Document:

<PAGE>

                                                              EXHIBIT 10.48

                              EMPLOYMENT AGREEMENT

     This Agreement is between TeleTech Holdings, Inc., including its
subsidiaries, their successors and assigns, their directors, officers, employees
and agents (the "Company" or "TeleTech") and Margot O'Dell ("Employee"), and
shall be effective as of February 8, 2001 ("Effective Date").

     1.   APPOINTMENT.

          A. TeleTech hereby employs Employee as Chief Financial Officer and
Executive Vice President, Human Resources, and Employee hereby accepts such
employment with TeleTech.

          B. Employee shall devote her full-time and best efforts to the
performance of all duties as shall be assigned to her from time to time by
TeleTech. Unless otherwise specifically authorized in writing by TeleTech,
Employee shall not engage in any other business activity, or otherwise be
gainfully employed.

          C. Employee acknowledges that, as part of her employment duties
hereunder, Employee may be required to perform services for, and serve as an
officer and/or director of, subsidiaries and affiliates of TeleTech, on behalf
of and as requested by TeleTech, and Employee agrees to perform such duties.

     2.   COMPENSATION.

          A. SALARY AND SALARY REVIEW. Employee's base salary shall be
$250,000.00 per year, payable in equal installments in accordance with
TeleTech's standard payroll practice, less legally required withholdings.
TeleTech may, in its sole discretion, increase, or decrease in a non-material
way, Employee's base salary, as and when TeleTech deems appropriate.

          B. ANNUAL BONUS. For each full calendar year hereunder, Employee shall
be entitled to an annual bonus targeted at 100 percent of her then current base
salary; provided, however, that the actual amount paid to Employee may be higher
or lower than the targeted amount at the Company's sole discretion. The precise
amount of the bonus shall be determined based on the achievement of a
combination of Company performance goals and Employee's personal performance
goals. Such goals and their respective weightings shall be reasonably
established by the Company in its sole discretion. Any and all bonuses hereunder
shall be payable in a lump sum, less legally required withholdings, the year
following the calendar year in which the bonus is earned.

     For the Year 2000 bonus, Company shall pay employee 100 percent of her base
salary (less legally required withholdings), prorated from Employee's first day
of employment with Company.

<PAGE>

     3.   STOCK OPTIONS.

          a. Employee shall be eligible to participate in a management stock
option program ("MSOP") designed to grant stock options to specified executives
at the end of each year based on personal achievements and business objectives.
If awarded, options granted under the MSOP will vest in equal annual
installments over four years unless the Company elects a different vesting
schedule generally applicable to Company executives. Grants of options in
connection with the MSOP shall be made when and in an amount determined by
TeleTech in its sole discretion, and shall be subject to the terms and
conditions of a separate stock option agreement to be executed by Employee and
TeleTech, and to any terms or conditions of TeleTech's MSOP that may be
established, modified or amended from time to time.

          b. On the Effective Date, the Company shall grant Employee a
non-qualified option to purchase 70,000 shares of the Company's common stock, at
an exercise price equal to the closing price, on the date of the grant, of
TeleTech common stock as reported by the NASDAQ national stock market. This
grant shall be made pursuant to and subject to the terms and conditions of
TeleTech's 1999 Non-Qualified Stock Option and Incentive Plan (the "Plan") and a
stock option agreement that shall provide, among other things, that this option
shall vest in equal annual installments over a four year period and Employee
shall have one year from the termination of her employment to exercise options
vested as of the termination date, provided that Employee's employment is not
terminated for "cause" as defined in the Plan, as amended.

          c. In addition, on the Second Grant Date, as defined below, the
Company shall grant Employee a non-qualified option to purchase 50,000 shares of
the Company's common stock, at an exercise price equal to the closing price, on
the date of the grant, of TeleTech common stock as reported by the NASDAQ
national stock market. This grant shall be made pursuant to and subject to the
terms and conditions of the Plan, as amended (or pursuant to any successor to
the Plan) and a stock option agreement that shall provide, among other things,
that this option shall vest in equal annual installments over a four year period
and Employee shall have one year from the termination of her employment to
exercise options vested as of the termination date, provided that Employee's
employment is not terminated for "cause" as defined in the Plan, as amended (or
pursuant to any successor to the Plan). For purposes of this paragraph 3(c), the
"Second Grant Date" shall be no later than the third business day following the
first of the following events to occur: (i) the delivery to the Company of an
irrevocable written waiver by Employee of her rights under paragraph 7(g)(ii),
below; or (ii) the day after the one-year anniversary of the Effective Date, if
at that time Employee remains employed by the Company. If neither of the
conditions precedent specified in the preceding sentence occurs, then the
Company shall not be required to issue the stock option grant specified in this
paragraph 3(c).

                                       2
<PAGE>

     4.   FRINGE BENEFITS.

          A. EXECUTIVE MEDICAL AND DENTAL INSURANCE. Employee and her dependents
shall be eligible for coverage under the group medical and dental insurance
plans made available from time to time to TeleTech's executive and management
employees, beginning on the Effective Date. TeleTech shall pay premiums for
Employee and her dependents under such group medical and dental insurance plans
pursuant to the same premium-payment formula applicable to TeleTech's other
senior executives.

          B. LIFE INSURANCE. Subject to Employee's satisfactory completion of a
standard medical examination, Employee shall be eligible for, and TeleTech shall
provide Employee with, a $4,000,000 term life insurance policy. TeleTech shall
pay all premiums relating to such a policy. TeleTech on behalf of Employee will
maintain such insurance policy so long as Employee is employed by TeleTech.
Employee shall be the owner of such policy and shall have the right to designate
the beneficiary or beneficiaries thereof. Upon termination of Employee's
employment for any reason, Employee shall have the right to continue and
maintain such policy by her payment of future premiums due under the policy.

          C. DISABILITY INSURANCE. Employee shall be eligible to participate in
TeleTech's group disability insurance program, as that program may be modified
from time to time. Employee shall also be eligible for a Long-Term Disability
insurance policy that shall provide Employee 50 percent of Employee's then
current base salary and annual bonus (calculated at 80 percent) on the 91st day
of a qualifying disability.

