Document:

Exhibit
10.17

EMPLOYMENT AGREEMENT

Employment
Agreement made effective February 23, 2006, between SITEL CORPORATION, a
Minnesota corporation (“Company”) and JORGE A. CELAYA (“Executive”).

WHEREAS,
Company desires to assure itself of the Executive’s continued dedication
notwithstanding the Company’s evaluation of various strategies available to the
Company in its efforts to enhance long-term shareholder value, and to induce
the Executive to remain in the employ of the Company; and

WHEREAS,
the Executive is willing to remain in the employ of the Company on the terms
and conditions set forth in this Agreement.

NOW
THEREFORE, in consideration of the mutual covenants and agreements of the
parties in this Agreement, and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties agree as follows:

1.                                       Employment.  Company hereby continues to employ Executive as its
Executive Vice President and Chief Financial Officer, and Executive hereby
accepts such continued employment, for the period of time and upon the terms
and conditions set forth in this Agreement.

2.                                            Term.  The
term of Executive’s employment under this Agreement shall begin as of the date
hereof and continue without interruption through December 31, 2006, and shall
automatically renew thereafter for additional terms of one year each, unless
sooner terminated in accordance with this Agreement (“Term”).

3.                                            Duties. The duties and responsibilities of Executive shall include duties and
responsibilities consistent with Executive’s corporate offices and positions,
including those which may be set forth in the bylaws of Company from time to
time, and such other duties and responsibilities which the Chief Executive
Officer and/or the Board of Directors of Company from time to time may assign
to Executive.

4.                                            Efforts on Behalf of Company and Other Activities.  During the Term, Executive shall
devote all of his working time and use his best efforts to perform diligently
and faithfully his duties and responsibilities under this Agreement.  Executive shall not invest in any business
which directly competes with the Company, nor shall he engage in any outside
business activity of any nature, except as otherwise provided in this Agreement,
without the prior written consent of the Company.   Notwithstanding the above, Executive may
devote a reasonable amount of his time to civic, community, or charitable
activities, may manage his and his family’s personal investments and affairs,
and may serve on the boards of other companies, as long as such activities do
not interfere materially with the performance of his responsibilities under
this Agreement.   Nothing in this
Agreement shall be construed as prohibiting Executive from investing in up to
1% of the stock of any corporation which does not directly compete with the
Company and whose stock is listed on a national securities exchange or on the
NASDAQ National Market system.

 

5.                                            Place of Employment.  The Company’s executive offices
shall be located in Omaha, Nebraska and Executive’s home office shall be
located in Baltimore, Maryland during the Term. 
Company shall furnish Executive with an office, secretarial and other
support services consistent with those currently provided and such other facilities
and services at such locations as may be reasonably required to permit
Executive to fulfill the duties of his employment.

6.                                            Base Salary.  For all services to be rendered by Executive pursuant to
this Agreement, Company agrees to pay Executive during the Term a base annual
salary (the “Base Salary”) of Two Hundred Ninety Thousand Dollars
($290,000).  The Base Salary shall be
reviewed at least annually in accordance with the Company’s policies and
practices by action of the Compensation Committee of the Board of Directors and
may be increased, but not decreased, from time to time by such action.  Any increase in the Base Salary shall not
serve to limit or reduce any other obligations of the Company hereunder and any
such increased Base Salary thereafter shall be regarded as the Executive’s “Base
Salary” for all purposes under this Agreement. 
The Base Salary shall be paid in periodic installments in accordance
with Company’s regular payroll practices, but in any event no less frequently
than monthly.  The Base Salary, and all
other amounts payable under this Agreement, shall be subject to withholding as
required by law.

7.                                       Additional Compensation.

(a)                                  Bonus.  For each calendar year during the Term,
Executive shall be eligible to participate in the Company’s bonus program for
senior executives on the terms established by the Compensation Committee for
each such year.   Executive’s target
bonus opportunity for each calendar year in the Term shall be established
annually by the Compensation Committee of the Board of Directors, but shall in
no event be less than 100% of his Base Salary.

(b)                                 Stock Option Plans. 
Executive has previously been granted stock options for SITEL common
stock.  Any further grants of stock
options to Executive shall be at the sole discretion of the Compensation
Committee.  The terms of any such
discretionary grants shall be as established by the Compensation Committee from
time to time.

(c)                                  Benefit Plans.  During the Term, Executive
(and his eligible dependents where applicable) shall be entitled to participate
in the benefit plans offered from time to time by Company to its senior
executive officers, on terms (including Company and employee contribution
percentages, waivers of waiting periods, applicable deductibles, etc.) no less
favorable than those provided generally to other senior executive officers of
the Company, including without limitation, as may be applicable, individual or
group medical, hospital, dental, and long-term disability insurance coverages,
group life insurance coverage, and 401(k) plans.

(d)                                 Vacations and Holidays.  During the Term, Executive shall be
entitled to such paid vacation days, holidays and time off per calendar year
(pro-rated for partial calendar years of employment) as are consistent with
past practice and custom for Company’s senior executive officers.

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(e)                                  Expenses.  During the Term, Executive shall be entitled to prompt
reimbursement by Company of all reasonable ordinary and necessary travel,
entertainment, and other expenses incurred by Executive (in accordance with the
policies and procedures established by Company for its senior executive
officers) in the performance of his duties and responsibilities under this
Agreement; provided that Executive shall properly account for such
expenses in accordance with Company policies and procedures, which may include
but are not limited to itemized accountings.

8.                                       Termination of Employment.

(a)                                  Death.  Executive’s employment under this Agreement
shall terminate upon Executive’s death. 
If Executive’s employment terminates pursuant to this Section 8(a),
Executive’s estate shall be entitled to receive the Base Salary up through the
date of Executive’s death; any bonus earned by Executive pursuant to Section
7(a) for a calendar year already completed but not yet paid; and any benefits
to which Executive is entitled pursuant to Sections 7(c) through 7(e) up
through the date of Executive’s death.

(b)                                 Disability.  If Executive becomes incapable
by reason of physical injury, disease, mental illness or other incapacity of
substantially performing his duties under this Agreement for a continuous
period of three months or for more than 120 days in the aggregate during any
12-month period, then Company may terminate Executive’s employment under this
Agreement effective upon 30 days written notice.  If Executive’s employment terminates pursuant
to this Section 8(b), Executive or his legal representative shall be entitled
to receive the Base Salary up through the effective date of termination; any
bonus earned by Executive pursuant to Section 7(a) for a calendar year already
completed but not yet paid; and any benefits to which Executive is entitled
pursuant to Sections 7(c) through 7(e) up through the effective date of
termination.

(c)                                  For Cause.  Company also may terminate
Executive’s employment under this Agreement for cause.  For purposes of this Agreement, “for cause”
shall mean only (i) Executive’s confession, plea of nolo contendere, or
conviction of theft, fraud, embezzlement, or any crime involving dishonesty,
(ii) bad faith or unlawful conduct on the part of the Executive which is or can
reasonably be expected to be demonstrably detrimental to the business,
reputation or financial condition of the Company, (iii) Executive’s willful
misconduct or gross negligence in performing or failing to perform his duties
and responsibilities as described in Section 1 (other than because of a
disability described in Section 8(b)) and Executive’s failure to cure such
willful misconduct or gross negligence within 30 days after Executive’s receipt
of a written notice from the Chief Executive Officer or Board of Directors of
the Company setting forth in reasonable detail the particulars thereof, or (iv)
the failure by Executive to comply in any material respect with Company
policies or a lawful directive of the Chief Executive Officer or Board of
Directors (other than because of a disability described in Section 8(b)) which
non-compliance is or can reasonably be expected to be demonstrably detrimental
to the business, reputation or financial condition of the Company, and Executive’s
failure to cure such non-compliance within 30 days after Executive’s receipt of
a written notice from the Chief Executive Officer or Board of Directors setting
forth in reasonable detail the particulars of such non-compliance.  Termination shall occur effective 30 days
after “for cause” is established.  If
Executive’s employment terminates pursuant to this Section 8(c), Executive
shall be entitled to receive the Base Salary up through the effective date of
termination

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and any benefits to which Executive is entitled pursuant to Sections
7(c) through 7(e) up through the effective date of termination, but shall not
be entitled to any bonus for a completed calendar year which has not yet been
paid (and for which the payment date established by the bonus plan has not yet
arrived).

(d)                                 Voluntary Resignation. 
Executive may voluntarily resign from Company’s employ at any time upon
at least 30 days prior written notice of the effective date of such
resignation.  If Executive voluntarily
resigns, Executive shall be entitled to receive the Base Salary up through the
effective date of such resignation and any benefits to which Executive is
entitled pursuant to Sections 7(c) through 7(e) up through the effective date
of such resignation, but shall not be entitled to any bonus for a completed
calendar year which has not yet been paid (and for which the payment date
established by the bonus plan has not yet arrived).

