Document:

Exhibit 10.14

 

GECIS GLOBAL HOLDINGS

2005 STOCK OPTION PLAN

 

STOCK OPTION AGREEMENT

 

THIS
STOCK OPTION AGREEMENT (the “Agreement”), dated as of
July 26, 2005 (the “Date of Grant”), is made by and between Gecis Global
Holdings SICAR, a Societé à Responsabilité
Limitée organized as a Societé d’Investissement
en Capitol à Risque under
the laws of the Grand Duchy of Luxembourg (the “Company”), and Pramod P.
Bhasin (“Participant”).

 

RECITALS:

 

WHEREAS,
the Company has adopted the Gecis Global Holdings 2005 Stock
Option Plan (the “Plan”), pursuant to which options may be granted to
purchase the common stock of the Company (the “Shares”); and

 

WHEREAS,
the Company has entered into an employment agreement (the “Employment
Agreement”) with Participant dated as of the date hereof to which this
Agreement is attached as Exhibit A; and

 

WHEREAS,
the Committee has determined that it is in the best interests
of the Company and its shareholders to grant to Participant an option to
purchase that number of Shares provided for herein in partial compensation for
Participant’s employment, under the terms of the Employment Agreement, with the
Company.

 

NOW,
THEREFORE, for and in consideration of the premises and the
covenants of the parties contained in this Agreement, and for other good and
valuable consideration, the receipt of which is hereby acknowledged, the
parties hereto, for themselves, their successors and assigns, hereby agree as
follows:

 

1.     Grant of Option.
Subject to the terms and conditions of the Plan and the additional terms and
conditions set forth in this Agreement, the Company hereby grants on the Date
of Grant to Participant an option (the “Option”) to purchase 17,500
Shares (such shares, the “Option Shares”). To the extent the Option is
granted to a United States taxpayer, the Option shall be treated as a
Nonqualified Stock Option.

 

2.     Option Subject to Plan;
Requirement to Enter into Other Agreements.

 

(a)           By entering into this
Agreement, Participant agrees and acknowledges that Participant has received
and read a copy of the Plan and the Shareholders Agreement, agrees to be bound
by all the terms and provisions of the Plan and the Shareholders Agreement, and
has executed, and returned with a signed copy of this Agreement, the Joinder
Agreement attached hereto as Exhibit C.

 

 

(b)        The Plan is hereby
incorporated herein by reference. Except as otherwise expressly set forth
herein, this Agreement shall be construed in accordance with the provisions of
the Plan and any capitalized terms not otherwise defined in this Agreement
shall have the definitions set forth in the Plan. The Committee shall have
final authority to interpret and construe the Plan and this Agreement and to
make any and all determinations under them, and its decision shall be binding
and conclusive upon Participant and his legal representative in respect of any
questions arising under the Plan or this Agreement. In the event of a conflict
between any term or provision contained herein and any terms or provisions of
the Plan, the applicable terms and provisions of this Agreement will govern and
prevail.

 

(c)           Prior to the first
public offering of the Shares on any national securities exchange or inter
dealer quotation system (an “IPO”), Participant shall not be permitted
to exercise the Option (or any portion thereof) unless (i) immediately prior to
such exercise (or at such earlier time as the Company may require) Participant
shall have become a party to the Fiduciary Agreement and (ii) in connection
with such exercise, signed and returned the Stock Purchase Agreement attached
hereto as Exhibit D.

 

3.     Terms and Conditions.

 

(a)           Option Price.
The price at which Participant shall be entitled to purchase the Option Shares
upon the exercise of all or any portion of the Option shall be U.S.$623.00 per
Option Share.

 

(b)           Expiration Date.
Subject to Section 3(d) hereof, the Option shall expire at the end of the
period commencing on the Date of Grant and ending at 11:59 p.m. Eastern
Standard Time on the day preceding the tenth anniversary of the Date of Grant
(the “Option Period”).

 

(c)           Exercisability of
the Option.

 

(i)            Regular Vesting.
Subject to Participant’s continued employment or service with the Company or an
Affiliate and except as may otherwise be provided herein, the Option shall
become vested and exercisable as to five percent (5%) of the Option Shares on
the date which is three months following the “Vesting Commencement Date” (as
defined below) and shall thereafter become vested and exercisable as to an
additional 5% of the Option Shares on the last day of each subsequent
three-month period, such that the Option shall be 100% vested and exercisable
as of the fifth anniversary of the Vesting Commencement Date. For purposes of
this Agreement, the “Vesting Commencement Date” shall mean January 1,
2005.

 

(ii)           Special Vesting Upon
Certain Terminations of Employment. In the event of the termination of
Participant’s employment (A) on account of Participant’s death or by the
Company or any Affiliate on account of “Disability” (as defined in the
Employment Agreement), the Option shall become vested and exercisable on the
date of such termination as to that number of additional Option Shares, if any,
that

 

2

 

would have vested if
Participant had remained employed by the Company or any Affiliate for an
additional period of 12 months following the date of such termination or (B) by
the Company without “Cause” (as defined in the Employment Agreement) or by
Participant for “Good Reason” (as defined in the Employment Agreement), the
Option shall become shall vested and exercisable on the date of such
termination as to that number of additional Option Shares, if any, that would
have vested if (x) in the case of any such termination on or prior to December
31, 2006, Participant had remained employed by the Company or any Affiliate for
an additional period of 24 months following the date of such termination, or
(y) in the case of any such termination on or after January 1, 2007, as if
Participant had remained employed by the Company or any Affiliate for an
additional period of 12 months following the date of such termination.

 

(iii)          Change in Control
Vesting. Subject to the Participant’s continued employment or service with
the Company or an Affiliate, upon the occurrence of a Change in Control, the
Option shall become vested and exercisable with respect to 100% of the Option
Shares.

 

(iv)          Methods of Exercise.
Following the IPO, the Option may be exercised only by written notice,
substantially in the form attached hereto as Exhibit A (or a successor
form provided by the Committee), delivered to the Company in person or by mail
in accordance with Section 4(a) hereof and accompanied by payment therefor in
accordance with Section 3(c)(v) hereof. Prior to the IPO, the Option may be exercised
only by (A) Participant transferring the Option (or the portion thereof that is
being exercised) to the Fiduciary in accordance with the Fiduciary Agreement,
(B) Participant delivering to the Fiduciary written notice substantially in the
form attached hereto as Exhibit B (or a successor form provided by the
Committee), delivered in person or by mail in accordance with Section 4(a)
hereof and accompanied by payment therefor, and (C) payment to the Company of
the aggregate exercise price by Participant in accordance with Section 3(c)(v)
hereof. Following exercise of the Option (or any portion thereof) by the
Fiduciary, the Company shall as soon as practicable deliver Shares in respect
of such exercised Option (or portion thereof) to the Fiduciary to be held for
the benefit of Participant and such Shares shall be delivered to Participant
only at such time as the Company is no longer a Societé à Responsabilité Limitée organized under the laws of
the Grand Duchy of Luxembourg (or, if deemed necessary by the Company, on such
later date on which the Company ceases to be a Societé
d’Investissement en Capital à Risque organized under the laws of the
Grand Duchy of Luxembourg).

 

(v)           Payment of Purchase
Price. The purchase price of the Option Shares shall be paid by Participant
(A) in cash or by check, wire transfer or other manner agreed by the Company
and/or (B) at any time following an IPO, (x) in Shares having a Fair Market
Value at the time the Option is exercised equal to the aggregate exercise price
of the Option or portion thereof being exercised (including by means of
attestation of ownership of a sufficient number of Shares in lieu of actual
delivery of such shares to the Company); provided, that, such Shares
have been held by Participant for the period (if any) required to avoid a
compensation expense to the Company’s financial statements or (y) by delivering
to the Committee a copy of irrevocable instructions to a stockbroker to deliver
promptly to the Company the proceeds

 

3

 

of the sale of the Shares
subject to the Option or portion thereof being exercised, sufficient to pay the
aggregate exercise price of the Option or portion thereof being exercised.
Notwithstanding the foregoing, in no event shall a Participant be permitted to
exercise an Option in the manner described in clause (B) of the preceding
sentence if the Committee determines that exercising an Option in such manner
would violate any applicable law or the applicable rules and regulations of any
securities exchange or inter dealer quotation system on which the securities of
the Company or any Affiliates are listed or traded.

 

(d)           Effect of
Termination of Employment on the Option.

 

(i)            Termination due to
Death, by the Company due to Disability or without Cause, or by Participant for
Good Reason. If Participant’s employment or services with the Company and
its Affiliates terminates on account of Participant’s death, by the Company or
any Affiliate without Cause or on account of Disability or by Participant for
Good Reason, the unvested portion of the Option shall expire on the date of
termination and the vested portion of the Option shall remain exercisable by
Participant through the earlier of (A) the expiration of the Option Period or
(B) three years following the date of termination.

 

(ii)           Termination by
Participant without Good Reason. If Participant’s employment or services
with the Company and its Affiliates is terminated by Participant other than for
Good Reason, the unvested portion of the Option shall expire on the date of
termination and the vested portion of the Option shall remain exercisable by
Participant through the earlier of (A) the expiration of the Option Period or
(B) ninety (90) days following the date of termination.

