Document:

Class C Stockholders Agreement

 Exhibit 10.4 
 EXECUTION COPY 
  

 
  

CLASS C STOCKHOLDERS AGREEMENT 

SITEL WORLDWIDE CORPORATION 

 
  

Dated as of April 30, 2007 
  

 
  

 
  

 TABLE OF CONTENTS 

 

							
	 ARTICLE I Interpretation
	  	 	1	  
			
	 SECTION 1.1
	  	Definitions	  	 	1	  
			
	 SECTION 1.2
	  	Rules of Construction	  	 	7	  
		
	 ARTICLE II Corporate Governance and Special Rights
	  			
			
	 SECTION 2.1
	  	Incorporation by Reference	  	 	7	  
			
	 SECTION 2.2
	  	Observer Rights	  	 	7	  
			
	 SECTION 2.3
	  	Information Rights	  	 	8	  
			
	 SECTION 2.4
	  	Access and Visitation Rights	  	 	9	  
			
	 SECTION 2.5
	  	Parity of Anti-Dilution Protection	  	 	9	  
			
	 SECTION 2.6
	  	Automatic Conversion	  	 	10	  
		
	 ARTICLE III Issuance of Securities
	  	 	10	  
			
	 SECTION 3.1
	  	Issuances of Capital Stock or Common Stock Equivalents	  	 	10	  
			
	 SECTION 3.2
	  	Issuances of Employee Incentive Securities	  	 	10	  
			
	 SECTION 3.3
	  	Preemptive Rights	  	 	10	  
		
	 ARTICLE IV Transfers of Securities and Limitations on Transfers
	  	 	13	  
			
	 SECTION 4.1
	  	Incorporation by Reference	  	 	13	  
			
	 SECTION 4.2
	  	Other Legends	  	 	13	  
			
	 SECTION 4.3
	  	Sales by JANA	  	 	14	  
			
	 SECTION 4.4
	  	All Stockholders to Be Bound	  	 	14	  
		
	 ARTICLE V Public Offerings
	  	 	14	  
			
	 SECTION 5.1
	  	Qualified IPO	  	 	14	  
			
	 SECTION 5.2
	  	Secondary Offering in Connection with Qualified IPO	  	 	14	  
			
	 SECTION 5.3
	  	Participation Right	  	 	15	  
			
	 SECTION 5.4
	  	Demand Registrations	  	 	16	  
			
	 SECTION 5.5
	  	Piggyback Registrations	  	 	18	  
			
	 SECTION 5.6
	  	Holdback Agreement	  	 	19	  
			
	 SECTION 5.7
	  	Registration Procedures	  	 	20	  
			
	 SECTION 5.8
	  	Suspension of Dispositions	  	 	23	  
			
	 SECTION 5.9
	  	Registration Expenses	  	 	23	  
			
	 SECTION 5.10
	  	Indemnification	  	 	24	  
			
	 SECTION 5.11
	  	Further Assurances	  	 	27	  
		
	 ARTICLE VI Option By Certain Unaccredited Stockholders
	  	 	27	  
			
	 SECTION 6.1
	  	Incorporation by Reference	  	 	27	  

  
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 TABLE OF CONTENTS 

 

							
	 ARTICLE VII Confidentiality, Non-Competition and Non-Solicitation
	  	 	27	  
			
	 SECTION 7.1
	  	Acknowledgement	  	 	27	  
			
	 SECTION 7.2
	  	Covenants	  	 	27	  
			
	 SECTION 7.3
	  	Reasonable Restrictions	  	 	29	  
		
	 ARTICLE VIII Miscellaneous
	  	 	29	  
			
	 SECTION 8.1
	  	Implementation	  	 	29	  
			
	 SECTION 8.2
	  	Notices	  	 	29	  
			
	 SECTION 8.3
	  	Successors and Assigns	  	 	30	  
			
	 SECTION 8.4
	  	Remedies	  	 	31	  
			
	 SECTION 8.5
	  	Termination	  	 	31	  
			
	 SECTION 8.6
	  	Legal Holidays	  	 	31	  
			
	 SECTION 8.7
	  	Governing Law	  	 	31	  
			
	 SECTION 8.8
	  	Severability	  	 	31	  
			
	 SECTION 8.9
	  	No Waivers; Amendments	  	 	31	  
			
	 SECTION 8.10
	  	Currency	  	 	32	  
			
	 SECTION 8.11
	  	Sections and Headings	  	 	32	  
			
	 SECTION 8.12
	  	Entire Agreement	  	 	32	  
			
	 SECTION 8.13
	  	Duplicate Originals	  	 	32	  
			
	 SECTION 8.14
	  	Intentionally Deleted	  	 	32	  
			
	 SECTION 8.15
	  	Number and Gender	  	 	32	  
			
	 SECTION 8.16
	  	Ceasing to Be a Party	  	 	32	  
			
	 SECTION 8.17
	  	Change in Securities	  	 	32	  
			
	 SECTION 8.18
	  	Securities Subsequently Acquired	  	 	33	  
			
	 SECTION 8.19
	  	Registration of Securities	  	 	33	  

  
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 CLASS C STOCKHOLDERS AGREEMENT 

CLASS C STOCKHOLDERS AGREEMENT (this “Stockholders Agreement”) dated as of April 30, 2007, is entered into by and
among SITEL Worldwide Corporation, a Delaware corporation, formerly known as ClientLogic Corporation (including its successors, the “Corporation”) and JANA Piranha Master Fund, Ltd. (“JANA”) 

RECITALS 

WHEREAS, the Corporation and JANA are executing and delivering this Stockholders Agreement in connection with the closing (the
“Closing Date”) of the transactions contemplated by the Subscription Agreement dated as of April 30, 2007, between the Corporation and JANA (the “Purchase Agreement”); and 

WHEREAS, as of the date hereof, the Stockholders (as defined below) own the shares of capital stock of the Corporation set forth opposite
their respective name(s) on Schedule A; 
 NOW, THEREFORE, in consideration of the premises, mutual covenants, and
agreements hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 
 INTERPRETATION 

SECTION 1.1 Definitions. 
 “Accredited Investor” shall mean an “Accredited Investor,” as defined in Regulation D, or any successor rule then in effect. 

“Accredited Offeree” shall have the meaning provided in Section 3.3(a). 

“Advice” shall have the meaning provided in Section 5.7. 

“Affiliate” shall mean, with respect to any Person, any Person who, directly or indirectly, controls, is controlled by
or is under common control with that Person. For purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the
ownership of voting securities, by contract or otherwise. 
 “Affiliated Successor” shall have the meaning
provided in Section 3.3(a). 
 “Board” shall mean the Board of Directors of the Corporation.

 “Business Day” shall mean a day that is not a Legal Holiday. 

“Bylaws” shall mean the Bylaws of the Corporation as in effect from time to time. 

  
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 “Certificate” shall mean the Corporation’s Third Amended and Restated
Certificate of Incorporation dated April 27, 2007 (as amended from time to time). 
 “Class A Nonvoting Common
Stock” means shares of Class A Nonvoting Common Stock, $0.01 par value per share, of the Corporation, and any capital stock into which such Class A Nonvoting Common Stock thereafter may be changed due to a reclassification,
exchange or other change in such class of stock. 
 “Class A Voting Common Stock” means shares of Class A
Common Stock, $0.01 par value per share, of the Corporation, and any capital stock into which such Class A Common Stock thereafter may be changed due to a reclassification, exchange or other change in such class of stock. 

“Class B Nonvoting Common Stock” means shares of Class B Nonvoting Common Stock, $0.01 par value per share, of the
Corporation, and any capital stock into which such Class B Nonvoting Common Stock thereafter may be changed due to a reclassification, exchange or other change in such class of stock. 

“Class B Voting Common Stock” means shares of Class B Common Stock, $0.01 par value per share, of the Corporation, and
any capital stock into which such Class B Common Stock thereafter may be changed due to a reclassification, exchange or other change in such class of stock. 
 “Class C Voting Common Stock” means shares of Class C Common Stock, $0.01 par value per share, of the Corporation, and any capital stock into which such Class C Common Stock thereafter
may be changed due to a reclassification, exchange or other change in class of stock. 
 “Closing Date” shall
have the meaning set forth in the Recitals. 
 “Common Stock” shall mean shares of the Class A Nonvoting
Common Stock, Class A Voting Common Stock, Class B Nonvoting Common Stock, Class B Voting Common Stock and Class C Voting Common Stock, and any capital stock into which such Common Stock thereafter may be changed due to a reclassification,
exchange or other change in such class of stock. 
 “Common Stock Equivalents” shall mean, without duplication
with any other Common Stock or Common Stock Equivalents, any rights, warrants, options, convertible securities or indebtedness, exchangeable securities or indebtedness, or other rights, exercisable for or convertible or exchangeable into, directly
or indirectly, Common Stock of the Corporation and securities convertible or exchangeable into Common Stock of the Corporation, whether at the time of issuance or upon the passage of time or the occurrence of some future event. 

“Competitor” shall mean, at any time of determination, any Person that competes, directly or indirectly, with any
material segment of the business conducted or then proposed to be conducted by the Corporation or any of its Subsidiaries. 

“Confidential Information” shall have the meaning provided in Section 7.1. 

  
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 “Corporation” shall have the meaning provided in the introductory paragraph
hereof. 
 “Demand Registration” shall have the meaning provided in Section 5.4(a). 

“Demand Request” shall have the meaning provided in Section 5.4(a). 

“DGCL” shall mean the General Corporation Law of the State of Delaware. 

“Employee Incentive Securities” shall mean any shares of Common Stock, Common Stock Equivalents, or other securities of
the Corporation or any Subsidiary of the Corporation that may be issued from time to time to directors, officers, employees, or consultants of the Corporation or any of its Subsidiaries in compliance with Section 3.2 and shall be
expressly deemed to include options granted to Mark W. Briggs as a result of the provisions of that certain Employment Agreement dated as of August 14, 2000 by and between Mr. Briggs and the Corporation. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by
the SEC thereunder. 
 “Excluded Registration” shall mean a registration under the Securities Act of
(i) securities registered on Form S-8 or any similar successor form and (ii) securities registered to effect the acquisition of or combination with another Person. 
 “Exercise Notice” shall have the meaning provided in Section 3.3(c). 
 “Foreign Stockholder” shall have the meaning provided in Section 3.3(a). 
 “Fully-Diluted Common Stock” shall mean, at any time, the then outstanding Common Stock of the Corporation plus (without duplication) all shares of Common Stock issuable, whether
at such time or upon the passage of time or the occurrence of future events, upon the exercise, conversion, or exchange of all then outstanding Common Stock Equivalents. 
 “Inspectors” shall have the meaning provided in Section 5.7. 
 “IPO Shares” shall have the meaning provided in Section 5.3(a). 
 “JANA” shall have the meaning set forth in the introductory paragraph. 
 “JANA Aggregate Common Stock” shall mean the 6,727,273 shares of Class C Voting Common Stock originally issued to JANA (as such shares may hereafter be adjusted for stock splits, stock
dividends, stock combinations, reclassifications, recapitalizations, and other similar events). 
 “JANA Minimum
Percentage” shall mean ownership by the JANA Group of a minimum of 33.3% of the JANA Aggregate Common Stock. 

“JANA Group” shall mean JANA and any of its existing or to be formed Affiliates. 

  
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 “Joinder Agreement” shall mean an agreement, substantially in the form of
Schedule B hereto, executed by (i) transferees of securityholders making such transferee a party to this Stockholders Agreement and (ii) persons who purchase Common Stock or Common Stock Equivalents directly from the Corporation.

 “Legal Holiday” shall have the meaning provided in Section 8.6. 

“Main Stockholders Agreement” shall mean the Amended and Restated Stockholders Agreement dated as of August 15,
2000 (as amended from time to time) among the Corporation and the stockholders signatory thereto. 
 “Material Adverse
Effect” shall have the meaning provided in Section 5.4(d). 
 “NASD” shall have the
meaning provided in Section 5.9. 
 “Observer” has the meaning set forth in
Section 2.2. 
 “Offer Notice” shall have the meaning provided in Section 3.3(b).

 “Offered Securities” shall have the meaning provided in Section 3.3(a). 

“OMERS” shall mean Ontario Municipal Employees Retirement Board, a corporation continued under the Ontario Municipal
Employees Retirement System Act. 
 “OMERS Group” shall mean OMERS and its Affiliates and its and their
respective officers, directors, and employees. 
 “Onex” shall mean Onex Corporation, Onex ClientLogic
Holdings, LLC, and any Person that is controlled directly or indirectly by Onex Corporation or a successor thereto. 

“Onex Group” shall mean Onex Corporation, Onex and their respective Affiliates and their respective officers, directors,
and employees (and members of their respective families and trusts for the primary benefit of such family members), and entities controlled directly or indirectly by any of such persons. 

“Other Stockholders” shall have the meaning provided in Section 5.2. 

“Person” or “person” shall mean any individual, corporation, partnership, limited partnership, limited
liability company, joint venture, association, joint-stock company, trust, unincorporated organization, or government or other agency or political subdivision thereof. 
 “Preemptive Rights” shall mean the respective rights of the Stockholders pursuant to Section 3.3(a) to subscribe for and purchase Offered Securities issued from time to time.

 “Preemptive Rights Offer” shall have the meaning provided in Section 3.3(a). 

“Preemptive Rights Transaction” shall have the meaning provided in Section 3.3(a). 

  
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 “Preferred Stock” shall mean shares of the Preferred Stock, $0.01 par value
per share, of the Corporation, and any capital stock into which such Preferred Stock thereafter may be changed. 

“Pre-IPO Private Placement” shall have the meaning provided in Section 5.3(b). 

“Proportionate Interest” of any Stockholder at any relevant time shall mean the percentage then held by such Stockholder
of the Fully-Diluted Common Stock. 
 “Purchase Agreement” shall have the meaning provided in the Recitals.

 “Qualified IPO” shall mean a firm commitment underwritten public offering of Common Stock or other equity
securities pursuant to a prospectus, registration statement or similar document under the Securities Act or equivalent laws of appropriate jurisdictions where both (i) the proceeds (prior to deducting any underwriters’ discounts and
commissions) equal or exceed Fifty Million Dollars ($50,000,000) and (ii) such shares of Common Stock or equity securities are listed on at least one of The Toronto Stock Exchange, The Montreal Exchange, the New York Stock Exchange or the
American Stock Exchange or authorized to be quoted and/or listed on the Nasdaq Stock Market, together with such other stock exchange or exchanges as may be approved by the Board. 

“Qualified Accredited Offeree” shall have the meaning provided in Section 3.3(a).  

