Document:

<PAGE>

                                                                   Exhibit 10.47

                     FIRST AMENDMENT TO AMENDED AND RESTATED
                      REVOLVING CREDIT AGREEMENT AND WAIVER

          This First Amendment to Amended and Restated Revolving Credit
Agreement and Waiver (this "Amendment") is entered into as of December 14, 2000,
                            ---------
among TeleTech Holdings, Inc., a Delaware corporation (the "Company"), the
                                                            -------
several financial institutions from time to time party to the Credit Agreement
(as defined herein) (collectively, the "Lenders"; individually, a "Lender"), and
                                        -------                    ------
Bank of America, N.A., as agent for the Lenders (in such capacity, the
"Administrative Agent").
---------------------

                                    RECITALS:

          WHEREAS, the Company, the Lenders, the Administrative Agent and the
Co-Agents named therein have entered into that certain Amended and Restated
Revolving Credit Agreement dated as of March 24, 2000 (as heretofore amended and
as the same may be further amended or modified from time to time, the "Credit
                                                                       ------
Agreement");
---------

          WHEREAS, the Company, the Lenders and the Administrative Agent have
determined that the Credit Agreement should be amended in certain respects and
to make certain other changes agreed to by the parties; and

          WHEREAS, the Company has requested a waiver of, and the undersigned
Lenders wish to waive, certain provisions of the Credit Agreement on the terms
and conditions set forth below;

          NOW, THEREFORE, the parties hereto hereby agree as follows:

     1.   Definitions. Capitalized terms used but not otherwise defined herein
          -----------
shall have the meanings ascribed to such terms in the Credit Agreement.

     2.   Amendments to Credit Agreement. The Credit Agreement is hereby
          ------------------------------
amended, effective on the date this Amendment becomes effective in accordance
with Section 4 hereof, as follows:

          (a) The definition of "Tranche A Loan Limit" set forth in Section 1.01
     of the Credit Agreement is amended and restated in its entirety to read as
     follows:

          "Tranche A Loan Limit" means $0.
           --------------------

          (b) Subsection 8.05(e) of the Credit Agreement is amended and restated
     in its entirety to read as follows:

          (e) Indebtedness consisting of Synthetic Lease Obligations incurred by
     Services (i) pursuant to that certain Participation Agreement dated as of
     March 1, 2000, among the Company, Services, State Street Bank and Trust
     Company of Connecticut, First Security Bank, National Association, and the
     Persons named as

<PAGE>

     certificate holders and lenders in the schedules attached thereto, as
     amended, supplemented or modified from time to time in an amount not to
     exceed $30,000,000 at any time on or prior to April 30, 2001, and (ii)
     pursuant to a transaction satisfactory to the Required Lenders in an amount
     not to exceed $50,000,000 at any time on or after May 1, 2001.

          (c) Section 8.19 of the Credit Agreement is amended and restated in
     its entirety to read as follows:

          8.19 Maximum Combination of Cash Capital Expenditures and Permitted
               --------------------------------------------------------------
     Acquisitions. The Company shall not permit the total amount of the sum of
     ------------
     (a) Capital Expenditures plus (b) expenditures incurred to effect Permitted
     Acquisitions, in each case made or committed to be made by the Company and
     its Subsidiaries and paid for with consideration consisting of cash and
     other property, to exceed $100,000,000 in any calendar year; provided, that
     to the extent such sum in any calendar year is less than $100,000,000, the
     $100,000,000 limit for the following calendar year shall be increased by
     the amount of such shortfall; provided, further, the Company shall first
     use the initial amount permitted for the current year (without regard to
     the amount carried over from the previous calendar year, if any) and then
     the amount carried over from the previous calendar year to meet the
     requirements of this Section 8.19 and any carried over amount not so
                          ------------
     utilized shall expire; and provided, further, that the Company may utilize
                                --------  -------
     in calendar year 2000 an additional amount equal to $7,032,000 carried
     forward from calendar year 1999 in accordance with the Prior Credit
     Agreement.

          (d) Schedule 2.01 to the Credit Agreement is deleted it in its
     entirety and Schedule 2.01 attached hereto and made a part hereof is
                  -------------
     substituted in its place.