(e)                                  Without Cause.  The Company may terminate
Executive’s employment under this Agreement without cause, which for purposes
of this Agreement shall include any termination of Executive’s employment by
Company other than “for cause” as defined in Section 8(c) and other than
because of disability pursuant to Section 8(b), upon no less than 5 days prior
written notice. If the Company terminates Executive’s employment without cause
pursuant to this Section 8(e), then following such termination Executive shall
be entitled to receive the Base Salary up through the effective date of such
termination; any bonus earned by Executive pursuant to Section 7(a) for a
calendar year already completed but not yet paid; and any benefits to which
Executive is entitled pursuant to Sections 7(c) through 7(e) up through the
effective date of termination.  In
addition, Executive shall be entitled to receive, within 10 days after the
effective date of such termination without cause (or in the next regular
semi-monthly pay period following the effective date of such termination, if
later), a lump sum payment equal to the aggregate of (i) one (1) times the Base
Salary provided for in Section 6 and (ii) one (1) times the target bonus for
the calendar year in which the effective date of termination occurs.  Furthermore, the Company shall reimburse
Executive for twelve (12) consecutive months after the effective date of such
termination for payments by the Executive to exercise his rights under the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (COBRA), to
continue medical and dental coverages for Executive and his covered dependents
as such may be in effect from time to time under the Company’s medical and
dental plans.  Furthermore, Executive
shall be entitled to continuation of long-term disability and life insurance
benefits at the Company’s expense for a period of twelve (12) consecutive
months after the effective date of such termination provided that the long-term
disability benefit plan and the life insurance benefit plan, as the case may
be, permit Executive’s continued participation; provided that, if either such
plan does not permit Executive’s continued participation after the effective
date of such termination and under such plan Executive has a right to convert
such benefit to an individual insurance contract or such plan provides a
portability option to continue coverage as a former employee, then, if
Executive timely elects such conversion or portability option subject to the
terms of such plan, Company shall reimburse Executive for such premiums
incurred for such twelve (12) consecutive month period; provided further that
Executive shall have no right to a continuation of long-term disability or life
insurance coverage after the effective date of termination except as provided
in the preceding provisions of this Section 8(e).  Each of the continued benefits or
reimbursements provided under this Section 8(e) shall cease as such time as
Executive becomes eligible for substantially similar or improved benefit or
benefits from a subsequent employer.  For
purposes of this Section 8, the term “target bonus” means the

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percentage of the bonus opportunity designated by the bonus plan as the
target amount, and if no such percentage has been so specifically designated as
the target amount then an amount equal to 100% of Base Salary.

(f)                                    Good Reason.  Executive may terminate his employment with
the Company under this Agreement for Good Reason in the manner described in
this Section 8(f) (provided such
termination has not been preceded or accompanied by a termination by the
Company for cause as described in Section 8(c)), and for the avoidance
of doubt such termination because of Good Reason shall in no event be
considered a voluntary resignation.  For
purposes of this Agreement, “Good Reason” shall mean any of the following events: (i) Executive’s base salary is
decreased below the then Base Salary level applicable pursuant to Section 6, or
(ii) Executive’s benefits are materially decreased from those in effect as of
the date of this Agreement (other than pursuant to a general reduction or
modification of such benefits generally applicable to Company’s senior
managers), or (iii) Executive’s title, authority, role or level of
responsibilities as a senior executive are materially reduced or diminished
from those established by Section 3 (or, for purposes of Section 8(g), Executive’s
title, authority, role or level of responsibilities as a senior executive are
materially reduced or diminished from those in effect immediately prior to the
Change of Control including without
limitation a change in reporting such that Executive is required to report to
someone other than either the Chief Executive Officer or the Board of Directors
of the Company or the Company being acquired directly or indirectly by another
entity in a manner that the Company is no longer a “reporting company” under
the Securities Exchange Act of 1934 based on its common stock being publicly
traded) without Executive’s written consent, or (iv) a material adverse change in Executive’s working
conditions as a whole such that a reasonable person would concur with Executive’s
opinion that such working conditions as a whole have become intolerable, and
the Company’s failure to remedy such working conditions within 30 days after
the Chief Executive Officer or the Board of Directors of the Company’s receipt
of a written notice from the Executive setting forth in reasonable detail the
particulars which make such working conditions intolerable, or (v) Company
relocates its executive offices from Omaha, Nebraska, or (vi) Executive
is required by Company to relocate his residence from Baltimore, Maryland.  Executive shall be regarded as having
terminated his employment with the Company because of Good Reason only if he
gives written notice of his termination of employment pursuant to this Section
8(f) within 6 months following the effective date of the event constituting
Good Reason (or, if later, within 6 months after Executive receives notice from
the Company of the event constituting Good Reason).  If
Executive’s employment terminates pursuant to this Section 8(f) without there
having been a Change of Control, Executive shall be entitled to receive the
same compensation and benefits as described in Section 8(e) as if Executive’s
employment had been terminated by the Company without cause.  Section 8(g) shall govern any termination of
this Agreement by Executive for Good Reason following a Change of Control.

(g)                                 Change of Control.   If
Executive’s employment with Company is terminated by Company other than “for
cause” as defined in Section 8(c) and other than because of disability pursuant
to Section 8(b), or if Executive’s employment with Company is terminated by
Executive for Good Reason as defined in Section 8(f) upon or within two years
following a Change of Control as defined herein, then Executive shall be
entitled to receive the Base Salary up through the effective date of such
termination; any bonus earned by Executive pursuant to Section 7(a) for a
calendar year already completed but not yet paid; and any benefits to which
Executive is entitled

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pursuant to Sections 7(c) through 7(e) up through the effective date of
termination.  In addition, Executive
shall be entitled to receive, within 10 days after the effective date of such
termination without cause upon or following the Change of Control (or in the
next regular semi-monthly pay period following the effective date of such
termination, if later), a lump sum payment equal to the aggregate of (i) two
(2) times the Base Salary provided for in Section 6 and (ii) two (2) times the
target bonus for the calendar year in which the effective date of termination
occurs.  Furthermore, the Company shall
reimburse Executive for twenty-four (24) consecutive months after the effective
date of such termination for payments by the Executive to exercise his rights
under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended
(COBRA), to continue medical and dental coverages for Executive and his covered
dependents as such may be in effect from time to time under the Company’s
medical and dental plans.  Furthermore,
Executive shall be entitled to continuation of long-term disability and life
insurance benefits at the Company’s expense for a period of twenty-four (24)
consecutive months after the effective date of such termination provided that
the long-term disability benefit plan and the life insurance benefit plan, as
the case may be, permit Executive’s continued participation; provided that, if
either such plan does not permit Executive’s continued participation after the
effective date of such termination and under such plan Executive has a right to
convert such benefit to an individual insurance contract or such plan provides
a portability option to continue coverage as a former employee, then, if
Executive timely elects such conversion or portability option subject to the terms
of such plan, Company shall reimburse Executive for such premiums incurred for
such twenty-four (24) consecutive month period; provided further that Executive
shall have no right to a continuation of long-term disability or life insurance
coverage after the effective date of termination except as provided in the
preceding provisions of this Section 8(g). 
Each of the continued benefits or reimbursements provided under this
Section 8(g) shall cease as such time as Executive becomes eligible for
substantially similar or improved benefit or benefits from a subsequent
employer.

For purposes of this Agreement, “Change of Control” shall mean only (a)
a tender offer shall be made and consummated for the ownership of more than 50%
of the outstanding voting securities of the Company; (b) the Company shall be
merged or consolidated with another corporation and as a result of such merger
or consolidation less than 50% of the outstanding voting securities of the
surviving or resulting corporation shall represent or result from the former
outstanding voting securities of the Company, as the same shall have existed
immediately prior to such merger or consolidation; (c)  the Company shall sell all or substantially
all of its assets to another corporation which is not a wholly-owned subsidiary
or affiliate;  (d)  as the result of, or in connection with, any
contested election for the Board of Directors of the Company, or any tender or
exchange offer, merger or business combination or sale of assets, or any
combination of the foregoing (a “Transaction”), the persons who were Directors
of the Company before the Transaction shall cease to constitute a majority of
the Board of Directors of the Company, or any successor thereto; or (e) a
person, within the meaning of Section 3(a)(9) or of Section 13(d)(3) (as in
effect on the date hereof) of the Securities Exchange Act of 1934 (“Exchange
Act”), other than any employee benefit plan then maintained by the Company,
shall acquire more than 50% of the outstanding voting securities of the Company
(whether directly, indirectly, beneficially or of record). For purposes hereof,
ownership of voting securities shall take into account and shall include
ownership as determined by applying the provisions of Rule 13d-3(d)(1)(i) (as
in effect on the date hereof) pursuant to the Exchange Act.

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9.                                       Section 280G.  Notwithstanding any provision
of this Agreement to the contrary, in the event that:

(a)                                  The aggregate payments or benefits to be made or
afforded to the Executive under this Agreement or from the Company in any other
manner (the “Termination Benefits”) would be deemed to include an “excess
parachute payment” under Section 280G of the Internal Revenue Code of 1986, as
amended, (the “Code”) or any successor thereto, and

(b)                                 If such Termination Benefits were reduced to an
amount (the “Non-Triggering Amount”), the value of which is one dollar ($1.00)
less than an amount equal to three (3) times the Executive’s “base amount”, as
determined in accordance with said Section 280G, and the Non-Triggering Amount
would be greater than the aggregate value of Termination Benefits (without such
reduction) minus the amount of tax required to be paid by Executive thereon by
Section 4999 of the Code, then the Termination Benefits shall be reduced so
that the Termination Benefits are not more than the Non-Triggering Amount.
Termination Benefits shall be reduced as provided above, with the allocation of
such reduction to be as mutually agreed between the Executive and the Company
or, in the event the parties cannot agree, in the following order: (1) any lump
sum severance based on a multiple of Base Salary or target bonus, (2) other
cash amounts payable to the Executive, (3) any benefits valued as parachute
payments, and (4) acceleration of the vesting of any equity. The application of
said Section 280G, and the allocation of the reduction required by this
Paragraph 9, shall be determined by Deloitte & Touche or such other
nationally recognized certified public accounting firm as may be designated by
the Executive (provided however that if determinations similar to those
required under this Section 9 have been previously commenced pursuant to
another executive employment agreement with the Company in connection with such
Change of Control, then the same certified public accounting firm as is already
being used for such determinations shall be used for the determinations under
this Section 9, so that a single nationally recognized certified public
accounting firm is making such determinations for all executives and the
Company in connection with such Change of Control) (the “Accounting Firm”),
that shall provide detailed supporting calculations both to the Company and the
Executive within 15 business days of the receipt of notice from the Executive
that Termination Benefits are to be paid or such earlier time as is requested
by the Company. In the event that the Accounting Firm is serving as accountant
or auditor for the individual, entity or group effecting the Change of Control,
the Executive shall appoint another nationally recognized accounting firm to
make the determinations required hereunder, subject to the same proviso as
above (which accounting firm shall then be referred to as the Accounting Firm
hereunder). All fees and expenses of the Accounting Firm shall be borne solely
by the Company.   If the Accounting Firm
determines that Termination Benefits must be reduced pursuant to this Paragraph
9, it shall furnish the Executive with a written opinion to such effect.

