Document:

ttec_Ex_10_26

		
			Exhibit 10.26
		

		
			TTEC HOLDINGS, INC.
		

		
			Performance Restricted Stock Unit Agreement
		

		
			 
		

		
			This Performance Restricted Stock Unit Agreement (this "Agreement") is made and entered into as of March 6, 2020 (the " Grant Date") by and between TTEC Holdings, Inc., a Delaware corporation (the "Company" or TTEC) and «FullName» (the "Executive"). 
		

		
			This Agreement is governed by the terms of the TTEC Holdings, Inc. 2010 Equity Incentive Plan (the ‘Plan’), pursuant to which the Company may grant equity awards to eligible employees, directors and consultants of the Company and its affiliates.  
		

		
			Capitalized terms that are used but not defined in this Agreement have the meaning ascribed to them in the Plan. The terms and provisions of the Plan as they may be amended from time to time are incorporated into this Agreement by reference. In the event of a conflict between any term or provision contained in this Agreement and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail.
		

		
			The parties agree to be legally bound by this Agreement, and in exchange for sufficient consideration, the adequacy of which is not in question, agree as follows:
		

			
	
			
				 1.
			

			
	
			
			Annual Equity Target Modified.  

		
			The Executive’s employment arrangement (agreement or otherwise) with the Company (“Employment Arrangement”) provides for the Executive’s eligibility to participate in TTEC’s annual Equity Program, designed to provide long term incentives for senior executives and to align their interests with the interests of the Company’s stockholders.  The Executive’s target eligibility under the Employment Arrangement is up to US $«Empl_Agr» in fair market value of TTEC equity calculated as of market close on the Grant Date, rounded up or down to a whole number of shares and currently offered in the form of restricted stock units (“RSUs”) vesting over time (“Original RSU Target”).
		

		
			Pursuant to the Employment Arrangement, the Company, on direction from the Compensation Committee of the Board, may modify executives’ equity compensation incentives from time to time, provided such modifications are not to the detriment of the Executive.  
		

		
			Based on the foregoing, for the 2020 Equity award, the Company hereby bifurcates the Original RSU Target into two separate equity opportunities: 
		

		
			(1) a time based RSU (“TRSU”) opportunity similar in all characteristics to the equity eligibility as described in the Employment Arrangement, and 
		

		
			(2) a performance based RSU (“PRSU”) opportunity based on the Company’s revenue and operating income performance.  
		

		
			Each of the TRSU and PRSU opportunities shall be equal to 50% of the Original RSU Target.  The TRSU opportunity is not the subject of this Agreement and any awards with respect to it shall be made in ordinary course pursuant to TTEC’s standard RSU agreement.
		

		
			

		 

		

			
	
			
				 2.
			

			
	
			
			PRSU Opportunity Based on TTEC Performance During the Award Period.  

		
			Pursuant to the Plan and subject to the provisions of this Agreement, the Company hereby irrevocably provides to the Executive a performance based restricted stock unit award covering a target of «M__of_Shares» Shares of Company stock (the “2020 PRSU Grant”) that will vest as further described below and in Paragraph 3.   The 2020 PRSU Award is granted in two (2) tranches, each tranche equal, at the outset, to 1/2 of the 2020 PRSU Grant.
		

			
	
			
				 a.
			

			
	
			
			2020 PRSU 1st Tranche. The number of Shares that the Executive shall actually earn in connection with the 1st tranche of 2020 PRSU Award (“2020 PRSU 1st Tranche”) will be determined based on the Company’s performance on the Revenue and Operating Income for fiscal year 2021 (“1st Tranche Measurement Period”).  

			
	
			
				 b.
			

			
	
			
			2020 PRSU 2nd Tranche. The number of Shares that the Executive shall actually earn in connection with the 2nd tranche of 2020 PRSU Award (“2020 PRSU 2nd Tranche”) shall be determined based on the Company’s performance on the Revenue and Operating Income for fiscal year 2022 (“2nd Tranche Measurement Period”).  