“Qualified Foreign Stockholder” shall have the meaning provided in Section 3.3(a). 

“Qualified Stockholder” shall mean any Stockholder who is either a Qualified Accredited Offeree or a Qualified Foreign
Stockholder. 
 “Records” shall have the meaning provided in Section 5.7. 

“Registrable Shares” shall mean, at any time, the Class C Voting Common Stock of the Corporation owned by the
Stockholders, whether owned on the date hereof or acquired hereafter; provided, however, that Registrable Shares shall not include any shares (i) the sale of which has been registered pursuant to the Securities Act and which
shares have been sold pursuant to such registration or (ii) which have been sold pursuant to Rule 144 of the SEC under the Securities Act. 
 “Registration Expenses” shall have the meaning provided in Section 5.9.  
 “Regular Demand Registration” shall have the meaning provided in Section 5.4(a). 
 “Regulation D” shall mean Regulation D promulgated under the Securities Act by the SEC. 
 “Regulation S” shall mean Regulation S promulgated under the Securities Act by the SEC. 
 “Representatives” shall have the meaning provided in Section 7.1. 

  
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 “Requesting Holder” shall have the meaning provided in
Section 5.4(a). 
 “Requesting Stockholder” shall have the meaning provided in
Section 5.5(a).  
 “Required Filing Date” shall have the meaning provided in
Section 5.4(a). 
 “S-3 Demand Registration” shall have the meaning provided in
Section 5.4(a). 
 “SEC” shall mean the Securities and Exchange Commission. 

“Second Round Securities” shall have the meaning provided in Section 3.3(d). 

“Second Round Subscribers” shall have the meaning provided in Section 3.3(d). 

“Security” or “Securities” shall mean the Common Stock and any other securities governed by the
provisions of this Stockholders Agreement. 
 “Securities Act” shall mean the Securities Act of 1933, as
amended, and the rules and regulations promulgated by the SEC thereunder. 
 “Seller Affiliates” shall have the
meaning provided in Section 5.10(a). 
 “Stockholder(s)” shall mean (i) JANA and (ii) any
person who becomes a party to this Stockholders Agreement after the date hereof pursuant to a Joinder Agreement in substantially the form of Schedule B. 
 “Stockholders Agreement” shall mean this Stockholders Agreement, as such from time to time may be amended. 
 “Subscription Agreement” shall mean that certain subscription agreement for the purchase of the Class C Common Stock by JANA from the Corporation dated as of April 30, 2007.

 “Subsidiary” of any Person shall mean (i) a corporation a majority of whose outstanding shares of
capital stock or other equity interests with voting power, under ordinary circumstances, to elect directors, is at the time, directly or indirectly, owned by such Person, by one or more subsidiaries of such Person, or by such Person and one or more
subsidiaries of such Person, and (ii) any other Person (other than a corporation) in which such Person, one or more subsidiaries of such Person, or such Person and one or more subsidiaries of such Person, directly or indirectly, at the date of
determination thereof, has (x) at least a majority ownership interest or (y) the power to elect or direct the election of the directors or other governing body of such Person. 

“Suspension Notice” shall have the meaning provided in Section 5.8. 

“Third Party Purchaser” shall mean, in relation to any Stockholder, a Person (other than any Person which is a
Competitor) with whom such Stockholder deals at arm’s length and to whom such Stockholder proposes to sell, or from whom such Stockholder has received a bona fide offer to purchase, any Securities. 

  
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 “Transfer” shall mean any disposition of any Security or any interest
therein that would constitute a “sale” thereof within the meaning of the Securities Act. 
 SECTION 1.2 Rules of
Construction. Unless the context otherwise requires: 
 (a) a term has the meaning assigned to it; 

(b) “or” is not exclusive; 
 (c) words in the singular include the plural, and words in the plural include the singular; 
 (d) provisions apply to successive events and transactions; 
 (e)
“herein,” “hereof,” and other words of similar import refer to this Stockholders Agreement as a whole and not to any particular Article, Section, or other subdivision; and 

(f) all dollar amounts are in U.S. dollars. 
 ARTICLE II 
 CORPORATE GOVERNANCE AND SPECIAL RIGHTS 

SECTION 2.1 Incorporation by Reference. Each Stockholder agrees to be bound by the terms and provisions of Article II of the Main
Stockholders Agreement as though such terms and provisions were set forth herein, including, but not limited to the voting provision in Section 2.1 (a) and the grant of proxy in Section 2.3. 

SECTION 2.2 Observer Rights. (a) The JANA Group shall be entitled to designate one observer (“Observer”).
Such Observer shall have the right to attend all meetings of the Board (whether such meeting is in-person or telephonic; provided, however, that the JANA Group observer shall have the right to telephonically attend an in-person meeting, but only in
the event of a legitimate travel or schedule conflict); provided, however, that such Observer shall not be entitled to vote on any matter presented to the Board. 
 (b) The Corporation shall give written notice (including any proposed agenda) to JANA of each meeting of the Board at the same time and in the same manner as the members of the Board receive notice of
such meetings; provided, however, that the failure to give such notice shall not affect the validity of any action taken at any such meeting. JANA shall be entitled to receive all written materials and other information given to the
directors of the Corporation (whether in connection with such meetings or otherwise, and including but not limited to. all reports, documents, resolutions, analyses and consents, at the same time and by identical means as such materials are given to
such directors). If the Corporation proposes to take action by written consent in lieu of a meeting of the Board, the Corporation shall give a copy of such consent to JANA; provided, however, that the failure to give a copy of such
consent shall not affect the validity of any action taken pursuant to any such consent. 

  
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 (c) JANA acknowledges that the Observer may be furnished with non-public information related
to the Corporation pursuant to this Section 2.2 or may learn of such information as a result of his or her attendance at meetings of the Board. JANA shall cause the Observer to hold all confidential or proprietary information in
confidence, and not to use or disclose, any such information provided to or learned by the Observer in connection with the rights provided in this Section 2.2 except in furtherance of JANA’S internal management of its investment.
JANA shall be responsible for any use or disclosure by the Observer in violation of this Section 2.2. Notwithstanding any other provision of this Section 2.2 to the contrary, (i) the Corporation reserves the right not to
provide information to the Observer and to exclude the Observer from any meeting (or portion thereof) of the Board if delivery of such information or attendance at any such meeting (or portion thereof) by the Observer would, or could reasonably be
expected to, cause, in the good-faith judgment of the Board (based upon the written advice of outside counsel), the Corporation to (A) lose or waive the attorney client privilege between the Corporation and its counsel which could reasonably be
expected to materially and adversely affect the interests of the Corporation or its stockholders, as determined by the Board or (B) violate any obligation under any confidentiality or other similar agreement negotiated in good faith by the
Corporation and not in contemplation of excluding the Observer from any meeting of the Board; provided, however, that with respect to confidentiality agreements executed in connection with any potential corporate acquisitions, the
Corporation shall use its commercially reasonable efforts to either (x) permit disclosure to the Observer pursuant to such agreement or (y) permit the Observer to sign a joinder or otherwise become bound by such confidentiality agreement,
and (ii) the Observer shall not be entitled to attend any meeting of the Board (or portion thereof) during discussions regarding a transaction or other action relating to JANA or any Affiliate thereof. 

(d) The Board shall (i) have the right to require JANA to change the Observer for cause, or (ii) have the right to suspend all
Observer rights set forth in this Section 2.2 in the event, and for so long as, any member of the JANA Group, either directly or indirectly, takes an active role in the management of, has observation rights with respect to, or is a
member of the board of directors of, any Competitor. The Observer rights under this Section 2.2 shall automatically be suspended in the event, and for so long as, any member of the JANA Group, either directly or indirectly acquires 33%
of the outstanding ownership interests of a Competitor. JANA shall provide prompt notice to the Corporation in the event that it takes an active role in the management of, has observation rights with respect to, or is a member of the board of
directors of, any Competitor or either directly or indirectly acquires 33% of the outstanding ownership interests of a Competitor. 
 (e) This Section 2.2 shall automatically terminate, and the rights and obligations of the parties hereunder shall cease to have any further effect, at such time as the JANA Group ceases to own
the JANA Minimum Percentage. 
 SECTION 2.3 Information Rights. 

(a) Subject to Section 2.3(b), for so long as the JANA Group owns at least 15% of the JANA Aggregate Common Stock (as
adjusted for stock splits, stock dividends, stock combinations, reclassifications, recapitalizations, and other similar events), the Corporation shall deliver to JANA: 

  
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 (i) within 110 days after the end of each fiscal year, audited financial statements of the
Corporation; 
 (ii) within 45 days after the end of each of the first three (3) fiscal quarters of each fiscal year of the
Corporation, unaudited quarterly financial statements of the Corporation; 
 (iii) monthly and all other reports, in the same
form and detail and at the same time, as provided by the Corporation to the Board; and 
 (iv) not later than 45 days after the
first day of each fiscal year of the Corporation, a consolidated plan and forecast for such year. 
 (b) The provisions of this
Section 2.3 shall terminate and be of no further force and effect upon the earlier of the termination of this Agreement in accordance with the provisions of Section 8.5 below or such time as the Corporation becomes subject to
the periodic reporting requirements of Section 13(a) or 15(d) of the Exchange Act. The information rights under Sections 2.3(a)(iii) and (iv) shall automatically be suspended in the event, and for so long as, any member of
the JANA Group, either directly or indirectly (i) acquires 33% of the outstanding ownership interests of a Competitor or (ii) takes an active role in the management of, has observation rights with respect to, or is a member of the board of
directors of, any Competitor. JANA shall provide prompt notice to the Corporation in the event that it either directly or indirectly (x) acquires 33% of the outstanding ownership interests of a Competitor or (y) takes an active role in the
management of, has observation rights with respect to, or is a member of the board of directors of, any Competitor. 
 SECTION
2.4 Access and Visitation Rights. For so long as the JANA Group owns at least 15% of the JANA Aggregate Common Stock (as adjusted for stock splits, stock dividends, stock combinations, reclassifications, recapitalizations, and other similar
events), JANA shall (i) have at reasonable times and upon reasonable notice, full access to all books and records of the Corporation and any Subsidiary of the Corporation (subject to the prior execution of a mutually acceptable confidentiality
agreement) and be entitled to review and copy such books and records at their discretion, (ii) be entitled to inspect material properties of the Corporation and any Subsidiary of the Corporation and (iii) be entitled to consult with
management of the Corporation and any Subsidiary of the Corporation. All visits and inspections under this Section 2.4 shall be at reasonable times and at reasonable intervals and shall be conducted in a manner which will not
unreasonably interfere with the normal business operation of the Corporation or any of its Subsidiaries. 
 SECTION 2.5
Parity of Anti-Dilution Protection. The JANA Group shall have the right to receive anti-dilution protection from the Corporation that is no less favorable than the anti-dilution protection enjoyed by the OMERS Group from the Corporation. In
the event that the OMERS Group has rights to receive anti-dilution protection from the Corporation that is more favorable than the rights enjoyed by the JANA Group, then the Corporation agrees to provide equivalent rights to the JANA Group, in
proportion to the JANA Group’s relative ownership interest. 

  
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 SECTION 2.6 Automatic Conversion. Each Stockholder agrees that immediately prior to
the closing of a Qualified IPO, each share of Class C Voting Common Stock held by it shall be automatically converted (i) into a share of Class A Voting Common Stock on a one-for-one basis or (ii) into a share or shares of the class
of securities into which the Class A Voting Common Stock has been or is being converted into, as the case may be, with each share of Class C Voting Common Stock converting into the same number of shares of such securities as each share of
Class A Voting Common Stock has converted or will be converted into. Such conversion shall occur automatically and without any further action on the part of the applicable holder of Class C Voting Common Stock. 

ARTICLE III 

ISSUANCE OF SECURITIES 
 SECTION 3.1 Issuances of Capital Stock or Common Stock Equivalents. The Corporation may, at any time and from time to time with the approval of the Board, issue shares of capital stock, including
Common Stock or any Common Stock Equivalents, including, without limitation: (a) any Employee Incentive Securities issued from time to time pursuant to Section 3.2; (b) any shares of Common Stock issued from time to time upon
the conversion, exchange, or exercise of any Common Stock Equivalents, including, without limitation, any Employee Incentive Securities which are Common Stock Equivalents; or (c) any shares of Common Stock or Common Stock Equivalents issued in
connection with a Qualified IPO. 
 SECTION 3.2 Issuances of Employee Incentive Securities. The Corporation or any
Subsidiary of the Corporation may issue Employee Incentive Securities pursuant to employee benefit or similar plans or arrangements of the Corporation and/or its Subsidiaries with the approval of the Board and pursuant to the DGCL. 