10.                               Accelerated Vesting.   Upon a
Change of Control, any remaining installments of any stock options then held by
Executive which had not yet become exercisable shall become exercisable on the
effective date of such Change of Control. 
Once such options become exercisable, they shall remain exercisable until
expiration, cancellation, or termination of such options.    These provisions, instead of the provisions
of Section 13(b) of the 1999 Stock Incentive Plan, are intended to apply to
such options.  Such options may be
exercised during such period only in accordance with the other provisions of
the applicable option agreement and the other terms of

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the 1999 Stock Incentive Plan.
In no event may such options be exercised after the Latest Expiration Date
specified in such options, respectively.

11.                                 No Mitigation Necessary.   In no
event shall the Executive be obligated to seek other employment or take any
other action by way of mitigation of the amount payable to the Executive under
any of the provisions of this Agreement and such amounts shall not be reduced
for any income or benefits that the Executive derives from employment or
self-employment (or both) from any other source. Except as set forth in this
Agreement, the Company’s obligation to make the payments provided for in this
Agreement and otherwise to perform its obligations hereunder shall not be
affected by any circumstances, including without limitation, set-off,
counterclaim, recoupment, defense or other claim, right or action which the
Company may have against the Executive or others, except to the extent any
amounts are due the Company or its subsidiaries or affiliates pursuant to a
judgment against the Executive.

12.                                 General Release and Waiver.   Upon a
termination of employment prior to the expiration of the Term pursuant to
provisions (e) through (g) of Section 8 of this Agreement, Executive shall
execute a release and waiver in the form set forth in Exhibit A as a condition
precedent to the Company’s obligations to pay the termination payments
specified in such Section 8(e), 8(f) or 8(g), as the case may be.  Exhibit A provides for the release and waiver
of important rights and/or claims that Executive might have against the Company
at the time of any early termination of this Agreement.  Executive represents and warrants that he has
read Exhibit A and fully and completely understands the provisions thereof.

13.                                 Notice of Termination.  Any
termination of Executive’s employment by Company shall be communicated in a
written Termination Notice to Executive. 
For purposes of this Agreement, a “Termination Notice” shall mean a
notice from the Chief Executive Officer or Board of Directors of the Company
which shall indicate the specific termination provision in this Agreement
relied upon and, if applicable, shall set forth in reasonable detail the facts
and circumstances providing a basis for termination of Executive’s employment
under the provision so indicated.

14.                                 Confidentiality.  Executive acknowledges that
all Confidential Information (defined below) acquired by Executive during his
employment relationship with Company shall remain exclusively the proprietary
property of Company.  During Executive’s
employment relationship with Company, such Confidential Information is required
to be maintained as strictly confidential and used solely for the benefit of
Company.  After conclusion of Executive’s
employment relationship with Company, Executive shall continue to maintain the
strict confidentiality of, and shall not disclose or use, such Confidential
Information.  Executive’s obligation of
confidentiality shall not extend to any Confidential Information that becomes
generally available to the public other than as a result of improper disclosure
by Executive, or to any Confidential Information that Executive is required to
disclose by applicable law, regulation or legal process.  Executive shall provide Company with prompt
written notice of such requirement for disclosure so that the Company may seek
an appropriate protective order at the Company’s expense for the Confidential
Information to be disclosed.

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“Confidential Information” as used in this Agreement means (a)
information from or concerning the Company’s or its subsidiaries’ products,
services, current or future activities and plans relating to development,
production or sales including the timing of such matters, production or design
secrets, technical design or specifications of products, intellectual property,
research and development, processes, systems, marketing and other business
strategies and tactics, procurement practices, pricing techniques and models,
contract forms, contract pricing and other terms, requirements, costs, profit
margins, discounts, rebates, finances, financial statements, and other
financial information, credit history, policies, contracts, books, records and
documents; (b) names of the Company’s or its subsidiaries’ clients, vendors and
strategic partners and other information concerning such clients, vendors and
strategic partners and their respective businesses, products, services, current
or future activities and plans relating to development, production or sales
including the timing of such matters, production or design secrets, technical
design or specifications of products, intellectual property, research and
development, processes, systems, marketing and other business strategies and
tactics, procurement practices, pricing techniques and models, contract forms,
contract pricing and other terms, requirements, costs, profit margins,
discounts, rebates, finances, financial statements, and other financial
information, credit history, policies, contracts, books, records and documents,
and for avoidance of doubt includes all information which is covered by
confidentiality agreements executed by the Company with or for the benefit of
such clients, vendors and/or strategic partners; (c) all information of or
about the Company or any subsidiary which is marked confidential or
proprietary; and (d) all other information which a reasonable person would
understand is confidential and/or proprietary to the Company or any subsidiary
and which if disclosed would likely cause significant harm to the Company. All
information referenced above shall be protected as Confidential Information
regardless of whether it is written or oral and regardless of the media in
which it is contained or by which it was communicated.

15.                                 Directors and Officers Liability Insurance.  The
Company shall ensure that Executive is covered under a directors and officers
liability insurance policy or policies during employment and, while potential
liability exists, after the termination of employment for any reason, in the
same amount and to the same extent during employment as the Company covers its
other directors and officers and, after the termination of employment for any
reason, in the same amount and to the same extent as the Company covers any
other former officers and former directors.

16.                                 Successors and Assigns.  This Agreement and all rights under
this Agreement shall be binding upon, inure to the benefit of, and be
enforceable by the parties hereto and their respective personal or legal
representatives, executors, administrators, heirs, distributees, devisees,
legatees, successors, and assigns.  This
Agreement is personal in nature, and neither of the parties to this Agreement
shall, without the written consent of the other, assign or transfer this
Agreement or any right or obligation under this Agreement to any other person
or entity, except that the Company may assign the Agreement to a successor
corporation.

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17                                    Notices.  For purposes of this Agreement, notices and other
communications provided for in this Agreement shall be deemed to be properly
given if delivered personally or sent by United States certified mail, return
receipt requested, postage prepaid, or sent by overnight delivery service,
addressed as follows:

	
  If to Executive:

  	
  At Executive’s home address on file at the Company

  
	
   

  	
   

  
	
  If to Company:

  	
  SITEL Corporation

  
	
   

  	
  7277 World
  Communications Drive

  
	
   

  	
  Omaha, Nebraska
  68122

  
	
   

  	
  Attn: Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
  With a copy to:

  
	
   

  	
  SITEL
  Corporation

  
	
   

  	
  7277 World
  Communications Drive

  
	
   

  	
  Omaha, Nebraska
  68122

  
	
   

  	
  Attn: General
  Counsel

  

 

or to such other address as either party may have furnished to the
other party in writing in accordance with this Section.  Such notices or other communications shall be
effective when received if delivered personally or when deposited in the U.S.
mail if delivered by certified mail or when deposited with the overnight
delivery service if delivered by that method. 
Notices also may be given by facsimile and in such case shall be deemed
to be properly given when sent so long as the sender uses reasonable efforts to
confirm and does confirm the receiver’s receipt of the facsimile transmission.

18.                                 Miscellaneous.  No provision of this Agreement may be modified, waived, or
discharged unless such waiver, modification, or discharge is agreed to in
writing and is signed by Executive and the Chief Executive Officer.  No waiver by either party to this Agreement
at any time of any breach by the other party of, or compliance by the other
party with, any condition or provision of this Agreement to be performed by the
other party shall be deemed to be a waiver of similar or dissimilar provisions
or conditions at the same or any prior or subsequent time.

19.                                 Validity.  The invalidity or unenforceability of any provision(s) of
this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which other provision shall remain in full force
and effect; nor shall the invalidity or unenforceability of a portion of any
provision of this Agreement affect the validity or enforceability of the
balance of such provision.

20.                                 Counterparts.  This document may be executed in one or more counterparts,
each of which shall be deemed to be an original and all of which together shall
constitute a single agreement.

21.                                 Headings.  The headings of the sections and subsections contained in
this Agreement are for reference purposes only and shall not in any way affect
the meaning or interpretation of any provision of this Agreement.

 10
 

 

22.                                 Applicable Law.  This Agreement shall be governed by and construed in
accordance with the internal substantive laws, and not the conflicts of law
principles, of the State of Nebraska.