          D. MISCELLANEOUS BENEFITS. Employee shall receive fringe benefits
generally applicable to the other TeleTech executive and management employees
that are from time to time in effect.

     5.   PAID LEAVE.

          A. VACATION. During each calendar year of Employee's continuous,
full-time active employment with TeleTech, Employee shall earn, incrementally
during each pay period, a total of twenty days of paid vacation time.

          B. SICK LEAVE AND HOLIDAYS. Employee shall receive paid sick leave and
holidays under the guidelines for such leave applicable from time to time to
TeleTech's executive and management employees.

                                       3

<PAGE>

     6.   RELATIONSHIP BETWEEN THIS AGREEMENT AND OTHER TELETECH PUBLICATIONS.

     In the event of any conflict between any term of this Agreement and any
TeleTech contract, policy, procedure, guideline or other publication, the terms
of this Agreement shall control. For the avoidance of doubt, any disputes
brought under the Agreement to Protect Confidential Information, Assign
Inventions, and Prevent Unfair Competition and Unfair Solicitation
("Confidentiality Agreement"), of even date hereof and signed herewith, shall be
governed under paragraphs 9(b) and 9(d) of the Confidentiality Agreement.

     7.   TERM AND TERMINATION.

          a. TERM. The term of this Agreement shall commence on the Effective
Date and continue until this Agreement is terminated as specified below.

          b. TERMINATION BY CONSENT. This Agreement may be terminated at any
time by the parties' written agreement.

          c. TERMINATION BY TELETECH WITHOUT CAUSE. If TeleTech terminates
Employee's employment without "cause" ("cause" as defined in Paragraph 7(d) of
this Agreement) during the term of this Agreement, after Employee executes a
separation agreement and legal release releasing all claims that legally can be
released in a form satisfactory to TeleTech, as severance compensation TeleTech
shall: (i) pay Employee the sum of eighteen months of Employee's then-current
base salary plus eighteen months of Employee's on-target annual bonus (100% of
base salary), both payable in eighteen equal monthly installments, less legally
required withholdings, on the first business day of each month, beginning in the
month following the termination date; and (ii) cause to vest all of Employee's
unvested stock options that would have vested under Employee's stock option
agreements during the 12 months following the effective date of the termination,
and (iii) all stock options vested as of the effective date of the termination
shall, notwithstanding any provision of the stock option agreement(s) or plan(s)
pursuant to which they were granted, remain exercisable for a period of no less
than 12 months following the effective date of the termination. If TeleTech
terminates this Agreement at any time without cause under this paragraph 7(c),
pays Employee all salary and compensation earned and unpaid as of the
termination date, and offers to provide Employee severance compensation and
accelerated option vesting in the amount and on the terms specified in this
paragraph 7(c), TeleTech's acts in doing so shall be in complete accord and
satisfaction of any claim that Employee has or may at any time have for
compensation or payments of any kind from TeleTech arising from or relating in
whole or part to Employee's employment with TeleTech and/or this Agreement.
Because this paragraph 7(c) is intended to provide compensation to enable
Employee to support herself in the event of Employee's loss of employment under
certain circumstances specified herein, Employee's right to severance pay under
this paragraph 7(c) shall not be triggered by the sale of all or a portion of
TeleTech's stock

                                       4

<PAGE>

or assets, unless such sale results in Employee's loss of employment, or
Employee thereafter terminates this Agreement for "Good Cause," as that term is
defined in paragraph 7(g), below.

          d. TERMINATION BY TELETECH FOR CAUSE. TeleTech may terminate this
Agreement effective immediately for cause, upon notice to Employee, with
TeleTech's only obligation being the payment of any salary and compensation
earned as of the date of termination, and any continuing obligations under
Company pension or benefit plans then in effect, and without liability for
severance compensation of any kind. For purposes of this Agreement, "cause"
exists if Employee breaches any material term of this Agreement, the
Confidentiality Agreement or any material TeleTech policy, procedure or
guideline, or if Employee engages in any of the following forms of misconduct:
conviction of, or a plea of nolo contendre to, any felony or misdemeanor
involving dishonesty or moral turpitude; theft or misuse of TeleTech's property
or time; use of alcohol or controlled substances on TeleTech's premises or
appearing on such premises while intoxicated or under the influence of drugs not
prescribed by a physician, or after having knowingly abused prescribed
medications (provided, however, that the use of alcohol or appearing intoxicated
on TeleTech's premises or at a TeleTech-sanctioned or sponsored event shall not
constitute "cause" for termination); illegal use of any controlled substance;
illegal gambling on TeleTech's premises; discriminatory or harassing behavior,
whether or not illegal under federal, state or local law; willful misconduct in
connection with Employee's activities under this Agreement; making any
statements, whether written or oral, that disparage or defame the Company;
intentionally falsifying any document or making any false or misleading
statement relating to Employee's employment by TeleTech.

          e. TERMINATION UPON EMPLOYEE'S DEATH. This Agreement shall terminate
immediately upon Employee's death. Thereafter, TeleTech shall pay to Employee's
estate all compensation fully earned, and benefits fully vested as of the last
date of Employee's continuous, full-time active employment with TeleTech.
TeleTech shall not be required to pay any form of severance or other
compensation concerning or on account of Employee's employment with TeleTech or
the termination thereof.

          f. TERMINATION FOLLOWING DISABILITY. During the first ninety calendar
days after a mental or physical condition that renders Employee unable to
perform the essential functions of her position with reasonable accommodation
(the "Initial Disability Period"), Employee shall continue to receive her base
salary pursuant to paragraph 2(a). Thereafter, if Employee qualifies for
benefits under TeleTech's long term disability insurance plan (the "LTD Plan"),
then she shall remain on leave for as long as she continues to qualify for such
benefits, up to a maximum of 180 consecutive days (the "Long Term Leave
Period"). The Long Term Leave Period shall begin on the first day following the
end of the Initial Disability Period. During the Long Term Leave Period,
Employee shall be entitled to any benefits to which the LTD Plan entitles her,
but no additional compensation from TeleTech in the form of salary, performance
bonus, new stock option grants, allowances or otherwise. If at the end of the
Long Term Leave Period Employee remains unable to perform the essential
functions of her position then