 

(iii)          Termination for Cause.
If Participant’s employment or services with the Company and its Affiliates is
terminated by the Company or any Affiliate for Cause, both the unvested and the
vested portions of the Option shall terminate on the date of such termination.

 

(e)           Compliance with
Legal Requirements. The granting and exercising of the Option, and any
other obligations of the Company under this Agreement shall be subject to all
applicable laws, rules and regulations and to such approvals by any regulatory
or governmental agency as may be required. The Committee, in its sole
discretion, may postpone the issuance or delivery of Option Shares as the
Committee may consider appropriate and may require Participant to make such
representations and furnish such information as it may consider appropriate in
connection with the issuance or delivery of Option Shares in order to be in
compliance with applicable laws, rules and regulations.

 

(f)            Transferability.
Except as specifically provided in Section 3(c)(iv) and this Section 3(f), the
Option shall not be transferable by Participant other than by will or the laws
of descent and distribution. Following an IPO, the Option may be transferred by
Participant without consideration, to (i) any person who is a “family member”
of Participant’s as such term is used in the instructions to Form S-8

 

4

 

(collectively, the “Immediate
Family Members”); (ii) a trust solely for the benefit of Participant and his
Immediate Family Members; or (iii) any other transferee as may be approved by
the Committee in its sole discretion (collectively, the “Permitted Transferees”);
provided, that, Participant gives the Committee advance written notice
describing the terms and conditions of the proposed transfer; and provided,
further, that the restrictions upon any portion of the Option
transferred in accordance with this Section 3(f) shall apply to the Permitted
Transferee and any reference in this Agreement to Participant shall be deemed
to refer to the Permitted Transferee, except that the consequences of the
termination of Participant’s employment by, or services to, the Company under
the terms of this Agreement shall continue to be applied with respect to the
Permitted Transferee to the extent, and for the periods, specified in this
Agreement. Any transfer of the Option in contravention of the terms and
conditions of this Section 3(f) shall be null and void.

 

(g)           Rights as
Shareholder. If the Option (or portion thereof) is exercised following the
IPO, Participant shall not be deemed for any purpose to be the owner of any
Shares subject to the Option unless, until and to the extent that (i) the
Option shall have been exercised pursuant to its terms, (ii) the Company shall
have issued and delivered to Participant the Option Shares, and (iii)
Participant’s name shall have been entered as a shareholder with respect to
such Option Shares on the books of the Company. If the Option (or portion
thereof) is exercised prior to the IPO, any Option Shares for which the Option
is exercised shall be issued and delivered to the Fiduciary, the Fiduciary’s
name shall be entered as the holder of such Option Shares on the books of the
Company, such Option Shares shall be voted in accordance with the Fiduciary
Agreement, and the Fiduciary shall hold such Option Shares (and any dividends
relating to such Option Shares that are paid in Shares) for the benefit of
Participant until such time as the Company is no longer a Societé à Responsabilité Limitée organized
under the laws of the Grand Duchy of Luxembourg (or, if deemed necessary by the
Company, on such later date on which the Company ceases to be a Societé d’Investissement en Capital à Risque organized
under the laws of the Grand Duchy of Luxembourg).

 

(h)           Required Withholding.
Upon exercise of the Option, Participant must pay in the form of a check or
cash or other cash equivalents to the Company any such additional amount as the
Company determines that it is required to withhold under applicable laws in
respect of the exercise of Option Shares by Participant or by the Fiduciary on
behalf of Participant; provided that Participant may satisfy such
withholding obligation by (i) authorizing the Company to withhold from the
Option Shares otherwise issuable to Participant one or more of such Option
Shares having an aggregate Fair Market Value, determined as of the date the
withholding tax obligation arises, equal to the amount of the total withholding
tax obligation; provided, however, that, the number of
Option Shares so withheld shall not have an aggregate Fair Market Value in
excess of the minimum required withholding obligation with respect to
Participant, (ii) Participant or the Fiduciary, as applicable delivering to the
Company previously acquired Shares (none of which Shares may be subject to any
claim, lien, security interest, community property right or other right of
spouses or present or former family members, pledge, option, voting agreement
(other than the Fiduciary Agreement)

 

5

 

or other restriction or
encumbrance of any nature other than those specified in the Stock Purchase
Agreement, and which Shares must have been held by Participant or the
Fiduciary, as applicable, for the period (if any) necessary to avoid a
compensation expense to the Company’s financial statements) having an aggregate
Fair Market Value, determined as of the date the withholding tax obligation
arises, less than or equal to the amount of the total withholding tax
obligation, or (iii) if permitted by the Committee in its sole discretion, any
other method described in Section 8(d) of the Plan.

 

4.     Miscellaneous.

 

(a)           Notices. All
notices, demands and other communications provided for or permitted hereunder
shall be made in writing and shall be by registered or certified first-class
mail (or the equivalent thereof in India), return receipt requested,
telecopier, courier service or personal delivery:

 

if to the Company:

 

Gecis Global Holdings
SICAR 

65 boulevard Grande-Duchesse Charlotte

L-1331 Luxembourg 

Attn: Secretary

 

if to Participant,
at Participant’s last known address on file with the Company;

 

if to the
Fiduciary, at the address set forth in the Fiduciary Agreement.

 

All such notices, demands
and other communications shall be deemed to have been duly given when delivered
by hand, if personally delivered; when delivered by courier, if delivered by
commercial courier service; five (5) business days after being deposited in the
mail, postage prepaid, if mailed; and when receipt is mechanically acknowledged,
if telecopied.

 

(b)           Severability.
The invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provision of this Agreement,
and each other provision of this Agreement shall be severable and enforceable
to the extent permitted by law.

 

(c)           No Rights to
Employment. Nothing contained in this Agreement shall be construed as
giving Participant any right to be retained, in any position, as an employee,
consultant or director of the Company or its Affiliates or shall interfere with
or restrict in any way the right of the Company or its Affiliates or
Participant, which are hereby expressly reserved by each, to terminate
Participant’s employment or service at any time for any reason whatsoever.

 

6

 

(d)           Beneficiary.
Participant may file with the Committee a written designation of a beneficiary
on such form as may be prescribed by the Committee and may, from time to time,
amend or revoke such designation. If no designated beneficiary survives
Participant, the executor or administrator of Participant’s estate shall be
deemed to be Participant’s beneficiary.

 

(e)           Successors. The
terms of this Agreement shall be binding upon and inure to the benefit of the Company
and its successors and assigns, and of Participant and the beneficiaries,
executors, administrators, heirs and successors of Participant.

 

(f)            Entire Agreement.
This Agreement, the Plan, the Fiduciary Agreement, the Stock Purchase Agreement
and the Shareholders Agreement contain the entire agreement and understanding
of the parties hereto with respect to the subject matter contained herein and
supersede all prior communications, representations and negotiations in respect
thereto.

 

(g)           Modifications.

 

(i)            Subject to clause (ii)
below, no change, modification or waiver of any provision of this Agreement
shall be valid unless the same be in writing and signed by the parties hereto.

 

(ii)           If any payments of
money, delivery of Shares, other securities or benefits due to Participant
hereunder could cause the application of an accelerated or additional tax under
Section 409A of the Code, such payments, delivery of Shares, other securities
or benefits shall be deferred if deferral will make such payment, delivery of
shares or other benefits compliant under Section 409A of the Code, otherwise
such payment, delivery of Shares, other securities or benefits shall be
restructured, to the extent possible, in a manner, determined by the Company
and reasonably acceptable to Participant, that does not cause such an
accelerated or additional tax.

 

(h)           Governing Law.
This Agreement shall be construed and interpreted in accordance with the laws
of the State of New York without regard to principles of conflicts of law thereof,
or principals of conflicts of laws of any other jurisdiction which could cause
the application of the laws of any jurisdiction other than the State of New
York.

 

(i)            Headings. The
headings of the Sections hereof are provided for convenience only and are not
to serve as a basis for interpretation or construction, and shall not
constitute a part, of this Agreement.

 

(j)            Registration Rights.
Promptly following an IPO, the Company shall register all the Option Shares
underlying the unexercised portion of the Option on Form S-8 (or a successor or
other available form).

 

7

 

(k)           No Acquired Right.
Participant acknowledges and agrees that this Option and any similar awards the
Company may in the future grant to Participant, even if such awards are made
repeatedly or regularly, and regardless of their amount, (A) are wholly
discretionary, are not a term or condition of employment and do not form part
of a contract of employment, or any other working arrangement, between
Participant and the Company or any Affiliate, (B) do not create any contractual
entitlement to receive future awards; and (C) do not form part of salary or
remuneration for purposes of determining pension payments or any other
purposes, including without limitation termination indemnities, severance,
resignation, redundancy, bonuses, long-term service awards, pension or
retirement benefits, or similar payments, except as otherwise required by the
applicable law of any governmental entity to whose jurisdiction the award is
subject.