     3.   Waivers.
          -------

          (a) The Administrative Agent and the undersigned Lenders hereby waive
     any breach of Section 8.05(e) of the Credit Agreement for the period
     beginning on the Effective Date and ending on April 30, 2001; provided,
                                                                   --------
     however, that during such period Indebtedness consisting of Synthetic Lease
     -------
     Obligations shall not exceed $72,000,000 at any time outstanding.

          (b) The Administrative Agent and the undersigned Lenders hereby waive
     any breach of Section 8.05(f) of the Credit Agreement for the period
     beginning on the Effective Date and ending on April 30, 2001; provided,
     however, that during such period the aggregate amount of Indebtedness
     (other than Indebtedness permitted under Sections 8.05(a) through (e) of
     the Credit Agreement) shall not exceed $32,000,000 at any time outstanding.

     4.   Conditions to Effectiveness of this Amendment. This Amendment shall
          ---------------------------------------------
become effective upon the satisfaction of the following conditions (the
"Effective Date"):
 --------------

                                      -2-

<PAGE>

          (a) Executed Amendment. Receipt by the Administrative Agent of duly
              ------------------
     executed counterparts of this Amendment from the Company and all of the
     Lenders;

          (b) Miscellaneous. Receipt by the Administrative Agent of such other
              -------------
     documents, certificates, instruments or opinions as may reasonably be
     requested by it.

     5.   Certain Representations and Warranties by the Company. In order to
          -----------------------------------------------------
induce the Lenders and the Administrative Agent to enter into this Amendment,
the Company represents and warrants to the Lenders and the Administrative Agent
that:

          (a) Authority. The Company has the right, power and capacity and has
              ---------
     been duly authorized and empowered by all requisite corporate and
     shareholder action to enter into, execute, deliver and perform this
     Amendment and the Credit Agreement as amended hereby.

          (b) Validity. This Amendment and the Credit Agreement as amended
              --------
     hereby have each been duly and validly executed and delivered by the
     Company and constitutes its legal, valid and binding obligations,
     enforceable against the Company in accordance with its respective terms,
     except as enforcement thereof may be subject to the effect of any
     applicable bankruptcy, insolvency, reorganization, moratorium or similar
     laws affecting creditors' rights generally and general principles of equity
     (regardless of whether such enforcement is sought in a proceeding in equity
     or at law or otherwise).

          (c) No Conflicts. The Company's execution, delivery and performance of
              ------------
     this Amendment and the Credit Agreement as amended hereby does not and will
     not violate its Certificates or Articles of Incorporation or Bylaws, any
     law, rule, regulation, order, writ, judgment, decree or award applicable to
     the Company or any contractual provision to which the Company is party or
     to which the Company or any of its Subsidiaries are subject.

          (d) Approvals. No authorization or approval or other action by, and no
              ---------
     notice to or filing or registration with, any Governmental Authority or
     regulatory body (other than those which have been obtained and are in force
     and effect) is required in connection with the Company's execution,
     delivery and performance of this Amendment and the Credit Agreement as
     amended hereby.

          (e) Incorporated Representations and Warranties. All representations
              -------------------------------------------
     and warranties contained in the Loan Documents are true and correct in all
     material respects with the same effect as though such representations and
     warranties had been made on and as of the date hereof and the effective
     date hereof, except as to any representations or warranties which expressly
     relate to an earlier date, in which event, such representations and
     warranties are true as of such date.

          (f) No Defaults. No Default or Event of Default exists as of the date
              -----------
     hereof or will exist after giving effect to this Amendment.

     6.   Assumption Agreement of New Lender.
          ----------------------------------

                                      -3-

<PAGE>

          (a) Assumption and Acceptance. The Northern Trust Company (the "New
              -------------------------                                   ---
     Lender") hereby (i) agrees that, from and after the Effective Date, it
     ------
     shall become a "Lender" under the Credit Agreement and shall be obligated
     to perform all of the obligations of a Lender under the Credit Agreement
     (including without limitation under Article II thereof), including the
     requirements concerning confidentiality and the payment of indemnification
     and (ii) agrees that it will perform in accordance with their terms all of
     the obligations which by the terms of the Credit Agreement are required to
     be performed by it as a Lender.