                                       5

<PAGE>

TeleTech may terminate this Agreement and/or Employee's employment. In the event
that TeleTech terminates this Agreement or Employee's employment under this
subparagraph 7(f), TeleTech's payment obligation to Employee shall be limited to
all compensation fully earned, and benefits fully vested as of the last date of
Employee's continuous, full-time active employment with TeleTech. Except as
specifically set forth above in this subparagraph 7(f), TeleTech shall not be
required to pay any form of severance or other compensation concerning or on
account of Employee' employment with TeleTech or the termination thereof. The
compensation and benefits under this paragraph are in addition to any other
compensation and benefits Employee may receive under any disability or other
insurance policy.

          g. TERMINATION BY EMPLOYEE FOR GOOD CAUSE.

             i. Upon the occurrence of "Good Cause," as that term is defined
below, Employee may terminate this Agreement upon thirty days prior written
notice. As used in this paragraph 7(g), "Good Cause" shall mean (i) a material
decrease in Employee's base salary and/or a material decrease in Employee's
employee benefits (other than pursuant to a general reduction or modification of
such salary or benefits generally applicable to TeleTech's senior executives);
or (ii) a change in the responsibilities or duties assigned to Employee, as
measured against Employee's responsibilities or duties immediately prior to such
change, that causes Employee to be of materially reduced stature or
responsibility; or (iii) the occurrence of circumstances establishing
constructive discharge under the common law of the State of Colorado, including
Company's conduct that makes or allows Employee's working conditions to become
so intolerable that Employee has no reasonable choice but to resign. However, a
constructive discharge does not exist unless a reasonable person would concur
with Employee's opinion that the working conditions are intolerable. If Employee
terminates this Agreement for Good Cause and executes a separation agreement in
the form prescribed in paragraph 7(c), Company shall provide Employee the
severance compensation and benefits specified in paragraph 7(c), and TeleTech's
acts in doing so shall be in complete accord and satisfaction of any claim that
Employee has or may at any time have for compensation or payments of any kind
from TeleTech arising from or relating in whole or part to Employee's employment
with TeleTech and/or this Agreement.

             ii. Transitional Period Rights.

                 (A) Before the first anniversary of the Effective Date (but
not thereafter), Employee shall have the right to terminate this Agreement for
Good Cause if the Company or any Company executive officer so materially impedes
her ability to perform the essential functions of her job that she is unable to
discharge the duties for which she is responsible; or materially violates any
provision of the Company's written business ethics policies and procedures or
any other material written Company policy; provided that Employee shall have the
right to terminate this Agreement for Good Cause under this paragraph 7(g)(ii)
only if the dispute resolution processes specified in the following subparagraph
have been completed, and if the

                                       6

<PAGE>

Company, by the end of the Cure Period (as defined below) has not cured the
circumstances giving rise to Employee's right to terminate under this paragraph
7(g)(ii), as determined by the Neutral (as defined below) in his sole
discretion.

                 (B) If Employee believes in good faith that circumstances
constituting Good Cause under paragraph 7(g)(ii)(A), above, have arisen, then
she shall provide to the Company (c/o its General Counsel) and to Rod Dammeyer
(the "Neutral") written notice (the "Notice") of the facts and circumstances
that she believes give rise to such Good Cause, together with copies of any
records supporting or otherwise bearing upon her belief. Within 7 days after
receiving the Notice, the Neutral shall convene a meeting (the "Meeting")
between the Neutral, a Company representative and Employee, in an effort to
collect and discuss relevant information and mediate a solution to the
circumstances identified by Employee in the Notice. If the parties are unable,
during or as a consequence of the Meeting, to reach agreement upon a resolution
of the circumstances underlying the Notice that is reasonably satisfactory to
the Company and Employee, the Neutral shall, within 3 days after the Meeting,
provide the Company (c/o its General Counsel) and Employee a written
notification (the "Notification") stating whether in the Neutral's sole
discretion Good Cause as defined in paragraph 7(g)(ii)(A) exists, which
Notification shall for all purposes be final and binding upon the Company and
Employee as to the matters addressed therein. If the Neutral determines that the
circumstances described in the Notice, and the information provided by Employee
at the Meeting, do not establish the existence of Good Cause as defined in
paragraph 7(g)(ii)(A), then Employee shall execute a release in the form
attached hereto as Exh. A (in exchange for $500) and may thereafter, in her sole
discretion, remain employed by the Company under the terms and conditions set
forth in this Agreement, or she may resign, but if she resigns she shall be
entitled only to the benefits set forth in paragraph 7(h) of this Agreement, and
shall have no other or further severance or like entitlement of any kind. If the
Neutral determines that the circumstances described in the Notice, and the
information provided by Employee at the Meeting, do establish the existence of
Good Cause as defined in paragraph 7(g)(ii), then the Company shall have 30 days
following its receipt of the Notification (the "Cure Period") within which to
cure such circumstances. If the Company fails to do so, then Employee may
terminate this Agreement for Good Cause, and if Employee thus terminates this
Agreement and thereafter executes a separation agreement and legal release in
the form prescribed in paragraph 7(c), the Company shall provide Employee the
severance compensation and benefits specified in paragraph 7(c).

             h. TERMINATION BY EMPLOYEE. This Agreement may be terminated by
Employee upon three weeks written notice to TeleTech. If Employee terminates
this Agreement under this paragraph she shall be entitled to all earned but
unpaid compensation for services rendered (but not severance compensation), and
payment for any earned but unused vacation time. Employee shall be entitled to
no other benefits or compensation other than those provided under any written
Company stock option agreement or benefit plan.