 

(l)            Further Assurances.
Each of the Company and Participant shall execute such documents and perform
such further acts (including, without limitation, obtaining any consents,
exemptions, authorizations or other actions by, or giving any notices to, or
making any filings with, any the government of any nation, state, city,
locality or other political subdivision thereof, or any court or arbitrator
(whether or not related to any governmental entity), or any entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining
to government, as may be reasonably required or desirable to carry out or to
perform the provisions of this Agreement.

 

(m)          Liquidity. If,
prior to an IPO, a Change in Control occurs that involves the direct or
indirect acquisition of the Common Stock of the Company by an entity that is
not a publicly traded company or an affiliate thereof, the Company, under the
supervision of the Committee, shall undertake to provide a fair and
risk-adjusted path to liquidity for Participant with respect to the Option
Shares, either upon or after the Change in Control. The liquidity opportunity
described in the immediately preceding sentence (i) may, but shall not be
required to, involve accelerated vesting of all or a portion of the Option and
(ii) shall be fair to the Participant relative to the direct or indirect
shareholders of the Company who are obtaining liquidity in the Change in
Control, taking into account the risks borne by Participant with regard to the
portion of the Option and the Options Shares as to which the liquidity
opportunity will not be realized at the time of the Change in Control. All
determinations of whether, when, and to what extent, the foregoing liquidity
opportunity shall be made available to Participant shall be made by the
Committee in its sole and absolute discretion.

 

(n)           Signature in
Counterparts. This Agreement may be signed in counterparts, each of which
shall be an original, with the same effect as if the signatures thereto and
hereto were upon the same instrument.

 

(o)           Data Protection.

 

(i)            In order to facilitate
Participant’s participation in the Plan and the administration of the Option,
it will be necessary for the Company (or its Affiliates or payroll
administrators) to collect, hold and process certain personal

 

8

 

information about
Participant (including, without limitation, Participant’s name, home address,
telephone number, date of birth, nationality and job title and details of the
Option and other options and Shares held by Participant). Participant consents
to the Company (or its Affiliates or payroll administrators) collecting,
holding and processing Participant’s personal data and transferring this data
(in electronic or other form) to third parties (collectively, the “Data
Recipients”) insofar as is reasonably necessary to implement, administer
and manage the Plan and the Option. Participant authorizes the Data Recipients
to receive, possess, use, retain and transfer the data for the purposes of
implementing, administering and managing the Plan and the Option.

 

(ii)           The Data Recipients
will treat Participant’s personal data as private and confidential and will not
disclose such data for purposes other than the management and administration of
the Plan and the Option and will take reasonable measures to keep Participant’s
personal data private, confidential, accurate and current.

 

(iii)          Participant understands
that Participant may, at any time, view his personal data, require any
necessary corrections to it or withdraw the consents herein in writing by
contacting the Company but acknowledges that without the use of such data it
may not be practicable for the Company to administer Participant’s involvement
in the Plan in a timely fashion or at all and this may be detrimental to the
Executive and may result in the possible exclusion of Participant from
continued participation with respect to this Option or any future awards under
the Plan.

 

9

 

IN WITNESS
WHEREOF, the parties hereto have executed this Agreement as of the day first
written above.

 

	
   

  	
  GECIS
  GLOBAL HOLDINGS SICAR

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Eileen S. Silvers

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Eileen S. Silvers

  
	
   

  	
   

  	
  Title:

  	
  SVP, Taxes and
  Corporate Affairs

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  PARTICIPANT

  
	
   

  	
   

  
	
   

  	
  /s/ Pramod P. Bhasin

  	
   

  
	
   

  	
  Pramod
  P. Bhasin

  
					

 

 

10

 

Exhibit A

 

NOTICE OF OPTION EXERCISE

 

PURSUANT TO THE GECIS
GLOBAL HOLDINGS

2005 STOCK OPTION PLAN

 

To exercise your option
(the “Option”) to purchase common stock (“Shares”) of Gecis
Global Holdings SICAR (the “Company”), please fill out this form and return it to the Secretary of the Company,
together with a check in the amount of the exercise price due, which
is the product of the number of Shares with respect to which you are exercising
the Option and the per share exercise price. You are not required to exercise
the Option with respect to all Shares thereunder. You also must include in the
check (or provide a separate check for) the amount of any required withholding
due in connection with your exercise, unless you otherwise arrange for the
payment of such withholding taxes through one of the procedures set forth in
Section 3(h) of your Stock Option Agreement or through any other procedure
permitted by the Committee administering the Gecis Global Holdings 2005 Stock
Option Plan.

 

I hereby exercise my
right to purchase         Shares under the
Option pursuant to the Stock Option Agreement between myself and the Company,
dated as of July 26, 2005. I am vested in the Option as to the Shares being
purchased hereunder. I have enclosed a check to the Company covering the
exercise price of U.S.$                 .

 

With respect to the
satisfaction of the applicable withholding taxes, I hereby:

 

        
deliver a check to the Company in the amount of required withholding of U.S.$                .

 

        
authorize the Company to withhold a portion of the Shares otherwise issuable to
me under the exercised Option so as to satisfy the applicable withholding tax
obligation in accordance with the procedures set forth in Section 3(h)(i) of my
Stock Option Agreement.

 

(Please contact the
office of the Secretary of the Company to determine the amount of any required
withholding.)

 

	
   

  	
  Signature: 

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Printed Name: 

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Social Security Number: 

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Date: 

  	
   

  	
   

  

 

 

A-1

 

Exhibit B

 

NOTICE OF OPTION TRANSFER AND INSTRUCTION TO EXERCISE
OPTION

 

PURSUANT TO THE GECIS
GLOBAL HOLDINGS

2005 STOCK OPTION PLAN

 

To exercise your option
(the “Option”) to purchase common stock (“Shares”) of Gecis
Global Holdings SICAR (the “Company”), please fill out this form and return one copy to each of (i) MeesPierson
Intertrust (Luxembourg) S.A (the “Fiduciary”) and (ii) the Secretary of
the Company. You must also provide the Company with a check in the amount of
the exercise price due, which is the product of the number of Shares
with respect to which you are requesting that the Option be exercised and the
per share exercise price. The Option need not be exercised with respect to all
Shares thereunder. You also must include in the check (or provide a separate
check for) the amount of any required withholding due in connection with your
exercise, unless you otherwise arrange for the payment of such withholding
taxes through one of the procedures set forth in Section 3(h) of your Stock
Option Agreement or through any other procedure permitted by the Committee
administering the Gecis Global Holdings 2005 Stock Option Plan.

 

I hereby transfer my
Option (or the applicable portion thereof) to the Fiduciary and instruct the
Fiduciary to exercise such
Option (or portion thereof) to purchase          
Shares pursuant to the Stock Option Agreement between myself and the Company,
dated as of July 26, 2005. I am vested in the Option as to the Shares being
purchased hereunder. I have enclosed a check to the Company covering the
exercise price of U.S.$               .

 

With respect to the
satisfaction of the applicable withholding taxes, I hereby:

 

         
deliver a check to the Company in the amount of required withholding of U.S.$            .

 

         
authorize the Company to withhold a portion of the Shares otherwise issuable to
me under the exercised Option so as to satisfy the applicable withholding tax
obligation in accordance with the procedures set forth in Section 3(h)(i) of my
Stock Option Agreement.

 

(Please contact the
office of the Secretary of the Company to determine the amount of any required withholding.)

 

 

	
   

  	
  Signature: 

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Printed Name: 

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Social Security Number: 

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Date: 

  	
   

  	
   

  

 

B-1Exhibit 10.15

 

EXECUTION
COPY

 

EMPLOYMENT AGREEMENT

 

EMPLOYMENT
AGREEMENT (this “Agreement”) is entered into as of
July 26, 2005, with effect from January 1, 2005 (the “Effective Date”),
by and among Gecis Global Holdings SICAR, a Societé
à Responsabilité Limitée organized as a Societé d’lnvestissement en Capital à Risque under the laws
of the Grand Duchy of Luxembourg (“Gecis Global”) and Gecis
International Holdings, a Societé à
Responsabilité Limitée under the laws of the Grand Duchy of
Luxembourg and wholly-owned subsidiary of Gecis Global (“Gecis International”
and together with Gecis Global, the “Company”) and Pramod P. Bhasin (the
“Executive”, and together with the Company, the “Parties”).

 

WITNESSETH:

 

A. The Company
desires to employ the Executive, and the Executive desires to be employed by
the Company, on the terms and conditions set forth in this Agreement.

 

B. The Executive
acknowledges that (i) the Executive’s employment with the Company will provide
the Executive with trade secrets of, and confidential information concerning,
the Company and (ii) the covenants contained in this Agreement are essential to
protect the business and goodwill of the Company.

 

Accordingly, in
consideration of the premises and the respective covenants and agreements of
the Parties set forth below, and intending to be legally bound hereby, the
Parties agree as follows:

 

Section 1.       Employment. The
Company hereby employs the Executive, and the Executive hereby accepts such
employment, on the terms and conditions set forth in this Agreement.

 

Section 2.       Term. This Agreement
shall be effective for a period commencing on the Effective Date and ending on
the date this Agreement and the Executive’s employment hereunder are terminated
in accordance with the provisions of Section 8 (such period, the “Term”).

 

Section 3.       Duties, Authority,
Status and Responsibilities.