          (b) Independent Credit Decision. The New Lender (i) acknowledges that
              ---------------------------
     it has received a copy of the Credit Agreement and the Schedules and
     Exhibits thereto, together with copies of the most recent financial
     statements referred to in Section 7.01 of the Credit Agreement, and such
     other documents and information as it has deemed appropriate to make its
     own credit and legal analysis and decision to enter into this Amendment and
     (ii) agrees that it will, independently and without reliance upon the
     Administrative Agent or any other Lender and based on such documents and
     information as it shall deem appropriate at the time, continue to make its
     own credit and legal decisions in taking or not taking action under the
     Credit Agreement

          (c) Administrative Agent. The New Lender appoints and authorizes the
              --------------------
     Administrative Agent to take such action as the Administrative Agent on its
     behalf and to exercise such powers under the Credit Agreement as are
     delegated to the Administrative Agent by the terms of the Credit Agreement.

          (d) Withholding Tax. The New Lender (i) represents and warrants to the
              ---------------
     Administrative Agent and the Company that under applicable law and treaties
     no tax will be required to be withheld by the New Lender with respect to
     any payments to be made to the New Lender hereunder, (ii) agrees to furnish
     (if it is organized under the laws of any jurisdiction other than the
     United States or any State thereof) to the Administrative Agent and the
     Company prior to the time that the Administrative Agent or Company is
     required to make any payment of principal, interest or fees hereunder,
     duplicate executed originals of (A) either U.S. Internal Revenue Service
     Form W-8ECI or U.S. Internal Revenue Service Form W-8BEN (wherein the New
     Lender claims entitlement to the benefits of a tax treaty that provides for
     a complete exemption from U.S. federal income withholding tax on all
     payments hereunder) or (B) if such New Lender is claiming exemption from
     U.S. federal withholding tax under Section 871(h) or 881(c) of the Code
     with respect to payments of "portfolio interest", a Form W-8BEN or any
     subsequent versions thereof or successors thereto and a certificate
     representing that such New Lender is not a "bank" for purposes of Section
     881(c) of the Code, and agrees to provide a new Form W-8BEN or W-8ECI upon
     the expiration of any previously delivered form or comparable statements in
     accordance with applicable U.S. law and regulations and amendments thereto,
     duly executed and completed by the New Lender, and (iii) agrees to comply
     with all applicable U.S. laws and regulations with regard to such
     withholding tax exemption.

     7.   Reallocation of Pro Rata Shares; Assignments.
          --------------------------------------------

                                      -4-

<PAGE>

          (a) Pro Rata Shares. Pursuant to the terms of this Amendment, the New
              ---------------
     Lender will enter into the Credit Agreement with Commitments in an
     aggregate amount not to exceed $12,500,000, while the Commitments of the
     other Lenders (individually, an "Original Lender" and collectively, the
                                      ---------------
     "Original Lenders") will not be increased. As a result thereof, the Pro
      ----------------
     Rata Share of the New Lender will be the amount set forth on Schedule 2.01,
                                                                  -------------
     and the Pro Rata Shares of each of the Original Lenders will be decreased
     to the amounts set forth on Schedule 2.01.
                                 -------------

          (b) Assignment and Assumption. In connection with the changes in Pro
              -------------------------
     Rata Shares, it is necessary for the Original Lenders to assign to the New
     Lender and for the New Lender to assume certain of the outstanding Loans of
     the Original Lenders necessary to provide that the outstanding Loans of
     each Lender will be equal to such Lender's Pro Rata Share of all Loans. On
     the Effective Date and upon receipt of the payments provided for herein,
     each of the Original Lenders hereby sells, transfers and assigns to the New
     Lender, without recourse and without representation or warranty (except as
     provided herein), all of such Original Lender's rights, title and interest
     arising under the Credit Agreement relating to all rights and obligations
     with respect to such Original Lender's portion of the Loans as set forth on
     Annex 1 attached hereto and made a part hereof (the "Assigned Loans").
     -------                                              --------------
     Effective on the Effective Date, the New Lender hereby irrevocably
     purchases, assumes and takes from each Original Lender, and each Original
     Lender is hereby expressly and absolutely released from, all of such
     Original Lender's obligations arising under the Credit Agreement relating
     to the Assigned Loans.