                                       7

<PAGE>

             i. POST-TERMINATION STATEMENTS. In the event Employee or TeleTech
terminates Employee's employment under this Agreement:

                x. TeleTech agrees that no TeleTech Executive Officer and no
member of the TeleTech Board of Directors (the "Board") shall defame or
disparage Employee, and that such Executive Officers and Directors shall confine
any public comment concerning Employee, except as may be required by law, to a
statement that Employee "has chosen to resign from TeleTech." Upon receiving
reference requests directed to the Company's human resources department,
TeleTech shall provide to any future potential employers or other third parties
no information other than Employee's most recent position and title and level of
compensation, unless otherwise requested by Employee or required by law. The
parties agree that damages for breach of this paragraph are difficult to
ascertain with certainty and, therefore, agree that the best and actual damages
for violation of this paragraph by TeleTech will be $200,000.

                y. Employee shall not defame or disparage TeleTech, TeleTech's

products, services or operations, any TeleTech Executive Officer, or any member
of the Board, and shall confine any public comment concerning her separation
from TeleTech, except as may be required by law, to a statement that Employee
"has chosen to resign from TeleTech." The parties agree that damages for breach
of this paragraph are difficult to ascertain with certainty and, therefore,
agree that the best and actual damages for violation of this paragraph by
Employee will be $200,000.

     8.   SUCCESSORS AND ASSIGNS.

     TeleTech, its successors and assigns may in their sole discretion assign
this Agreement to any person or entity, with or without Employee's consent. This
Agreement thereafter fully shall bind, and inure to the benefit of, TeleTech's
successors or assigns and in the event of a sale of all or a portion of
TeleTech's stock or assets, this Agreement shall continue in full force and
effect. Employee shall not assign either this Agreement or any right or
obligation arising hereunder.

     9.   DISPUTE RESOLUTION.

          a. Employee and TeleTech agree that in the event of any controversy or
claim arising out of or relating to Employee's employment with and/or separation
from TeleTech, they shall negotiate in good faith to resolve the controversy or
claim privately, amicably and confidentially. Each party may consult with
counsel in connection with such negotiations.

          b. Excepting only: (1) worker's compensation claims; (2) unemployment
compensation claims; (3) proceedings to enforce the terms of any confidentiality
covenant or to protect Confidential Information and/or Confidential Records; (4)
claims brought under the Colorado Wage Act, C.R.S. ss.ss. 8-4-101, ET SEQ.; and
(5) disputes subject to paragraph 7(g)(ii)(B), above (which shall be fully and
finally resolved as specified in that paragraph), all controversies and claims
arising from or

                                       8

<PAGE>

relating to Employee's employment with TeleTech and/or the termination of
that employment that cannot be resolved by good-faith negotiations
("Arbitrable Disputes") shall be resolved only by final and binding
arbitration conducted privately and confidentially in the Denver, Colorado,
metropolitan area by a single arbitrator who is a member of the panel of
former judges that makes up the Judicial Arbiter Group ("JAG"); any successor
of JAG; or, if JAG or any successor is not in existence, any entity that can
provide a former judge to serve as arbitrator (collectively, the "Dispute
Resolution Service"). Without limiting the generality of the foregoing, the
parties understand and agree that this paragraph 9 shall require arbitration
of all disputes and claims that may arise at common law, such as breach of
contract, express or implied, promissory estoppel, wrongful discharge,
tortious interference with contractual rights, infliction of emotional
distress, defamation, or under federal, state or local laws, such as the Fair
Labor Standards Act, the Employee Retirement Income Security Act, the
National Labor Relations Act, Title VII of the Civil Rights Act of 1964, the
Age Discrimination in Employment Act, the Rehabilitation Act of 1973, the
Equal Pay Act, the Americans with Disabilities Act, and the Colorado Civil
Rights Act. The parties understand and agree that this Agreement evidences a
transaction involving commerce within the meaning of 9 U.S.C. Section 2, and
that this Agreement shall therefore be governed by the Federal Arbitration
Act, 9 U.S.C. Sections 1, ET SEQ.

          c. Notwithstanding any statute or rule governing limitations of
actions, any arbitration relating to or arising from any Arbitrable Dispute
shall be commenced by service of an arbitration demand before the earlier of the
one-year anniversary of the accrual of the aggrieved party's claim pursuant to
Colorado law or the one-year anniversary of Employee's last day of employment
with TeleTech. Otherwise, all claims that were or could have been brought by the
aggrieved party against the other party shall be forever barred.

          d. To commence an arbitration pursuant to this Agreement, a party
shall serve a written arbitration demand (the "Demand") on the other party by
certified mail, return receipt requested, and at the same time submit a copy of
the Demand to the Dispute Resolution Service, together with a check payable to
the Dispute Resolution Service in the amount of that entity's then-current
arbitration filing fee; provided that in no event shall Employee be required to
pay an arbitration filing fee exceeding the sum then required to file a civil
action in the United States District Court for the District of Colorado. The
claimant shall attach a copy of this Agreement to the Demand, which shall also
describe the dispute in sufficient detail to advise the respondent of the nature
of the dispute, state the date on which the dispute first arose, list the names
and addresses of every current or former employee of TeleTech or any affiliate
whom the claimant believes does or may have information relating to the dispute,
and state with particularity the relief requested by the claimant, including a
specific monetary amount, if the claimant seeks a monetary award of any kind.
Within thirty days after receiving the Demand, the respondent shall mail to the
claimant a written response to the Demand (the "Response"), and submit a copy of
the Response to the Dispute Resolution Service, together with a check for the
difference (if the respondent is

                                       9

<PAGE>

TeleTech), if any, between the filing fee paid by the claimant and the Dispute
Resolution Service's then-current arbitration filing fee.

          e. Promptly after service of the Response, the parties shall confer in
good faith to attempt to agree upon a suitable arbitrator. If the parties are
unable to agree upon an arbitrator, the Dispute Resolution Service shall select
the arbitrator, based, if possible, on his or her expertise with respect to the
subject matter of the Arbitrable Dispute.

          f. Notwithstanding the choice-of-law principles of any jurisdiction,
the arbitrator shall be bound by and shall resolve all Arbitrable Disputes in
accordance with the substantive law of the State of Colorado, federal law as
enunciated by the federal courts situated in the Tenth Circuit, and all Colorado
and Federal rules relating to the admissibility of evidence, including, without
limitation, all relevant privileges and the attorney work product doctrine.
Without limiting the generality of the foregoing, in the event of one party's
violation of any provision of this agreement, the non-breaching party shall have
the right to seek specific performance of that provision against the breaching
party.