23.                                 Entire Agreement. This Agreement constitutes the entire agreement
of the parties with respect to the terms of Executive’s employment with the
Company and cancels and supersedes any prior agreements and understandings of
the parties concerning such employment relationship.  For avoidance of doubt, this Agreement is not
intended to and does not supersede any additional confidentiality agreements
that may have been previously executed by Executive in favor of the Company or
any separate agreements concerning director or officer indemnification that may
have been previously executed by the Company in favor of Executive or any plans
pursuant to which Executive may receive benefits pursuant to Section 7 of this
Agreement including without limitation the 1999 Stock Incentive Plan, as
amended.  There are no representations,
warranties, terms, conditions, undertakings or collateral agreements, express,
implied or statutory, between the parties with respect to the terms of
Executive’s employment other than those set forth in this Agreement.

(Signature page follows)

 11
 

 

SIGNATURE PAGE TO

EMPLOYMENT AGREEMENT

IN WITNESS WHEREOF, Company and Executive have executed this Agreement.

 

	
   

  	
  SITEL CORPORATION, a
  Minnesota

  
	
   

  	
  corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James F. Lynch

  	
   

  
	
   

  	
   

  	
  James F. Lynch

  
	
   

  	
   

  	
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Jorge A.
  Celaya

  	
   

  
	
   

  	
  JORGE A. CELAYA

  

 

 12

 

EXHIBIT A

GENERAL RELEASE
AND WAIVER

THIS
GENERAL RELEASE AND WAIVER (“Release”) is entered into this               
day of                        ,
20  , (“Effective Date”), between JORGE A. CELAYA, his successors and
assigns (collectively the “Executive”), and SITEL Corporation, its parent,
subsidiaries, or affiliated companies (collectively the “Company”).

WHEREAS,
the Executive’s right to receive certain termination payments pursuant to his
Employment Agreement is conditioned upon execution and delivery of this Release
to Company.

NOW
THEREFORE:

1.                                       For
valuable consideration, the adequacy of which is hereby acknowledged, the
Executive hereby knowingly and voluntarily releases, indemnifies, and forever
discharges the Company, together with all of its and their respective past and
present directors, officers, employees and attorneys in their official capacity
acting on behalf of the Company, and each of their predecessors, successors and
assigns, and any of the foregoing in their capacity as a shareholder or agent
of the Company or its subsidiaries or affiliates (collectively, “Releasees”)
from any and all claims, charges, complaints, promises, agreements,
controversies, liens, demands, causes of action, obligations, attorney’s fees,
damages and liabilities of any nature whatsoever, known or unknown, suspected
or unsuspected, which the Executive or his executors, administrators,
successors or assigns ever had, now have, or may hereafter claim to have
against any of the Releasees by reason of any matter, cause or thing whatsoever
in connection with, or in any way related to or arising out of, the Executive’s
employment or termination of employment with the Company, whether or not
previously asserted before any state or federal court or before any state or
federal agency or governmental entity, even if such act or omission is found to
have been an intentional act or omission, or a negligent act or omission by the
Releasees, from the beginning of time to the date of this Release.

2.                                       The
Executive’s release of Releasees hereunder includes, without limitation, any
rights or claims arising out of or relating in any way to the Executive’s
employment by or separation from the Company or otherwise relating to any of
the Releasees, or arising under any state or federal statute or regulation
including, the Age Discrimination in Employment Act of 1967, Title VII of the
Civil Rights Act of 1964, the Civil Rights Act of 1991, Section 1981 through
1988 of Title 42 of the United States Code, the Employee Retirement Income Security
Act of 1974, the Immigration Reform Control Act, the Americans with
Disabilities Act of 1990, the National Labor Relations Act, the Fair Labor
Standards Act, the Occupational Safety and Health Act, the Worker Adjustment
and Retraining Notification Act of 1988, the Family and Medical Leave Act of
1993, each as amended, any state antidiscrimination law, any state wage and
hour law, any other local, state or federal law, regulation or ordinance; any
public policy, contract, tort, or common law, or under any policy, agreement,
understanding or promise, whether written or oral, formal or informal, between
any of the Releasees and the Executive, and any allegation for costs, fees, or
other expenses including attorneys’ fees incurred in these matters. The Executive
further represents that he has not, and never will, institute against the

 A-1
 

 

Company or any of
the Releasees any action or other proceeding in any court, administrative
agency, or other tribunal of the United States, any State thereof or any
foreign jurisdiction, with respect to any claim or cause of action of any type,
arising or which may have existed at any time prior to the effective date of
the Release that is released by the Release. If Employee does institute such a
claim, in violation of this representation, he agrees to pay the reasonable
costs incurred by the Company or any of the Releasees in defending such action,
including reasonable attorneys’ fees, experts’ fees and costs.

3.                                       The
Executive represents and warrants that, to the knowledge of the Executive,
there is no reasonable basis for the Company or its subsidiaries or affiliates
to assert any claim against the Executive for violation of any federal, state,
or local law, or breach of any applicable duty under common law.

4.                                       The
Executive represents that the Company advised him to consult with an attorney
of his choosing prior to signing the Employment Agreement to which this Release
is an exhibit. The Executive represents that he understands and agrees that he
had the right to have the Employment Agreement and has the right to have this
Release reviewed by an attorney of the Executive’s choice and that he has in
fact reviewed the Employment Agreement and this Release with an attorney of his
choice [if applicable: or has freely decided solely on his own to forego having
such review by an attorney of his choice]. The Executive further represents
that he read and understood each and every provision in the Employment
Agreement and this Release and that he had the opportunity to consult with an
attorney of his choice regarding the effect of each and every provision of the
Employment Agreement and this Release.

5.                                       The
Executive acknowledges that the Company has advised the Executive that the
Executive has twenty-one (21) days in which to consider whether the Executive
should sign this Release and has advised the Executive that if the Executive
signs this Release, the Executive has seven (7) days following the date on
which the Executive signs the Release to revoke it and that the Release will
not be effective until after this seven (7) day period has lapsed without
revocation.  If Executive elects to sign
this Release in advance of the 21-day period lapsing, he voluntarily waives
such review period. If Executive wishes to revoke this Release within the 7 day
revocation period, Executive shall deliver a written notice of revocation
within such period; if delivered by mail the revocation must be sent by
certified mail, return receipt requested, postmarked within the revocation
period, and properly addressed to: SITEL Corporation, Attention: Head of Human
Resources, 7277 World Communications Drive, Omaha, Nebraska 68122; if hand
delivered, the revocation must be delivered at the address above to the
attention of the addressee above within the revocation period.  Executive understands and acknowledges that
the Company is under no obligation to and will not pay the termination payments
specified in the Employment Agreement unless and until this Release is signed
and the waiting periods specified in this Section 5 have lapsed without
revocation, and that no interest will be payable or paid by Company with
respect to such termination payments for any period pending the signing of this
Release and such lapse of the waiting periods.

6.                                       The
Executive acknowledges that (i) the Executive is receiving consideration under
the Employment Agreement for his release in addition to anything of value to
which is already entitled and (ii) the Company is not entering into this
Agreement because it believes that the

 A-2
 

 

Executive has any
cognizable legal claim against the Releasees. The Executive acknowledges and
agrees that the purpose of this Agreement is to provide him with further
assistance in the transition of his employment status, while at the same time
protecting the Releasees from the expense and disruption which are often
incurred in defending against even a groundless lawsuit.

7.                                       The
Executive represents that he understands and agrees that the Company is under
no obligation to offer him the Employment Agreement, that the Executive is
under no obligation to consent to the Executive’s Release, and that the
Executive has entered into the Employment Agreement freely and voluntarily with
complete understanding of all relevant facts, and that the Employment Agreement
and the Executive’s Release are fair, adequate and reasonable.

8.                                       The
Executive agrees that he will fully cooperate in any claims, litigation or
other legal actions in which the Company or its subsidiaries or affiliates may
become involved. Such cooperation shall include the Executive making himself
available, upon the request of the Company and at the Company’s expense, for
depositions, court appearances and interviews by Company’s counsel. To the
maximum extent permitted by law, the Executive agrees that he will notify the
Board of Directors, in care of the Chairman of the Board, if he is contacted by
any government agency or any other person contemplating or maintaining any
claim or legal action against the Company or its subsidiaries or affiliates or
by any agent or attorney of such person.

9.                                       Notwithstanding
any other provision of this Release to the contrary, this release does not
apply: (i) to any rights or claims which arise after the execution of this
Agreement, including the Executive’s rights under the provisions of the
Employment Agreement which survive termination of employment; (ii) to any
rights or claims with respect to indemnification and directors and officers
liability insurance coverage provided to the Executive pursuant to the
Employment Agreement; (iii) to any rights or claims to benefits due under any
Company employee benefit plan or program; or (iv) the Executive’s rights as a
stockholder.

10.                                 The
provisions of this Release are severable, and if any part of it is found to be
unenforceable, the other sections shall remain fully valid and enforceable.
This Release shall be construed in accordance with its fair meaning and in
accordance with the laws of the state of Nebraska, without regard to conflicts
of laws principles thereof.

[The
following paragraph shall be included in this Release if the Employment
Agreement contains restrictive covenants or refers to a separate agreement
containing restrictive covenants: 11. 
The Executive acknowledges and agrees that, anything to the contrary in
the Release notwithstanding, the restrictive covenants set forth in the
Employment Agreement or in any separate agreement referenced in the Employment
Agreement shall remain in full force and effect between the Company and the
Executive and are hereby made a part hereof and incorporated herein in their
entirety by reference.]

(Signature page
follows)

 A-3
 

 

PLEASE READ THIS RELEASE
CAREFULLY.