SECTION 3.3 Preemptive Rights. (a) Rights to Participate in Future Sales. Subject to Section 3.3(e), in
the event that the Corporation or any Affiliated Successor proposes to issue or sell (a “Preemptive Rights Transaction”) any shares of Common Stock, Common Stock Equivalents or other generally voting equity securities (the
“Offered Securities”), the Corporation shall first offer (the “Preemptive Rights Offer”) to each Stockholder (i) who certifies (to the reasonable satisfaction of the Corporation) that such Stockholder is an
Accredited Investor (an “Accredited Offeree”) but only in the event that the participation of such Accredited Offeree in the Preemptive Rights Offer would not (A) require delivery by the Corporation or any other person of a
prospectus, offering circular, or any other similar material (including, without limitation, financial statements of the Corporation), (B) require the registration (or equivalent action) with respect to the Offered Securities or the obtaining
of any waiver with respect to the Offered Securities, (c) restrict the Corporation’s or its Subsidiaries’ ability to complete any transaction in a timely manner, or (d) require the filing by the Corporation or its Subsidiaries of
any periodic reports following the completion of any such Preemptive Rights Offer (an Accredited Offeree who satisfies the requirements of clauses (a) through (d) hereof is hereinafter referred to as a “Qualified
Accredited Offeree”), or (ii) who certifies it is not a “U.S. person” (as defined in Regulation S) (a “Foreign Stockholder”), but only in the event that the participation of

  
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such Foreign Stockholder in the Preemptive Rights Offer would not (a) require delivery by the Corporation or any other person of a prospectus, offering circular or any other similar material
(including, without limitation, financial statements of the Corporation), (b) require the registration (or equivalent action) with respect to the Offered Securities or the obtaining of any waiver with respect to the Offered Securities,
(c) restrict the Corporation’s or its Subsidiaries’ ability to complete any transaction in a timely manner, or (d) require the filing by the Corporation or its Subsidiaries of any periodic reports following the completion of any
such Preemptive Rights Offer (a Foreign Stockholder who satisfies the requirements of clauses (a) through (d) hereof is hereinafter referred to as a “Qualified Foreign Stockholder”), at the same price and for
the same consideration to be paid by the proposed purchaser, that proportion of the Offered Securities which equals that Qualified Stockholder’s Proportionate Interest at the time the Board determines to issue such Offered Securities. As used
herein, the term “Affiliated Successor” shall mean a successor entity to the Corporation (whether by merger, consolidation, reorganization, or otherwise) in which the Onex Group owns at least the same percentage of the fully-diluted
common stock or similar equity interest of such entity (after giving effect to the merger, consolidation, reorganization, or other transaction) as the Onex Group owns of the Fully-Diluted Common Stock of the Corporation immediately prior to the
transaction establishing the Affiliated Successor. Notwithstanding the foregoing, as a condition to any Qualified Foreign Stockholder’s right to participate in any Preemptive Rights Offer, (i) such Qualified Foreign Stockholder shall make
such undertakings to the Corporation as required to comply with the requirements of Regulation S, and (ii) such Qualified Accredited Offeree shall enter into customary subscription documentation sufficient to ensure compliance with applicable
securities laws. 
 (b) Offer Notice. The Corporation shall, no later than twenty-one (21) days prior to the
consummation of a Preemptive Rights Transaction, give notice in writing (the “Offer Notice”) to each Stockholder of such Preemptive Rights Transaction. The Offer Notice shall describe the proposed Preemptive Rights Transaction
(including, the price at which the Offered Securities are to be issued and the date (which shall be not less than twenty-one (21) nor more than sixty (60) days after the later of the date of the initial Offer Notice and a supplemental
Offer Notice, if any) on which the purchase of any securities taken up under the Preemptive Rights Offer is to be completed), identify the proposed purchaser, identify the respective Proportionate Interests of the Qualified Stockholder and contain
the Preemptive Rights Offer. If any such information is not then known to the Corporation, or has not then been determined by the Corporation, such information shall be included in a supplemental Offer Notice delivered to the Qualified Stockholders
promptly after the Corporation becomes aware of such information or makes such determination. The Corporation shall also, upon the written request of a Qualified Stockholder, provide to such Qualified Stockholder the audited financial statements of
the Corporation for its most recently ended fiscal year (as well as for any previous year for which audited financial statements of the Corporation are available), any quarterly financial statements prepared by the Corporation for its current fiscal
year and the profit plan or budget of the Corporation for the current fiscal year. The Corporation will provide to any Qualified Stockholder any other materials or information relating to the Corporation which are requested by such Qualified
Stockholder and, in the determination of the Corporation, acting reasonably, are relevant to the determination of the value of the Offered Securities proposed to be issued. 

  
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 (c) Exercise. Any Qualified Stockholder may exercise its Preemptive Right by giving
written notice (an “Exercise Notice”) to the Corporation within twenty-one (21) days after the Offer Notice (or any supplement thereto) is sent by the Corporation to the Qualified Stockholder. The Exercise Notice shall specify
the number of shares of Offered Securities that the Qualified Stockholder wishes to purchase and shall irrevocably bind the Qualified Stockholder to purchase such Offered Securities at the price and on the date specified in the Offer Notice. If any
such Qualified Stockholder fails to timely deliver an Exercise Notice to the Corporation and/or pay for the shares to be purchased in accordance with the terms set forth in the Offer Notice, the Corporation or such Affiliated Successor may proceed
with the proposed issue or sale of the Offered Securities, free of any right on the part of such Qualified Stockholder under this Section 3.3 in respect thereof. 
 (d) Second Round Subscribers. 
 (i) In the event that one or
more Qualified Stockholders fail to give a properly completed Exercise Notice in respect of all or part of the Offered Securities offered to it, him or her pursuant to Section 3.3(a), the Offered Securities not subscribed for (the
“Second Round Securities”) shall be allocated among those Qualified Stockholders (together with and including the Qualified Major Stockholders as defined under the Main Stockholders Agreement) (“Second Round
Subscribers”) who indicate in their respective Exercise Notices a desire to subscribe for more than their Proportionate Interest of the total Offered Securities offered pursuant to Section 3.3(a) up to any maximum number set out
in the Exercise Notice. If the number or amount of Second Round Securities is less than the number or amount desired to be taken up by Second Round Subscribers, the Second Round Securities shall be allocated among the Second Round Subscribers on a
pro rata basis (such that all the Second Round Securities are allocated) according to their respective Proportionate Interests (rounded, as appropriate, to the nearest whole number). In the event that not all Second Round Securities
are taken up and purchased by the Qualified Stockholders, the Corporation may issue such Second Round Securities not so subscribed for at a price not less than that set out in the Offer Notice to such Persons as the Board may determine in its
discretion, subject to compliance with Section 4.4 hereof. 
 (ii) Notwithstanding the foregoing, if
any Stockholder delivers a written waiver of its rights to participate in a certain Preemptive Rights Offer to the Corporation prior to the date of the mailing of an Offer Notice by the Corporation to the Qualified Stockholders relating to such
Preemptive Rights Offer, then any securities that such Stockholder may have been entitled to purchase in accordance with its Proportionate Interest shall not be deemed Second Round Securities and therefore will not be available for purchase by the
participating Qualified Stockholders. 
 (e) Exceptions to Preemptive Rights. The Corporation may, subject to compliance
with Section 4.4 hereof, issue any of the following securities without triggering the Preemptive Rights: (i) Employee Incentive Securities, (ii) shares of Common Stock or Common Stock Equivalents upon exercise of any Common
Stock Equivalent which, when issued, was subject to or exempt from the Preemptive Rights under this Section 3.3, (iii) securities distributed or set aside ratably to all holders of Common Stock (or any class or series thereof) on a
per share equivalent basis, (iv) shares of Common Stock or other equity securities in a Qualified IPO 

  
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approved in accordance with Section 5.1, (v) shares of Common Stock or Common Stock Equivalents issued in connection with a merger or consolidation or other business combination
of the Corporation or a Subsidiary of the Corporation into or with another entity or an acquisition by the Corporation or a Subsidiary of the Corporation of another business or corporation, (vi) shares of Common Stock in payment of all or any
portion of the principal of, or interest or premium on, any indebtedness of the Corporation or any of its Subsidiaries, (vii) shares of Preferred Stock of the Corporation that are not Common Stock Equivalents, (viii) shares of Common Stock
Equivalents that are attached to or otherwise issued in connection with indebtedness of the Corporation, (ix) shares of Common Stock issuable in exchange for shares of exchangeable capital stock of any of the Corporation’s Subsidiaries,
(x) shares of Common Stock issued pursuant to Section 3.1 of the Class B Stockholders Agreement, dated as of August 15, 2000, among the Corporation, OMERS, Onex, and Onex HOC in connection with a Pre-IPO Private Placement (as
defined in the Class B Stockholders Agreement) or a Qualified IPO; (xi) shares of Common Stock issued pursuant to Section 5.3 of this Stockholders Agreement in connection with the Pre-IPO Private Placement (as defined below) or a
Qualified IPO; or (xii) shares of Common Stock to the Onex Group or the OMERS Group in accordance with any agreement providing such Persons protection against certain dilutive events; provided, however, that each of the OMERS
Group and the JANA Group shall retain Preemptive Rights with respect to issuances of Common Stock or Common Stock Equivalents under the circumstances described in clauses (vi) and (viii) (herein, the “Special
Preemptive Rights”), but only to the extent that the indebtedness involved is owed to an Affiliate of the Corporation or to Onex. 
 ARTICLE IV 
 TRANSFERS OF SECURITIES AND LIMITATIONS ON TRANSFERS 

SECTION 4.1 Incorporation by Reference. Except as set forth below regarding Section 4.2 and 4.13 of the Main
Stockholders Agreement, each Stockholder agrees to be bound by, and will receive the benefit of, the terms and provisions of Article IV of the Main Stockholders Agreement as though such terms and provisions were set forth herein, including, but not
limited to, Section 4.5 (Exempt Transfers). 
 SECTION 4.2 Other Legends. In lieu of the legends set forth in
Section 4.2 of the Main Stockholders Agreement, and in addition to the legend referred to in Section 5.1(f) of the Subscription Agreement, each Security issued to each Stockholder or a subsequent transferee shall include a
legend in substantially the following form: 
 THE SECURITIES COVERED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON
TRANSFER, VOTING AND OTHER TERMS AND CONDITIONS SET FORTH IN THE STOCKHOLDERS AGREEMENT DATED AS OF APRIL 30, 2007, A COPY OF WHICH MAY BE OBTAINED FROM SITEL WORLDWIDE CORPORATION AT ITS PRINCIPAL EXECUTIVE OFFICES. 

THE ISSUER IS AUTHORIZED TO ISSUE SHARES OF MORE THAN ONE CLASS AND TO ISSUE SHARES IN MORE THAN ONE SERIES OF AT LEAST ONE CLASS. THE
ISSUER WILL FURNISH WITHOUT CHARGE TO EACH STOCKHOLDER WHO SO REQUESTS A STATEMENT OF THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OR SERIES THEREOF AND THE
QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND/OR RIGHTS. 

  
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 SECTION 4.3 Sales by JANA. Subject to Sections 4.1, 4.3, 4.8(f)
(which terms and provisions shall apply in the same manner and to the same extent to JANA and the JANA Group as such terms and provisions apply to OMERS and the OMERS Group), and 4.9 of the Main Stockholders Agreement and
Section 4.2 and 4.4 of this Stockholders Agreement, the JANA Group shall be entitled to sell all or any portion of the Common Stock or Common Stock Equivalents owned by it to any Third Party Purchaser; provided,
however, that in no event shall any Stockholder be entitled to sell all or any portion of the Common Stock or Common Stock Equivalents owned by it to any Competitor. 
 SECTION 4.4 All Stockholders to Be Bound. In lieu of the terms of Section 4.13 of the Main Stockholders Agreement, each Stockholder will cause any transferee of any Security (or any
interest therein held by it) or of any rights and/or obligation hereunder to execute and deliver a Joinder Agreement, substantially in the from attached hereto as Schedule B, by which such person agrees to be bound by this Stockholders
Agreement. Any person who so agrees to be bound by this Stockholders Agreement shall thereafter be regarded for all purposes as a party to this Stockholders Agreement and shall be entitled to all the rights and shall be subject to all the
obligations of a Stockholder hereunder. 
 ARTICLE V 
 PUBLIC OFFERINGS 
 SECTION 5.1 Qualified IPO. At any time, the Corporation
may offer its Common Stock or Common Stock Equivalents to the public in a Qualified IPO with the approval of the Board. 

SECTION 5.2 Secondary Offering in Connection with Qualified IPO. In connection with a Qualified IPO by the Corporation, the
Corporation will use its reasonable best efforts to effect the qualification or registration under applicable securities laws of the Common Stock or Common Stock Equivalents, as applicable to the Qualified IPO, held by the Stockholders to the extent
required to permit the distribution of such shares of Common Stock or Common Stock Equivalents by way of a secondary offering concurrently with such Qualified IPO and shall prepare and file such registration statements, prospectuses, amendments, and
other documents as may be required to effect such secondary offering; provided, however, that: (a) the Corporation will only be required to effect the qualification or registration for distribution of such number of shares of
Common Stock or Common Stock Equivalents pursuant to this Section 5.2 which, in the written opinion of the underwriters for the Qualified IPO, after consultation with the Corporation and the Stockholders, would not adversely affect such
Qualified IPO and, in any event, only to the extent permitted under applicable securities laws and under any requirements imposed by the SEC or any securities regulatory authorities or any stock exchanges on which the Common Stock or Common Stock
Equivalents are to be listed; and (b) to the extent that the 

  
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 number of shares of Common Stock or Common Stock Equivalents which Stockholders and all other holders of
common equity securities of the Corporation who have the right to sell shares of Common Stock or Common Stock Equivalents in the Qualified IPO (collectively, the “Other Stockholders”) wish to sell through a secondary offering pursuant to
this Section 5.2 is greater than the number of shares of Common Stock or Common Stock Equivalents to be so sold in accordance with Section 5.2, then the number of shares of Common Stock or Common Stock Equivalents which each
holder of Common Stock or Common Stock Equivalents will be entitled to sell under the secondary offering shall be calculated on a pro rata basis, based upon each such Stockholder’s and Other Stockholder’s Proportionate
Interest. 
 SECTION 5.3 Participation Right. 
 (a) Subject to Sections 5.3(b), 5.3(c), and 5.3(d), in connection with the Corporation’s Qualified IPO, the Corporation shall use its commercially reasonable efforts to cause the
managing underwriter of such Qualified IPO to offer to the JANA Group the right to purchase (at the Qualified IPO price) such number of additional shares of capital stock of the Corporation, which would provide the JANA Group (together with all
direct or indirect transferees of the JANA Group) with an aggregate of up to 5.4% (or, if less, its percentage interest in the number of shares of Fully-Diluted Common Stock immediately prior to the Qualified IPO) of the shares (the “IPO
Shares”) of Fully-Diluted Common Stock immediately after the Qualified IPO. Notwithstanding the foregoing provisions of this Section 5.3(a), (i) the managing underwriter may, in its sole discretion, modify or limit the JANA
Group’s participation right under this Section 5.3(a) by providing written notice to the Corporation setting forth such underwriter’s reasons for such limitation or modification, including that such limitation or modification
is necessary, because of marketing factors, for the success of the Qualified IPO, and (ii) the provisions of Section 3.3(d) hereunder shall not under any circumstances apply to the participation right provided in this
Section 5.3(a). 
 (b) The participation right provided in Section 5.3(a) shall be subject to
(i) the modification and approval right described in Section 5.3(a), and (ii) the clearance by the SEC or the staff of the SEC of such arrangement without the need to maintain a resale prospectus in effect. If such approval or
clearance is not received, or is reasonably unlikely to be received as a result of decisions, declarations, or policy statement released by the SEC or the staff of the SEC, then the participation right provided in Section 5.3(a) shall be
substituted with a right to purchase a pro rata portion of the Common Stock scheduled to be sold in the Qualified IPO, where the number of shares to be offered hereunder shall not exceed, in the aggregate, the lesser of (i) up to 5.4% of the
shares of Fully-Diluted Common Stock immediately after the Qualified IPO, (ii) the JANA Group’s percentage interest in the number of shares of Fully-Diluted Common Stock immediately prior to the Qualified IPO, and (iii) such amount as
the managing underwriter shall approve in accordance with Section 5.3(a), in a private placement (the “Pre-IPO Private Placement”). The Corporation shall use its commercially reasonable efforts to close the Pre-IPO
Private Placement immediately before or contemporaneously with the Qualified IPO. It shall be a condition to the Corporation’s obligation to issue and sell shares to the JANA Group in the Pre-IPO Private Placement that, if necessary, in the
opinion of counsel for the Corporation or the managing underwriter, any member of the JANA Group that is purchasing shares in the Pre-IPO Private Placement shall execute and deliver to the Corporation, prior to the initial filing of the registration
statement for the Qualified IPO, a binding subscription agreement to purchase shares 