          g. Before the arbitration hearing, TeleTech and Employee shall each be
entitled to take a discovery deposition of up to three persons with knowledge of
the dispute. Upon the written request of either party, the other party shall
promptly produce documents relevant to the Arbitrable Dispute or reasonably
likely to lead to the discovery of admissible evidence. The manner, timing and
extent of any further discovery shall be committed to the arbitrator's sound
discretion, provided that under no circumstances shall the arbitrator allow more
depositions or interrogatories than permitted by the presumptive limitations set
forth in F.R.Civ.P. 30(a)(2)(A) and 33(a). The arbitrator shall levy appropriate
sanctions, including an award of reasonable attorneys' fees, against any party
that fails to cooperate in good faith in discovery permitted by this paragraph 9
or ordered by the arbitrator.

          h. Before the arbitration hearing, any party may by motion seek
judgment on the pleadings as contemplated by F.R.Civ.P. 12 and/or summary
judgment as contemplated by F.R.Civ.P. 56. The other party may file a written
response to any such motion, and the moving party may file a written reply to
the response. The arbitrator: may in his or her discretion conduct a hearing on
any such motion; shall give any such motion due and serious consideration,
resolving the motion in accordance with F.R.Civ.P. 12 and/or a F.R.Civ.P. 56, as
the case may be, and other governing law, pursuant to paragraph 9(f), and shall
issue a written award concerning any such motion no fewer than ten days before
any evidentiary hearing conducted on the merits of any claim asserted in the
arbitration.

          i. Within thirty days after the arbitration hearing is closed, the
arbitrator shall issue a written award setting forth his or her decision and the
reasons therefor. If a party prevails on a statutory claim that affords the
prevailing party the right to recover attorneys' fees and/or costs, then the
arbitrator shall award to the party that

                                       10

<PAGE>

substantially prevails in the arbitration its costs and expenses, including
reasonable attorneys' fees. The arbitrator's award shall be final,
nonappealable and binding upon the parties, subject only to the provisions of
9 U.S.C. Section 10, and may be entered as a judgment in any court of
competent jurisdiction.

          j. The parties agree that reliance upon courts of law and equity can
add significant costs and delays to the process of resolving disputes.
Accordingly, they recognize that an essence of this Agreement is to provide for
the submission of all Arbitrable Disputes to binding arbitration. Therefore, if
any court concludes that any provision of this paragraph 9 is void or voidable,
the parties understand and agree that the court shall reform each such provision
to render it enforceable, but only to the extent absolutely necessary to render
the provision enforceable and only in view of the parties' express desire that
Arbitrable Disputes be resolved by arbitration and, to the greatest extent
permitted by law, in accordance with the principles, limitations and procedures
set forth in this Agreement.

          k. This paragraph 9 supersedes any prior agreement(s) between the
parties, whether oral or written, concerning or relating to arbitration or
resolution of any dispute(s) between the parties, except that paragraphs 9(b)
and 9(d) of the Confidentiality Agreement shall govern any disputes brought
under the Confidentiality Agreement.

     10.  MISCELLANEOUS.

          a. GOVERNING LAW. This Agreement, and all other disputes or issues
arising from or relating in any way to TeleTech's relationship with Employee,
shall be governed by the internal laws of the State of Colorado, irrespective of
the choice of law rules of any jurisdiction.

          b. SEVERABILITY. If any court of competent jurisdiction declares any
provision of this Agreement invalid or unenforceable, the remainder of the
Agreement shall remain fully enforceable. To the extent that any court concludes
that any provision of this Agreement is void or voidable, the court shall reform
such provision(s) to render the provision(s) enforceable, but only to the extent
absolutely necessary to render the provision(s) enforceable.

          c. INTEGRATION. This Agreement constitutes the entire agreement of the
parties and a complete merger of prior negotiations and agreements and, except
as provided in paragraph 9(j), shall not be modified by word or deed, except in
a writing signed by Employee and an authorized officer of the Company.

          d. WAIVER. Except for a limitation of Employee's rights under
paragraph 7(g)(ii), no provision of this Agreement shall be deemed waived, nor
shall there be an estoppel against the enforcement of any such provision, except
by a writing signed by the party charged with the waiver or estoppel. No waiver
shall be deemed continuing unless specifically stated therein, and the written
waiver shall operate only as

                                       11

<PAGE>

to the specific term or condition waived, and not for the future or as to any
act other than that specifically waived.

          e. CONSTRUCTION. Headings in this Agreement are for convenience only
and shall not control the meaning of this Agreement. Whenever applicable,
masculine and neutral pronouns shall equally apply to the feminine genders; the
singular shall include the plural and the plural shall include the singular. The
parties have reviewed and understand this Agreement, and each has had a full
opportunity to negotiate the agreement's terms and to consult with counsel of
their own choosing. Therefore, the parties expressly waive all applicable common
law and statutory rules of construction that any provision of this Agreement
should be construed against the agreement's drafter, and agree that this
Agreement and all amendments thereto shall be construed as a whole, according to
the fair meaning of the language used.

          f. COUNTERPARTS AND TELECOPIES. This Agreement may be executed in
counterparts, or by copies transmitted by telecopier, which counterparts and/or
facsimile transmissions shall have the same force and effect as had the contract
been executed in person and in original form.

EMPLOYEE ACKNOWLEDGES AND AGREES: THAT SHE UNDERSTANDS THIS AGREEMENT; THAT SHE
ENTERS INTO IT FREELY, KNOWINGLY, AND MINDFUL OF THE FACT THAT IT CREATES
IMPORTANT LEGAL OBLIGATIONS AND AFFECTS HER LEGAL RIGHTS; AND THAT SHE
UNDERSTANDS THE NEED TO CONSULT CONCERNING THIS AGREEMENT WITH LEGAL COUNSEL OF
HER OWN CHOOSING, AND HAS HAD A FULL AND FAIR OPPORTUNITY TO DO SO.

                               [SIGNATURES FOLLOW]

                                       12

<PAGE>

Margot O'Dell                           TeleTech Holdings, Inc.