 

(a)           The Executive shall
serve as Chief Executive Officer of both Gecis Global and Gecis International,
as a member of the board of directors of Gecis Global (the “Board”), as
Chief Executive Officer of Gecis Global (Lux), and in such other positions as
the Board may from time to time reasonably determine, subject at all times to
the direction, supervision and authority of the Board. The Executive’s duties
shall include such duties as the Board may from time to time reasonably assign.

 

 

(b)           During the Term and
except as otherwise agreed by the Company, the Executive shall devote the
Executive’s full employable time, attention and best efforts to the business
affairs of the Company (except during vacations or illness) and will not
actively engage in outside activities, whether or not such activity is pursued
for gain, profit or other pecuniary advantage unless such activity (and the
amount thereof) is approved by the Board; provided, however, the
Executive may devote time to personal investments, philanthropic service or
other personal matters without obtaining such Board approval. In addition to
the other titles and responsibilities described in this Section 3, if requested
by the Board, the Executive shall serve (without additional compensation)
during the Term as an officer of any subsidiary of the Gecis Global or Gecis
International.

 

Section 4.       Cash Compensation.

 

(a)           Base Salary.
During the Term, the Executive shall receive an annual base salary (the “Base
Salary”) of not less than U.S.$567,500. The Base Salary shall be payable in
accordance with the customary payroll practices of the Company for salaried
employees in the United States. The Board, or a committee thereof, shall review
the Executive’s Base Salary on an annual basis.

 

(b)           Annual Bonus.
During the Term, the Executive shall be eligible to receive an annual cash
bonus (the “Annual Bonus”) in respect of each full or partial fiscal
year of Gecis Global ending during the Term (a “Fiscal Year” which, as
of the Effective Date, is the period January 1 through December 31), with such
Annual Bonus to equal 120% of Base Salary for such Fiscal Year, subject to the
attainment of such performance targets as are established by the Board, or a
committee thereof, for such Fiscal Year. Any such Annual Bonus shall be paid to
the Executive at such time as other senior executives are paid their annual
cash bonuses, but in any event no later than March 15 of the Fiscal Year following
the Fiscal Year to which such Annual Bonus relates.

 

(c)           Retention Bonus.

 

(i)            The Executive shall be
entitled to receive a retention bonus (the “Retention Bonus”) of up to
U.S.$5,000,000 payable upon one or more “Payment Events” (as defined in Section
4(c)(ii) below). The amount of the Retention Bonus to be paid on a Payment
Event shall be computed as follows, but shall in no event be less than U.S.$0:

 

X =
(1) the product of A times B (2) multiplied by, in the

case of a Payment Event described in Section 4(c)(ii)(D)

only, C (3) less, in the case of
any Payment Event, D where

 

X
= the amount of the Retention Bonus payable on a Payment Event;

 

2

 

A =
U.S.$5,000,000 less the excess, if any, of (1) U.S.$11,000,000 over (2) the “Fair
Market Value” (as defined in the Gecis Global Holdings 2005 Stock Option Plan
(the “Plan”)) determined as of the date of the Payment Event of 17,500
shares of the common stock of Gecis Global (the “Common Stock”), as such
number of shares shall be adjusted to reflect any changes in the outstanding
Common Stock or in the capital structure of the Company by reason of stock or
extraordinary cash dividends, stock splits, reverse stock splits,
recapitalizations, reorganizations, mergers, consolidations, separations,
combinations, exchanges, or other relevant corporate transactions or changes in
capitalization;

 

B
= the “Vested Percentage” (as defined in Section 4(c)(iii) below) as of the
Payment Date;

 

C
= the sum of (i) percentage of shares of Common Stock currently being sold or
otherwise disposed of by the “Investor Group” (as defined in Section 4(c)(ii)
below) or member(s) thereof and (ii) the percentage of shares of Common Stock
previously sold or otherwise disposed of in the aggregate by the Investor Group
or member(s) thereof; and

 

D
= the aggregate amount of the Retention Bonus paid on all prior Payment Events.

 

In the event that on any
Payment Event other than the Payment Event described in Section 4(c)(ii)(C)
below, the Vested Percentage is not equal to 100%, the Executive shall continue
to vest in the unpaid portion of the Retention Bonus, if any, following such
Payment Event in accordance with the vesting schedule set forth in Section
4(c)(iii) below, and on each subsequently occurring Payment Event such unpaid
portion of the Retention Bonus shall be paid, to the extent then vested, until
paid in full.

 

(ii)           For purposes of the
foregoing, the term “Payment Event” shall mean any of the following: (A)
January 1, 2010, (B) the occurrence of a “Change in Control” (as defined in the
Plan), (C) the termination of the Executive’s employment hereunder, or (D) a
sale or other disposition by any member(s) of the Investor Group, other than to
a member of the Investor Group or any affiliate thereof, of any number of
shares of Common Stock; provided, however, that the event
described in subclause (D) shall only constitute a Payment Event if such event
is a permissible distribution event under Section 409A of the U.S. Internal
Revenue Code of 1986, as amended and any regulations or other guidance issued
thereunder (“Section 409A”). For purposes of the foregoing, “Investor
Group” shall mean General Atlantic Partners (Bermuda) L.P. and Oak Hill
Capital Partners (Bermuda), L.P.

 

3

 

(iii)          Subject to the Executive’s
continued employment with the Company at the end of the applicable three-month
period, the “Vested  Percentage” shall equal 5% on the date which
is three months following the Effective Date and shall be increased by an
additional 5% on the last day of each subsequent three-month period, such that
the Vesting Percentage shall equal 100% on the fifth anniversary of the
Effective Date, provided, however, that, (A) in the event of the
Executive’s termination pursuant to Sections 8(a) or 8(b), the Vested
Percentage shall be calculated as if the Executive remained employed for an
additional period of 12 months following such termination, (B) in the event of
the Executive’s termination pursuant to Section 8(d), the Vested Percentage
shall be calculated (x) in the case of any such termination prior to January 1,
2007, as if the Executive remained employed for an additional period of 24
months following such termination, or (y) in the case of any such termination
after December 31, 2006, as if the Executive remained employed for an
additional period of 12 months following such termination, (C) in the event of
a Change in Control (other than a Change in Control that involves the direct or
indirect acquisition of Gecis Global for consideration other than cash (whether
as a result of a sale or other disposition or a merger) if the Executive
continues to be the chief executive officer of the combined entity), the Vested
Percentage shall be 100%, and (D) in the event of the Executive’s termination
pursuant to Sections 8(a), 8(b) or 8(d) following a Change in Control that
involves the direct or indirect acquisition of Gecis Global for consideration
other than cash (whether as a result of a sale or other disposition or a
merger), the Vested Percentage shall be 100%.

 

(iv)          The Retention Bonus
shall be paid at the Company’s election in cash, Common Stock or any
combination thereof as soon as reasonably practicable following the Payment
Event, but in no event later than five business days following the Payment
Event. To the extent the Retention Bonus is paid in shares of Common Stock
which are not at the time freely tradable on an established securities market,
Executive shall have the right to direct the Company to withhold a portion of
those shares in satisfaction of all applicable withholding taxes. For purposes
of such withholding tax obligation, the withheld shares shall be valued at
their Fair Market Value as of the date such withholding tax obligation arises, and
in no event shall the withheld shares have an aggregate Fair Market Value in
excess of the minimum required tax withholding obligation with respect to the
share issuance.

 

(v)           Notwithstanding any of
the foregoing, in no event shall the Executive receive any unpaid portion of
the Retention Bonus if his employment is terminated by the Company with Cause
prior to, or in connection with, a Payment Event.

 

Section 5.       Equity Compensation.

 

(a)           Initial Option
Grants. On the date hereof, the Executive shall be granted an option to
purchase 17,500 shares of Common Stock in accordance with the terms of the Plan
and the Stock Option Agreement attached as Exhibit A hereto and an
option to purchase 2,500 shares of Common Stock in accordance with the terms of
the Plan and the Stock Option Agreement attached as Exhibit B hereto.

 

4

 

(b)           Future Option Grants.
The Executive will also be eligible for additional option grants under the Plan
or any successor thereto on and after January 1,2006; provided, that the
making of any such grants, and the terms and conditions applicable thereto,
shall be determined by the Board (or the appropriate committee thereof) in its
sole discretion.

 

(c)           Right to Purchase.
In connection with the execution of this Agreement, the Executive shall have
the right to purchase 535.045 interests of Gecis Management Investors, LLC at
the per interest price of U.S.$l,869.00 for a total purchase price of
U.S.$1,000,000.

 

Section 6.       Expenses. During the
Term, the Executive shall be entitled to receive prompt reimbursement for all
travel and business expenses reasonably incurred and accounted for by the
Executive (in accordance with the policies and procedures established from time
to time by the Company) in performing services hereunder.

 

Section 7.       Other Benefits.