		
			The Executive’s entitlement to any PRSUs under the 2020 PRSU Award is conditioned on the Executive’s continuing employment with the Company at the time of each individual tranche’s Vesting Date. If Executive’s employment with TTEC terminates (for any reason) before a PRSU Tranche vests, the Executive shall forfeit any right he/she has with respect to the Shares not yet vested, including any proration rights for a portion of the performance period when the Executive was affiliated with the Company.  The provisions of this paragraph are subject to specific exceptions provided in Paragraph 7(b) of this Agreement.  
		

			
	
			
				 3.
			

			
	
			
			2020 PRSU Award Earning Opportunities. 

			
	
			
				 a.
			

			
	
			
			The PRSU payout opportunity will be calculated 50% based on the Revenue goal and 50% based on the Operating Income goal achievement.

			
	
			
				 b.
			

			
	
			
			Performance Goals. The following table outlines the performance goals and payout opportunity tiers for the 2020 PRSU Award.

			
					
						 

					
					
						Revenue 

					
						(amounts in millions)

					
					
						 

					
					
						 

				
	
					
						 

					
					
						2021

					
						Tranche #1

					
					
						2022

					
						Tranche #2

					
					
						 

					
					
						 

				
	
					
						2019 Baseline

					
						Revenue 

					
					
						Revenue

					
					
						% ∆ YOY

					
					
						Payout %

				
	
					
						$1,643.7

					
					
						 $1,829.5 

					
					
						 $1,930.1 

					
					
						 5.5%

					
					
						Minimum Threshold – 50% 

				
	
					
						5.5%

					
					
						5.5%

					
					
						CAGR

				
	
					
						$1,864.3

					
					
						$1,985.5

					
					
						 6.5%

					
					
						Target 

					
						@Goal – 100% 

				
	
					
						6.5%

					
					
						6.5%

					
					
						CAGR

				
	
					
						$1,917.2

					
					
						$2,070.6

					
					
						 8.0%

					
					
						Above 

					
						Target – 150%

				
	
					
						8.0%

					
					
						8.0%

					
					
						CAGR

				
	
					
						$1,988.9

					
					
						$2,187.8

					
					
						 10.0%

					
					
						Max 

					
						Target – 200% 

				
	
					
						10.0%

					
					
						10.0%

					
					
						CAGR

				

		
			

		 

		

		
			 
		

			
					
						 

					
					
						Operating Income

					
						(amounts in millions)

					
					
						 

					
					
						 

				
	
					
						 

					
					
						2021

					
						Tranche #1

					
					
						2022

					
						Tranche #2

					
					
						 

					
					
						 

				
	
					
						2019 Baseline

					
						Operating Income 

					
					
						Operating Income 

					
					
						% ∆ YOY

					
					
						Payout %

				
	
					
						$129.2

					
					
						$147.9

					
					
						$158.3

					
					
						 7.0%

					
					
						Minimum Threshold – 50% 

				
	
					
						7.0%

					
					
						7.0%

					
					
						CAGR

				
	
					
						$152.1

					
					
						$165.0

					
					
						 8.5%

					
					
						Target 

					
						@Goal – 100%

				
	
					
						8.5%

					
					
						8.5%

					
					
						CAGR

				
	
					
						$157.8

					
					
						$174.3

					
					
						 10.5%

					
					
						Above 

					
						Target – 150%

				
	
					
						10.5%

					
					
						10.5%

					
					
						CAGR

				
	
					
						$166.4

					
					
						$188.9

					
					
						13.5% 

					
					
						Max 

					
						Target – 200% 

				
	
					
						13.5%

					
					
						13.5%

					
					
						CAGR

				

		
			 
		

			
	
			
				 c.
			

			
	
			
			Payout Calculations. The PRSU opportunity will max-out at 200% of the PRSU Award amount regardless of the actual Revenue and/or Operating Income earned by the Company in the measurement period.

		
			When the Revenue and/or Operating Income for a Measurement Period falls below that period’s Minimum Threshold, as stated above, the portion of the Award attributable to the performance relevant metric that is below the Minimum Threshold will not be paid.  That means that no relevant tranche PRSUs would vest and be payable.  The Executive would have the opportunity for catch-up, as provided in Paragraph 4, however.
		