/s/ Margot O'Dell                       By:  /s/ James B. Kaufman
-------------------------------             -------------------------------
Date: 2/8/01                            As its: Executive Vice President
-------------------------------                ----------------------------
                                        Date:   2/8/01
                                               ----------------------------

                                       13<PAGE>

                             TELETECH HOLDINGS, INC.
                      NON-QUALIFIED STOCK OPTION AGREEMENT

     THIS NON-QUALIFIED STOCK OPTION AGREEMENT (the "AGREEMENT") is entered into
between TELETECH HOLDINGS, INC., a Delaware corporation ("TELETECH"), and Margot
O'Dell ("OPTIONEE"), as of February 8, 2001 (the "GRANT DATE"). In consideration
of the mutual promises and covenants made herein, the parties hereby agree as
follows:

     1. GRANT OF OPTION. Subject to the terms and conditions of the TeleTech
Holdings, Inc. 1999 Stock Option and Incentive Plan (the "PLAN"), a copy of
which is attached hereto and incorporated herein by this reference, TeleTech
grants to Optionee an option (the "OPTION") to purchase 70,000 shares (the
"SHARES") of TeleTech's common stock, $.01 par value (the "COMMON STOCK"), at a
price equal to US$16.1875 per share (the "OPTION PRICE"). The Option Price has
been determined by the Compensation Committee of the Board of Directors of
TeleTech (the "COMMITTEE"), acting in good faith, to be the fair market value of
the Common Stock on the Grant Date based upon the last sale price for Common
Stock reported by The Nasdaq Stock Market, Inc. as of the close of business on
the Grant Date.

     The Option is not intended to qualify as an incentive stock option
described in Section 422 of the Internal Revenue Code of 1986, as amended (the
"CODE"). All provisions of this Agreement are to be construed in conformity with
this intention.

     2. TERM: OPTION RIGHTS. Except as provided below, the Option shall be valid
for a term commencing on the Grant Date and ending 10 years after the Grant Date
(the "EXPIRATION DATE").

          (a) RIGHTS UPON TERMINATION OF EMPLOYMENT. If Optionee ceases to be
employed by TeleTech or any of its subsidiaries or affiliates (collectively, the
"SUBSIDIARIES") for any reason other than (i) for "Cause" (as defined herein),
(ii) Optionee's death, or (iii) Optionee's mental, physical or emotional
disability or condition (a "DISABILITY"), any then vested portion of the Option
shall be exercisable at any time prior to the earlier of the Expiration Date or
the date twelve months after the date of termination of Optionee's employment.

          (b) RIGHTS UPON TERMINATION FOR CAUSE. If Optionee's employment with
TeleTech and/or its Subsidiaries is terminated for Cause, the Option shall be
immediately cancelled, no portion of the Option may be exercised thereafter and
Optionee shall forfeit all rights to the Option. The term "Cause" shall have the
meaning given to such term or to the term "For Cause" or other similar phrase in
Optionee's Employment Agreement with TeleTech or any Subsidiary; provided,
however, that (i) if at any time Optionee's employment with TeleTech or any
Subsidiary is not governed by an employment agreement, then the term "Cause"
shall have the meaning given to such term in the Plan, and (ii) "Cause" shall
exclude Optionee's death or Disability.

          (c) RIGHTS UPON OPTIONEE'S DEATH OR DISABILITY. If Optionee's
employment with TeleTech and/or its Subsidiaries is terminated as a result of
(i) Optionee's death, any then vested portion of the Option may be exercised at
any time prior to the earlier of the Expiration Date or the

<PAGE>

date twelve months after the date of Optionee's death, or (ii) Optionee's
Disability, any then vested portion of the Option may be exercised at any time
prior to the earlier of the Expiration Date or the date twelve months after the
date of Optionee's employment is terminated as a result of Optionee's
Disability.

     3. VESTING. The Option may only be exercised to the extent vested. Any
vested portion of the Option may be exercised at any time in whole or from time
to time in part. The Option shall vest according to the following schedule (each
date set forth below, a "VESTING DATE"):

<TABLE>
<CAPTION>

                                                              CUMULATIVE
                                                              PERCENTAGE OF
                  VESTING DATE                                OPTION VESTED
                  ------------                                 ------------
                  <S>                                         <C>
                  February 8, 2002                                 25%

                  February 8, 2003                                 50%

                  February 8, 2004                                 75%

                  February 8, 2005                                100%
</TABLE>

Optionee must be employed by TeleTech or any Subsidiary on any Vesting Date, in
order to vest in the portion of the Option set forth in the chart above that
vests on such Vesting Date. No portion of the Option shall vest between Vesting
Dates; if Optionee ceases to be employed by TeleTech or any Subsidiary for any
reason, then any portion of the Option that is scheduled to vest on any Vesting
Date after the date Optionee's employment is terminated automatically shall be
forfeited as of the termination of employment.

     3A. VESTING FOLLOWING A CHANGE IN CONTROL.

          (a) ACCELERATED VESTING. Notwithstanding the vesting schedule
contained in Section 3,

                                      -2-
<PAGE>

               (i) upon a Change in Control (as hereinafter defined), any
          unvested portion of the Option that is scheduled to vest (pursuant to
          Section 3) within 24 months following the date the Change of Control
          becomes effective shall vest and become immediately exercisable as of
          the effective date of the Change of Control, with the remainder of the
          unvested portion of the Option vesting pursuant to Section 3, as
          accelerated by this Section 3A and clarified by the following example:

                  For example, assume that on June 1, 2000 an optionee was
                  granted an option to acquire 10,000 shares of Common Stock,
                  which option vests over five years, pro rata, on each
                  anniversary of the grant date. On June 5, 2001, a Change of
                  Control is consummated. As of June 5, 2001, the optionee will
                  be fully vested in the option with respect to 6,000 shares
                  (i.e., the 2,000 shares that vested on June 1, 2001, plus an
                  additional 4,000 shares that vested on June 5, 2001 in
                  accordance with the accelerated vesting provisions of this
                  Section 3A), and the remaining unvested portion of the option
                  would vest (assuming all other conditions to vesting are
                  satisfied) with respect to the remaining 4,000 shares on each
                  of June 1, 2002 (2,000 shares) and June 2, 2003 (2,000
                  shares).

