----------------------------------------------------------------------------------------|------------|------------------------------------------------------|------------|------------------------------------------------------------------------------------|------------|---------------------------|------------|----------------------------|------------|
| 20% of Base  Salary                 |       | 20                                                                                     | %          | Below  minimum EPS                                   |       | (.20  X .20) X  (.0)                                                          |       | 0                         | %          | 0                          |       |
|                                |       |                                                                                   |       | Low  target                                          |       | (.20  X .20) X .30                                                                 |       | 1.20                      | %          | 1,200                      |       |
|                                |       |                                                                                   |       | Low  Target + 2 cents                                |       | (.20  X .20) X .42                                                                 |       | 1.68                      | %          | 1,600                      |       |
|                                |       |                                                                                   |       | Low  Target + 9 cents                                |       | (.20  X .20) X .84                                                                 |       | 3.36                      | %          | 3,360                      |       |
|                                |       |                                                                                   |       | Low Target + 15 cents                                |       | (.20 X .20) X 1.20                                                                 |       | 4.80                      | %          | 4,800                      |       |

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**IncentiveCalculation Based on BUC Component**
| Maximum Incentive  Opportunity | ** ** | **Percentage of   Incentive Opportunity   Based on BUC** | ** ** | **BUC Performance Level  Scenarios** | ** ** | **Incentive Award Calculation as  % of Base Salary** | ** ** | **% of   Base** | ** ** | **Incentive   Award** | ** ** |
|-------------------------------------|------------|----------------------------------------------------------------------------------------|------------|------------------------------------------------|------------|------------------------------------------------------------------------------------|------------|---------------------------|------------|----------------------------|------------|
| 20% of Base  Salary                 |       | 80                                                                                     | %          | Below  Min = zero                              |       | (.2  X .8) * (.0)                                                                  |       | 0.0                       | %          | 0                          |       |
|                                |       |                                                                                   |       | >  or = Low Target =  .75              |       | (.2  X .8) * (.75)                                                                 |       | 12.0                      | %          | 12,000                     |       |
|                                |       |                                                                                   |       | >  or = Target =  1.0                  |       | (.2  X .8) * (1.0)                                                                 |       | 16.0                      | %          | 16,000                     |       |
|                                |       |                                                                                   |       | > or = Over Target =  1.2                   |       | (.2 X .8) * (1.2)                                                                  |       | 19.2                      | %          | 19,200                     |       |

 

**IncentiveCalculation Based on BUC and DSO Component**
| Maximum Incentive  Opportunity | ** ** | **Percentage of   Incentive Opportunity  Based on BUC** | ** ** | **BUC Performance Level  Scenarios** | ** ** | **Incentive   Award** | ** ** | **BUC Incentive Payout   IF DSO 3% above   target (9% reduction)** | ** ** | **BUC Incentive   Payout IF DSO   10% above target   (30% reduction)** | ** ** |
|-------------------------------------|------------|----------------------------------------------------------------------------------|------------|------------------------------------------------|------------|----------------------------|------------|-----------------------------------------------------------------------------------------------------------------|------------|---------------------------------------------------------------------------------------------------------------------|------------|
| 20% of Base  Salary                 |       | 80                                                                               | %          | Below  Min                                     |       | 0                          |       | 0                                                                                                               |       | 0                                                                                                                   |       |
|                                |       |                                                                             |       | >  or = Low Target                          |       | 12,000                     |       | 10,920                                                                                                          |       | 8,400                                                                                                               |       |
|                                |       |                                                                             |       | >  or = Target                              |       | 16,000                     |       | 14,560                                                                                                          |       | 11,200                                                                                                              |       |
|                                |       |                                                                             |       | > or = Over Target                          |       | 19,200                     |       | 17,472                                                                                                          |       | 13,440                                                                                                              |       |

 

**Example 3– Business Unit Manager**

The tables belowillustrate the incentive calculations for BU Manager with a base salary of$75,000 and an incentive opportunity of 15% of base salary, under severaldifferent EPS and BUC performance level achievement scenarios:

**Incentive Calculation Based on EPSComponent**

 
| Maximum Incentive  Opportunity | ** ** | **Percentage of   Incentive Opportunity   Based on EPS** | ** ** | **EPS Performance Level   Scenarios** | ** ** | **Incentive Award Calculation as   % of Base Salary** | ** ** | **% of   Base** | ** ** | **Incentive   Award** | ** ** |
|-------------------------------------|------------|----------------------------------------------------------------------------------------|------------|------------------------------------------------------|------------|------------------------------------------------------------------------------------------|------------|---------------------------|------------|----------------------------|------------|
| 15% of Base  Salary                 |       | 20                                                                                     | %          | Below  minimum EPS                                   |       | (.15  X .20) X  .0                                                                  |       | 0                         | %          | 0                          |       |
|                                |       |                                                                                   |       | Low  target                                          |       | (.15  X .20) X .30                                                                       |       | 0.90                      | %          | 675                        |       |
|                                |       |                                                                                   |       | Low  Target + 2 cents                                |       | (.15  X .20) X .42                                                                       |       | 1.26                      | %          | 945                        |       |
|                                |       |                                                                                   |       | Low  Target + 9 cents                                |       | (.15  X .20) X .84                                                                       |       | 2.52                      | %          | 1,890                      |       |
|                                |       |                                                                                   |       | Low Target + 15 cents                                |       | (.15 X .20) X 1.20                                                                       |       | 3.60                      | %          | 2,700                      |       |

 

**IncentiveCalculation Based on BUC Component**
| Maximum Incentive  Opportunity | ** ** | **Percentage of   Incentive Opportunity   Based on BUC** | ** ** | **BUC Performance Level  Scenarios** | ** ** | **Incentive Award Calculation   as % of Base Salary** | ** ** | **% of   Base** | ** ** | **Incentive   Award** | ** ** |
|-------------------------------------|------------|----------------------------------------------------------------------------------------|------------|------------------------------------------------|------------|-------------------------------------------------------------------------------------|------------|---------------------------|------------|----------------------------|------------|
| 15% of Base  Salary                 |       | 80                                                                                     | %          | Below  Min =  zero                        |       | (.15  X .8) * (.0)                                                                  |       | 0.0                       | %          | 0                          |       |
|                                |       |                                                                                   |       | >  or = Low Target =  .75              |       | (.15  X .8) * (.75)                                                                 |       | 9.0                       | %          | 6,750                      |       |
|                                |       |                                                                                   |       | >  or = Target =  1.0                  |       | (.15  X .8) * (1.0)                                                                 |       | 12.0                      | %          | 9,000                      |       |
|                                |       |                                                                                   |       | > or = Over  Target  = 1.2             |       | (.15 X .8) * (1.2)                                                                  |       | 14.4                      | %          | 10,800                     |       |

 

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**IncentiveCalculation Based on BUC and DSO Component**
| Maximum Incentive  Opportunity | ** ** | **Percentage of   Incentive Opportunity   Based on BUC** | ** ** | **BUC Performance Level  Scenarios** | ** ** | **Incentive  Award** | ** ** | **BUC Incentive   Payout IF DSO 3%   above target (9%   reduction)** | ** ** | **BUC Incentive Payout   IF DSO 10% above   target (30% reduction)** | ** ** |
|-------------------------------------|------------|----------------------------------------------------------------------------------------|------------|------------------------------------------------|------------|----------------------|------------|-------------------------------------------------------------------------------------------------------------------|------------|-------------------------------------------------------------------------------------------------------------------|------------|
| 15% of Base  Salary                 |       | 80                                                                                     | %          | Below  Min                                     |       | 0                    |       | 0                                                                                                                 |       | 0                                                                                                                 |       |
|                                |       |                                                                                   |       | >  or = Low Target                          |       | 6,750                |       | 6,142                                                                                                             |       | 4,725                                                                                                             |       |
|                                |       |                                                                                   |       | >  or = Target                              |       | 9,000                |       | 8,190                                                                                                             |       | 6,300                                                                                                             |       |
|                                |       |                                                                                   |       | > or = Over Target                          |       | 10,800               |       | 9,828                                                                                                             |       | 7,560                                                                                                             |       |

 

**Example 4– ExCO, Group COO’s, GSVP’s, Vice President or Director (Grade 15+)**

The table belowillustrates the incentive calculation for an SWW VP or Director with a basesalary of $100,000, and the incentive opportunity of 20% of base salary, andseveral different EPS achievement scenarios:

**Incentive Calculation Based on EPSComponent**

| Maximum Incentive  Payment | ** ** | **Percentage of   Incentive Opportunity   Based on EPS** | ** ** | **EPS Scenarios** | ** ** | **Incentive Payment Calculation  - Resulting % of Base Salary** | ** ** | **% of   Base** | ** ** | **Incentive   Award** | ** ** |
|---------------------------------|------------|----------------------------------------------------------------------------------------|------------|------------------------|------------|----------------------------------------------------------------------------------------------------|------------|---------------------------|------------|----------------------------|------------|
| 20% of Base Salary              |       | 100                                                                                    | %          | Below  minimum EPS     |       | (.20  X 1) X  .0                                                                              |       | 0                         | %          | 0                          |       |
|                            |       |                                                                                   |       | Low  target            |       | (.20  X 1) X .30                                                                                   |       | 6.00                      | %          | 6,000                      |       |
|                            |       |                                                                                   |       | Low  Target + 2 cents  |       | (.20  X 1) X .42                                                                                   |       | 8.40                      | %          | 8,400                      |       |
|                            |       |                                                                                   |       | Low  Target + 9 cents  |       | (.20  X 1) X .84                                                                                   |       | 16.80                     | %          | 16,800                     |       |
|                            |       |                                                                                   |       |                   |       |                                                                                               |       |                      |       |                       |       |
|                            |       |                                                                                   |       | Low Target + 10 cents  |       | (.20 X 1) X 1.20                                                                                   |       | 24.00                     | %          | 24,000                     |       |