		
			When the Revenue or Operating Income for any Measurement Period falls between designated payout tiers, the actual PRSUs paid for that period will be prorated accordingly, with the same proration rules applying for all executives who are subject to the PRSU opportunity. 
		

			
	
			
				 d.
			

			
	
			
			Definitions.  

		
			“Revenue” for purposes of PRSU Award calculations for any Measurement Period will be equal to TTEC GAAP revenue, as publicly disclosed in TTEC’s earnings release for that calendar year, adjusted at the discretion of the Compensation Committee of the Board for material unbudgeted and unanticipated items.
		

		
			“Operating Income” for purposes of PRSU Award calculations for any Measurement Period, will be equal to TTEC non-GAAP operating income, as publicly disclosed in TTEC’s earnings release for that calendar year, adjusted at the discretion of the Compensation Committee of the Board for material unbudgeted and unanticipated items.
		

		
			“Unbudgeted and Unanticipated Items” may include among others, as determined by the Compensation Committee of the Board investments, divestitures, costs associated with natural disasters, storms or pandemics, foreign exchange variations, and material litigation costs that could not have been reasonably anticipated in the ordinary course of business.  Revenue and operating income associated with acquisitions shall not be excluded for purposes of the 2020 PRSU Revenue and Operating Income metrics calculation. 
		

		
			

		 

		

		
			“Measurement Period” for purposes of 2020 PRSU Award a measurement period is not a multi-year period but a fiscal year at the end of the period.  
		

		
			“PRSU Award Period” for purposes of this grant is the first day of fiscal year 2020 through the last day of fiscal year 2021.
		

		
			“Grant Date” is the effective date of this Agreement when PRSUs for 2020 PRSU Award are granted. 
		

		
			“Vesting Date” for purposes of each tranche of 2020 PRSU grant shall be as stated in Paragraph 6 of this Agreement. 
		

		
			“Minimum Threshold” for purposes of this Award is the minimum level of Revenue and OI in any Measurement Period below which the PRSU incentive does not pay. 
		

			
	
			
				 4.
			

			
	
			
			Catch-up Rights.  

		
			The purpose of the PRSU Award is to reward the Executive for driving exceptional performance for each fiscal year during the PRSU Award Period, while maintaining a longer-term view for the aggregate performance of the Company.
		

		
			Therefore, if during the 1st Tranche Measurement Period, 2020 PRSU 1st Tranche does not vest or only vests partially, because the Company fails to meet the Minimum Threshold metric for Revenue and/or Operating Income, the Executive would have the opportunity to earn additional Shares, as part of the 2020 PRSU Award, via a catch-up, as follows: 
		

			
	
			
				 a.
			

			
	
			
			Catch-up considerations will be managed separately for the Revenue and Operating Income metrics. 

			
	
			
				 b.
			

			
	
			
			At the end of the PRSU Award Period, the Company will assess the Revenue and Operating Income achieved during the 2nd Measurement Period and, if this level of achievement is @Goal (100% payout) or better for the 2nd Measurement Period (as reflected in Paragraph 3(a)), then the Company would issue to the Executive incremental catch-up Shares to enable the Executive to earn up to 75% of the @Goal or better payout that would have been due under the 2020 PRSU 1st Tranche.  

			
	
			
				 c.
			

			
	
			
			The incremental catch-up Share payout, if any, would be made at the same time as the 2020 PRSU 2nd Tranche vests and is paid.

			
	
			
				 5.
			

			
	
			
			Executive’s 2020 Award Payout Opportunity.

			
					
						 

					
					
						 

					
						 

					
						 

					
					
						 

					
						 

					
						 

					
					
						 

					
						 

					
						 

					
					
						 

					
						 

					
						 

				
	
					
						2020 PRSU Award/Payout

					
					
						Below 

					
						Target 

					
						50%

					
					
						 

					
						@Goal 

					
						100%

					
					
						Above 

					
						Target

					
						150%

					
					
						Max 

					
						Target 

					
						200%

				
	
					
						2022 Payout Opportunity Under 2020 PRSU Award

					
					
						«M_50_1» Shares

					
					
						«M_100_1» Shares

					
					
						«M_150_1» Shares

					
					
						«M_200_1» Shares

				
	
					
						2023 Payout Opportunity Under 2020 PRSU Award

					
					
						«M_50_2» Shares

					
					
						«M_100_2» Shares

					
					
						«M_150_2» Shares

					
					
						«M_200_2» Shares

				

		
			 
		

			
	
			
				 6.
			