 

(a)           Employee Benefits,
Fringe Benefits and Perquisites. During the Term, the Executive shall be
able to participate in employee benefit plans and perquisite and fringe benefit
programs on a basis no less favorable than such benefits and perquisites are
provided by the Company from time to time to the Company’s other senior
executives. In addition, the Executive shall receive reimbursement (of up to
U.S. $200,000 per Fiscal Year) for the actual costs for such Fiscal Year of (i)
the Executive’s lease, maintenance and utilities (including telephone) payments
related to his primary residence; (ii) tuition and related education expenses
for the Executive’s children; provided, that, in no event shall the Executive
be entitled to any payment pursuant to this Section 7(a)(ii) for education
expenses for a child after such child has enrolled in a post-secondary
educational institution; and (iii) the Executive’s expenses related to his
automobile and driver.

 

(b)             Special Pension
Benefit. Following the Executive’s termination of employment with the
Company for any reason, the Executive shall be eligible to receive from the
Company, a special pension benefit of U.S.$190,000 per year, which benefit
shall be payable on the same terms and conditions (with respect to the benefit
commencement date, the form of payment and any reduction of such pension
benefit for early retirement) as the benefit accrued by the Executive under the
General Electric Company Pension Plan, as amended and restated as of July 1,
2003 (the “GE Plan”). In no event shall the special pension benefits payable
hereunder be reduced by any amounts otherwise payable to the Executive under
the GE Plan. The Executive’s rights to this special pension benefit shall be
solely those of an unsecured general creditor of the Company, and nothing
herein shall be deemed to give the Executive any right to particular assets of
the Company or to require the Company to establish a fund or trust for the
benefit of the Executive or otherwise set aside assets for his benefit.

 

5

 

(c)           Vacations. The
Executive shall be entitled to four (4) weeks paid vacation during each year of
the Term. The Executive shall also be entitled to all paid holidays and
personal days given by the Company to its senior executives.

 

(d)           Relocation. If
the Executive relocates his residence at the request of the Company during the
Term, the Company shall, consistent with its relocation policies, reimburse the
Executive for the cost of relocating himself and his immediate family.

 

(e)           Indemnification.
The Company and its successors and/or assigns, will indemnify and defend the
Executive to the fullest extent permitted by applicable law of the jurisdiction
in which the Company is incorporated and the organizational documents of the
Company with respect to any claims that may be brought against the Executive
arising out of any action taken or not taken in the Executive’s capacity as an
officer or director of the Company or any affiliate. In addition, the Executive
shall be covered, in respect of the Executive’s activities as a director and
officer of the Company or any affiliate, by the Company’s Directors and
Officers liability policy or other comparable policies obtained by the Company’s
successors, to the fullest extent permitted by such policies. The Company’s
indemnification obligations under this Section 7(e) shall remain in effect
following the Executive’s termination of employment with the Company.

 

Section 8.       Termination. The
Executive’s employment hereunder may be terminated under the following
circumstances:

 

(a)           Death. The
Executive’s employment hereunder shall terminate upon the Executive’s death.
Upon any termination of the Executive’s employment hereunder as a result of
this Section 8(a), the Executive’s estate shall be entitled to receive (i) his
Base Salary through the date of termination, (ii) any earned but unpaid Annual
Bonus for any Fiscal Year preceding the Fiscal Year in which the termination
occurs, (iii) a pro-rata amount of the Annual Bonus for the Fiscal Year in
which the termination occurs, (iv) the dollar value of all accrued and unused
vacation based upon the Executive’s most recent level of Base Salary and (v)
any vested but unpaid portion of the Retention Bonus, including the portion
which vests upon such termination of employment. All other benefits, if any,
due to the Executive’s estate following the Executive’s termination due to
death shall be determined in accordance with the plans, policies and practices
of the Company; provided, however, that the Executive (or his
estate, as the case may be) shall not participate in any severance plan, policy
or program of the Company. The Executive’s estate shall not accrue any
additional compensation (including any Base Salary or Annual Bonus) or other
benefits under this Agreement following such termination of employment.

 

(b)           Disability. The
Company may terminate the Executive’s employment hereunder for Disability. “Disability”
shall mean the Executive’s inability, due to physical or mental incapacity, to
substantially perform the Executive’s duties and responsibilities under this
Agreement for a period of 180 consecutive days. In conjunction with determining
Disability for purposes of this Agreement, the Executive

 

6

 

hereby (i) consents to
any such examinations which are relevant to a determination of whether the
Executive is mentally and/or physically disabled and (ii) agrees to furnish
such medical information as may be reasonably requested. Upon any termination
of the Executive’s employment hereunder pursuant to this Section 8(b), the
Executive shall be entitled to receive (A) his Base Salary through the date of
termination, (B) any earned but unpaid Annual Bonus for any Fiscal Year
preceding the Fiscal Year in which the termination occurs, (C) a pro-rata
amount of the Annual Bonus for the Fiscal Year in which the termination occurs,
(D) the dollar value of all accrued and unused vacation based upon the
Executive’s most recent level of Base Salary and (E) any vested but unpaid
portion of the Retention Bonus, including the portion which vests upon such
termination of employment. All other benefits, if any, due to the Executive
following the Executive’s termination by the Company for Disability shall be
determined in accordance with the plans, policies and practices of the Company;
provided, however, that the Executive shall not participate in
any severance plan, policy or program of the Company. The Executive shall not
accrue any additional compensation (including any Base Salary or Annual Bonus)
or other benefits under this Agreement following such termination of
employment.

 

(c)           Termination for
Cause; Voluntary Termination. At any time during the Term, (i) the Company
may terminate the Executive’s employment hereunder for “Cause” (as defined
below) by written notice, specifying the grounds for Cause in reasonable
detail, and (ii) the Executive may terminate his employment hereunder “voluntarily”
(that is, other than by death, Disability or for Good Reason, in accordance
with Section 8(a), 8(b) or 8(d)). “Cause” shall mean: (A) any conviction
by a court of, or entry of a pleading of guilty or nolo contendre by the Executive with respect to, a felony or
any lesser crime involving moral turpitude or a material element of which is
fraud or dishonesty; (B) the Executive’s willful dishonesty of a substantial
nature towards the Company and any of its subsidiaries; (C) the Executive’s
material breach of this Agreement, which breach is not cured by the Executive
to the reasonable satisfaction of the Company within 30 business days of the
date the Company delivers written notice of such breach to the Executive; or
(D) the Executive’s material, knowing and intentional failure to comply with
material applicable laws with respect to the execution of the Company’s and its
subsidiaries’ business operations, including, without limitation, a knowing and
intentional failure to comply with the Prevention of Corruption Act of India,
1988 or the Foreign Corrupt Practices Act 1977 of the US Congress, as amended; provided,
that if all of the following conditions exist, there will be a presumption that
the Executive has acted in accordance with such applicable laws; the Executive
is following, in good faith, the written advice of counsel, such counsel having
been approved by the Board as outside counsel to the Company for regulatory and
compliance matters, in the form of a legal memorandum or a written legal
opinion, and the Executive has, in good faith, provided to such counsel all
accurate and truthful facts necessary for such counsel to render such legal
memorandum or written legal opinion.

 

Upon the
termination of the Executive’s employment hereunder pursuant to this Section
8(c) by the Company for Cause, the Executive shall be entitled to receive (i)
his Base Salary through the date of termination, (ii) any earned but unpaid
Annual Bonus for any Fiscal Year preceding the Fiscal Year in which the
termination occurs, and

 

7

 

(iii)  the
dollar value of all accrued and unused vacation based upon the Executive’s most
recent level of Base Salary. The Executive shall not accrue any additional
compensation (including any Base Salary or Annual Bonus) or other benefits
under this Agreement following such termination of employment.

 

Upon the
termination of the Executive’s employment hereunder pursuant to this Section
8(c) due to the Executive’s voluntary termination, the Executive shall be entitled
to receive (i) his Base Salary through the date of termination, (ii) any earned
but unpaid Annual Bonus for any Fiscal Year preceding the Fiscal Year in which
the termination occurs, (iii) a pro-rata amount of the Annual Bonus for the
Fiscal Year in which the termination occurs (but only if the applicable
performance target for the entirety of such Fiscal Year is achieved), (iv) the
dollar value of all accrued and unused vacation based upon the Executive’s most
recent level of Base Salary and (v) any vested but unpaid portion of the
Retention Bonus. The Executive shall not accrue any additional compensation
(including any Base Salary or Annual Bonus) or other benefits under this
Agreement following such termination of employment.

 

All other
benefits, if any, due to the Executive following Executive’s termination of
employment for Cause or due to voluntary termination pursuant to this Section
8(c) shall be determined in accordance with the plans, policies and practices
of the Company; provided, however, that Executive shall not
participate in any severance plan, policy or program of the Company.

 

(d)           Termination for Good
Reason or Without Cause. At any time during the Term, (i) the Executive may
terminate the Executive’s employment hereunder for “Good Reason” (as defined
below) and (ii) the Company may terminate the Executive’s employment hereunder
without Cause (and other than for death or Disability). “Good Reason”
shall mean the occurrence, without the Executive’s prior written consent, of
any of the following events: (A) a reduction in the nature or scope of the
Executive’s authority or duties from those contemplated by this Agreement; (B)
a reduction in the then current Base Salary, target Annual Bonus or fringe
benefits specific to the Executive; or (C) causing or requiring the Executive
to report to any person other than the Board; provided, however,
that any such event described in (A), (B) or (C) above shall not constitute
Good Reason unless and until the Executive shall have provided the Company with
notice of such event and the Company shall have failed to remedy such event
within 30 days of receipt of such notice.