          (c) Payment. In consideration of the assignment by each Original
              -------
     Lender to the New Lender as set forth above, (i) the New Lender agrees to
     pay to each Original Lender the principal amount of the Assigned Loans to
     be transferred by such Original Lender to the New Lender hereunder, in
     immediately available funds, at the Effective Date, and (b) the Company
     agrees to pay to Original Lenders the accrued interest and any accrued
     commitment fees under the Credit Agreement to the Effective Date on the
     Assigned Loans, in immediately available funds, at the Effective Date. The
     Company hereby acknowledges and agrees that pursuant to the provisions of
     Section 4.04 of the Credit Agreement it will compensate each Original
     Lender for any losses, expenses and liabilities of the type described in
     Section 4.04 of the Credit Agreement resulting from the transactions
     contemplated hereby. Amounts payable under the first two sentences of this
     Section 7(c) shall be paid to the Administrative Agent for distribution to
     ------------
     the Original Lenders.

          (d) Effectiveness. This Agreement shall become effective on the
              -------------
     Effective Date. No party hereto shall have any obligation hereunder prior
     to the Effective Date. The New Lender recognizes and agrees that
     notwithstanding anything to the contrary in this Agreement, the Original
     Lenders shall retain all of their rights under the Credit Agreement for
     periods prior to the Effective Date. The Company, by its execution hereof,
     acknowledges the assignments and assumptions described above.

          (e) Representations and Warranties.
              ------------------------------

                                      -5-

<PAGE>

               (i) Each Original Lender represents and warrants that (A) it is
          the legal and beneficial owner of the interest being assigned by it
          hereunder and that such interest is free and clear of any Lien or
          other adverse claim; (B) it is duly organized and existing and it has
          the full power and authority to take, and has taken, all action
          necessary to execute and deliver this Amendment and any other
          documents required or permitted to be executed or delivered by it in
          connection with this Amendment and to fulfill its obligations
          hereunder; (C) no notices to, or consents, authorizations or approvals
          of, any Person are required (other than any already given or obtained)
          for its due execution, delivery and performance of this Amendment, and
          apart from any agreements or undertakings or filings required by the
          Credit Agreement, no further action by, or notice to, or filing with,
          any Person is required of it for such execution, delivery or
          performance; and (D) this Amendment has been duly executed and
          delivered by it and constitutes the legal, valid and binding
          obligation of such Original Lender, enforceable against such Original
          Lender in accordance with the terms hereof, subject, as to
          enforcement, to bankruptcy, insolvency, moratorium, reorganization and
          other laws of general application relating to or affecting creditors'
          rights and to general equitable principles.

               (ii) No Original Lender makes any representation or warranty and
          assumes any responsibility with respect to any statements, warranties
          or representations made in or in connection with the Credit Agreement
          or the execution, legality, validity, enforceability, genuineness,
          sufficiency or value of the Credit Agreement or any other instrument
          or document furnished pursuant thereto. No Original Lender makes any
          representation or warranty in connection with, and assumes no
          responsibility with respect to, the solvency, financial condition or
          statements of the Company, or the performance or observance by the
          Company, of any of its respective obligations under the Credit
          Agreement or any other instrument or document furnished in connection
          therewith.

               (iii) The New Lender represents and warrants that (A) it is duly
          organized and existing and it has full power and authority to take,
          and has taken, all action necessary to execute and deliver this
          Amendment and any other documents required or permitted to be executed
          or delivered by it in connection with this Amendment, and to fulfill
          its obligations hereunder; (B) no notices to, or consents,
          authorizations or approvals of, any Person are required (other than
          any already given or obtained) for its due execution, delivery and
          performance of this Amendment; and apart from any agreements or
          undertakings or filings required by the Credit Agreement, no further
          action by, or notice to, or filing with, any Person is required of it
          for such execution, delivery or performance; (C) this Amendment has
          been duly executed and delivered by it and constitutes the legal,
          valid and binding obligation of the New Lender, enforceable against
          the New Lender in accordance with the terms hereof, subject, as to
          enforcement, to bankruptcy, insolvency, moratorium, reorganization and
          other laws of general application relating to or affecting creditors'
          rights and to general equitable principles; and (D) it is an Eligible
          Assignee.