			
	
			
			Vesting Dates.  

			
	
			
				 a.
			

			
	
			
			2020 PRSU 1st Tranche shall have a Vesting Date in March 2022, after the Company releases its 2021 earnings to the public, the Revenue and Operating Income of which serves as reference for the value of the grant.

		
			

		 

		

			
	
			
				 b.
			

			
	
			
			2020 PRSU 2nd Tranche shall have a Vesting Date in March 2023, after the Company releases its 2022 earnings to the public, the Revenue and Operating Income of which serves as reference for the value of the grant.

			
	
			
				 7.
			

			
	
			
			Change in Circumstances. 

			
	
			
				 a.
			

			
	
			
			If during PRSU Award Period, the Company engages in a capital markets transaction, restructuring, business combination, recapitalization, stock split, extraordinary special stock dividend, consolidation, rights offering, spin-off, or the like (“Material Transaction”) the result of which would make fair and equitable measurement of the Company’s Revenue and Operating Income for any open year in the PRSU Award Period no longer practical, the Compensation Committee of the Board would have discretion to adjust and modify performance goals and payout targets under all then outstanding 2020 PRSU Tranches to preserve the intended incentive opportunities under this PRSU Awards.

			
	
			
				 b.
			

			
	
			
			If the Material Transaction constitutes a Change in Control event as that term is defined in the 2020 Equity Incentive Plan, the PRSUs shall convert to time based RSUs, based on the presumed value of the Award @Goal for the Measurement Period. 

			
	
			
				 c.
			

			
	
			
			Further, if the Executive in good standing is separated from the Company in connection with, or as a result of a Chance in Control event during the COC Period, as that term is defined in the Employment Arrangement, then the Company, as part of Executive’s separation settlement, will provide the Executive with an incremental compensation that reflects the value of the Shares that the Executive would be entitled to earn, if he/she was permitted to stay with the Company for the entire PRSU Award Period and through the Vesting Dates, with the value of the PRSU Award calculated @Goal. Any voluntary separations, separations for performance issues or for cause shall not be subject to similar accommodation and, in that instance, any 2020 PRSU rights would forfeit as provided in Paragraph 2.  

			
	
			
				 8.
			

			
	
			
			Non-competition; Non-solicitation; Change in Control.  

		
			a.This Agreement incorporates by reference all Non-Competition, Non-Solicitation, Acceleration, and Change in Control provisions of the Employment Arrangement, including any duration periods provided therein.
		

		
			b.Acknowledgements.    
		

		
			(i)Executive acknowledges that the non-competition and non-solicitation provisions incorporated into this Agreement by reference are fair and reasonable with respect to their scope and duration, given the Executive’s position with TTEC and the impact such activities would have on the TTEC business.  
		

		
			(ii)Executive further acknowledges that the geographic restriction on competition included in the referenced and incorporated provisions is fair and reasonable, given the nature and geographic scope of the TTEC business, the investment of capital and resources by Company to develop its business operations, and the strategic position that the Executive holds within TTEC.
		

		
			(iii)Executive also acknowledges that while employed or otherwise affiliated with TTEC, Executive has access to proprietary and unique trade secret information that would be valuable or useful to Company’s competitors and that Executive has access to Company’s valuable customer relationships and thus acknowledges that the restrictions on Executive’s future employment and business activities in TTEC’s industry as set forth in the referenced and incorporated provisions are fair and reasonable.  
		

		
			(iv)Executive acknowledges and is prepared for the possibility that Executive’s standard of living may be reduced during the non-competition and/or non-solicitation period and assumes and accepts any risk associated with that possibility, and further acknowledges that any such drop in Executive’s standard of living does not constitute undue hardship.
		