 

Upon the
termination of the Executive’s employment hereunder pursuant to this Section
8(d), the Executive shall receive within five days following termination, a
lump sum payment in an amount equal to (i) the sum of (A) any earned but unpaid
Base Salary through the date of termination, (B) any earned but unpaid Bonus
for any Fiscal Year preceding the Fiscal Year in which the termination occurs,
(C) a pro-rata amount of the Annual Bonus for the Fiscal Year in which the
termination occurs, (D) the dollar value of all accrued and unused vacation
based upon the Executive’s most recent level of Base Salary and (E) any vested
but unpaid portion of the Retention Bonus, including the portion which vests
upon such termination of employment., plus (ii) the sum of (A) two times the
Executive’s Base Salary (at the rate then in effect) and (B) two times the

 

8

 

Annual Bonus the
Executive received for the Fiscal Year preceding the Fiscal Year in which the
termination occurs. In addition, the Company shall continue to provide, at the
Company’s cost, health benefits to the Executive and his spouse and other
eligible dependents at the same level of coverage and benefits as is provided
to U.S.-based senior executives of the Company for the two-year period
following the date of the Executive’s termination; provided, that the
Company’s obligation to provide any such health benefits shall cease with
respect to each such health benefit at the time Executive and his spouse and
other eligible dependents become eligible for such health benefits from another
employer. To the extent that the provision of health benefits is not
permissible after termination of employment under the terms of the benefit
plans of the Company then in effect, the Company shall pay to the Executive
such amount as is necessary to provide Executive, after tax, with an amount
equal to the cost of acquiring, for Executive and his spouse and other eligible
dependents, on a non-group basis, for the required period, those health
benefits that would otherwise be lost to Executive and his spouse and other
eligible dependents as a result of Executive’s termination. All other benefits,
if any, due Executive following a termination pursuant to this Section 8(d)
shall be determined in accordance with the plans, policies and practices of the
Company; provided, however, that Executive shall not participate
in any severance plan, policy or program of the Company. The Executive shall
not accrue any additional compensation (including any Base Salary or Annual
Bonus) or other benefits under this Agreement following such termination of
employment.

 

(e)           Execution of Release
of All Claims. Notwithstanding any other provision of this Agreement to the
contrary, the Executive acknowledges and agrees that any and all payments and
benefits to which the Executive is entitled under this Section 8 are
conditional upon, and subject to, the Executive’s execution of a mutual release
and waiver of claims in the form attached hereto as Exhibit C.

 

(f)            Notice of
Termination. Any purported termination of employment by the Company or the
Executive shall be communicated by a written Notice of Termination to the
Executive or the Company, respectively, delivered in accordance with Section
10(e) hereof. For purposes of this Agreement, a “Notice of Termination”
shall mean a notice which shall indicate the specific termination provision in
the Agreement relied upon, the date of termination, and shall set forth in
reasonable detail the facts and circumstances claimed to provide a basis for
termination of employment under the provision so indicated. The date of
termination of the Executive’s employment shall be the date so stated in the
Notice of Termination, which date, in the event of a termination initiated by
the Executive or by the Company pursuant to Section 8(d) shall be no less than
30 days following the delivery of a Notice of Termination or in the event of a
termination initiated by the Executive pursuant to Section 8(c) shall be no
less than 30 days following the delivery of a Notice of Termination; provided,
however, that in the case of a termination for Cause by the Company, the
date of termination shall be the date the Notice of Termination is delivered in
accordance with Section 8(c).

 

9

 

Section 9.       Restrictive Covenants.

 

(a)           Noncompetition.
In consideration of the payments by the Company to the Executive pursuant to
this Agreement, the Executive hereby covenants and agrees that, during the Term
and for the one-year period following the date of the Executive’s termination
for any reason, the Executive shall not, without the prior written consent of
the Company, engage in “Competition” (as defined below) with Gecis Global,
Gecis International or any of their respective affiliates or subsidiaries
(collectively, the “Company Group”). For purposes of this Agreement, if
the Executive takes any of the following actions he shall be engaged in “Competition:”
engaging in or carrying on, directly or indirectly, any enterprise, whether as
an advisor, principal, agent, partner, officer, director, employee,
stockholder, associate or consultant to any of the five entities listed on the
competitor list attached as Exhibit D hereto, or any successor of any
such entity, which competitor list may be amended annually by the Board, or a
committee thereof, to add or delete entities from such list provided that in no
event shall the number of entities named on such list exceed five.
Notwithstanding the foregoing, “Competition” shall not include the passive
ownership of securities in any entity listed on Exhibit D and exercise
of rights appurtenant thereto, so long as such securities represent no more
than two percent (2%) of the voting power of all securities of such enterprise.

 

(b)           Nonsolicitation:
No-Hire. In further consideration of the payments by the Company to the
Executive pursuant to this Agreement, the Executive hereby covenants and agrees
that, during the Term and for the two-year period following the date of the
Executive’s termination for any reason, the Executive shall not knowingly (i)
attempt to influence, persuade or induce, or assist any other person in so
influencing, persuading or inducing, any employee or independent contractor of
the Company Group to give up, or to not commence, employment or a business
relationship with the Company Group, (ii) unless otherwise in contravention of
applicable law, directly, or indirectly through direction to any third party,
hire or engage, or cause to be hired or engaged, any person who is or was an
employee or independent contractor of the Company Group, or (iii) attempt to
influence, persuade or induce, or assist any other person in so influencing,
persuading or inducing, any agent, consultant, vendor, supplier or customer of
the Company Group to give up or not commence, a business relationship with the
Company Group.

 

(c)           Confidential
Information. The Executive acknowledges that the Company Group has a
legitimate and continuing proprietary interest in the protection of its
confidential information and that it has invested substantial sums and will
continue to invest substantial sums to develop, maintain and protect such
confidential information. During the Term and at all times thereafter, the
Executive shall not, except with the written consent of the Company or in
connection with carrying out the Executive’s duties or responsibilities
hereunder, furnish or make accessible to anyone or use for the Executive’s own
benefit any trade secrets, confidential or proprietary information of the
Company Group, including its business plans, marketing plans, strategies,
systems, programs, methods, employee lists, computer programs, insurance
profiles and client lists; provided, that such protected information
shall not include information known to the public or otherwise in the public
domain without violation by

 

10

 

the Executive of this
Section 10(c). Notwithstanding the foregoing, the Executive may disclose
Confidential Information when required to do so by a court of competent
jurisdiction, by any governmental agency having supervisory authority over the
business of the Company Group or by any administrative body or legislative body
(including a committee thereof) with jurisdiction to order the Executive to
divulge, disclose or make accessible such information; provided, further,
that in the event that Executive is ordered by a court or other government
agency to disclose any Confidential Information, the Executive shall (i)
promptly notify the Company of such order, (ii) at the written request of the
Company, diligently contest such order at the sole expense of the Company as
expenses occur, and (iii) at the written request of the Company, seek to
obtain, at the sole expense of the Company, such confidential treatment as may
be available under applicable laws for any information disclosed under such
order.

 

(d)           Property of the
Company. All memoranda, notes, lists, records and other documents or papers
(and all copies thereof) relating to the Company Group, whether written or
stored on electronic media, made or compiled by or on behalf of the Executive
in the course of the Executive’s employment, or made available to the Executive
in the course of the Executive’s employment, relating to the Company Group, or
to any entity which may hereafter become an affiliate thereof, but excluding
the Executive’s personal effects, Rolodexes and similar items, shall be the
property of the Company, and shall, except as otherwise agreed by the Company
in writing, be delivered to the Company promptly upon the termination of the
Executive’s employment with the Company for any reason or at any other time
upon request.

 

(e)           Developments the
Property of the Company. All discoveries, inventions, ideas, technology,
formulas, designs, software, programs, algorithms, products, systems,
applications, processes, procedures, methods and improvements and enhancements
conceived, developed or otherwise made or created or produced by the Executive
alone or with others, at any time during his employment with the Company, and
in any way relating to the business activities which are the same as or
substantially similar to business activities carried on by the Company Group or
being definitely planned by the Company Group (the “Business”), or the
products or services of the Company Group, whether or not subject to patent,
copyright or other protection and whether or not reduced to tangible form (“Developments”),
shall be the sole and exclusive property of the Company. The Executive agrees
to, and hereby does, assign to the Company, without any further consideration,
all of the Executive’s right, title and interest throughout the world in and to
all Developments. The Executive agrees that all such Developments that are
copyrightable may constitute works made for hire under the copyright laws of
the United States and, as such, acknowledges that the Company or one of the members
of the Company Group, as the case may be, is the author of such Developments
and owns all of the rights comprised in the copyright of such Developments and
the Executive hereby assigns to the Company without any further consideration
all of the rights comprised in the copyright and other proprietary rights the
Executive may have in any such Development to the extent that it might not be
considered a work made for hire. The Executive shall make and maintain adequate
and current written records of all Developments and shall disclose all
Developments

 

11

 

promptly, fully and in
writing to the Company promptly after development of the same, and at any time
upon request.