 

**In theexample above, the incentive award is the maximum possible payout.  For example, assuming an actual EPS of LowTarget + 2 cents, the incentive award would be $8,400.  The MIP participant’s manager might, througha PACMan review, determine that this person had performed below expectationsduring the year such that the actual payment should be reduced by $4,000, suchthat the actual incentive payment would be $4,400. Note that the $4,000reduction in this example does NOT become available to the manager to pay toanother individual.  A MIP participant’smanager may decrease, but not increase, an incentive award based upon individualperformance.**

**Confidentiality:**

**Thisplan is confidential and is not for publication or distribution internallybeyond the authorized distribution or outside of SITEL.**

The EPS targetsreferred to in this document represent “insider information” that cannot becompromised by accidental disclosure; therefore, these EPS targets will becommunicated verbally to eligible participants. These targets are documented inthe meeting minutes of the Compensation Committee of the Board of Directors.

**2006MIP Guidance and Restrictions:**

1.               This plan is aprivilege, and incentives come into effect only if the specified thresholdconditions of minimum EPS and revenue growth (applicable to BU participants),EPS 

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targets, BUC targets and revenue growth objectives,and DSO targets (applicable to BU participants) are met or exceeded.

2.               Participation inthis plan is completely voluntary. Participants must electronically acknowledgetheir participation within the published notice period after receivingelectronic notification of their eligibility. Failure to electronically acceptthe Plan and individual targets posted on SOL on or before the publisheddeadline will result in the eligible plan participant to have voluntarilyforfeited participation in the plan and any and all incentive pay outlinedherein.

3.               This plansupersedes any and all prior oral or written arrangements, commitments, andunderstandings regarding incentive pay between SITEL and the MIPparticipant.  Any changes and/ormodifications to this MIP must be in writing and signed by the Exco.

4.               A MIP incentive opportunity is a percentage ofthe participant’s annual base salary.  Aparticipant’s “annual base salary” excludes any non-standard paymentssuch as hiring bonuses, special incentive awards, draws, travel allowances,ex-pat allowances, etc.

5.               Newly eligibleemployees with an eligibility effective date on or after October 1, 2006 willbe reviewed for consideration in the MIP for the 2007 calendar year and willnot be eligible to participate in FY2006.

6.               MIP payments willbe pro-rated based on time spent at particular levels of salary and incentiveopportunity.  For example, a managergrade level 15 who spends 6 months at a salary level of 75,000 with a 15%maximum total incentive opportunity, who is promoted to a Director level forthe remaining 6 months of the year with a salary of 90,000 and a 20% maximumtotal incentive opportunity would show the following calculation if all revenuegrowth objectives, EPS objectives and BUC objectives were fully met.

.15 X 75,000 X 50% (i.e. 6 months of the year) = 5,625; Plus..20 X 90,000 X 50% (i.e. 6 months of the year) = 9,000Total pro-rated incentive opportunity = 14,625

7.               There are multiple EPS and BUC targets (orperformance levels) associated with the incentive opportunity for eachparticipant.  The targets are absolutethresholds and there is no pro-rata incentive opportunity award between targetlevels.

8.               EPS targets arestated in whole cents (USD) per share as reported in the SEC filings of thecompany.  EPS targets are calculatedafter MIP payments and may include or exclude one-time gains/losses that affectthe fully diluted EPS reported.  TheCompensation Committee of the Board of Directors makes the decision as to whatone-time items may be included or excluded from EPS calculations used todetermine the MIP calculations. If the actual FY 2006 EPS (after MIP payments)would be less than the minimum EPS defined by the Compensation Committee of theBoard of Directors, all MIP incentives will be proportionally reduced to ensurethat the EPS (after MIP payments) is no less than the minimum EPS.

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9.     MIP incentives are paid on a yearly basis,after the close of the fiscal year and public announcement of the fiscal yearearnings.

10.   BUC targets are stated as a percentage of theBU’s revenue, accurate and rounded to two decimal points.  Revenue growth objectives are stated in localcurrency.  The BUC targets foreach BU are set by the appropriate COO and approved by the ExCo and may bedifferent from the budget for FY2006. Only the ExCo may approve BUC and DSO targets.