                                       -6-

<PAGE>

          (f) Assignment Permitted. To the extent necessary, Section 11.08 of
              --------------------
     the Credit Agreement is hereby amended to permit the transactions
     contemplated hereby.

     8. Miscellaneous. The parties hereto hereby further agree as follows:
        -------------

          (a) Fees. The Company shall pay such fees to the Administrative Agent,
              ----
     the Arranger and the Lenders as are required by the letter agreement among
     the Company, the Administrative Agent and the Arranger dated December 14,
     2000.

          (b) Further Assurances. Each of the parties hereto hereby agrees to do
              ------------------
     such further acts and things and to execute, deliver and acknowledge such
     additional agreements, powers and instruments as any other party hereto may
     reasonably require to carry into effect the purposes of this Amendment and
     the Credit Agreement as amended hereby.

          (c) Counterparts. This Amendment may be executed in one or more
              ------------
     counterparts, each of which, when executed and delivered, shall be deemed
     to be an original and all of which counterparts, taken together, shall
     constitute but one and the same document with the same force and effect as
     if the signatures of all of the parties were on a single counterpart, and
     it shall not be necessary in making proof of this Amendment to produce more
     than one such counterpart.

          (d) Headings. Headings used in this Amendment are for convenience of
              --------
     reference only and shall not affect the construction of this Amendment.

          (e) Integration. This Amendment and the Loan Documents constitute the
              -----------
     entire agreement among the parties hereto with respect to the subject
     matter hereof and thereof.

          (f) Governing Law. THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT
              -------------
     MADE UNDER THE LAWS OF THE STATE OF ILLINOIS, AND FOR ALL PURPOSES SHALL BE
     GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS
     AND DECISIONS OF SAID STATE, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF
     LAWS.

          (g) Binding Effect. This Amendment shall be binding upon and inure to
              --------------
     the benefit of and be enforceable by the parties hereto and their
     respective successors and assigns; provided, however, that the Company may
                                        --------  -------
     not assign or transfer its rights, interests or obligations hereunder
     without the prior written consent of the Administrative Agent and all of
     the Lenders. Except as expressly set forth to the contrary herein, this
     Amendment shall not be construed so as to confer any right or benefit upon
     any Person other than the parties to this Amendment and their respective
     successors and permitted assigns.

          (h) Amendment; Waiver; Reaffirmation of Loan Documents. The parties
              -------------------------------------------------
     hereto agree and acknowledge that nothing contained in this Amendment in
     any manner or respect limits or terminates any of the provisions of the
     Credit Agreement or the other

                                      -7-

<PAGE>

     Loan Documents other than as expressly set forth herein and further agree
     and acknowledge that the Credit Agreement and each of the other Loan
     Documents remain and continue in full force and effect and are hereby
     ratified and reaffirmed in all respects. No delay on the part of any Lender
     or the Administrative Agent in exercising any of their respective rights,
     remedies, powers and privileges under the Credit Agreement or any of the
     other Loan Documents or partial or single exercise thereof, shall
     constitute a waiver thereof. None of the terms and conditions of this
     Amendment may be changed, waived, modified or varied in any manner,
     whatsoever, except in accordance with Section 11.01 of the Credit
     Agreement.

          (i) Reference to and Effect on the Credit Agreement and the other Loan
              ------------------------------------------------------------------
     Documents. Upon the effectiveness hereof, each reference in the Credit
     ---------
     Agreement to "this Agreement," "hereunder," "hereof," "herein," or words of
     like import referring to the Credit Agreement and each reference in the
     other Loan Documents to the "Credit Agreement," "thereunder," "thereof," or
     words of like import referring to the Credit Agreement shall mean and be a
     reference to the Credit Agreement as amended by this Amendment. The Credit
     Agreement shall be deemed to be amended wherever and as necessary to
     reflect the foregoing amendments.

                            [signature page follows]

                                      -8-

<PAGE>

          IN WITNESS WHEREOF, this Amendment has been duly executed and
delivered as of the date first above written.

                                   TELETECH HOLDINGS, INC.