IT CONTAINS A
RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

 

	
   

  	
  SITEL CORPORATION, a
  Minnesota

  
	
   

  	
  corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ 

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Jorge A.
  Celaya

  	
   

  
	
   

  	
  JORGE A. CELAYA

  

 

 A-4Exhibit
10.18

EMPLOYMENT
AGREEMENT

Employment Agreement made
effective February 23, 2006, between SITEL CORPORATION, a Minnesota corporation
(“Company”) and JAMES F. LYNCH (“Executive”).

WHEREAS, Company desires to
assure itself of the Executive’s continued dedication notwithstanding the
Company’s evaluation of various strategies available to the Company in its
efforts to enhance long-term shareholder value, and to induce the Executive to
remain in the employ of the Company; and

WHEREAS, the Executive is willing
to remain in the employ of the Company on the terms and conditions set forth in
this Agreement.

NOW THEREFORE, in consideration
of the mutual covenants and agreements of the parties in this Agreement, and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties agree as follows:

1.                                       Employment.  Company hereby continues to employ Executive as its Chief
Executive Officer and President, and Executive hereby accepts such continued
employment, for the period of time and upon the terms and conditions set forth
in this Agreement.

2.                                       Term.  The
term of Executive’s employment under this Agreement shall begin as of the date
hereof and continue without interruption through December 31, 2006, and shall
automatically renew thereafter for additional terms of one year each, unless
sooner terminated in accordance with this Agreement (“Term”).

3.                                       Duties. The duties and responsibilities of Executive shall include duties and
responsibilities consistent with Executive’s corporate offices and positions,
including those which may be set forth in the bylaws of Company from time to
time, and such other duties and responsibilities which the Board of Directors
of Company from time to time may assign to Executive.

4.                                       Efforts on Behalf of Company and Other Activities.  During the Term, Executive shall
devote all of his working time and use his best efforts to perform diligently
and faithfully his duties and responsibilities under this Agreement.  Executive shall not invest in any business
which directly competes with the Company, nor shall he engage in any outside
business activity of any nature, except as otherwise provided in this
Agreement, without the prior written consent of the Company.   Notwithstanding the above, Executive may
devote a reasonable amount of his time to civic, community, or charitable
activities, may manage his and his family’s personal investments and affairs,
and may serve on the boards of other companies, as long as such activities do
not interfere materially with the performance of his responsibilities under
this Agreement.   Nothing in this
Agreement shall be construed as prohibiting Executive from investing in up to
1% of the stock of any corporation which does not directly compete with the
Company and whose stock is listed on a national securities exchange or on the
NASDAQ National Market system.

 

5.                                       Place of Employment.  The Company’s executive offices,
including the primary office of Executive, shall be located in Omaha, Nebraska
during the Term.  Company shall furnish
Executive with an office, secretarial and other support services consistent
with those currently provided and such other facilities and services at such
locations as may be reasonably required to permit Executive to fulfill the
duties of his employment.

6.                                       Base Salary.  For all services to be rendered by Executive pursuant to
this Agreement, Company agrees to pay Executive during the Term a base annual
salary (the “Base Salary”) of Six Hundred Thousand Dollars ($600,000).  The Base Salary shall be reviewed at least
annually in accordance with the Company’s policies and practices by action of
the Compensation Committee of the Board of Directors and may be increased, but
not decreased, from time to time by such action.  Any increase in the Base Salary shall not
serve to limit or reduce any other obligations of the Company hereunder and any
such increased Base Salary thereafter shall be regarded as the Executive’s “Base
Salary” for all purposes under this Agreement. 
The Base Salary shall be paid in periodic installments in accordance
with Company’s regular payroll practices, but in any event no less frequently
than monthly.  The Base Salary, and all
other amounts payable under this Agreement, shall be subject to withholding as
required by law.

7.                                       Additional Compensation.

(a)                          Bonus.  For each calendar year during the Term,
Executive shall be eligible to participate in the Company’s bonus program for
senior executives on the terms established by the Compensation Committee for
each such year.   Executive’s target
bonus opportunity for each calendar year in the Term shall be established
annually by the Compensation Committee of the Board of Directors, but shall in
no event be less than 100% of his Base Salary.

(b)                         Stock Option Plans. 
Executive has previously been granted stock options for SITEL common
stock.  Any further grants of stock
options to Executive shall be at the sole discretion of the Compensation
Committee.  The terms of any such
discretionary grants shall be as established by the Compensation Committee from
time to time.

(c)                          Benefit Plans.  During the Term, Executive
(and his eligible dependents where applicable) shall be entitled to participate
in the benefit plans offered from time to time by Company to its senior
executive officers, on terms (including Company and employee contribution
percentages, waivers of waiting periods, applicable deductibles, etc.) no less
favorable than those provided generally to other senior executive officers of
the Company, including without limitation, as may be applicable, individual or
group medical, hospital, dental, and long-term disability insurance coverages,
group life insurance coverage, and 401(k) plans.

(d)                         Vacations and Holidays.  During the Term, Executive shall be
entitled to such paid vacation days, holidays and time off per calendar year
(pro-rated for partial calendar years of employment) as are consistent with
past practice and custom for Company’s senior executive officers.

 2
 

 

(e)                          Expenses.  During the Term, Executive shall be entitled to prompt
reimbursement by Company of all reasonable ordinary and necessary travel,
entertainment, and other expenses incurred by Executive (in accordance with the
policies and procedures established by Company for its senior executive
officers) in the performance of his duties and responsibilities under this
Agreement; provided that Executive shall properly account for such
expenses in accordance with Company policies and procedures, which may include
but are not limited to itemized accountings.

8.                                       Termination of Employment.

(a)                          Death.  Executive’s employment under this Agreement
shall terminate upon Executive’s death. 
If Executive’s employment terminates pursuant to this Section 8(a),
Executive’s estate shall be entitled to receive the Base Salary up through the
date of Executive’s death; any bonus earned by Executive pursuant to Section
7(a) for a calendar year already completed but not yet paid; and any benefits
to which Executive is entitled pursuant to Sections 7(c) through 7(e) up
through the date of Executive’s death.

(b)                         Disability.  If Executive becomes incapable
by reason of physical injury, disease, mental illness or other incapacity of
substantially performing his duties under this Agreement for a continuous
period of three months or for more than 120 days in the aggregate during any
12-month period, then Company may terminate Executive’s employment under this
Agreement effective upon 30 days written notice.  If Executive’s employment terminates pursuant
to this Section 8(b), Executive or his legal representative shall be entitled
to receive the Base Salary up through the effective date of termination; any
bonus earned by Executive pursuant to Section 7(a) for a calendar year already
completed but not yet paid; and any benefits to which Executive is entitled
pursuant to Sections 7(c) through 7(e) up through the effective date of
termination.

(c)                          For Cause.  Company also may terminate
Executive’s employment under this Agreement for cause.  For purposes of this Agreement, “for cause”
shall mean only (i) Executive’s confession, plea of nolo contendere, or
conviction of theft, fraud, embezzlement, or any crime involving dishonesty,
(ii) bad faith or unlawful conduct on the part of the Executive which is or can
reasonably be expected to be demonstrably detrimental to the business,
reputation or financial condition of the Company, (iii) Executive’s willful
misconduct or gross negligence in performing or failing to perform his duties
and responsibilities as described in Section 1 (other than because of a disability
described in Section 8(b)) and Executive’s failure to cure such willful
misconduct or gross negligence within 30 days after Executive’s receipt of a
written notice from the Board of Directors setting forth in reasonable detail
the particulars thereof, or (iv) the failure by Executive to comply in any
material respect with Company policies or a lawful directive of the Board of
Directors (other than because of a disability described in Section 8(b)) which
non-compliance is or can reasonably be expected to be demonstrably detrimental
to the business, reputation or financial condition of the Company, and
Executive’s failure to cure such non-compliance within 30 days after Executive’s
receipt of a written notice from the Board of Directors setting forth in reasonable
detail the particulars of such non-compliance. 
Termination shall occur effective 30 days after “for cause” is
established.  If Executive’s employment
terminates pursuant to this Section 8(c), Executive shall be entitled to
receive the Base Salary up through the effective date of termination and any
benefits to which Executive is entitled pursuant to Sections 7(c) through 7(e)
up through the effective date

 3
 

 

of termination, but shall not be entitled to any bonus for a completed
calendar year which has not yet been paid (and for which the payment date
established by the bonus plan has not yet arrived).

(d)                         Voluntary Resignation. 
Executive may voluntarily resign from Company’s employ at any time upon
at least 30 days prior written notice of the effective date of such
resignation.  If Executive voluntarily
resigns, Executive shall be entitled to receive the Base Salary up through the
effective date of such resignation and any benefits to which Executive is
entitled pursuant to Sections 7(c) through 7(e) up through the effective date
of such resignation, but shall not be entitled to any bonus for a completed
calendar year which has not yet been paid (and for which the payment date
established by the bonus plan has not yet arrived).