 

(f)            Enforcement.
The Executive acknowledges and agrees that the Company’s remedies at law for a
breach or threatened breach of any of the provisions of Sections 9(a), (b), (c)
and (d) herein would be inadequate and, in recognition of this fact, the
Executive agrees that, in the event of such a breach or threatened breach, in
addition to any remedies at law, the Company shall be entitled to obtain
equitable relief in the form of specific performance, temporary restraining
order, temporary or permanent injunction or any other equitable remedy which
may then be available, In addition, the Company shall be entitled to
immediately cease paying any amounts remaining due or providing any benefits to
the Executive pursuant to Section 8 in the event that the Executive has
violated any provision of Section 9(a) or has materially breached any of his
obligations under Sections 9(b), (c), (d) and (e) of this Agreement. The
Executive understands that the provisions of Sections 9(a) and 9(b) may limit
his ability to earn a livelihood in a business similar to the Business but he
nevertheless agrees and hereby acknowledges that (i) such provisions do not
impose a greater restraint than is necessary to protect the goodwill or other
business interests of the Company, (ii) such provisions contain reasonable
limitations as to time and scope of activity to be restrained, (iii) such
provisions are not harmful to the general public, (iv) such provisions are not
unduly burdensome to Executive, and (v) the consideration provided hereunder is
sufficient to compensate Executive for the restrictions contained in Sections
9(a) and 9(b). In consideration of the foregoing and in light of Executive’s
education, skills and abilities, Executive agrees that he shall not assert
that, and it should not be considered that, any provisions of Sections 9(a) and
9(b) otherwise are void, voidable or unenforceable or should be voided or held
unenforceable. It is expressly understood and agreed that although Executive
and the Company consider the restrictions contained in Sections 9(a) and 9(b) to
be reasonable, if a judicial determination is made by a court of competent
jurisdiction that the time or territory or any other restriction contained in
this Agreement is an unenforceable restriction against Executive, the
provisions of this Agreement shall not be rendered void but shall be deemed
amended to apply as to such maximum time and territory and to such maximum
extent as such court may judicially determine or indicate to be enforceable.
Alternatively, if any court of competent jurisdiction finds that any
restriction contained in this Agreement is unenforceable, and such restriction
cannot be amended so as to make it enforceable, such finding shall not affect
the enforceability of any of the other restrictions contained herein

 

Section 10.     Miscellaneous.

 

(a)           Executive’s and
Company’s Representations. The Executive hereby represents and warrants to
the Company that (i) the execution, delivery and performance of this Agreement
by Executive does not and shall not conflict with, breach, violate or cause a
default under any contract, agreement, instrument, order, judgment or decree to
which Executive is a party or by which he is bound; (ii) the Executive is not a
party to or bound by an employment agreement, non-compete agreement or
confidentiality agreement with any other person or entity which would interfere
in any material respect with the performance of his duties hereunder; provided,

 

12

 

however,
that the Executive is currently bound by a confidentiality agreement with
General Electric Corporation which the Parties hereby agree will not materially
interfere with the performance of Executive’s duties hereunder; and (iii)
Executive shall not use any confidential information or trade secrets of any
person or party other than the Company and its subsidiaries in connection with
the performance of his duties hereunder. The Company represents and warrants
that it is fully authorized and empowered to enter into this Agreement, that
the Agreement has been duly authorized by all necessary corporate action, that
the performance of its obligations under this Agreement will not violate any
agreement between it and any other person, firm or organization.

 

(b)           Mitigation. The
Executive shall have no duty to mitigate his damages by seeking other
employment and, should the Executive actually receive compensation from any
such other employment, the payments required hereunder shall not be reduced or
offset by any other compensation except as specifically provided herein.

 

(c)           Waiver.

 

(i)            No provision of this
Agreement may be modified, waived or discharged unless such waiver,
modification or discharge is agreed to in a writing signed by the Executive and
an officer of the Company (other than the Executive) duly authorized by the
Board to execute such amendment, waiver or discharge. No waiver by either Party
at any time of any breach of the other Party of, or compliance with, any
condition or provision of this Agreement to be performed by such other Party
shall be deemed a waiver of similar or dissimilar provisions or conditions at
the same or at any prior or subsequent time.

 

(ii)           Notwithstanding any
other provision of this Agreement to the contrary, the Company shall modify the
time and/or form of payment under any “Applicable Arrangement” (as
defined below) if and to the extent that the Company or the Executive
determines such modification to be necessary or advisable to avoid the
imposition on the Executive of the additional taxes imposed on certain
nonqualified deferred compensation arrangements pursuant to Section 409A. In
making any such modification to an Applicable Arrangement, the determination by
the Company or the Executive must be made in good faith, be based on advice of
counsel and be designed, in the Company’s sole judgment, to fulfill as closely
as possible the Company’s original commitment to the Executive under the
Applicable Arrangement without regard to Section 409A without increasing the
Company’s costs under the Applicable Arrangement. No modification shall be made
by the Company without prior written notice to the Executive. For this purpose,
“Applicable Arrangements” shall mean the Retention Bonus and Special
Pension Benefit, referred to in Sections 4(c) and 7(b) respectively and,
following an IPO, any severance payments under Section 8.

 

(d)           Successors and
Assigns. This Agreement shall be binding on and inure to the benefit of the
successors and assigns of the Company

 

13

 

(e)           Notice. For the
purpose of this Agreement, notices and all other communications provided for in
this Agreement shall be in writing and shall be deemed to have been duly given
if delivered personally, if delivered by overnight courier service, if sent by
facsimile transmission or if mailed by registered mail, return receipt
requested, postage prepaid, addressed to the respective addresses or sent via
facsimile to the respective facsimile numbers, as the case may be, as set forth
below, or to such other address as either party may have furnished to the other
in writing in accordance herewith, except that notice of change of address
shall be effective only upon receipt; provided, however, that (i)
notices sent by personal delivery or overnight courier shall be deemed given
when delivered; (ii) notices sent by facsimile transmission shall be deemed
given upon the sender’s receipt of confirmation of complete transmission, and
(iii) notices sent by registered mail shall be deemed given two days after the
date of deposit in the mail.

 

If to the Executive, to
such address as shall most currently appear on the records of the Company.

 

If to the Company, to:

 

Gecis Global Holdings
SICAR

65 boulevard Grande-Duchesse Charlotte

L-1331 Luxembourg

Attn: Secretary

 

(f)            GOVERNING LAW;
CONSENT TO JURISDICTION. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS
MADE AND TO BE WHOLLY PERFORMED WITHIN THAT STATE, WITHOUT REGARD TO THE
CONFLICT OF LAWS PROVISIONS OF ANY JURISDICTION WHICH WOULD CAUSE THE
APPLICATION OF ANY LAW OTHER THAN THAT OF THE STATE OF NEW YORK. ANY ACTION TO
ENFORCE THIS AGREEMENT AND/OR THE EXHIBITS HERETO (OTHER THAN AN ACTION WHICH
MUST BE BROUGHT BY ARBITRATION PURSUANT TO SECTION 10(h)) MUST BE BROUGHT IN, AND
THE PARTIES HEREBY CONSENT TO THE JURISDICTION OF, A COURT SITUATED IN NEW YORK
COUNTY, NEW YORK. EACH PARTY HEREBY WAIVES THE RIGHTS TO CLAIM THAT ANY SUCH
COURT IS AN INCONVENIENT FORUM FOR THE RESOLUTION OF ANY SUCH ACTION.

 

(g)           JURY TRIAL WAIVER.
THE PARTIES EXPRESSLY AND KNOWINGLY WAIVE ANY RIGHT TO A JURY TRIAL IN THE
EVENT ANY ACTION ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT OR
EXECUTIVE’S EMPLOYMENT WITH THE COMPANY IS LITIGATED OR HEARD IN ANY COURT.

 

(h)           Arbitration. Any
dispute, controversy or other claim, other than disputes, controversies or
claims relating to Section 9 (which disputes, controversies or claims shall be
litigated in court in accordance with the provisions of Sections 9(f) and

 

14

 

10(f) hereof), arising
out of or relating to (i) this Agreement, or (ii) the Executive’s employment
with the Company shall be resolved by binding confidential arbitration before a
single arbitrator, to be held in New York City, New York in accordance with the
Commercial Arbitration Rules of the American Arbitration Association. Judgment
upon the award rendered by the arbitrator may be entered in any court having
jurisdiction thereof.

 

(i)            Assignment. The
Executive may not assign his rights or interests under this Agreement. This
Agreement may not be assigned by the Company other than to an entity (i) which,
directly or indirectly controls, is controlled by or is under common control
with the Company, or which is a successor in interest to substantially all of
the business operations of the Company, and (ii) which assumes in writing or by
operation of law, at the time of the assignment, the Company’s obligation to
perform this Agreement.

 

(j)            Severability of
Invalid or Unenforceable Provisions. The invalidity or unenforceability of
any provision or provisions of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement, which shall remain in
full force and effect.

 

(k)           Entire Agreement.
This Agreement sets forth the entire agreement of the Parties in respect of the
subject matter contained herein and supersedes all prior agreements, promises,
covenants, arrangements, communications, representations or warranties, whether
oral or written in respect of the subject matter contained herein.