                                   By:
                                        ----------------------------------------
                                   Title:
                                          --------------------------------------

                                   BANK OF AMERICA, N.A., as Administrative
                                   Agent

                                   By:
                                        ----------------------------------------
                                   Title:
                                          --------------------------------------

                                   BANK OF AMERICA N.A., as a Lender

                                   By:
                                        ----------------------------------------
                                   Title:
                                          --------------------------------------

                                   FIRST UNION NATIONAL BANK, as a Lender

                                   By:
                                        ----------------------------------------
                                   Title:
                                          --------------------------------------

                                   U.S. BANK NATIONAL ASSOCIATION, as a Lender

                                   By:
                                        ----------------------------------------
                                   Title:
                                          --------------------------------------

                                   WELLS FARGO BANK, as a Lender

                                   By:
                                        ----------------------------------------
                                   Title:
                                          --------------------------------------

                                       S-1
                              [TO FIRST AMENDMENT]

<PAGE>

                                   THE NORTHERN TRUST COMPANY, as a Lender

                                   By:
                                        ----------------------------------------
                                   Title:
                                          --------------------------------------

                                       S-2
                              [TO FIRST AMENDMENT]

<PAGE>

                                  SCHEDULE 2.01

                         COMMITMENTS AND PRO RATA SHARES

------------------------------------------------------------------
            Lender                  Commitment      Pro Rata Share
            ------                  ----------      --------------
------------------------------------------------------------------
Bank of America, N.A.             $21,000,000.00     24.00000000%
------------------------------------------------------------------
First Union National Bank         $18,000,000.00     20.57142857%
------------------------------------------------------------------
U.S. Bank National Association    $18,000,000.00     20.57142857%
------------------------------------------------------------------
Wells Fargo Bank N.A.             $18,000,000.00     20.57142857%
------------------------------------------------------------------
The Northern Trust Company        $12,500,000.00     14.28571429%
------------------------------------------------------------------

------------------------------------------------------------------
         TOTAL                    $87,500,000.00         100%
                                  ==============         ====
------------------------------------------------------------------

<PAGE>

                                     ANNEX 1

                                 ASSIGNED LOANS

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
        Original Lender                   New Lender            Percentage Interest Assigned
        ---------------                   ----------            ----------------------------
--------------------------------------------------------------------------------------------
<S>                               <C>                                   <C>
Bank of America, N.A.             The Northern Trust Company            16.66666667%
--------------------------------------------------------------------------------------------
First Union National Bank         The Northern Trust Company            16.66666667%
--------------------------------------------------------------------------------------------
U.S. Bank National Association    The Northern Trust Company            16.66666667%
--------------------------------------------------------------------------------------------
Wells Fargo Bank N.A.             The Northern Trust Company            16.66666667%
--------------------------------------------------------------------------------------------
</TABLE><PAGE>
                                                                   Exhibit 10.64

                              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 James B. Kaufman ("Employee"), and
shall be effective as of May 15, 2001 ("Effective Date").

     1.   Appointment.
          -----------

          a. TeleTech hereby employs Employee as Executive Vice President,
General Counsel and Secretary, and Employee hereby accepts such employment with
TeleTech.

          b. Employee shall devote his full-time and best efforts to the
performance of all duties as shall be assigned to him 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 his 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
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 sixty percent of his 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.

     3.   Stock Options.
          -------------

<PAGE>

          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.

     4.   Fringe benefits.
          ---------------

          a. Executive Medical and Dental Insurance. Employee and his 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 his 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 his 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.

<PAGE>

          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.

     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 and Employee's continuing compliance
with all terms of such separation agreement, as severance compensation TeleTech
shall: (i) pay Employee the sum of 18 months of Employee's then-current base
salary plus 18 months of Employee's on-target annual bonus (60% of base salary),
both payable in 18 equal monthly installments, less legally required
withholdings, on the first business day of each month, beginning in the month
following the termination date, (ii) provide Employee with such fringe benefits
as he was receiving on the date of termination for a period of 18 months;
provided, however, Employee shall continue to make required co-payments and
premium payments in the amounts or levels existing at the date of termination,
and (iii) 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. 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 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