               (ii) if Optionee's employment with TeleTech or any Subsidiary is
          terminated within 24 months following a Change in Control, then the
          entire amount of the Option shall become 100% vested and immediately
          exercisable as of Optionee's Termination Date (as defined herein);
          PROVIDED, HOWEVER, that the accelerated vesting described in the
          foregoing clause (ii) shall not apply if Optionee's employment with
          TeleTech is terminated (A) by Optionee for any reason other than for
          "Good Reason" (as defined herein), or (B) by TeleTech for "Cause" (as
          defined herein).

          (b) DEFINITION OF "CHANGE IN CONTROL". For purposes of this Agreement,
"CHANGE IN CONTROL" means the occurrence of any one of the following events:

               (i) any consolidation, merger or other similar transaction (A)
          involving TeleTech, if TeleTech is not the continuing or surviving
          corporation, or (B) which contemplates that all or substantially all
          of the business and/or assets of TeleTech will be controlled by
          another corporation;

               (ii) any sale, lease, exchange or transfer (in one transaction or
          series of related transactions) of all or substantially all of the
          assets of TeleTech (a "DISPOSITION"); PROVIDED, HOWEVER, that the
          foregoing shall not apply to any Disposition to a corporation with
          respect to which, following such Disposition, more than 51% of the
          combined voting power of the then outstanding voting securities of
          such corporation is then beneficially owned, directly or indirectly,
          by all or substantially all of the individuals and entities who were
          the beneficial owners of at least 51% of the then outstanding Common
          Stock and/or other voting securities of TeleTech immediately prior to
          such Disposition, in substantially the same proportion as their
          ownership immediately prior to such Disposition;

                                      -3-
<PAGE>

               (iii) approval by the stockholders of TeleTech of any plan or
          proposal for the liquidation or dissolution of TeleTech, unless such
          plan or proposal is abandoned within 60 days following such approval;

               (iv) the acquisition by any "person" (as such term is used in
          Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as
          amended), or two or more persons acting in concert, of beneficial
          ownership (within the meaning of Rule 13d-3 promulgated under the
          Securities Exchange Act of 1934, as amended) of 51% or more of the
          outstanding shares of voting stock of TeleTech; PROVIDED, HOWEVER,
          that for purposes of the foregoing, "person" excludes Kenneth D.
          Tuchman and his affiliates; PROVIDED, FURTHER that the foregoing shall
          exclude any such acquisition (A) by any person made directly from
          TeleTech, (B) made by TeleTech or any Subsidiary, or (C) made by an
          employee benefit plan (or related trust) sponsored or maintained by
          TeleTech or any Subsidiary; or

               (v) if, during any period of 15 consecutive calendar months
          commencing at any time on or after September 1, 1999, those
          individuals (the "CONTINUING DIRECTORS") who either (A) were directors
          of TeleTech on the first day of each such 15-month period, or (B)
          subsequently became directors of TeleTech and whose actual election or
          initial nomination for election subsequent to that date was approved
          by a majority of the Continuing Directors then on the board of
          directors of TeleTech, cease to constitute a majority of the board of
          directors of TeleTech.

          (c) OTHER DEFINITIONS. For purposes of this Section 3A, the following
terms have the meanings ascribed to them below:

               (i) "CAUSE" has the meaning given to such term, or to the term
          "For Cause" or other similar phrase, in Optionee's Employment
          Agreement with TeleTech or any Subsidiary, if any; PROVIDED, HOWEVER,
          that if at any time Optionee's employment with TeleTech or any
          Subsidiary is not governed by an employment agreement, then the term
          "Cause" shall have the meaning given to such term in the Plan;
          PROVIDED, FURTHER, that, notwithstanding the provisions of Optionee's
          Employment Agreement or of the Plan, for purposes of this Agreement,
          TeleTech shall have the burden to prove that Optionee's employment was
          terminated for "Cause."

               (ii) "TERMINATION DATE " means the latest day on which Optionee
          is expected to report to work and is responsible for the performance
          of services to or on behalf of TeleTech or any Subsidiary,
          notwithstanding that Optionee may be entitled to receive payments from
          TeleTech (e.g., for unused vacation or sick time, severance payments,
          deferred compensation or otherwise) after such date; and

               (iii) "GOOD REASON" means (A) any reduction in Optionee's base
          salary; PROVIDED THAT a reduction in Optionee's base salary of 10% or
          less does not constitute "Good Reason" if such reduction is effected
          in connection with a reduction in compensation that is applicable
          generally to officers and senior management of TeleTech; (B)
          Optionee's

                                      -4-
<PAGE>

          responsibilities or areas of supervision within TeleTech or its
          Subsidiaries are substantially reduced; or (C) Optionee's principal
          office is relocated outside the metropolitan area in which Optionee's
          office was located immediately prior to the Change in Control;
          PROVIDED, HOWEVER, that temporary assignments made for the good of
          TeleTech's business shall not constitute such a move of office
          location.

     4. PROCEDURE FOR EXERCISE. Exercise of the Option or a portion thereof
shall be effected by the giving of written notice to TeleTech in accordance with
the Plan and payment of the aggregate Option Price for the number of Shares to
be acquired pursuant to such exercise.

     5. PAYMENT FOR SHARES. Payment of the Option Price (or portion thereof)
shall be made in cash or by such other method as may be permitted by the
Committee in accordance with the provisions of the Plan. No Shares shall be
delivered upon exercise of the Option until full payment has been made and all
applicable withholding requirements satisfied.

     6. OPTIONS NOT TRANSFERABLE AND SUBJECT TO CERTAIN RESTRICTIONS. The Option
may not be sold, pledged, assigned or transferred in any manner other than by
will or the laws of descent and distribution, or pursuant to a qualified
domestic relations order as defined in Section 414(p) of the Code. During
Optionee's lifetime, the Option may be exercised only by the Optionee or by a
legally authorized representative. In the event of Optionee's death, the Option
may be exercised by the distributee to whom Optionee's rights under the Option
shall pass by will or by the laws of descent and distribution.