  
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in the Pre-IPO Private Placement at a price per share equal to the price at which the Common Stock will be initially offered and sold to the public, less the amount of the underwriting
discount/commission that is paid to the underwriters for each share of Common Stock sold in the Qualified IPO. 
 (c) The
Pre-IPO Private Placement and any offer to be made to the JANA Group shall be conducted in compliance with all applicable federal and state securities laws and regulations, including, without limitation, the Securities Act, and all applicable rules
and regulations promulgated by the National Association of Securities Dealers, Inc. and other such self-regulation or quasi-public regulatory organizations. If any member of the JANA Group elects to participate in the Pre-IPO Private Placement, it
shall comply with all reasonable requirements and procedures required by the Corporation of the JANA Group, if any. 
 (d)
Notwithstanding the foregoing provisions of this Section 5.3, in the event that (i) regulatory authorities continue to object to this arrangement after full discussion and negotiation with the Corporation and its legal counsel (with
the participation of one legal counsel representing the JANA Group, if desired by the JANA Group); (ii) regulatory authorities allow the Corporation to fulfill its obligations under this arrangement only on the condition that rescission rights
or other specific liability will be assumed by the Corporation or the underwriters or that special risks related to the Pre-IPO Private Placement be included in the prospectus filed in connection with the Qualified IPO; (iii) the resolution
with regulatory authorities relating to this arrangement would delay the Qualified IPO beyond delays caused by comments from regulatory authorities in respect of other issues (provided, however, that the Corporation has used its good
faith efforts (with the participation of one legal counsel representing the JANA Group, if desired by the JANA Group) to timely resolve any regulatory issues that arise in connection with this arrangement); or (iv) regulatory authorities do not
allow the Corporation to issue securities of the Corporation to the JANA Group at the time of the Qualified IPO, then the Corporation and the JANA Group agree to negotiate in good faith to enter into an alternative transaction that as closely as
practicable approximates the economic benefit of the Pre-IPO Private Placement. 
 SECTION 5.4 Demand Registrations.
(a) Request for Registration. 
 (i) At any time after 180 days after the consummation of a Qualified IPO, JANA
and/or its permitted assignees hereunder (collectively, the “Requesting Holder”) may request in writing (a “Demand Request”) that the Corporation effect the registration on Form S-1 (or successor form) or another
form acceptable to the Requesting Holder under the Securities Act of all or part of its Registrable Shares (a “Regular Demand Registration”); provided, however, that a Demand Request may only be effected by holders of
more than 50% of the JANA Aggregate Common Stock on behalf of all such holders. 
 (ii) In addition, at any time when the
Corporation is qualified to use Form S-3 promulgated under the Securities Act or any successor form thereto, the Requesting Holder may make a Demand Request for registration of all or part of its Registrable Shares on Form S-3 (or successor form)
(an “S-3 Demand Registration” and, together with a Regular Demand Registration, a “Demand Registration”). The Corporation will use all commercially reasonable efforts to take all such actions, and make all such
filings, with the SEC as are reasonably necessary in order for the Requesting Holder to avail itself of S-3 Demand Registrations. 

  
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 (iii) Each Demand Request shall specify the number and Class of Registrable Shares proposed
to be sold. The Corporation shall file the Demand Registration within 90 days after receiving a Demand Request (the “Required Filing Date”) and shall use all commercially reasonable efforts to cause the same to be declared effective
by the SEC as promptly as practicable after such filing; provided, however, that the Corporation need effect only an aggregate of two (2) Regular Demand Registrations at the request of Requesting Holders and two (2) S-3
Demand Registration at the request of Requisitions Holders; provided, further, the Corporation need only effect one Demand Registration once every 180 days; provided, further, that the Corporation need only effect an S-3
Demand Registration if the fair market value (as determined in good faith by the Board as of the date of the Demand Request) of the Registrable Shares requested to be included in such registration by the Requesting Holder is in excess of Five
Million Dollars ($5,000,000). 
 (b) Effective Registration and Expenses. A registration will not count as a Demand
Registration until it has become effective (unless the Requesting Holder withdraws all of its Registrable Shares and the Corporation has performed its obligations hereunder in all material respects, in which case such demand will count as a Demand
Registration unless the Requesting Holder pays all Registration Expenses in connection with such withdrawn registration); provided, however, that if (i) after it has become effective, an offering of Registrable Shares pursuant to
a registration is interfered with by any stop order, injunction, or other order or requirement of the SEC or other governmental agency or court or (ii) the conditions to closing specified in the underwriting agreement, if any, entered into in
connection with such registration are not satisfied or waived, such registration will be deemed not to have been effected and will not count as a Demand Registration. 
 (c) Selection of Underwriters. In the event the offering of Registrable Shares pursuant to a Demand Registration shall be in the form of a “firm commitment” underwritten offering, the
Corporation shall select the investment banking firm or firms to manage the underwritten offering; provided, however, that such selection shall be subject to the consent of the Requesting Holder, which consent shall not be unreasonably
withheld. 
 (d) Priority on Demand Registrations. No securities to be sold for the account of any Person (including the
Corporation) other than the Requesting Holder shall be included in a Demand Registration unless the managing underwriter or underwriters, if applicable, shall advise the Corporation and the Requesting Holder in writing that the inclusion of such
securities will not materially and adversely affect the price or success of the offering (a “Material Adverse Effect”). Furthermore, in the event the managing underwriter or underwriters shall advise the Corporation and the
Requesting Holder that even after exclusion of all securities of other Persons pursuant to the immediately preceding sentence, the amount of Registrable Shares proposed to be included in such Demand Registration by the Requesting Holder is
sufficiently large to cause a Material Adverse Effect, the Registrable Shares of the Requesting Holder to be included in such Demand Registration shall equal the number of shares which the Corporation is so advised can be sold in such offering
without a Material Adverse Effect. 

  
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 (e) Transfer to Affiliates. To the extent that any member of the JANA Group holding
Registrable Shares Transfers any such shares to an Affiliate thereof, all such Affiliates shall appoint JANA as the Affiliate’s agent to act on such affiliate’s behalf in respect of any registration pursuant to Section 5.4 or
5.5. 
 (f) Deferral of Filing. The Corporation may defer the filing (but not the preparation) of a registration
statement required by this Section 5.4(f) until a date not later than one hundred eighty (180) days after the Required Filing Date (or, if longer, one hundred eighty (180) days after the effective date of the registration
statement contemplated by clause (ii) below) if (i) at the time the Corporation receives the Demand Request, the Corporation or any of its Subsidiaries is engaged in confidential negotiations or other confidential business
activities, disclosure of which would be required in such registration statement (but would not be required if such registration statement were not filed), and the Board determines in good faith that such disclosure would be materially detrimental
to the Corporation and its stockholders or would have a material adverse effect on any such confidential negotiations or other confidential business activities, or (ii) prior to receiving the Demand Request, the Board had determined to effect a
registered underwritten public offering of the Corporation’s securities for the Corporation’s account and the Corporation had taken substantial steps (including, but not limited to, selecting a managing underwriter for such offering) and
is proceeding with reasonable diligence to effect such offering. A deferral of the filing of a registration statement pursuant to this Section 5.4(f) shall be lifted, and the requested registration statement shall be filed forthwith, if,
in the case of a deferral pursuant to clause (i) of the preceding sentence, the negotiations or other activities are disclosed or terminated, or, in the case of a deferral pursuant to clause (ii) of the preceding
sentence, the proposed registration for the Corporation’s account is abandoned. In order to defer the filing of a registration statement pursuant to this Section 5.4(f), the Corporation shall promptly (but in any event within ten
(10) days), upon determining to seek such deferral, deliver to the Requesting Holder a certificate signed by an executive officer of the Corporation stating that the Corporation is deferring such filing pursuant to this
Section 5.4(f) and a general statement of the reason for such deferral and an approximation of the anticipated delay. The fact that any certificate is so delivered to a Requesting Holder shall be held confidential by the Requesting
Holder in the same manner as it causes its non-public information to be held confidential. Within twenty (20) days after receiving such certificate, the Requesting Holder may withdraw such Demand Request by giving notice to the Corporation. If
withdrawn, the Demand Request shall be deemed not to have been made for all purposes of this Stockholders Agreement. The Corporation may defer the filing of a particular registration statement pursuant to this Section 5.4(f) only once.

 SECTION 5.5 Piggyback Registrations. (a) Right to Piggyback. In connection with a registered public
offering of Common Stock (other than pursuant to an Excluded Registration) under the Securities Act for sale to the public (whether for the account of the Corporation or the account of any securityholder of the Corporation) and in the event that the
form of registration statement to be used permits the registration of Registrable Shares, the Corporation shall give prompt written notice to each Stockholder of Registrable Shares (which notice shall be given not less than thirty (30) days
prior to the effective date of the Corporation’s registration statement), which notice shall offer each such Stockholder the opportunity to include any or all of his, her, or its Registrable Shares in such registration statement, subject to the
limitations contained in Section 5.5(b). Each Stockholder who desires to have his, her, or its Registrable Shares included 

  
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in such registration statement (each a “Requesting Stockholder”) shall so advise the Corporation in writing (stating the number of shares desired to be registered) within twenty
(20) days after the date of such notice from the Corporation. Any Stockholder shall have the right to withdraw such Stockholder’s request for inclusion of such Stockholder’s Registrable Shares in any registration statement pursuant to
this Section 5.5(a) by giving written notice to the Corporation of such withdrawal. Subject to Section 5.5(b), the Corporation shall include in such registration statement all such Registrable Shares so requested to be
included therein; provided, however, that the Corporation may at any time withdraw or cease proceeding with any such registration if it shall at the same time withdraw or cease proceeding with the registration of all other equity
securities originally proposed to be registered. 
 (b) Priority on Registrations. If the managing underwriter advises
the Corporation that the inclusion of Registrable Shares in the registration statement would cause a material adverse effect, the Corporation will be obligated to include in such registration statement, as to each Requesting Stockholder, only a
portion of the shares such Stockholder has requested be registered equal to the ratio which such Stockholder’s requested shares bears to the total number of shares requested to be included in such registration statement by all Persons other
than the Corporation (including Requesting Stockholders) who have requested (pursuant to contractual registration rights) that their shares be included in such registration statement, it being understood that notwithstanding anything in this
Section 5.5(b) to the contrary, if the registration constitutes a Demand Registration, the Requesting Holder will have the rights of priority set forth in Section 5.4(d). If as a result of the provisions of this
Section 5.5(b) any Stockholder shall not be entitled to include all Registrable Securities in a registration that such Stockholder has requested to be so included, such Stockholder may withdraw such Stockholder’s request to include
Registrable Shares in such registration statement. No Person may participate in any registration statement hereunder unless such Person (x) agrees to sell such person’s Registrable Shares on the basis provided in any underwriting
arrangements approved by the Corporation and (y) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements, and other documents, each in customary form, reasonably required under the terms of such
underwriting arrangements; provided, however, that no such Person shall be required to make any representations or warranties in connection with any such registration other than representations and warranties as to (i) such
Person’s ownership of his, her, or its Registrable Shares to be sold or transferred free and clear of all liens, claims, and encumbrances, (ii) such Person’s power and authority to effect such transfer, and (iii) such matters
pertaining to compliance with securities laws as may be reasonably requested; provided further, however, that the obligation of such Person to indemnify pursuant to any such underwriting arrangements shall be several, not joint
and several, among such Persons selling Registrable Shares, and the liability of each such Person will be in proportion to, and on the condition that such liability will be limited to, the net amount received by such Person from the sale of his,
her, or its Registrable Shares pursuant to such registration. 
 SECTION 5.6 Holdback Agreement. Unless the managing
underwriter otherwise agrees, each of the Corporation and the Stockholders agrees (and the Corporation agrees, in connection with any underwritten registration, to use its reasonable efforts to cause its Affiliates to agree) not to effect any public
sale or private offer or distribution of any Common Stock or Common Stock Equivalents during the ten (10) Business Days prior to the effectiveness under the Securities Act of any underwritten registration and during such period after the
effectiveness under the Securities Act of any underwritten registration (not to exceed one hundred eighty (180) days) (except, if applicable, as part of such underwritten registration) as the Corporation and the managing underwriter may agree.