(e)                          Without Cause.  The Company may terminate
Executive’s employment under this Agreement without cause, which for purposes
of this Agreement shall include any termination of Executive’s employment by
Company other than “for cause” as defined in Section 8(c) and other than because
of disability pursuant to Section 8(b), upon no less than 5 days prior written
notice. If the Company terminates Executive’s employment without cause pursuant
to this Section 8(e), then following such termination Executive shall be
entitled to receive the Base Salary up through the effective date of such
termination; any bonus earned by Executive pursuant to Section 7(a) for a
calendar year already completed but not yet paid; and any benefits to which
Executive is entitled pursuant to Sections 7(c) through 7(e) up through the
effective date of termination.  In
addition, Executive shall be entitled to receive, within 10 days after the
effective date of such termination without cause (or in the next regular
semi-monthly pay period following the effective date of such termination, if
later), a lump sum payment equal to the aggregate of (i) one (1) times the Base
Salary provided for in Section 6 and (ii) one (1) times the target bonus for
the calendar year in which the effective date of termination occurs.  Furthermore, the Company shall reimburse
Executive for twelve (12) consecutive months after the effective date of such
termination for payments by the Executive to exercise his rights under the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (COBRA), to
continue medical and dental coverages for Executive and his covered dependents
as such may be in effect from time to time under the Company’s medical and
dental plans.  Furthermore, Executive
shall be entitled to continuation of long-term disability and life insurance
benefits at the Company’s expense for a period of twelve (12) consecutive
months after the effective date of such termination provided that the long-term
disability benefit plan and the life insurance benefit plan, as the case may
be, permit Executive’s continued participation; provided that, if either such
plan does not permit Executive’s continued participation after the effective
date of such termination and under such plan Executive has a right to convert
such benefit to an individual insurance contract or such plan provides a
portability option to continue coverage as a former employee, then, if
Executive timely elects such conversion or portability option subject to the
terms of such plan, Company shall reimburse Executive for such premiums
incurred for such twelve (12) consecutive month period; provided further that
Executive shall have no right to a continuation of long-term disability or life
insurance coverage after the effective date of termination except as provided in
the preceding provisions of this Section 8(e). 
Each of the continued benefits or reimbursements provided under this
Section 8(e) shall cease as such time as Executive becomes eligible for
substantially similar or improved benefit or benefits from a subsequent
employer.  For purposes of this Section
8, the term “target bonus” means the percentage of the bonus opportunity
designated by the bonus plan as the target amount, and if no such percentage
has been so specifically designated as the target amount then an amount equal
to

 4
 

 

100% of Base Salary.

(f)                            Good Reason.  Executive may terminate his employment with
the Company under this Agreement for Good Reason in the manner described in
this Section 8(f) (provided such
termination has not been preceded or accompanied by a termination by the
Company for cause as described in Section 8(c)), and for the avoidance
of doubt such termination because of Good Reason shall in no event be
considered a voluntary resignation.  For
purposes of this Agreement, “Good Reason” shall mean any of the following events: (i) Executive’s base salary is
decreased below the then Base Salary level applicable pursuant to Section 6, or
(ii) Executive’s benefits are materially decreased from those in effect as of
the date of this Agreement (other than pursuant to a general reduction or
modification of such benefits generally applicable to Company’s senior
managers), or (iii) Executive’s title, authority, role or level of
responsibilities as a senior executive are materially reduced or diminished
from those established by Section 3 (or, for purposes of Section 8(g),
Executive’s title, authority, role or level of responsibilities as a senior
executive are materially reduced or diminished from those in effect immediately
prior to the Change of Control including
without limitation a change in reporting such that Executive is required to
report to someone other than the Board of Directors or the Company being
acquired directly or indirectly by another entity in a manner that the Company
is no longer a “reporting company” under the Securities Exchange Act of 1934
based on its common stock being publicly traded) without Executive’s
written consent, or (iv) a material adverse
change in Executive’s working conditions as a whole such that a reasonable person
would concur with Executive’s opinion that such working conditions as a whole
have become intolerable, and the Company’s failure to remedy such working
conditions within 30 days after the Board of Directors’s receipt of a written
notice from the Executive setting forth in reasonable detail the particulars
which make such working conditions intolerable, or (v) Executive is
required by Company to relocate his primary office from Omaha, Nebraska, or
(vi) Executive is required by Company to relocate his residence from Omaha,
Nebraska.  Executive shall be regarded as
having terminated his employment with the Company because of Good Reason only
if he gives written notice of his termination of employment pursuant to this Section
8(f) within 6 months following the effective date of the event constituting
Good Reason (or, if later, within 6 months after Executive receives notice from
the Company of the event constituting Good Reason).  If
Executive’s employment terminates pursuant to this Section 8(f) without there
having been a Change of Control, Executive shall be entitled to receive the
same compensation and benefits as described in Section 8(e) as if Executive’s
employment had been terminated by the Company without cause.  Section 8(g) shall govern any termination of
this Agreement by Executive for Good Reason following a Change of Control.

(g)                         Change of Control.   If
Executive’s employment with Company is terminated by Company other than “for
cause” as defined in Section 8(c) and other than because of disability pursuant
to Section 8(b), or if Executive’s employment with Company is terminated by
Executive for Good Reason as defined in Section 8(f) upon or within two years
following a Change of Control as defined herein, then Executive shall be
entitled to receive the Base Salary up through the effective date of such
termination; any bonus earned by Executive pursuant to Section 7(a) for a
calendar year already completed but not yet paid; and any benefits to which
Executive is entitled pursuant to Sections 7(c) through 7(e) up through the
effective date of termination.  In
addition, Executive shall be entitled to receive, within 10 days after the
effective date of such termination without cause upon or following the Change
of Control (or in the next regular semi-monthly pay

 5
 

 

period following the effective date of such termination, if later), a
lump sum payment equal to the aggregate of (i) two (2) times the Base Salary
provided for in Section 6 and (ii) two (2) times the target bonus for the
calendar year in which the effective date of termination occurs.  Furthermore, the Company shall reimburse
Executive for twenty-four (24) consecutive months after the effective date of
such termination for payments by the Executive to exercise his rights under the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (COBRA), to
continue medical and dental coverages for Executive and his covered dependents
as such may be in effect from time to time under the Company’s medical and
dental plans.  Furthermore, Executive shall
be entitled to continuation of long-term disability and life insurance benefits
at the Company’s expense for a period of twenty-four (24) consecutive months
after the effective date of such termination provided that the long-term
disability benefit plan and the life insurance benefit plan, as the case may
be, permit Executive’s continued participation; provided that, if either such
plan does not permit Executive’s continued participation after the effective
date of such termination and under such plan Executive has a right to convert
such benefit to an individual insurance contract or such plan provides a
portability option to continue coverage as a former employee, then, if
Executive timely elects such conversion or portability option subject to the terms
of such plan, Company shall reimburse Executive for such premiums incurred for
such twenty-four (24) consecutive month period; provided further that Executive
shall have no right to a continuation of long-term disability or life insurance
coverage after the effective date of termination except as provided in the
preceding provisions of this Section 8(g). 
Each of the continued benefits or reimbursements provided under this
Section 8(g) shall cease as such time as Executive becomes eligible for
substantially similar or improved benefit or benefits from a subsequent
employer.

For purposes of this Agreement, “Change of Control” shall mean only (a)
a tender offer shall be made and consummated for the ownership of more than 50%
of the outstanding voting securities of the Company; (b) the Company shall be
merged or consolidated with another corporation and as a result of such merger
or consolidation less than 50% of the outstanding voting securities of the
surviving or resulting corporation shall represent or result from the former
outstanding voting securities of the Company, as the same shall have existed
immediately prior to such merger or consolidation; (c)  the Company shall sell all or substantially
all of its assets to another corporation which is not a wholly-owned subsidiary
or affiliate;  (d)  as the result of, or in connection with, any
contested election for the Board of Directors of the Company, or any tender or
exchange offer, merger or business combination or sale of assets, or any
combination of the foregoing (a “Transaction”), the persons who were Directors
of the Company before the Transaction shall cease to constitute a majority of
the Board of Directors of the Company, or any successor thereto; or (e) a
person, within the meaning of Section 3(a)(9) or of Section 13(d)(3) (as in
effect on the date hereof) of the Securities Exchange Act of 1934 (“Exchange
Act”), other than any employee benefit plan then maintained by the Company,
shall acquire more than 50% of the outstanding voting securities of the Company
(whether directly, indirectly, beneficially or of record). For purposes hereof,
ownership of voting securities shall take into account and shall include
ownership as determined by applying the provisions of Rule 13d-3(d)(1)(i) (as
in effect on the date hereof) pursuant to the Exchange Act.

 6
 

 

9.                                       Section 280G.  Notwithstanding any provision
of this Agreement to the contrary, in the event that:

(a)                          The aggregate payments or benefits to be made or
afforded to the Executive under this Agreement or from the Company in any other
manner (the “Termination Benefits”) would be deemed to include an “excess
parachute payment” under Section 280G of the Internal Revenue Code of 1986, as
amended, (the “Code”) or any successor thereto, and

(b)                         If such Termination Benefits were reduced to an
amount (the “Non-Triggering Amount”), the value of which is one dollar ($1.00)
less than an amount equal to three (3) times the Executive’s “base amount”, as
determined in accordance with said Section 280G, and the Non-Triggering Amount
would be greater than the aggregate value of Termination Benefits (without such
reduction) minus the amount of tax required to be paid by Executive thereon by
Section 4999 of the Code, then the Termination Benefits shall be reduced so
that the Termination Benefits are not more than the Non-Triggering Amount.
Termination Benefits shall be reduced as provided above, with the allocation of
such reduction to be as mutually agreed between the Executive and the Company
or, in the event the parties cannot agree, in the following order: (1) any lump
sum severance based on a multiple of Base Salary or target bonus, (2) other
cash amounts payable to the Executive, (3) any benefits valued as parachute
payments, and (4) acceleration of the vesting of any equity. The application of
said Section 280G, and the allocation of the reduction required by this
Paragraph 9, shall be determined by Deloitte & Touche or such other
nationally recognized certified public accounting firm as may be designated by
the Executive (provided however that if determinations similar to those
required under this Section 9 have been previously commenced pursuant to
another executive employment agreement with the Company in connection with such
Change of Control, then the same certified public accounting firm as is already
being used for such determinations shall be used for the determinations under
this Section 9, so that a single nationally recognized certified public
accounting firm is making such determinations for all executives and the Company
in connection with such Change of Control) (the “Accounting Firm”), that shall
provide detailed supporting calculations both to the Company and the Executive
within 15 business days of the receipt of notice from the Executive that
Termination Benefits are to be paid or such earlier time as is requested by the
Company. In the event that the Accounting Firm is serving as accountant or
auditor for the individual, entity or group effecting the Change of Control,
the Executive shall appoint another nationally recognized accounting firm to
make the determinations required hereunder, subject to the same proviso as
above (which accounting firm shall then be referred to as the Accounting Firm
hereunder). All fees and expenses of the Accounting Firm shall be borne solely
by the Company.   If the Accounting Firm
determines that Termination Benefits must be reduced pursuant to this Paragraph
9, it shall furnish the Executive with a written opinion to such effect.