     7. ACCEPTANCE OF PLAN. Optionee hereby accepts and agrees to be bound by
all the terms and conditions of the Plan.

     8. NO RIGHT TO EMPLOYMENT. Nothing herein contained shall confer upon
Optionee any right to continuation of employment by TeleTech or any Subsidiary,
or interfere with the right of TeleTech or any Subsidiary to terminate at any
time the employment of Optionee. Nothing contained herein shall confer any
rights upon Optionee as a stockholder of TeleTech, unless and until Optionee
actually receives Shares.

     9. COMPLIANCE WITH SECURITIES LAWS. The Option shall not be exercisable and
Shares shall not be issued pursuant to exercise of the Option unless the
exercise of the Option and the issuance and delivery of Shares pursuant thereto
shall comply with all relevant provisions of law including, without limitation,
the Securities Act of 1933, as amended (the "SECURITIES ACT"), the Securities
Exchange Act of 1934, as amended, the rules and regulations promulgated
thereunder, and the requirements of any stock exchange upon which Common Stock
may then be listed, and shall be further subject to the approval of counsel for
TeleTech with respect to such compliance. If, in the opinion of counsel for
TeleTech, a representation is required to be made by Optionee in order to
satisfy any of the foregoing relevant provisions of law, TeleTech may, as a
condition to the exercise of the Option, require Optionee to represent and
warrant at the time of exercise that the Shares to be delivered as a result of
such exercise are being acquired solely for investment and without any present
intention to sell or distribute such Shares.

                                      -5-
<PAGE>

     10. ADJUSTMENTS. Subject to the sole discretion of the Board of Directors,
TeleTech may, with respect to any unexercised portion of the Option, make any
adjustments necessary to prevent accretion, or to protect against dilution, in
the number and kind of shares covered by the Option and in the applicable
exercise price thereof in the event of a change in the corporate structure or
shares of TeleTech; provided, however, that no adjustment shall be made for the
issuance of preferred stock of TeleTech or the conversion of convertible
preferred stock of TeleTech. For purposes of this Section 10, a change in the
corporate structure or shares of TeleTech includes, without limitation, any
change resulting from a recapitalization, stock split, stock dividend,
consolidation, rights offering, spin-off, reorganization or liquidation, and any
transaction in which shares of Common Stock are changed into or exchanged for a
different number or kind of shares of stock or other securities of TeleTech or
another entity.

     11. NO OTHER RIGHTS. Optionee hereby acknowledges and agrees that, except
as set forth herein, no other representations or promises, either oral or
written, have been made by TeleTech, any Subsidiary or anyone acting on their
behalf with respect to Optionee's right to acquire any shares of Common Stock,
stock options or awards under the Plan, and Optionee hereby releases, acquits
and forever discharges TeleTech, the Subsidiaries and anyone acting on their
behalf of and from all claims, demands or causes of action whatsoever relating
to any such representations or promises and waives forever any claim, demand or
action against TeleTech, any Subsidiary or anyone acting on their behalf with
respect thereto.

     12. CONFIDENTIALITY. OPTIONEE AGREES NOT TO DISCLOSE, DIRECTLY OR
INDIRECTLY, TO ANY OTHER EMPLOYEE OF TELETECH AND TO KEEP CONFIDENTIAL ALL
INFORMATION RELATING TO ANY OPTIONS OR OTHER AWARDS GRANTED TO OPTIONEE,
PURSUANT TO THE PLAN OR OTHERWISE, INCLUDING THE AMOUNT OF ANY SUCH AWARD, THE
EXERCISE PRICE AND THE RATE OF VESTING THEREOF; PROVIDED THAT OPTIONEE SHALL BE
ENTITLED TO DISCLOSE SUCH INFORMATION TO SUCH OF OPTIONEE'S ADVISORS,
REPRESENTATIVES OR AGENTS, OR TO SUCH OF TELETECH'S OFFICERS, ADVISORS,
REPRESENTATIVES OR AGENTS (INCLUDING LEGAL AND ACCOUNTING ADVISORS), WHO HAVE A
NEED TO KNOW SUCH INFORMATION FOR LEGITIMATE TAX, FINANCIAL PLANNING OR OTHER
SUCH PURPOSES.

     13. SEVERABILITY. Any provision of this Agreement (or portion thereof) that
is deemed invalid, illegal or unenforceable in any jurisdiction shall, as to
that jurisdiction and subject to this Section 13, be ineffective to the extent
of such invalidity, illegality or unenforceability, without affecting in any way
the remaining provisions thereof in such jurisdiction or rendering that or any
other provisions of this Agreement invalid, illegal, or unenforceable in any
other jurisdiction.

     14. REFERENCES. Capitalized terms not otherwise defined herein shall have
the same meaning ascribed to them in the Plan.

     15. ENTIRE AGREEMENT. This Agreement (including the Plan, which is
incorporated herein) constitutes the entire agreement between the parties
concerning the subject matter hereof and supersedes all prior and
contemporaneous agreements, oral or written, between TeleTech and

                                      -6-
<PAGE>

Optionee relating to Optionee's entitlement to stock options, Common Stock or
similar benefits, under the Plan or otherwise.

     16. AMENDMENT. This Agreement may be amended and/or terminated at any time
by mutual written agreement of TeleTech and Optionee.

     17. NO THIRD PARTY BENEFICIARY. Nothing in this Agreement, expressed or
implied, is intended to confer on any person other than Optionee and Optionee's
respective successors and assigns expressly permitted herein, any rights,
remedies, obligations or liabilities under or by reason of this Agreement.

     18. GOVERNING LAW. The construction and operation of this Agreement are
governed by the laws of the State of Delaware (without regard to its conflict of
laws provisions).

                                      -7-
<PAGE>

     Executed as of the date first written above.

                                     TELETECH HOLDINGS, INC.

                                     By:  /s/ James B. Kaufman
                                        ----------------------------------------
                                          James B. Kaufman,
                                          Executive Vice President, General
                                          Counsel and Secretary

                                          /s/ Margot O'Dell
                                     ---------------------------------------
                                     Signature of Margot O'Dell ("Optionee")

                                     ---------------------------------------
                                     Optionee's Social Security Number

                                      -8-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00022-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00022-of-00352.parquet"}]]