  
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 SECTION 5.7 Registration Procedures. Whenever any Stockholder has requested that any
Registrable Shares be registered pursuant to this Stockholders Agreement, the Corporation will use its commercially reasonable efforts to effect the registration and the sale of such Registrable Shares in accordance with the intended method of
disposition thereof, and pursuant thereto the Corporation will as expeditiously as possible: 
 (i) prepare and file with the
SEC a registration statement on any appropriate form under the Securities Act with respect to such Registrable Shares and use its commercially reasonable efforts to cause such registration statement to become effective; 

(ii) prepare and file with the SEC such amendments, post-effective amendments, and supplements to such registration statement and the
prospectus used in connection therewith as may be necessary to keep such registration statement effective for a period of not less than one hundred eighty (180) days (or such lesser period as is necessary for the underwriters in an underwritten
offering to sell unsold allotments) and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of
disposition by the sellers thereof set forth in such registration statement; 
 (iii) furnish to each seller of Registrable
Shares and the underwriters of the securities being registered such number of copies of such registration statement, each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary
prospectus), any documents incorporated by reference therein and such other documents as such seller or underwriters may reasonably request in order to facilitate the disposition of the Registrable Shares owned by such seller or the sale of such
securities by such underwriters (it being understood that, subject to Section 5.7 and the requirements of the Securities Act and applicable state securities laws, the Corporation consents to the use of the prospectus and any amendment or
supplement thereto by each seller and the underwriters in connection with the offering and sale of the Registrable Shares covered by the registration statement of which such prospectus, amendment, or supplement is a part); 

(iv) use its commercially reasonable efforts to register or qualify such Registrable Shares under such other securities or blue sky laws
of such jurisdictions as the managing underwriter reasonably requests (or, in the event the registration statement does not relate to an underwritten offering, as the holders of a majority of such Registrable Shares may reasonably request); use its
commercially reasonable efforts to keep each such registration or qualification (or exemption therefrom) effective during the period in which such registration statement is required to be kept effective; and do any and all other acts and things
which may be reasonably necessary or advisable to enable each seller to consummate the disposition of the Registrable Shares owned by such seller in such jurisdictions; provided, however, that the Corporation will not be required to
(A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph or (B) consent to general service of process in any such jurisdiction; 

  
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 (v) promptly notify each seller and each underwriter and (if requested by any such Person)
confirm such notice in writing (A) when a prospectus or any prospectus supplement or post-effective amendment has been filed and, with respect to a registration statement or any post-effective amendment, when the same has become effective,
(B) of the issuance by any state securities or other regulatory authority of any order suspending the qualification or exemption from qualification of any of the Registrable Shares under state securities or “blue sky” laws or the
initiation of any proceedings for that purpose, and (C) of the happening of any event which makes any statement made in a registration statement or related prospectus untrue or which requires the making of any changes in such registration
statement, prospectus or documents so that they will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and, as promptly as
practicable thereafter, prepare and file with the SEC and furnish a supplement or amendment to such prospectus so that, as thereafter deliverable to the purchasers of such Registrable Shares, such prospectus will not contain any untrue statement of
a material fact or omit a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; 
 (vi) make generally available to the Corporation’s securityholders an earnings statement satisfying the provisions of Section 11(a) of the Securities Act no later than thirty (30) days
after the end of the twelve (12) month period beginning with the first day of the Corporation’s first fiscal quarter commencing after the effective date of a registration statement, which earnings statement shall cover said twelve
(12) month period, and which requirement will be deemed to be satisfied if the Corporation timely files complete and accurate information on Forms 10-Q, 10-K, and 8-K under the Exchange Act and otherwise complies with Rule 158 under the
Securities Act; 
 (vii) if requested by the managing underwriter or any seller promptly incorporate in a prospectus supplement
or post-effective amendment such information as the managing underwriter or any seller reasonably requests to be included therein, including, without limitation, with respect to the Registrable Shares being sold by such seller, the purchase price
being paid therefor by the underwriters and with respect to any other terms of the underwritten offering of the Registrable Shares to be sold in such offering, and promptly make all required filings of such prospectus supplement or post-effective
amendment; 
 (viii) as promptly as practicable after filing with the SEC of any document which is incorporated by reference
into a registration statement (in the form in which it was incorporated), deliver a copy of each such document to each seller; 

(ix) cooperate with the sellers and the managing underwriter to facilitate the timely preparation and delivery of certificates (which
shall not bear any restrictive legends unless required under applicable law) representing securities sold under any registration statement, and enable such securities to be in such denominations and registered in such names as the managing
underwriter or such sellers may request and keep available and make available to the Corporation’s transfer agent prior to the effectiveness of such registration statement a supply of such certificates; 

  
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 (x) promptly make available for inspection by any seller, any underwriter participating in
any disposition pursuant to any registration statement, and any attorney, accountant, or other agent or representative retained by any such seller or underwriter (collectively, the “Inspectors”), all financial and other records,
pertinent corporate documents, and properties of the Corporation (collectively, the “Records”), as shall be reasonably necessary to enable them to exercise their due diligence responsibility, and cause the Corporation’s
officers, directors, and employees to supply all information requested by any such Inspector in connection with such registration statement; provided, however, that, unless the disclosure of such Records is necessary to avoid or
correct a misstatement or omission in the registration statement or the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, the Corporation shall not be required to provide any information
under this subparagraph (x) if (A) the Corporation believes, after consultation with counsel for the Corporation, that to do so would cause the Corporation to forfeit an attorney-client privilege that was applicable to such information or
(B) if either (1) the Corporation has requested and been granted from the SEC confidential treatment of such information contained in any filing with the SEC or documents provided supplementally or otherwise or (2) the Corporation
reasonably determines in good faith that such Records are confidential and so notifies the Inspectors in writing unless prior to furnishing any such information with respect to (A) or (B) such Stockholder of Registrable Securities
requesting such information agrees to enter into a confidentiality agreement in customary form and subject to customary exceptions; and provided further, however, that each Stockholder of Registrable Securities agrees that it
will, upon learning that disclosure of such Records is sought in a court of competent jurisdiction, give notice to the Corporation and allow the Corporation, at its expense, to undertake appropriate action and to prevent disclosure of the Records
deemed confidential; 
 (xi) furnish to each seller and underwriter a signed counterpart of (A) an opinion or opinions of
counsel to the Corporation, and (B) a comfort letter or comfort letters from the Corporation’s independent public accountants, each in customary form and covering such matters as are negotiated with the managing underwriter; 

(xii) cause the Registrable Shares included in any registration statement to be (A) listed on each securities exchange, if any, on
which similar securities issued by the Corporation are then listed, or (B) authorized to be quoted and/or listed (to the extent applicable) on the NASD Automated Quotation System or the Nasdaq Stock Market if the Registrable Shares so qualify;

 (xiii) provide a CUSIP number for the Registrable Shares included in any registration statement not later than the effective
date of such registration statement; 
 (xiv) cooperate with each seller and each underwriter participating in the disposition
of such Registrable Shares and their respective counsel in connection with any filings required to be made with the NASD; 

(xv) during the period when the prospectus is required to be delivered under the Securities Act, promptly file all documents required to
be filed with the SEC pursuant to Section 13(a), 13(c), 14, or 15(d) of the Exchange Act; 

  
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 (xvi) notify each seller of Registrable Shares promptly of any request by the SEC for the
amending or supplementing of such registration statement or prospectus or for additional information; 
 (xvii) prepare and file
with the SEC promptly any amendments or supplements to such registration statement or prospectus which, in the opinion of counsel for the Corporation or the managing underwriter, is required in connection with the distribution of the Registrable
Shares; 
 (xviii) enter into such agreements (including underwriting agreements in the managing underwriter’s customary
form) and to take such other reasonably requested actions, (including, participating in road shows and other customary selling efforts, if requested) as are customary in connection with an underwritten registration; and 

(xix) advise each seller of such Registrable Shares, promptly after it shall receive notice or obtain knowledge thereof, of the issuance
of any stop order by the SEC suspending the effectiveness of such registration statement or the initiation or threatening of any proceeding for such purpose and promptly use its best efforts to prevent the issuance of any stop order or to obtain its
withdrawal at the earliest possible moment if such stop order should be issued. 
 SECTION 5.8 Suspension of
Dispositions. Each Stockholder agrees by acquisition of any Registrable Shares that, upon receipt of any notice (a “Suspension Notice”) from the Corporation of the happening of any event of the kind described in
Section 5.7(v)(C) such Stockholder will forthwith discontinue disposition of Registrable Shares until such Stockholder’s receipt of the copies of the supplemented or amended prospectus, or until it is advised in writing (the
“Advice”) by the Corporation that the use of the prospectus may be resumed, and has received copies of any additional or supplemental filings which are incorporated by reference in the prospectus, and, if so directed by the
Corporation, such Stockholder will deliver to the Corporation all copies, other than permanent file copies then in such Stockholder’s possession, of the prospectus covering such Registrable Shares current at the time of receipt of such notice.
In the event the Corporation shall give any such notice, the period regarding the effectiveness of registration statements set forth in Section 5.7(ii) shall be extended by the number of days during the period from and including the date
of the giving of the Suspension Notice to and including the date when each seller of Registrable Shares covered by such registration statement shall have received the copies of the supplemented or amended prospectus or the Advice. The Corporation
shall use its commercially reasonable efforts and take such actions as are reasonably necessary to render the Advice as promptly as practicable. 
 SECTION 5.9 Registration Expenses. All expenses incident to the Corporation’s performance of or compliance with this Article V including, without limitation, all registration and filing
fees, all fees and expenses associated with filings required to be made with the National Association of Securities Dealers, Inc. (“NASD”) (including, if applicable, the fees and expenses of any “qualified independent
underwriter” as such term is defined in Schedule E of the By-Laws of the NASD, and of its counsel), as may be required by the rules and regulations of the NASD, fees and expenses of compliance with securities or “blue sky” laws
(including reasonable fees and disbursements of counsel in connection with “blue sky” qualifications of the Registrable Shares), rating agency fees, printing expenses (including expenses of printing certificates for the Registrable Shares
in a form eligible for deposit with Depository Trust Corporation and of 

  
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printing prospectuses if the printing of prospectuses is requested by a holder of Registrable Shares), messenger and delivery expenses, the Corporation’s internal expenses (including without
limitation all salaries and expenses of its officers and employees performing legal or accounting duties), the fees and expenses incurred in connection with any listing of the Registrable Shares, fees and expenses of counsel for the Corporation and
its independent certified public accountants (including the expenses of any special audit or “cold comfort” letters required by or incident to such performance), securities acts liability insurance (if the Corporation elects to obtain such
insurance), the fees and expenses of any special experts retained by the Corporation in connection with such registration, and the fees and expenses of other persons retained by the Corporation and reasonable fees and expenses of one firm of counsel
for the sellers (which shall be selected by the holders of a majority of the Registrable Shares being included in any particular registration statement) (all such expenses being herein called “Registration Expenses”) will be borne
by the Corporation whether or not any registration statement becomes effective; provided, however, that in no event shall Registration Expenses include any underwriting discounts, commissions, or fees attributable to the sale of the
Registrable Shares or any counsel (except as provided above), accountants, or other persons retained or employed by the Stockholders. 
 SECTION 5.10 Indemnification. (a) The Corporation agrees to indemnify and reimburse, to the fullest extent permitted by law, each seller of Registrable Shares, and each of its employees,
advisors, agents, representatives, partners, officers, and directors and each Person who controls such seller (within the meaning of the Securities Act or the Exchange Act) and any agent or investment advisor thereof (collectively, the
“Seller Affiliates”) (A) against any and all losses, claims, damages, liabilities, and expenses, joint or several (including, without limitation, attorneys’ fees and disbursements except as limited by
Section 5.10(c)) based upon, arising out of, related to, or resulting from any untrue or alleged untrue statement of a material fact contained in any registration statement, prospectus, or preliminary prospectus or any amendment thereof
or supplement thereto, or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, (B) against any and all loss, liability, claim, damage, and expense
whatsoever, as incurred, to the extent of the aggregate amount paid in settlement of any litigation or investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon, arising out of,
related to, or resulting from any such untrue statement or omission or alleged untrue statement or omission, and (C) against any and all costs and expenses (including reasonable fees and disbursements of counsel) as may be reasonably incurred
in investigating, preparing, or defending against any litigation, or investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon, arising out of, related to, or resulting from any such
untrue statement or omission or alleged untrue statement or omission, to the extent that any such expense or cost is not paid under subparagraph (A) or (B) above; except insofar as the same are made in reliance upon and in strict
conformity with information furnished in writing to the Corporation by such seller or any Seller Affiliate for use therein or arise from such seller’s or any Seller Affiliate’s failure to deliver a copy of the registration statement or
prospectus or any amendments or supplements thereto after the Corporation has furnished such seller or a Seller Affiliate with a sufficient number of copies of the same. The reimbursements required by this Section 5.10(a) will be made by
periodic payments during the course of the investigation or defense, as and when bills are received or expenses incurred. 

  
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 (b) In connection with any registration statement in which a seller of Registrable Shares is
participating, each such seller will furnish to the Corporation in writing such information and affidavits as the Corporation reasonably requests for use in connection with any such registration statement or prospectus and, to the fullest extent
permitted by law, each such seller will indemnify the Corporation and its directors and officers and each Person who controls the Corporation (within the meaning of the Securities Act or the Exchange Act) against any and all losses, claims, damages,
liabilities, and expenses (including, without limitation, reasonable attorneys’ fees and disbursements except as limited by Section 5.10(c)) resulting from any untrue statement or alleged untrue statement of a material fact
contained in the registration statement, prospectus, or any preliminary prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the
statements therein not misleading, but only to the extent that such untrue statement or alleged untrue statement or omission or alleged omission is contained in any information or affidavit so furnished in writing by such seller or any of its Seller
Affiliates specifically for inclusion in the registration statement; provided, however, that the obligation to indemnify will be several, not joint and several, among such sellers of Registrable Shares, and the liability of each such
seller of Registrable Shares will be in proportion to, and on the condition that such liability will be limited to, the net amount received by such seller from the sale of Registrable Shares pursuant to such registration statement; provided,
however, that such seller of Registrable Shares shall not be liable in any such case to the extent that prior to the filing of any such registration statement or prospectus or amendment thereof or supplement thereto, such seller has furnished
in writing to the Corporation information expressly for use in such registration statement or prospectus or any amendment thereof or supplement thereto which corrected or made not misleading information previously furnished to the Corporation.

 (c) Any Person entitled to indemnification hereunder will (A) give prompt written notice to the indemnifying party of
any claim with respect to which it seeks indemnification (provided, however, that the failure to give such notice shall not limit the rights of such Person) and (B) unless in such indemnified party’s reasonable judgment a
conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party;
provided, however, that any person entitled to indemnification hereunder shall have the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such counsel shall be at the expense
of such person unless (X) the indemnifying party has agreed to pay such fees or expenses, or (Y) the indemnifying party shall have failed to assume the defense of such claim and employ counsel reasonably satisfactory to such person. If
such defense is not assumed by the indemnifying party as permitted hereunder, the indemnifying party will not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent will not be unreasonably
withheld). If such defense is assumed by the indemnifying party pursuant to the provisions hereof, such indemnifying party shall not settle or otherwise compromise the applicable claim unless (1) such settlement or compromise contains a full
and unconditional release of the indemnified party or (2) the indemnified party otherwise consents in writing. An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees
and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party, a conflict of interest may exist between such indemnified party and
any other of such indemnified parties with respect to such claim, in which event the indemnifying party shall be obligated to pay the reasonable fees and disbursements of such additional counsel or counsels. 