11.   If a question arises regarding SITEL’scalculation of incentive pay and/or denial of incentive pay, all concerns mustbe directed in writing to the ExCo clearly outlining your position and authoritysupporting your position.  All writtenappeals should be received by ExCo within 30 days after the decision awardingand/or denying incentive pay under the Plan. The ExCo will review any and all written communication and make a finaland binding decision on your entitlement to incentive pay within 30 days ofreceiving the appeal.

12.   Unlessotherwise provided by state orlocal law, participants in the FY2006 MIP must be employed at SITEL at the timethe payment of incentives is made and have not, himself or herself, servednotice of termination at the time the payment falls due.  If a participant is terminated or leaveshis/her employment at SITEL prior to the payment of incentives, the person isnot entitled to any MIP payment.

13.   ExCo’swritten approval is required forany additions to the list of eligible participants in the MIP and anyexceptions to the 2006 MIP Plan opportunity matrix.

14.   Eligibleparticipants are employees who are typically in Grade 15 and above.  Employees classified as a Manager and/or Director, must also be a direct reportto the Business Unit Leader or SWW Division Head to be considered an eligibleparticipant.  Any requested exceptions,for example, grade 15 and above sales employees, must be approved in writing,by name and incentive opportunity, by the ExCo.

15.   Nothingin this document is meant to create a contract of employment for one year orfor any specific period of time.  AllSITEL employees remain “employees at will”, and either SITEL or the employeemay terminate the relationship at any time, with or without cause, unlessstatutory provisions in the relevant country dictate otherwise, and unless, ifapplicable, otherwise specified in the employee’s individual written employmentagreement and subject to any notice periods in such individual writtenemployment agreement.

16.   Unlessotherwise provided by state orlocal law, SITEL reserves the right to withhold any incentive payments underthis plan in individual cases in the event an employee’s performance review isnot completed by the established FY2006 deadline.

17.   Unlessotherwise provided by state orlocal law, SITEL reserves the right to withhold or pro-rate any incentivepayments under this plan in individual cases in the event an employee’sperformance does not comply with SITEL’s core values as stated in the 

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company’s literature, SITEL’s policies and proceduresas stated in Parachute, or the SITEL Leadership Model as defined in SITEL’sperformance management program.  Thisreserved right is in addition to any other disciplinary action SITEL may deemappropriate. Any such performance deficiency will wherever possible becommunicated in advance of the end of the measurement period. Paymenteligibility under the FY2006 MIP may be resumed upon correction of the performancedeficiency.

18.   SITELreserves the right to amend or discontinue the FY2006 MIP at any time.

19.   ExcludingEPS, which is a measurement, determined solely by the Compensation Committee ofthe Board of Directors, the determination whether any financial objective underthe FY 2006 MIP has been met or exceeded shall rest with ExCo, whosedetermination shall be final.

22.   TheExCo has the right to adjust individual MIP payment criteria, within the limitsset by the Compensation Committee, to accommodate unusual situations that mayarise due to reassignment of MIP participants to different BUs or differentroles within SITEL, or any other unforeseen circumstances that were notcontemplated at the time of adoption of this MIP.

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**MANAGEMENTINCENTIVE PLAN (MIP) 2006 ACKNOWLEDGEMENT**

I acknowledge that I haveread, understand and accept the Management Incentive Plan (“MIP”) 2006.  I further acknowledge that the applicableEPS, BUC, DSO and individual targets as well as all other applicabletargets/goals have been communicated to me.

I also understand thatthis plan supersedes all previous written and unwritten compensationplans.  I further acknowledge that onlythe ExCo has the right to adjust, modify and/or change individual incentivecompensation plans. Any changes and/or modifications to this MIP must be inwriting and signed by the ExCo.  Iunderstand that nothing in this MIP in any way creates an express or impliedcontract of any kind between SITEL and any other employee.  I acknowledge that the terms and conditionsof the MIP are considered confidential proprietary information in the strictestconfidence and not to disclose it to any person, firm or corporation withoutthe express written permission from the Exco.
|                          |   |   |   |
|--------------------------|--------|--------|--------|
| Participant Signature    |   | Date   |   |
|                     |   |   |   |
|                     |   |   |   |
|                     |   |   |   |
| Printed Participant Name |   |   |   |
|                     |   |   |   |
|                     |   |   |   |
|                     |   |   |   |
| HR Signature             |   | Date   |   |

** **
| **BUC Performance Levels** | ** ** | **Percentage of BUC** |
|----------------------------|------------|-----------------------|
| **BUC Low  Target**        | ** ** | ** **            |
| **BUC  Target**            | ** ** | ** **            |
| **BUC  High Target**       | ** ** | ** **            |
| **DSO  Target**            | ** ** | ** **            |

 

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