 

(l)            Withholding Taxes.
The Company shall be entitled to withhold from any payment due to the Executive
hereunder any amounts required to be withheld by applicable tax laws or
regulations.

 

(m)          Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall
be deemed to be an original but all of which together will constitute one and
the same instrument.

 

15

 

IN
WITNESS WHEREOF, the Parties have executed this Employment
Agreement as of the date first above written.

 

 

	
   

  	
  GECIS GLOBAL HOLDINGS
  SICAR

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Eileen S. Silvers

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Eileen S. Silvers

  
	
   

  	
   

  	
  Title:

  	
  SVP, Taxes &
  Corporate Affairs

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  GECIS INTERNATIONAL
  HOLDINGS

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Eileen S. Silvers

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Eileen S. Silvers

  
	
   

  	
   

  	
  Title:

  	
  SVP, Taxes &
  Corporate Affairs

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Pramod Bhasin

  	
   

  
	
   

  	
   

  	
  Pramod Bhasin

  
					

 

16

Exhibit B to Employment Agreement

 

GECIS GLOBAL HOLDINGS 

2005 STOCK OPTION PLAN

 

STOCK OPTION AGREEMENT

 

 

 

 

 

 

 

EXHIBIT C

 

GENERAL RELEASE

AND COVENANT NOT TO SUE

 

TO
ALL WHOM THESE PRESENTS SHALL COME OR MAY CONCERN, KNOW that:

 

Pramod P. Bhasin
(“Executive”), on Executive’s own behalf and on behalf of Executive’s
descendants, dependents, heirs, executors and administrators and permitted
assigns, past and present, in consideration for the amounts payable and
benefits to be provided to Executive under that Employment Agreement dated as
of July 26, 2005 (the “Employment Agreement”) by and among Executive,
Gecis Global Holdings, a Societé à
Responsabilité Limitée organized as a Societé d’ Investissement en Capital à Risque under the laws
of the Grand Duchy of Luxembourg (“Gecis Global”) and Gecis
International Holdings SICAR, a Societé à
Responsabilité Limitée under the laws of the Grand Duchy of
Luxembourg and wholly-owned subsidiary of Gecis Global (“Gecis International”
and together with Gecis Global, the “Company”) does hereby covenant not
to sue or pursue any litigation against, and waives, releases and discharges
the Company, its assigns, affiliates, subsidiaries, parents, predecessors and
successors, and the past and present shareholders, employees, officers,
directors, representatives and agents of any of them (collectively, the “Company
Group”), from any and all claims, demands, rights, judgments, defenses,
actions, charges or causes of action whatsoever, of any and every kind and
description, whether known or unknown, accrued or not accrued, that Executive
ever had, now has or shall or may have or assert as of the date of this Release
and Covenant Not to Sue against the Company Group relating to his employment
with the Company or the termination thereof or his service as an officer or
director of any subsidiary or affiliate of the Company or the termination of
such service, including, without limiting the generality of the foregoing, any
claims, demands, rights, judgments, defenses, actions, charges or causes of
action related to employment or termination of employment or that arise out of
or relate in any way to the Age Discrimination in Employment Act of 1967 (“ADEA,”
a law that prohibits discrimination on the basis of age), the National Labor
Relations Act, the Civil Rights Act of 1991, the Americans With Disabilities
Act of 1990, Title VII of the Civil Rights Act of 1964, the Employee Retirement
Income Security Act of 1974 (“ERISA”), and the Family and Medical Leave
Act, all as amended, and other Federal, state and local laws relating to
discrimination on the basis of age, sex or other protected class, all claims
under Federal, state or local laws for express or implied breach of contract,
wrongful discharge, defamation, intentional infliction of emotional distress,
and any related claims for attorneys’ fees and costs; provided, however,
that nothing herein shall release the Company from any of its obligations to
Executive under the Employment Agreement (including, without limitation, its
obligation to pay the amounts and provide the benefits upon which this Release
and Covenant Not to Sue is conditioned) or any rights Executive may have to
indemnification under any charter or by-laws (or similar documents) of any
member of the Company Group or any insurance coverage under any directors and
officers insurance or similar policies or any benefits vested and accrued as of
the date hereof which Executive has under any ERISA benefit plan.

 

The Company Group
does hereby covenant not to sue or pursue any litigation against, and waives,
releases and discharges Executive and Executive’s descendants,

 

 

dependents, heirs,
executors and administrators and assigns, past and present (collectively, the “Executive
Group”), from any and all claims, demands, rights, judgments, defenses,
actions, charges or causes of action whatsoever, of any and every kind and
description, whether known or unknown, accrued or not accrued, that the Company
Group ever had, now have or shall or may have or assert as of the date of this
Release and Covenant Not to Sue against any member of the Executive Group
relating to his employment with the Company or the termination thereof or his
service as an officer or director of any subsidiary or affiliate of the Company
or the termination of such service, (collectively, “Claims”); provided,
however, that (i) nothing herein shall release Executive from any of
Executive’s obligations and covenants under Sections 9 or 10 of the Employment
Agreement, and (ii) nothing herein shall release the Executive Group from any
Claims (A) which are based upon any acts or omissions of Executive that involve
fraud or (B) which were not known to the non-employee members of the Company’s
board of directors on the date hereof.

 

The parties hereto
agree that this Release and Covenant Not to Sue may be pleaded as a full
defense to any action, suit or other proceeding covered by the terms hereof
that is or may be initiated, prosecuted or maintained by any such party or his
or its heirs or assigns. Executive understands and confirms that Executive is
executing this Release and Covenant Not to Sue voluntarily and knowingly, but
that this Release and Covenant Not to Sue does not affect Executive’s right to
claim otherwise under ADEA. In addition, Executive shall not be precluded by
this Release and Covenant Not to Sue from filing a charge with any relevant
Federal, state or local administrative agency, but Executive agrees to waive
Executive’s rights with respect to any monetary or other financial relief
arising from any such administrative proceeding.

 

In furtherance of,
and solely to the extent provided by, the agreements set forth above, the
parties hereby expressly waive and relinquish any and all rights under any
applicable statute, doctrine or principle of law restricting the right of any
person to release claims that such person does not know or suspect to exist at
the time of executing a release, which claims, if known, may have materially
affected such person’s decision to give such a release. In connection with such
waiver and relinquishment, the parties acknowledge that they are aware that
they may hereafter discover claims presently unknown or unsuspected, or facts
in addition to or different from those that they now know or believe to be
true, with respect to the matters released herein. Nevertheless, it is the
intention of the parties to fully, finally and forever release all such
matters, and all claims relating thereto, that now exist, may exist or
theretofore have existed, as specifically provided herein. The parties hereto
acknowledge and agree that this waiver shall be an essential and material term
of the releases contained above. Nothing in this paragraph is intended to
expand the scope of the releases as specified herein.

 

This Release and
Covenant Not to Sue shall be governed by and construed in accordance with the
laws of the State of New York.

 

To the extent that
Executive is forty (40) years of age or older, this paragraph shall apply. Executive acknowledges
that Executive has been offered a period of time of at least twenty-one (21)
days to consider whether to sign this Release and Covenant Not to Sue and the
Company agrees that Executive may cancel this Release and Covenant Not to Sue
at any time during the seven (7) days following the date on which this Release
and Covenant Not to Sue has been signed by all parties to this Release and
Covenant Not to Sue. In order to cancel or

 

2

 

revoke this Release and
Covenant Not to Sue, Executive must deliver to the General Counsel of the
Company written notice stating that Executive is canceling or revoking this
Release and Covenant Not to Sue. If this Release and Covenant Not to Sue is
timely cancelled or revoked, none of the provisions of this Release and
Covenant Not to Sue shall be effective or enforceable by any party and the
Company shall not be obligated to make the payments to Executive or to provide
Executive with the other benefits described in the Employment Agreement and all
contracts and provisions modified, relinquished or rescinded hereunder shall be
reinstated to the extent in effect immediately prior hereto.

 

Executive hereby
agrees not to defame or disparage any member of the Company Group or any
executive, manager, director, or officer of any member of the Company Group in
any medium to any person without limitation in time. The Company hereby agrees
that its board of directors, the members of the Company Group and the
executives, managers and officers of the members of the Company Group shall not
defame or disparage Executive in any medium to any person without limitation in
time. Notwithstanding this provision, either party may confer in confidence
with his or its legal representatives and make truthful statements as required
by law.

 

The parties
acknowledge and agree that they have entered into this Release and Covenant Not
to Sue knowingly and willingly and have had ample opportunity to consider the
terms and provisions of this Release and Covenant Not to Sue.

 

IN
WITNESS WHEREOF, the parties hereto have caused this General
Release and Covenant Not to Sue to be executed on this        
day of                 ,
           .

 

 

	
   

  	
  GECIS GLOBAL HOLDINGS SICAR

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  
	
   

  	
  Its:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GECIS INTERNATIONAL HOLDINGS

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  
	
   

  	
  Its:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Pramod
  P. Bhasin

  

 

3

 

EXHIBIT D

 

Competitor List

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