  
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 (d) Each party hereto agrees that, if for any reason the indemnification provisions
contemplated by Section 5.10(a) or 5.10(b) are unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities, or expenses (or actions in respect thereof) referred to
therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, liabilities, or expenses (or actions in respect thereof) in such proportion as is appropriate to
reflect the relative fault of the indemnifying party and the indemnified party in connection with the actions which resulted in the losses, claims, damages, liabilities, or expenses as well as any other relevant equitable considerations. The
relative fault of such indemnifying party and indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact
relates to information supplied by such indemnifying party or indemnified party, and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. The parties hereto agree that
it would not be just and equitable if contribution pursuant to this Section 5.10(d) were determined by pro rata allocation (even if the Stockholders or any underwriters or all of them were treated as one entity for such
purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in this Section 5.10(d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages,
liabilities, or expenses (or actions in respect thereof) referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such indemnified party in connection with investigating or, except as provided in
Section 5.10(c). defending any such action or claim. Notwithstanding the provisions of this Section 5.10(d). no Stockholder shall be required to contribute an amount greater than the dollar amount by which the net proceeds
received by such Stockholder with respect to the sale of any Registrable Shares exceeds the amount of damages which such Stockholder has otherwise been required to pay by reason of any and all untrue or alleged untrue statements of material fact or
omissions or alleged omissions of material fact made in any registration statement, prospectus or preliminary prospectus, or any amendment thereof or supplement thereto related to such sale of Registrable Shares. No person guilty of fraudulent
misrepresentation (within the meaning of Section 1 l(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Stockholders’ obligations in this
Section 5.10(d) to contribute shall be several in proportion to the amount of Registrable Shares registered by them and not joint. 
 If indemnification is available under this Section 5.10, the indemnifying parties shall indemnify each indemnified party to the full extent provided in Sections 5.10( a) and 5.10(b)
without regard to the relative fault of said indemnifying party or indemnified party or any other equitable consideration provided for in this Section 5.10(d) subject, in the case of the Stockholders, to the limited dollar amounts
set forth in Section 5.10(b). 
 (e) The indemnification and contribution provided for under this Stockholders
Agreement will remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director, or controlling Person of such indemnified party and will survive the transfer of securities and
the termination of this Stockholders Agreement. 

  
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 SECTION 5.11 Further Assurances. Each Stockholder shall do all such acts and things
as, in the opinion of the Board, may be necessary or advisable to facilitate a Qualified IPO, including, without limitation, authorizing all amendments to the Certificate that the Board may consider necessary or advisable to facilitate any
reorganization of the Corporation that is to occur prior to the Qualified IPO. 
 ARTICLE VI 

OPTION BY CERTAIN UNACCREDITED STOCKHOLDERS 
 SECTION 6.1 Incorporation by Reference. Each Stockholder agrees to be bound by the terms and provisions of Article VI of the Main Stockholders Agreement as though such terms and provisions were set
forth herein. 
 ARTICLE VII 
 CONFIDENTIALITY, NON-COMPETITION AND NON-SOLICITATION 
 SECTION 7.1
Acknowledgement. The Stockholders acknowledge that they and their respective employees, nominees, advisors, agents, or other representatives (collectively, “Representatives”) will have access to and will be entrusted with
detailed confidential information and trade secrets (“Confidential Information”) relating to the present and contemplated operations of the Corporation and its Subsidiaries, the disclosure of any of which Confidential Information to
Competitors or to the general public would be highly detrimental to the best interests of the Corporation. The Stockholders acknowledge and agree that the right to maintain the confidentiality of such Confidential Information and the right to
preserve the goodwill of the Corporation constitute proprietary rights which the Corporation is entitled to protect. 
 SECTION
7.2 Covenants. (a) Covenants of Stockholders. Each Stockholder hereby agrees with each of the other Stockholders and with the Corporation that neither it nor any of their respective representatives shall, directly or indirectly:

 (1) subject to Section 7.3, at any time disclose any Confidential Information to any person nor use the same for
any purpose other than the purposes of the Corporation, nor disclose or use for any purpose other than those of the Corporation the private affairs of the Corporation or any other non-public information relating to the business and affairs of the
Corporation or any of its Subsidiaries which they may acquire as a result of being a Stockholder or director of the Corporation or any of its Subsidiaries; provided, however, that any party may disclose any information (i) to the
extent required by law, regulation, or valid order of a governmental body, regulatory board, administrative tribunal, or comparable entity, (ii) to such party’s legal counsel, or (iii) to any of its Affiliates or accounting or
financial advisors who need to know such information and have delivered to the Corporation a confidentiality agreement, in form and content satisfactory to the Corporation, acting reasonably, by which the Affiliate or advisor, as the case may be,
has agreed not to disclose such information to any person, not to use such information for any purpose other than to provide advice to the Stockholder and, forthwith upon request, to return to the Corporation all tangible evidence of such
information; 

  
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 (2) until such time as such Stockholder ceases to be a Stockholder of the Corporation,
either individually or in partnership or jointly or in conjunction with any person, as principal, agent, shareholder, or in any other manner whatsoever, carry on or be engaged in or concerned with or interested in, or advise, lend money to,
guarantee the debts or obligations of, or permit its name or any part thereof to be used or employed by or associated with, any person engaged in or concerned with or interested in any business which is competitive with the business carried on by
the Corporation or any of its Subsidiaries at such time without, in each case, the prior written consent of the Corporation, which consent shall not be unreasonably withheld or delayed; provided, however, that a Stockholder shall not
be bound by the restrictions set forth in this Section 7.2(a)(2) if and during such time as such Stockholder’s fully diluted ownership of the equity securities of the Corporation constitutes less than one and one half percent
(1.5%) of the total issued and outstanding equity ownership of the Corporation; and 
 (3) until such time as such
Stockholder ceases to be a Stockholder of the Corporation, at any time contact, or take any steps designed to bring information to the attention of, any employee or executive of the Corporation or any of its Subsidiaries for the purpose of offering
such employee or executive employment with, or enticing such employee or executive to seek employment with, any person other than the Corporation or any of its Subsidiaries, regardless of the business in which such other person is engaged, without,
in each case, the prior written consent of the Corporation, which consent shall not be unreasonably withheld or delayed or at any time, directly or indirectly, individually or in partnership or jointly or in conjunction with any person, as
principal, agent, shareholder, or in any other manner whatsoever, contact, approach, or solicit any customer or client (or prospective customer or client) of the Corporation or any of its Subsidiaries for the purpose of soliciting any such client or
customer (or prospective client or customer) or selling to such person services the same or similar to any services provided by the Corporation or any of its Subsidiaries. 
 (b) Acquisition of Public Securities. The restriction set out in Section 7.2(a) shall not preclude the acquisition (i) by any JANA Group Stockholder of the outstanding shares of
any class or series of any issuer which are traded on any stock exchange or other public market or (ii) by any other Stockholder of up to five percent (5%) in the aggregate of the outstanding shares of any class or series of any issuer
which are traded on any stock exchange or other public market. JANA shall provide prompt notice to the Corporation upon the occurrence of any acquisition of securities that would trigger a suspension of rights under Sections 2.2(d) and
2.3(b) hereof. 
 (c) Activities of the JANA Group. The restriction set out in Section 7.2(a) shall
not preclude disclosure of Confidential Information by the JANA Group in connection with any proposed sale of its Common Stock to a Third Party Purchaser, provided, however, that such disclosure shall not be made until the person
receiving such Confidential Information has delivered to the Corporation a confidential agreement, in form and content satisfactory to the Corporation, acting reasonably, by which the person receiving such Confidential Information: (1) agrees
not to disclose such information to any person other than its legal and financial advisors and financing sources and agrees to be responsible for any improper disclosure by any such person; (2) agrees not to use such information for any purpose
other than in connection with the proposed sale transaction; and (3) forthwith upon request, to return to the Corporation or to the JANA Group all tangible evidence of such information. 

  
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 SECTION 7.3 Reasonable Restrictions. The Stockholders hereby agree that all
restrictions contained in this Article VII are reasonable and valid and waive all defenses to the strict enforcement thereof to the fullest extent permitted by law. 
 ARTICLE VIII 
 MISCELLANEOUS 

SECTION 8.1 Implementation. Each Stockholder agrees to vote its shares of Common Stock, and all other securities of the
Corporation entitled to vote on a particular matter, at all times, to cause its nominees to the Board (if any) to act at all times and otherwise to exercise its influence in respect of the Corporation, the Corporation agrees to exercise its
influence in respect of its Subsidiaries, and the Corporation and each Stockholder agrees to sign all such documents and to do and perform all such other acts or things as may be necessary or desirable from time to time in order to give full effect
to the provisions and intent of this Stockholders Agreement and to ensure that the provisions of this Stockholders Agreement shall govern the affairs of the Corporation and its Subsidiaries to the maximum extent permitted by law, notwithstanding any
conflicting provision in the Certificate, the Bylaws or any conflicting resolutions of the directors or stockholders of the Corporation. In the case of any conflict between the provisions of this Stockholders Agreement and the Certificate, the
Bylaws or any such resolutions, each Stockholder agrees to take all such action as may be required under the DGCL or otherwise to amend the Certificate, the Bylaws or such resolutions, as the case may be, to resolve such conflict so that the
provisions of this Stockholders Agreement shall, to the maximum extent permitted by law, at all times prevail. 
 SECTION 8.2
Notices. Any notices or other communications required or permitted hereunder shall be in writing, and shall be sufficiently given if made by hand delivery, by telecopier, or registered or certified mail, postage prepaid, return receipt
requested, addressed as follows (or at such other address as may be substituted by notice given as herein provided): 
 If to
the Corporation: 
 SITEL Worldwide Corporation 
 Two American Center 
 3102 West End Avenue, Suite 1000 

Nashville, Tennessee 37203 
 Facsimile: (615) 301-7196 
 Attention: Chief Financial Officer 

and 
 SITEL
Worldwide Corporation 
 Two American Center 
 3102 West End Avenue, Suite 1000 

  
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 Nashville, Tennessee 37203 

Facsimile: (615) 301-7325 
 Attention: General Counsel 
 With copies simultaneously by like means to

 (but which shall not constitute notice): 
 Mayer, Brown, Rowe & Maw LLP 
 1675 Broadway 

New York, New York 10019 
 Facsimile: (212) 262-1910 
 Attention: Mark S. Wojciechowski 

If to any Stockholder: 
 JANA Piranha Master Fund, Ltd. 
 c/o JANA Partners LLC 

200 Park Avenue 

New York, NY 10266 
 Facsimile (212) 692-7695 
 Attention: Charles Penner, Esq. 

General Counsel 

With copies simultaneously by like means to 
 (but which shall not constitute notice): 
 Zukerman Gore & Brandeis, LLP

 875 Third Avenue 
 New York, NY 10022 
 Facsimile (212) 223-6433 

Attention: Clifford A. Brandeis, Esq. 
 Any notice or communication hereunder shall be deemed to have been given or made as of the date so delivered if personally delivered; when answered back, if telexed; when receipt is acknowledged, if
telecopied; and five (5) calendar days after mailing if sent by registered or certified mail (except that a notice of change of address shall not be deemed to have been given until actually received by the addressee). 

Failure to mail a notice or communication to a Stockholder or any defect in it shall not affect its sufficiency with respect to other
Stockholders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 
 SECTION 8.3 Successors and Assigns. Whether or not an express assignment has been made pursuant to the provisions of this Stockholders Agreement, the rights and obligations under this Stockholders
Agreement are also for the benefit of, and enforceable against, all subsequent holders of Securities, except as otherwise expressly provided herein. This Stockholders Agreement shall be binding upon the Corporation, each Stockholder, and their
respective successors and assigns. Notwithstanding the other provisions hereof, (i) neither 

  
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JANA nor any member of the JANA Group shall transfer or assign its rights (other than to members of the JANA Group) under Section 2.2 (Observer Rights), Section 2.3
(Information Rights), Section 2.4 (Access and Visitation), Section 2.5 (Parity of Anti-Dilution Protection) or Special Preemptive Rights under Section 3.3(e). To the extent that JANA or any member of the JANA
Group transfers any Securities to one or more of its Affiliates, each such Affiliate shall appoint JANA as such Affiliate’s agent to act on such Affiliate’s behalf for purposes of this Stockholders Agreement (including accepting notice and
exercising any right on behalf of the JANA Group). 
 SECTION 8.4 Remedies. The Stockholders agree and acknowledge that
money damages may not be an adequate remedy for any breach of the provisions of this Stockholders Agreement and that any Stockholder may in its sole discretion apply to any court of competent jurisdiction for specific performance and/or injunctive
relief in order to enforce or prevent any violation of the provisions of this Stockholders Agreement. 
 SECTION 8.5
Termination. The provisions of this Stockholders Agreement, other than Article V (which shall survive a Qualified IPO), shall terminate upon the consummation of a Qualified IPO. 

SECTION 8.6 Legal Holidays. A “Legal Holiday” used with respect to a particular place of payment is a Saturday, a
Sunday or a day on which banking institutions at such place are not required to be open. If a payment date is a Legal Holiday at such place, payment may be made at such place on the next succeeding day that is not a Legal Holiday, and no interest on
the amount of such payment shall accrue for the intervening period. 
 SECTION 8.7 Governing Law. THIS STOCKHOLDERS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE PARTIES HERETO IRREVOCABLY CONSENTS TO THE JURISDICTION AND VENUE OF THE FEDERAL AND
STATE COURTS LOCATED IN THE STATE OF NEW YORK, COUNTY OF NEW YORK. 
 SECTION 8.8 Severability. In case any provision in
this Stockholders Agreement shall be held invalid, illegal or unenforceable in any respect for any reason by a court of competent jurisdiction, the validity, legality and enforceability of any such provision in every other respect and the remaining
provisions shall not in any way be affected or impaired thereby. 
 SECTION 8.9 No Waivers: Amendments. (a) No
Waivers. No failure or delay on the part of the Corporation or any Stockholder in exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power, or remedy
preclude any other or further exercise thereof or the exercise of any other right, power, or remedy. The remedies provided for herein are cumulative and are not exclusive of any remedies that may be available to the Corporation or any Stockholder at
law or in equity or otherwise. 
 (b) Amendment and Waiver. Any provision of this Stockholders Agreement may be amended
or waived if, but only if, such amendment or waiver is in writing and is signed by the Corporation and JANA, and such amendment or waiver shall be binding on all of the Stockholders and the Corporation. 

  
 -31-

 SECTION 8.10 Currency. Unless otherwise indicated, all dollar amounts referred to in
this Stockholders Agreement are expressed in United Slates dollars. 
 SECTION 8.11 Sections and Headings. The division
of this Stockholders Agreement into Articles and Sections and the insertion of headings are for reference purposes only and shall not affect the interpretation of this Stockholders Agreement. The terms “this Stockholders Agreement”,
“hereof, “herein”, “hereunder” and similar expressions refer to this Stockholders Agreement and not to any particular section or other portion hereof and include any agreement or instrument supplemental or ancillary hereto.
Unless otherwise indicated, any reference in this Stockholders Agreement to a section or schedule refers to the specified section of or schedule to this Stockholders Agreement. 