10.                               Accelerated Vesting.   Upon a
Change of Control, any remaining installments of any stock options then held by
Executive which had not yet become exercisable shall become exercisable on the
effective date of such Change of Control. 
Once such options become exercisable, they shall remain exercisable until
expiration, cancellation, or termination of such options.    These provisions, instead of the provisions
of Section 13(b) of the 1999 Stock Incentive Plan, are intended to apply to
such options.  Such options may be
exercised during such period only in accordance with the other provisions of
the applicable option agreement and the other terms of

 7
 

 

the 1999 Stock Incentive Plan.
In no event may such options be exercised after the Latest Expiration Date
specified in such options, respectively.

11.                                 No Mitigation Necessary.   In no
event shall the Executive be obligated to seek other employment or take any
other action by way of mitigation of the amount payable to the Executive under
any of the provisions of this Agreement and such amounts shall not be reduced
for any income or benefits that the Executive derives from employment or
self-employment (or both) from any other source. Except as set forth in this
Agreement, the Company’s obligation to make the payments provided for in this
Agreement and otherwise to perform its obligations hereunder shall not be
affected by any circumstances, including without limitation, set-off,
counterclaim, recoupment, defense or other claim, right or action which the
Company may have against the Executive or others, except to the extent any
amounts are due the Company or its subsidiaries or affiliates pursuant to a
judgment against the Executive.

12.                                 General Release and Waiver.   Upon a
termination of employment prior to the expiration of the Term pursuant to
provisions (e) through (g) of Section 8 of this Agreement, Executive shall
execute a release and waiver in the form set forth in Exhibit A as a condition
precedent to the Company’s obligations to pay the termination payments
specified in such Section 8(e), 8(f) or 8(g), as the case may be.  Exhibit A provides for the release and waiver
of important rights and/or claims that Executive might have against the Company
at the time of any early termination of this Agreement.  Executive represents and warrants that he has
read Exhibit A and fully and completely understands the provisions thereof.

13.                                 Notice of Termination.  Any
termination of Executive’s employment by Company shall be communicated in a
written Termination Notice to Executive. 
For purposes of this Agreement, a “Termination Notice” shall mean a
notice from the Board of Directors which shall indicate the specific
termination provision in this Agreement relied upon and, if applicable, shall
set forth in reasonable detail the facts and circumstances providing a basis
for termination of Executive’s employment under the provision so indicated.

14.                                 Confidentiality.  Executive acknowledges that
all Confidential Information (defined below) acquired by Executive during his
employment relationship with Company shall remain exclusively the proprietary
property of Company.  During Executive’s
employment relationship with Company, such Confidential Information is required
to be maintained as strictly confidential and used solely for the benefit of
Company.  After conclusion of Executive’s
employment relationship with Company, Executive shall continue to maintain the
strict confidentiality of, and shall not disclose or use, such Confidential
Information.  Executive’s obligation of
confidentiality shall not extend to any Confidential Information that becomes
generally available to the public other than as a result of improper disclosure
by Executive, or to any Confidential Information that Executive is required to
disclose by applicable law, regulation or legal process.  Executive shall provide Company with prompt
written notice of such requirement for disclosure so that the Company may seek
an appropriate protective order at the Company’s expense for the Confidential
Information to be disclosed.

“Confidential Information” as used in this Agreement means (a)
information from or concerning the Company’s or its subsidiaries’ products,
services, current or future activities and

 8
 

 

plans relating to development, production or sales including the timing
of such matters, production or design secrets, technical design or
specifications of products, intellectual property, research and development,
processes, systems, marketing and other business strategies and tactics,
procurement practices, pricing techniques and models, contract forms, contract
pricing and other terms, requirements, costs, profit margins, discounts,
rebates, finances, financial statements, and other financial information,
credit history, policies, contracts, books, records and documents; (b) names of
the Company’s or its subsidiaries’ clients, vendors and strategic partners and
other information concerning such clients, vendors and strategic partners and
their respective businesses, products, services, current or future activities
and plans relating to development, production or sales including the timing of
such matters, production or design secrets, technical design or specifications
of products, intellectual property, research and development, processes,
systems, marketing and other business strategies and tactics, procurement practices,
pricing techniques and models, contract forms, contract pricing and other
terms, requirements, costs, profit margins, discounts, rebates, finances,
financial statements, and other financial information, credit history,
policies, contracts, books, records and documents, and for avoidance of doubt
includes all information which is covered by confidentiality agreements
executed by the Company with or for the benefit of such clients, vendors and/or
strategic partners; (c) all information of or about the Company or any
subsidiary which is marked confidential or proprietary; and (d) all other
information which a reasonable person would understand is confidential and/or
proprietary to the Company or any subsidiary and which if disclosed would
likely cause significant harm to the Company. All information referenced above
shall be protected as Confidential Information regardless of whether it is
written or oral and regardless of the media in which it is contained or by
which it was communicated.

15.                                 Directors and Officers Liability Insurance.  The
Company shall ensure that Executive is covered under a directors and officers
liability insurance policy or policies during employment and, while potential
liability exists, after the termination of employment for any reason, in the
same amount and to the same extent during employment as the Company covers its
other directors and officers and, after the termination of employment for any
reason, in the same amount and to the same extent as the Company covers any
other former officers and former directors.

16.                                 Successors and Assigns.  This Agreement and all rights under
this Agreement shall be binding upon, inure to the benefit of, and be
enforceable by the parties hereto and their respective personal or legal
representatives, executors, administrators, heirs, distributees, devisees,
legatees, successors, and assigns.  This
Agreement is personal in nature, and neither of the parties to this Agreement
shall, without the written consent of the other, assign or transfer this Agreement
or any right or obligation under this Agreement to any other person or entity,
except that the Company may assign the Agreement to a successor corporation.

 9
 

 

17                                    Notices.  For purposes of this Agreement, notices and other
communications provided for in this Agreement shall be deemed to be properly
given if delivered personally or sent by United States certified mail, return
receipt requested, postage prepaid, or sent by overnight delivery service,
addressed as follows:

	
  If to Executive:

  	
  At Executive’s home address on file at the Company

  
	
   

  	
   

  
	
  If to Company:

  	
  SITEL Corporation

  
	
   

  	
  7277 World
  Communications Drive

  
	
   

  	
  Omaha, Nebraska
  68122

  
	
   

  	
  Attn: Chairman of the Compensation Committee

  
	
   

  	
   

  
	
   

  	
  With a copy to:

  
	
   

  	
  SITEL
  Corporation

  
	
   

  	
  7277 World
  Communications Drive

  
	
   

  	
  Omaha, Nebraska
  68122

  
	
   

  	
  Attn: General
  Counsel

  

 

or to such other address as either party may have furnished to the
other party in writing in accordance with this Section.  Such notices or other communications shall be
effective when received if delivered personally or when deposited in the U.S.
mail if delivered by certified mail or when deposited with the overnight
delivery service if delivered by that method. 
Notices also may be given by facsimile and in such case shall be deemed
to be properly given when sent so long as the sender uses reasonable efforts to
confirm and does confirm the receiver’s receipt of the facsimile transmission.

18.                                 Miscellaneous.  No provision of this Agreement may be modified, waived, or
discharged unless such waiver, modification, or discharge is agreed to in
writing and is signed by Executive and the Chairman of the Compensation
Committee of the Board of Directors.  No
waiver by either party to this Agreement at any time of any breach by the other
party of, or compliance by the other party with, any condition or provision of
this Agreement to be performed by the other party shall be deemed to be a
waiver of similar or dissimilar provisions or conditions at the same or any
prior or subsequent time.

19.                                 Validity.  The invalidity or unenforceability of any provision(s) of
this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which other provision shall remain in full force
and effect; nor shall the invalidity or unenforceability of a portion of any
provision of this Agreement affect the validity or enforceability of the
balance of such provision.

20.                                 Counterparts.  This document may be executed in one or more counterparts,
each of which shall be deemed to be an original and all of which together shall
constitute a single agreement.

21.                                 Headings.  The headings of the sections and subsections contained in
this Agreement are for reference purposes only and shall not in any way affect
the meaning or interpretation of any

 10
 

 

provision of this Agreement.

22.                                 Applicable Law.  This Agreement shall be governed by and construed in
accordance with the internal substantive laws, and not the conflicts of law
principles, of the State of Nebraska.

23.                                 Entire Agreement. This Agreement constitutes the entire agreement
of the parties with respect to the terms of Executive’s employment with the
Company and cancels and supersedes any prior agreements and understandings of
the parties concerning such employment relationship.  For avoidance of doubt, this Agreement is not
intended to and does not supersede any additional confidentiality agreements
that may have been previously executed by Executive in favor of the Company or
any separate agreements concerning director or officer indemnification that may
have been previously executed by the Company in favor of Executive or any plans
pursuant to which Executive may receive benefits pursuant to Section 7 of this
Agreement including without limitation the 1999 Stock Incentive Plan, as
amended.  There are no representations,
warranties, terms, conditions, undertakings or collateral agreements, express,
implied or statutory, between the parties with respect to the terms of Executive’s
employment other than those set forth in this Agreement.