<PAGE>

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 himself 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 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 his position with reasonable accommodation
(the "Initial Disability Period"), Employee shall continue to receive his base
salary pursuant to paragraph 2(a). Thereafter, if Employee qualifies for
benefits under TeleTech's long term disability

<PAGE>

insurance plan (the "LTD Plan"), then he shall remain on leave for as long as he
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 his position then 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. Upon the occurrence of "Good Cause," as
that term is defined below, Employee may terminate this Agreement upon
forty-five 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 material 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, under which the Company's conduct 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), above, he shall be entitled to the severance compensation
specified in paragraph 7(c), above.

          h. Post-Termination Statements. In the event Employee or TeleTech
terminates Employee's employment under this Agreement:

               i. TeleTech agrees that no TeleTech Executive Officer and no
member of the TeleTech Board of Directors (the "Board") shall defame 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

<PAGE>

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.

               ii. Employee shall not defame TeleTech, TeleTech's products,
services or operations, any TeleTech Executive Officer, or any member of the
Board, and shall confine any public comment concerning his 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.   Parachute Payment.
          -----------------

     Notwithstanding any other provision of this Agreement or of any other
agreement, contract, or understanding heretofore or hereafter entered into by
Employee with Company, except an agreement, contract, or understanding hereafter
entered into that expressly modifies or excludes application of this paragraph
(an "Other Agreement"), and notwithstanding any formal or informal plan or other
arrangement for the direct or indirect provision of compensation to Employee
(including groups or classes of participants or beneficiaries of which Employee
is a member), whether or not such compensation is deferred, is in cash, or is in
the form of a benefit to or for Employee (a "Benefit Arrangement"), if Employee
is a "disqualified individual," as defined in Section 280G(c) of the Code, any
stock options or restricted stock held by Employee and any right to receive any
payment or other benefit under this Agreement shall not become exercisable or
vested (i) to the extent that such right to exercise, vesting, payment, or
benefit, taking into account all other rights, payments, or benefits to or for
Employee under this Agreement, all Other Agreements, and all Benefit
Arrangements, would cause any payment or benefit to Employee under this
Agreement to be considered a "parachute payment" within the meaning of Section
280G(b)(2) of the Code as then in effect (a "Parachute Payment") and (ii) if, as
a result of receiving a Parachute Payment, the aggregate after-tax amounts
received by Employee from the Company under this Agreement, all Other
Agreements, and all Benefit Arrangements would be less than the maximum
after-tax amount that could be received by Employee without causing any such
payment or benefit to be considered a Parachute Payment. In the event that the
receipt of any such right to exercise, vesting, payment, or benefit under this
Agreement, in conjunction with all other rights, payments, or benefits to or for
Employee under any Other Agreement or any Benefit Arrangement would cause
Employee to be considered to have received a Parachute Payment that would have
the effect of decreasing the after-tax amount received by Employee as described
in clause (ii) of the preceding sentence, then Employee shall have the right, in
Employee's sole discretion, to designate those rights, payments, or benefits
under this Agreement, any Other Agreements, and any Benefit Arrangements that
should be reduced or eliminated

<PAGE>

so as to avoid having the payment or benefit to Employee under this Agreement be
deemed to be a Parachute Payment.

     9.   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.

     10.  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 the Confidentiality
Agreement; and (4) claims brought under the Colorado Wage Act, C.R.S. Sections
8-4-101, et seq., all controversies and claims arising from or 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 10 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, tortuous 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

<PAGE>

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 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 his 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

<PAGE>

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
10 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 his 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 10(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 his 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 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 10 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 10 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.

<PAGE>

     11.  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 10(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. 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 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 he understands this Agreement; that he
enters into it freely, knowingly, and mindful of the fact that it creates
important legal obligations and affects his legal rights; and that he
understands the need to

<PAGE>

consult concerning this Agreement with legal counsel of his own choosing, and
has had a full and fair opportunity to do so.

                               [SIGNATURES FOLLOW]

<PAGE>

Employee                                  TeleTech Holdings, Inc.

                                          By:
----------------------------                 ---------------------------------
    James B. Kaufman
                                          As its:
                                                 -----------------------------
Date:
      ----------------------
                                          Date:
                                                ------------------------------

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