SECTION 8.12 Entire Agreement. This Stockholders Agreement constitutes the entire agreement among the parties with respect to the
subject matter hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether written or oral. There are no conditions, covenants, agreements, representations, warranties or other provisions, express or implied,
collateral, statutory or otherwise, relating to the subject matter hereof except as provided in this Stockholders Agreement. In the event and to the extent there is an inconsistency between any of the terms or conditions of this Stockholders
Agreement and the Main Stockholders Agreement, the terms and conditions of this Stockholders Agreement shall govern. 
 SECTION
8.13 Duplicate Originals. This Agreement may be executed in any number of original, facsimile or electronic counterparts, each of which shall be deemed an original, but all of which when taken together shall constitute one and the same
agreement. 
 SECTION 8.14 Intentionally Deleted. 

SECTION 8.15 Number and Gender. in this Stockholders Agreement, words importing the singular number only shall include the plural
and vice versa and words importing any gender shall include all genders. 
 SECTION 8.16 Ceasing to Be a
Party. Except as otherwise provided in this Stockholders Agreement, a Stockholder shall cease to be a party to this Stockholders Agreement in the event that such Stockholder and every Affiliate thereof no longer holds or has any interest in any
securities of the Corporation. Any Stockholder that ceases to be a party to this Stockholders Agreement shall have no further rights or obligations under this Stockholders Agreement, other than rights and obligations that may have arisen or accrued
before such Stockholder ceased to be a party. 
 SECTION 8.17 Change in Securities. The provisions of this Stockholders
Agreement relating to securities of any class or series shall apply, mutatis mutandis, to any securities into which such securities may be converted, reclassified, redesignated, subdivided, consolidated, or otherwise changed from time
to time and to any securities of any successor or continuing corporation to the Corporation that may be received in respect of any securities on a reorganization, amalgamation, consolidation or merger, statutory or otherwise. 

  
 -32-

 SECTION 8.18 Securities Subsequently Acquired. Each Stockholder agrees that, in
addition to the shares of Class C Common Stock now owned by it as set out opposite its, his or her name in Schedule A, all Common Stock or Common Stock Equivalents hereafter acquired by such Stockholder shall be subject in all respects to the
provisions of this Stockholders Agreement; provided, that, if any Stockholder shall acquire any shares of Class A Nonvoting Common Stock, Class A Voting Common Stock, Class B Nonvoting Common Stock or Class B Voting Common
Stock, such Stockholder shall also become a party to the Main Stockholders Agreement. 
 SECTION 8.19 Registration of
Securities. The parties acknowledge that shares of Common Stock and Common Stock Equivalents beneficially owned by a Stockholder may from time to time be registered in the name of a nominee which will hold such securities as a bare trustee for
the sole benefit and under the sole direction of such Stockholder. Each Stockholder shall cause all such shares of Common Stock and Common Stock Equivalents to remain subject in all respects to, and to be dealt with only in accordance with, this
Stockholders Agreement in the same manner as if they were registered at all times in the name of such Stockholder. The Corporation may at any time require that evidence satisfactory to it, acting reasonably, be provided to the effect that any such
nominee holds all shares of Common Stock and Common Stock Equivalents for the sole benefit of the relevant Stockholder. 
 [THE
REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 

  
 -33-Employment Letter Agreement

 Exhibit 10.5 
 AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT 
 This is Amendment
No. 1 (the “Amendment”) to the Employment Letter Agreement by and between SITEL Worldwide Corporation, formerly known as “ClientLogic Corporation” (the “Company”), and David Garner (“Employee”). This
Amendment is effective January 1, 2005 (the “Effective Date”), but actually made in 2008 on the date(s) set forth below. 
 Recitals 

A.        The Company and Employee entered into an employment letter agreement
dated September 25, 2003 (the “Employment Agreement”). 

B.        The Company and Employee now mutually desire to amend the Employment
Agreement to ensure that it complies with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the final Treasury Regulations promulgated thereunder. 

C.        The parties intend that except as expressly amended by this Amendment
to Employment Agreement, the Employment Agreement shall remain in full force and effect. Further, this Amendment shall form a part of the Employment Agreement for all purposes and the Employment Agreement and this Amendment shall be read together.

 NOW, THEREFORE, in consideration of the mutual promises and covenants herein contained, the sufficiency of
which is specifically acknowledged by the Company and Employee, it is agreed as follows: 
 Agreements 

1.        Section 3.(b) of the Employment Agreement is amended to add the
following sentence at the end of Subsection (b): 
 Any bonus earned for a calendar year shall
be paid in the following calendar year, except that following your Date of Termination (as defined in Section 6), including any Outstanding Amount that is attributable to bonus pay that is owed following your Termination of Employment;

 2.        The first paragraph of Section 6 of the Agreement is
hereby replaced with the following two paragraphs: 
 If your employment is terminated by the
Company Without Cause, you shall be entitled to (i) any accrued but unpaid portion of your Base Salary; (ii) any declared but unpaid portion of your Bonus; and (iii) any reimbursement of expenses properly incurred in the course of
your employment by the Company (collectively referred to herein as your 

 
“Outstanding Amounts”), up to the effective date of the termination of your employment by the Company (the “Date of Termination”). In such event, the Company shall also pay to
you, as liquidated damages, a lump sum equal to 12 months of your Base Salary (the “Severance Payment”). This lump sum payment will be made 30 days after your Date of Termination. 

“Date of Termination” means the date you and the Company reasonably anticipate that
(i) you will not perform any further services for the Company or any other entity considered a single employer with the Company under Section 414(b) or (c) of the Internal Revenue Code (the “Employer Group”)(but substituting
50% for 80% in the application thereof), or (ii) the level of bona fide services you will perform for the Employer Group after that date will permanently decrease to less than 50% of the average level of bona fide services performed over the
previous 36 months. For this purpose, service performed as an employee or as an independent contractor is counted, except that service as a member of the board of directors of an Employer Group entity is not counted unless termination benefits under
this Agreement are aggregated with benefits under any other Employer Group plan or agreement in which you also participate as a director. You will not be treated as having a termination of your employment while you are on military leave, sick leave
or other bona fide leave of absence if the leave does not exceed six months or, if longer, the period during which you have has a reemployment right under statute or contract. If a bona fide leave of absence extends beyond six months, your
employment will be considered to terminate on the first day after the end of such six month period, or on the day after your statutory or contractual reemployment right lapses, if later. The Company will determine when your Date of Termination
occurs based on all relevant facts and circumstances, in accordance with Treasury Regulation Section 1.409A-1(h), including 1.409A-1(h)(4) regarding whether an asset sale results in termination of your employment hereunder. 

3.        A new final paragraph is added to Section 6 of the Employment
Agreement to reads as follows: 
 Notwithstanding anything herein to the contrary, if you are a
“specified employee” within the meaning of Treasury Regulation Section 1.409A-1(i) (or any successor thereto) on your Date of Termination, any Severance Payment that is in excess of the amount that qualifies as separation pay under
Treasury Regulation Section 1.409A-1(b)(9) shall not begin to be paid until six months after your Date of Termination, and at that time, you will receive in one lump sum payment all of the Severance Payment that would have been paid to you
during the first six months following your Date of Termination. The Company shall determine, consistent with any guidance issued under Code Section 409A, the portion of Severance Payments that are required to be delayed, if any. 

  
 -2-

 4.        The following new
subsection (h) is added to Section 8 of the Employment Agreement: 

(h)      The Company and you agree and confirm that this Agreement is
intended by both parties to provide for compensation that is exempt from Code Section 409A as separation pay (up to the Code Section 409A limit), and to be compliant with Code Section 409A with respect to additional severance
compensation and bonus compensation. This Agreement shall be interpreted, construed, and administered in accordance with this agreed intent, provided that the Company does not promise or warrant any tax treatment of compensation hereunder. This
Agreement shall not be amended or terminated in a manner that would accelerate or delay payment of severance pay or bonus pay except as permitted under Treasury Regulations under Code Section 409A. 

IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 to Employment Agreement as of the Effective Date
but actually on the date(s) stated below. 
  

			
	 SITEL WORLDWIDE CORPORATION

		
	 By
	 	 /s/  Seth Mersky

		
	 Name:
	 	 SETH M. MERSKY

		
	 Title:
	 	 CHAIRMAN

	
	 EMPLOYEE

	
	 /s/  David Garner

	 David Garner

  
 -3-

 September 25,
2003               
 Personal and Confidential

 David Garner 
 716 Fields Lane 
 Simpsonville, KY 40067 

Dear David: 
 This letter sets forth the terms and conditions upon which ClientLogic Corporation (the “Company”) offers to employ you as the President and Chief Executive Officer of the Company. 

 

	 1. 
	 Duties and Responsibilities 

You will be employed as the President and Chief Executive Officer of the Company and, subject always to
the control and direction of the board of directors of the Company (the “Board”), will be responsible for providing the vision, strategic direction and overall management of the Company. You will also be entitled to be nominated for
election as a director of the Company for so long as you are an employee of the Company. 
 You
will perform, in accordance with the Company’s corporate governance practices from time to time, such executive and managerial duties and responsibilities and will have such management authority in respect of the Company as are consistent with
the duties, responsibilities and management authority customarily assumed by the chief executive officer of a company of the size, nature and type of the Company. You will report directly to the Board and your duties and responsibilities will
include those assigned to you by the Board from time to time, consistent with your position as President and Chief Executive Officer of the Company. You will also be responsible for the management and supervision of the Chief Financial Officer,
Chief Operating Officer and other senior officers of the Company and its subsidiaries, subject always to the approval of the Board as to matters relating to the hiring and/or termination of such senior management personnel. 

You agree that your employment with the Company shall be full-time and exclusive. For so long as you
remain employed by the Company, you agree that you will (i) devote substantially all of your business time and attention and all your skill and ability to promote the interests and goodwill of the Company, (ii) carry out your duties in a
competent and professional manner, and (iii) act honestly, in good faith and in the best interests of the Company and exercise the degree of diligence and responsibility that a person holding the position of President and Chief Executive
Officer of the Company would reasonably be expected to exercise in similar circumstances. 
  

 - 2 - 

 

	 2. 
	 Term 

 The initial term (the “Initial Term”) of your employment by the Company will commence on September 25, 2003 (the “Effective Date”) and continue for a period of three
(3) years from the Effective Date, unless terminated earlier in accordance with this Agreement. At the end of the Initial Term, this Agreement shall automatically renew for successive one (1) year terms until your employment is terminated
in accordance with Section 5 (any such renewal term or terms together with the Initial Term are referred to herein collectively as the “Term”). 
  

	 3. 
	 Compensation 

Set out below are the compensation and benefits to which you will be entitled as full compensation and
consideration for the performance of the services to be rendered by you in connection with your employment by the Company: 
 (a)    Base Salary. Your salary will be $400,000 per annum, which will be payable in accordance with the usual practices of the Company (referred to herein as your “Base
Salary”); 
 (b)    Annual Bonus. In addition to your Base
Salary, you will be eligible for a bonus (referred to herein as your “Bonus”) in respect of each fiscal year of the Company, which will be payable in the sole and absolute discretion of the Board; provided, however, that you will be paid a
Bonus of not less than $250,000 for each full fiscal year (pro rated where you are an employee of the Company for only part of any year), unless the Company has notified you by not later than 60 days following the commencement of any fiscal year
that such minimum Bonus arrangement will be terminated; 

(c)    Benefit Plans. You shall be entitled to participate in all benefit
plans available to senior executives of the Company, including medical, dental, life insurance and retirement plans, in accordance with the terms of such plans in effect from time to time; and 

(d)    Vacation. You shall be entitled to five weeks paid vacation per
calendar year to be taken at such time or at such times as are mutually agreeable between you and the Company. 
 You acknowledge and agree that the Company shall be entitled to make such deductions and withholdings from your compensation as may be required by law and as may be required by your participation in or
receipt of any benefit plan contemplated hereby. 
 The Company will reimburse you for all
reasonable and necessary business or entertainment expenses incurred in the performance of your duties and responsibilities hereunder upon presentation to the Company of any invoices, expense statements, vouchers and/or other such supporting
documentation or information as the Company may request in accordance with its usual practices from time to time. 

 - 3 - 

 

	 4. 
	 Stock Loan 

In connection with your acceptance of employment by the Company, you will be entitled to purchase from
the Company 869,565 shares of Common Stock (the “Initial Acquired Stock”) at a purchase price of $2.30 per share (for an aggregate purchase price of approximately $2,000,000). The Company will lend to you (the “Bridge Loan”) up
to $1.75 million (but not less than $250,000) which shall be applied against the total purchase price for the Initial Acquired Stock; the remaining portion of the purchase price not funded with the proceeds of the Bridge Loan will be payable by you
in cash at the time of purchase. The Bridge Loan will mature and be repayable on December 31, 2003 and will otherwise be made on terms and conditions substantially the same as those for the Stock Loan (as described below). 

If you elect to purchase all (but not less than all) of the Initial Acquired Stock you are entitled to
acquire in accordance with the foregoing paragraph, the Company will make or cause to be made available to you a loan (the “Stock Loan”) in the principal amount of $6,400,000 (the “Loan Amount”) solely for the purpose of
purchasing up to an additional 2,782,607 shares of Common Stock (the “Additional Stock”) at the same purchase price (which, together with the other Common Stock acquired by you, is equivalent to approximately 4% of the total number of
shares of Common Stock outstanding as at the date of this Agreement). The Stock Loan will be made to you on and subject to the following terms and conditions: 
  

	 	 (a)
	 amounts outstanding under the Stock Loan will bear interest, both before and after default or judgment, at a rate of 4% per annum. Interest
shall be payable by you in cash within five days of the end of each calendar year during the Term; 
	 

  

	 	 (b)
	 the entire amount of the Stock Loan and all accrued and unpaid interest thereon shall be immediately repayable upon the earliest to occur of
(i) any sale, exchange or disposition of shares of Common Stock by you (whether in connection with a merger, acquisition, arrangement, recapitalization, reorganization or other transaction involving the Company), (ii) the sale of all or
substantially all the assets of the Company or any liquidation, dissolution or winding-up of the Company, and (iii) the seventh anniversary of the date on which amounts are first advanced under the Stock Loan; 
	 

  

	 	 (c)
	 upon (i) the termination of your employment by the Company for any reason, (ii) the taking of any step by you or any other person in
connection with your bankruptcy or insolvency, (iii) any failure to pay any Interest when due and payable or (iv) any other default under the Stock Loan, the Loan Amount and all accrued and unpaid Interest thereon shall become immediately
due and payable upon demand; and 
	 

  

	 	 (d)
	 the Company’s sole recourse for any failure by you to repay the Stock Loan and any Interest when due shall be against the Common Stock
beneficially 
	 

 - 4 - 

 

	 	 
owned by you and the Company shall not have any recourse for the payment of such amounts against you personally or your other assets or property. 
	 

 The Stock Loan will be subject to
additional terms and conditions to be included in a definitive loan agreement to be entered into by you and the Company at the time of the making of the Stock Loan. 