(Signature page follows)

 11
 

 

SIGNATURE PAGE TO

EMPLOYMENT AGREEMENT

IN WITNESS WHEREOF, Company and Executive have executed this Agreement.

 

	
   

  	
  SITEL CORPORATION, a
  Minnesota

  
	
   

  	
  corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Rohit M. Desai

  	
   

  
	
   

  	
   

  	
  Rohit M. Desai

  
	
   

  	
   

  	
  Chairman of the Compensation Committee

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ James F.
  Lynch

  	
   

  
	
   

  	
  JAMES F. LYNCH

  

 

 12

 

EXHIBIT A

GENERAL RELEASE
AND WAIVER

THIS
GENERAL RELEASE AND WAIVER (“Release”) is entered into this          
day of                    ,
20   , (“Effective Date”), between JAMES F. LYNCH, his
successors and assigns (collectively the “Executive”), and SITEL Corporation,
its parent, subsidiaries, or affiliated companies (collectively the “Company”).

WHEREAS,
the Executive’s right to receive certain termination payments pursuant to his
Employment Agreement is conditioned upon execution and delivery of this Release
to Company.

NOW
THEREFORE:

1.                                       For
valuable consideration, the adequacy of which is hereby acknowledged, the
Executive hereby knowingly and voluntarily releases, indemnifies, and forever
discharges the Company, together with all of its and their respective past and
present directors, officers, employees and attorneys in their official capacity
acting on behalf of the Company, and each of their predecessors, successors and
assigns, and any of the foregoing in their capacity as a shareholder or agent of
the Company or its subsidiaries or affiliates (collectively, “Releasees”) from
any and all claims, charges, complaints, promises, agreements, controversies,
liens, demands, causes of action, obligations, attorney’s fees, damages and
liabilities of any nature whatsoever, known or unknown, suspected or
unsuspected, which the Executive or his executors, administrators, successors
or assigns ever had, now have, or may hereafter claim to have against any of
the Releasees by reason of any matter, cause or thing whatsoever in connection
with, or in any way related to or arising out of, the Executive’s employment or
termination of employment with the Company, whether or not previously asserted
before any state or federal court or before any state or federal agency or
governmental entity, even if such act or omission is found to have been an
intentional act or omission, or a negligent act or omission by the Releasees,
from the beginning of time to the date of this Release.

2.                                       The
Executive’s release of Releasees hereunder includes, without limitation, any
rights or claims arising out of or relating in any way to the Executive’s
employment by or separation from the Company or otherwise relating to any of
the Releasees, or arising under any state or federal statute or regulation
including, the Age Discrimination in Employment Act of 1967, Title VII of the
Civil Rights Act of 1964, the Civil Rights Act of 1991, Section 1981 through
1988 of Title 42 of the United States Code, the Employee Retirement Income
Security Act of 1974, the Immigration Reform Control Act, the Americans with
Disabilities Act of 1990, the National Labor Relations Act, the Fair Labor
Standards Act, the Occupational Safety and Health Act, the Worker Adjustment
and Retraining Notification Act of 1988, the Family and Medical Leave Act of
1993, each as amended, any state antidiscrimination law, any state wage and
hour law, any other local, state or federal law, regulation or ordinance; any
public policy, contract, tort, or common law, or under any policy, agreement,
understanding or promise, whether written or oral, formal or informal, between
any of the Releasees and the Executive, and any allegation for costs, fees, or
other expenses including attorneys’ fees incurred in these matters. The
Executive further represents that he has not, and never will, institute against
the

 A-1
 

 

Company or any of
the Releasees any action or other proceeding in any court, administrative
agency, or other tribunal of the United States, any State thereof or any
foreign jurisdiction, with respect to any claim or cause of action of any type,
arising or which may have existed at any time prior to the effective date of
the Release that is released by the Release. If Employee does institute such a
claim, in violation of this representation, he agrees to pay the reasonable
costs incurred by the Company or any of the Releasees in defending such action,
including reasonable attorneys’ fees, experts’ fees and costs.

3.                                       The
Executive represents and warrants that, to the knowledge of the Executive,
there is no reasonable basis for the Company or its subsidiaries or affiliates
to assert any claim against the Executive for violation of any federal, state,
or local law, or breach of any applicable duty under common law.

4.                                       The
Executive represents that the Company advised him to consult with an attorney
of his choosing prior to signing the Employment Agreement to which this Release
is an exhibit. The Executive represents that he understands and agrees that he
had the right to have the Employment Agreement and has the right to have this
Release reviewed by an attorney of the Executive’s choice and that he has in
fact reviewed the Employment Agreement and this Release with an attorney of his
choice [if applicable: or has freely decided solely on his own to forego having
such review by an attorney of his choice]. The Executive further represents
that he read and understood each and every provision in the Employment
Agreement and this Release and that he had the opportunity to consult with an
attorney of his choice regarding the effect of each and every provision of the
Employment Agreement and this Release.

5.                                       The
Executive acknowledges that the Company has advised the Executive that the
Executive has twenty-one (21) days in which to consider whether the Executive
should sign this Release and has advised the Executive that if the Executive
signs this Release, the Executive has seven (7) days following the date on
which the Executive signs the Release to revoke it and that the Release will
not be effective until after this seven (7) day period has lapsed without
revocation.  If Executive elects to sign
this Release in advance of the 21-day period lapsing, he voluntarily waives
such review period. If Executive wishes to revoke this Release within the 7 day
revocation period, Executive shall deliver a written notice of revocation
within such period; if delivered by mail the revocation must be sent by
certified mail, return receipt requested, postmarked within the revocation
period, and properly addressed to: SITEL Corporation, Attention: Head of Human
Resources, 7277 World Communications Drive, Omaha, Nebraska 68122; if hand
delivered, the revocation must be delivered at the address above to the
attention of the addressee above within the revocation period.  Executive understands and acknowledges that
the Company is under no obligation to and will not pay the termination payments
specified in the Employment Agreement unless and until this Release is signed
and the waiting periods specified in this Section 5 have lapsed without
revocation, and that no interest will be payable or paid by Company with
respect to such termination payments for any period pending the signing of this
Release and such lapse of the waiting periods.

6.                                       The
Executive acknowledges that (i) the Executive is receiving consideration under
the Employment Agreement for his release in addition to anything of value to
which is already entitled and (ii) the Company is not entering into this
Agreement because it believes that the

 A-2
 

 

Executive has any
cognizable legal claim against the Releasees. The Executive acknowledges and
agrees that the purpose of this Agreement is to provide him with further
assistance in the transition of his employment status, while at the same time
protecting the Releasees from the expense and disruption which are often
incurred in defending against even a groundless lawsuit.

7.                                       The
Executive represents that he understands and agrees that the Company is under
no obligation to offer him the Employment Agreement, that the Executive is
under no obligation to consent to the Executive’s Release, and that the
Executive has entered into the Employment Agreement freely and voluntarily with
complete understanding of all relevant facts, and that the Employment Agreement
and the Executive’s Release are fair, adequate and reasonable.

8.                                       The
Executive agrees that he will fully cooperate in any claims, litigation or
other legal actions in which the Company or its subsidiaries or affiliates may
become involved. Such cooperation shall include the Executive making himself
available, upon the request of the Company and at the Company’s expense, for
depositions, court appearances and interviews by Company’s counsel. To the
maximum extent permitted by law, the Executive agrees that he will notify the
Board of Directors, in care of the Chairman of the Board, if he is contacted by
any government agency or any other person contemplating or maintaining any
claim or legal action against the Company or its subsidiaries or affiliates or
by any agent or attorney of such person.

9.                                       Notwithstanding
any other provision of this Release to the contrary, this release does not
apply: (i) to any rights or claims which arise after the execution of this
Agreement, including the Executive’s rights under the provisions of the
Employment Agreement which survive termination of employment; (ii) to any
rights or claims with respect to indemnification and directors and officers
liability insurance coverage provided to the Executive pursuant to the
Employment Agreement; (iii) to any rights or claims to benefits due under any
Company employee benefit plan or program; or (iv) the Executive’s rights as a
stockholder.

10.                                 The
provisions of this Release are severable, and if any part of it is found to be
unenforceable, the other sections shall remain fully valid and enforceable.
This Release shall be construed in accordance with its fair meaning and in
accordance with the laws of the state of Nebraska, without regard to conflicts
of laws principles thereof.

[The
following paragraph shall be included in this Release if the Employment
Agreement contains restrictive covenants or refers to a separate agreement
containing restrictive covenants: 11. 
The Executive acknowledges and agrees that, anything to the contrary in
the Release notwithstanding, the restrictive covenants set forth in the
Employment Agreement or in any separate agreement referenced in the Employment
Agreement shall remain in full force and effect between the Company and the
Executive and are hereby made a part hereof and incorporated herein in their
entirety by reference.]

(Signature page
follows)

 A-3
 

 

PLEASE READ THIS RELEASE
CAREFULLY.

IT CONTAINS A
RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

 

	
   

  	
  SITEL CORPORATION, a
  Minnesota

  
	
   

  	
  corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ 

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ James F.
  Lynch

  	
   

  
	
   

  	
  JAMES F. LYNCH

  
					

 

 A-4

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