In connection with your acquisition of any shares of Common Stock, you shall be required, as a condition
precedent to your acquisition of such shares, to enter into the Stockholders Agreement relating to the Company. 
 For purposes of this Agreement, “Common Stock” means the shares of common stock of the Company and includes any shares into which such shares may be changed, converted, subdivided, consolidated
or converted and any shares received by the holders of shares of common stock of the Company upon the completion of any reorganization, merger, consolidation or other similar transaction. 

 

	 5. 
	 Termination 

You agree that this Agreement and your employment by the Company shall immediately terminate upon your
death and may otherwise be terminated: 
  

	 	 (a)
	 by the Company, immediately at any time for any reason and without Cause (referred to herein as “Without Cause”); 
	 

  

	 	 (b)
	 by the Company, immediately at any time for Cause; 
	 

  

	 	 (c)
	 by the Company, as a result of your Disability, and you agree to cooperate in all respects with the Company if a question arises as to whether you
have become Disabled, including authorizing your medical doctor or other health care specialist to discuss your condition with the Company and submitting to examination by a medical doctor or other health care specialist selected by the Company; or

	 

  

	 	 (d)
	 by you, from and after the end of the Initial Term by giving notice to the Company at least six months prior to the effective date of the
termination. 
	 

 For the purposes of this Agreement, the
following terms have the meaning set out below: 
 “Disability” and
“Disabled” mean your inability to perform your duties and responsibilities hereunder by reason of illness, disease, mental or physical disability or incapacity (from any cause or causes whatsoever) for a period of 120 consecutive days or
160 non-consecutive days within any 12 month period hereunder; and 

 - 5 - 

 

 “Cause” means (a) your breach of this
Agreement or any other written agreement between you and the Company, (b) your conviction, whether following trial or by plea of guilty or no contest, to any felony or any other crime involving moral turpitude, dishonesty, fraud, embezzling,
bribery, false or misleading statements, extortion or theft, (c) your breach of any prohibition or restriction in applicable securities laws regarding “insider trading” or similar matters, (d) your material breach of any Company
policy in effect from time to time, (e) your engaging in any act or making any statement which impairs, impugns, denigrates, disparages or negatively reflects upon the name, reputation or business interests of the Company, or (f) your
engaging in any conduct detrimental to the Company. 
  

	 6. 
	 Termination Entitlements 

If your employment is terminated by the Company Without Cause, you shall be entitled to (i) any
accrued but unpaid portion of your Base Salary, (ii) any declared but unpaid portion of your Bonus, and (iii) any reimbursement of expenses properly incurred in the course of your employment by the Company (collectively referred to herein
as your “Outstanding Amounts”), up to the effective date of the termination of your employment by the Company (the “Date of Termination”). In such event, the Company shall also pay to you, as liquidated damages, a lump sum equal
to the lesser of (a) 12 months of your Base Salary and (b) the amount of your Base Salary that would otherwise be payable to you over the remainder of the Term. 

If your employment hereunder terminates or is terminated by the Company for any reason other than
Without Cause (including by reason of your death or Disability), you shall not be entitled to any severance, payment in lieu of notice of termination or similar payment in respect of such termination other than any Outstanding Amounts payable to you
up to the Date of Termination. 
 Any benefits to which you or your beneficiaries may be
entitled under any benefit plans in which you participate by reason of your employment with the Company shall be determined as of the Date of Termination in accordance with the terms of such plans, and you and your beneficiaries shall cease to
accrue any benefits under such benefit plans from and after the Date of Termination. 
 If your
employment is terminated by the Company Without Cause or if your employment terminates as a result of your death or Disability (but not, for certainty, if your employment by the Company terminates as a result of your resignation or for any other
reason), you (or your estate) shall be entitled to require the Company, by notice in writing (a “Put Notice”) given to the Company not more than 60 days following the effective date of your termination, to repurchase all (but not less than
all) of the Initial Acquired Stock then beneficially owned by you (the “Put Stock”) (but not, for certainty, any Additional Stock) for a purchase price equal to its fair market value. For purposes of determining the number of shares of the
Initial Acquired Stock beneficially owned by you at the time of the termination of your employment by the Company, you shall be deemed, in connection with any prior disposition by you of shares of Common Stock, to have disposed of the shares of
Initial Acquired Stock before disposing of any of the shares of the Additional Stock or any other shares of Common Stock beneficially owned by you. 

 - 6 - 

 

 In the event of the delivery of a Put Notice, the fair
market value of the Put Stock shall be determined by the Board within 30 days of the receipt of the Put Notice by the Company and the Company shall promptly thereafter advise you (or your estate) of the Board’s determination. If you (or your
estate) object to the Board’s determination as to the fair market value of the Put Stock, you (or your estate) shall be required to advise the Company of the objection by notice in writing given within 10 days of your receipt of notice of the
Board’s determination. If a notice of objection is not given in accordance with the foregoing, you shall be deemed to have accepted and agreed with the Board’s determination of the fair market value of the Put Stock. If you and the Company
fail to agree on the fair market value of the Put Stock within 10 business days after the receipt by the Company of notice of your objection, you and the Company shall as soon as practicable jointly appoint an arbitrator (who shall be an employee of
an accredited business valuator or investment bank) who shall determine the fair market value of the Put Stock. The Company will provide the arbitrator with such information as to the Company as the arbitrator may reasonably require in order to
determine the fair market value of the Put Stock. The arbitrator shall deliver his report to the Company and you as soon as practicable and, in any event, within 30 days of his appointment. If the fair market value of the Put Stock is determined by
the arbitrator to be 10% or more than the fair market value as determined by the Board, the arbitrator’s determination shall be conclusive, final and binding on the parties and the Company shall pay all of the fees and expenses of the
arbitrator. In all other circumstances, the Board’s determination as to the fair market value of the Put Stock shall be conclusive, final and binding on the parties and you shall be liable for payment of all fees and expenses of the arbitrator.

 Notwithstanding the foregoing paragraph, the fair market value for the Put Stock shall be,
for purposes of determining the purchase price to be paid by the Company for the Put Stock, not less than $2.30 per share (the “Floor Price”) if the EBITDA for the Company for its most recently ended four-quarter fiscal year is not less
than 110% of the EBITDA of the Company for its fiscal year ended December 31, 2002. Notwithstanding the foregoing, the Floor Price shall be subject to adjustment in such manner as may be determined by the Board if at any time during the Term
there has been any material increase in (i) the fully-diluted number of shares of Common Stock outstanding or (ii) the consolidated indebtedness (including capitalized leases and other long-term liabilities) of the Company. 

For purposes of this Agreement, “EBITDA” means, for any fiscal year of the Company, an amount
equal to the Company’s net income or net loss for such fiscal year, calculated on a consolidated basis in accordance with generally accepted accounting principles (but excluding any extraordinary, non-recurring or unusual items) plus, without
duplication and to the extent reflected as a charge in calculating net income or net loss: 
  

	 	 (a)
	 the aggregate of all depreciation, amortization and other like reductions to the net income of the Company not requiring an outlay of cash;

	 

 - 7 - 

 

	 	 (b)
	 interest expense and charges; and 
	 

  

	 	 (c)
	 the aggregate of all amounts in respect or current or future taxes. 
	 

 Other than as provided in this
Section 6, you agree that you (and your estate, if applicable) shall have no claim whatsoever against the Company or any other person for damages, remuneration or otherwise arising out of or relating to any termination of your employment by the
Company. You specifically agree to execute a formal release document to that effect and shall deliver appropriate resignations from all offices and positions with the Company and any other subsidiary of the Company if and when requested by the Board
following any termination of your employment by the Company. 
 You agree that the amounts
payable pursuant to this Section 6 upon termination of this Agreement and your employment hereunder shall be reduced by the amount of any payments which the Company is obligated to make to you by reason of such termination pursuant to
applicable employment standards legislation. 
  

	 7. 
	 Confidentiality, Non-Competition and Non-Solicitation 

 

	 	 (a)
	 Acknowledgment. You acknowledge and agree that: 
	 

  

	 	 (i)
	 in the course of performing your duties and responsibilities hereunder, you will have access to and will be entrusted with detailed confidential or
proprietary information and trade secrets concerning the Company and its current or future subsidiaries, affiliates or associates, the disclosure of any of which to competitors of the Company or to the general public, or the use of same by you
outside your employment or any competitor of the Company, would be highly detrimental to the interests of the Company and may result in irreparable injury to the Company which could not be adequately compensated by monetary damages; 
	 

  

	 	 (ii)
	 in the course of performing your duties and responsibilities hereunder, you will be a representative of the Company and it subsidiaries to third
parties and as such will have significant responsibility for maintaining and enhancing the goodwill of the Company and such subsidiaries with such parties; 
	 

  

	 	 (iii)
	 as an officer of the Company, you owe fiduciary duties to the Company, including to act in the best interests of the Company; and 
	 

  

	 	 (iv)
	 the right to maintain the confidentiality of such confidential and proprietary information, the right to preserve the goodwill of the Company and
the right to the benefit of any relationships with third parties that have developed by virtue of your employment hereunder constitute proprietary rights of the Company which it is entitled to protect. 
	 

 - 8 - 

 

 In acknowledgement of the matters described above and in consideration
of the payments and other benefits to be received by you pursuant to this Agreement, you agree to comply with the covenants and restrictions set out in this Section 7. 

(b)    Confidential Information. You agree that you shall during the Term and
at all times after the Date of Termination maintain the confidentiality of all confidential and proprietary information concerning the Company or its subsidiaries, affiliates or associates and will not use any of the said information you may acquire
in respect of the business and affairs of the Company or its subsidiaries, affiliates or associates for your own purposes, or for any purpose other than those of the Company until the date, if any, on which (i) the relevant information becomes
available to the public or is made available to you from a source which is not bound by an obligation of confidentiality to the Company, its subsidiaries, affiliates or associates, or (ii) you are required to disclose such information by any
court or governmental or regulatory authority of competent jurisdiction (in which case you shall be entitled to disclose or make use of such information only to the extent you are so required). 

(c)    Non-Solicitation. You shall not, without the specific prior written
consent of the Company, during the Term and for a period of two years after the Date of Termination, either on your own behalf or on behalf of, or in partnership, jointly or in conjunction with, any other person, solicit the services of or entice
away any person employed by or otherwise providing services to the Company or its subsidiaries on a full-time or part-time basis or solicit any customers, clients or suppliers of the Company or its subsidiaries to transfer any business from the
Company or its subsidiaries to any other person. 

(d)    Non-Competition. For so long as you remain employed hereunder and for
a period of two years following the Date of Termination, you shall not, either individually or in partnership or jointly or in conjunction with any other person, as principal, agent, shareholder or in any other capacity whatsoever, carry on or be
engaged in or concerned with or have any ownership or other interest in, or advise, lend money to, guarantee the debts or obligations of, or permit your name or any part thereof to be used or employed by or associated with, any business or
activities that are competitive with the business of the Company and its subsidiaries; provided that nothing contained herein shall prevent you from owning not more than 5% of any publicly traded class of shares of any company or from acting in any
capacity on behalf of the Company or any of its subsidiaries. The Company acknowledges that you currently own approximately 609,000 shares of common stock of SITEL Corporation. 

(e)    Return of Materials. All files, forms, brochures, books, materials,
written correspondence, memoranda, documents, manuals, computer disks, software products and other data (including financial and other information) pertaining to the Company or its subsidiaries, affiliates or associates which may come into your
possession or control shall at all times remain the property of the Company. Upon termination of your employment hereunder for any reason, you agree to immediately deliver to the Company all such property in your possession or directly or indirectly
under your control. You agree not to 

 - 9 - 

 

 
make, for your personal or business use or that of any other party, reproductions or copies of any such property or other property of the Company or its subsidiaries, affiliates or associates.

  

	 8. 
	 General 

 (a)    Any notice or other communication to be given in connection with this Agreement shall be in writing and may be given by personal delivery or facsimile transmission addressed to
the recipient as follows: 
  

	 	 (i)
	 if to you, at the address first set out above; and 
	 

  

	 	 (ii)
	 if to the Company, to the Chairman of the Board c/o ClientLogic Corporation, Two American Center, 3102 West End Avenue, Suite 1000, Nashville, TN
37203; 
	 

 or such other address as may be designated by notice by
either party to the other. Any notice or other communication given by personal delivery or facsimile shall be conclusively deemed to have been given on the day of actual delivery or transmission thereof. 

(b)    No modification, amendment or waiver of any of the provisions of this
Agreement shall be effective unless in writing and signed by the party to be bound thereby. A waiver of any provision of this Agreement by either party shall not be construed as a waiver of a subsequent breach or failure of the same provision, or a
waiver of any other provision. 
 (c)    This Agreement constitutes the
entire agreement between the parties and supersedes all prior discussions, understandings and arrangements between the parties in respect thereof. 

(d)    This Agreement shall enure to the benefit of and be binding upon your heirs,
executors, administrators and legal personal representatives and the successors and assigns of the Company. This Agreement is personal to you and may not be assigned by you. 

(e)    The invalidity or unenforceability of any provision or part of any provision
of this Agreement shall not affect the validity or enforceability of any other provision or part thereof and any such invalid or unenforceable provision or part thereof shall be deemed to be severable, and no provision or part thereof shall be
deemed dependent upon any other provision or part thereof unless expressly provided for herein. 
 (f)    You acknowledge that you (i) have had sufficient time to review and consider this Agreement thoroughly, (ii) have read and understand the terms of this Agreement and
your obligations hereunder, (iii) have obtained independent legal advice concerning the interpretation and effect of this Agreement; and (iv) you have entered into this Agreement voluntarily and without any pressure. 

 - 10 - 

 

 (g)    This Agreement will be
governed by and construed in accordance with the laws of the State of New York, without reference to the principles of conflict of laws. 
  

 
 If the foregoing is in accordance with your understanding, kindly confirm your acceptance and agreement by signing where indicated below and returning a signed copy of this letter agreement to the Company
which will thereupon constitute a binding and enforceable agreement between us (this “Agreement”). 
  

			
	 Yours very truly,

	
	 CLIENTLOGIC CORPORATION

		
	 by
	 	 /s/  Seth Mersky

		 	 Name: SETH M. MERSKY

		 	 Title: DIRECTOR

  

 
 The foregoing offer is hereby accepted and agreed to by the undersigned in the City of Nashville on October 3, 2003. 

 

							
	   SIGNED, SEALED & DELIVERED

        in the presence of:
	 	

	 	 /s/  David Garner
	 	
	
 

	 	 	 	 (seal)

	Witness	 	 	David Garner

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