		
			

		 

		

		
			9.Miscellaneous Provisions.
		

		
			a.Consideration.  The Company is providing this PRSU Award opportunity in consideration of the services that the Executive is providing to the Company during the PRSU Award Period, and other mutual covenants provided in this Agreement. 
		

		
			b.Administration Delegation.  Pursuant to the delegations of authority that the Compensation Committee of the Board has made with respect to the administration of the Plan, the Chief Financial Officer and Chief People (HR) Officer of the Company, in their sole discretion acting in concert, shall have the authority to determine the effect of all matters and questions with respect to the Executive’s termination of affiliation with the Company and whether continuous services are being provided as these matters relate to the PRSU Award payout or vesting, including, without limitation, the question of whether a termination of service has occurred, whether a leave of absence or disability constitute a termination of service and other similar questions. 
		

		
			c.Grant of Equity; Rights are Non-Transferable. This Agreement is a grant of an equity-based incentive related to the Company.  Subject to any exceptions set forth in this Agreement or the Plan, during the PRSU Award Period, the rights conveyed by this Agreement and any related rights may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Executive.  Any attempt to assign, alienate, pledge, attach, sell or transfer or encumber the PRSU Award rights during the PRSU Period shall be ineffective and, if any such attempt is made, the PRSU Award rights conveyed hereunder will be forfeited by the Executive and all other rights that the Executive may have under the Plan and this Agreement shall immediately terminate without any payment or consideration by TTEC.
		

			
	
			
				 d.
			

			
	
			
			No Right to Continuing Service. Neither the Plan nor this Agreement shall confer upon the Executive any right to be retained in any position, as an employee, consultant or director of TTEC. Further, nothing in the Plan or this Agreement shall be construed to limit the discretion of TTEC to terminate the Executive’s services (employment or otherwise) at any time, with or without cause. 

			
	
			
				 e.
			

			
	
			
			Tax Liability and Withholding.  The Executive shall be required to pay, and the Company or its administrator shall have the right to deduct from any compensation paid to the Executive pursuant to the Plan and the PRSU Award, the amount of any required withholding taxes applicable upon the vesting of the PRSU Award or the issuance of the Common Stock of the Company (or cash equivalent) and to take all such other action as the Company deems necessary to satisfy all obligations for the payment of such withholding taxes.  At the Executive’s discretion, the 2020 PRSU Award may be subject to Share withholding for tax purposes, where a portion of Shares to be received may be used (netted against the Shares otherwise receivable) by the Company to cover the Executive’s tax obligations in connection with Award.   

			
	
			
				 f.
			

			
	
			
			Compliance with Law. The issuance and transfer of shares of Common Stock of the Company upon the vesting of the RSU Award shall be subject to compliance by the Company and the Executive with all applicable requirements of federal and state securities laws and with all applicable requirements of any stock exchange on which the Company's shares of Common Stock may be listed. No shares of Common Stock shall be issued or transferred unless and until any then applicable requirements of state and federal laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its legal counsel. The Executive understands that the Company is under no obligation to register the shares of Common Stock with the Securities and Exchange Commission, any state securities commission or any stock exchange to affect such compliance.

			
	
			
				 g.
			

			
	
			
			Executive Equity Holding Guidelines.  The Executive is subject to the TTEC Executive Stock Ownership Guidelines, attached to this Agreement and incorporated by reference as Appendix A.  By signing below the Executive (a) confirm that he/she is (i) aware of the Company’s expectations with respect to the Executive Stock Ownership holdings in the Company, (ii) the time the Executive has to honor these expectations and (iii) how the Company envisions that the Executive reaches the appropriate holding levels; and (b) hereby agrees to exercise best efforts to meet such expectations.    

		
			

		 

		

			
	
			
				 h.
			

			
	
			
			Data Privacy.  Executive hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of Executive’s personal data as described in this Agreement and any other PRSU grant materials by and among, as applicable, the Executive’s employer, the Company and its other affiliates for the exclusive purpose of implementing, administering and managing Executive’s participation in the Plan.  Executive understands that TTEC and the Company may hold certain personal information about the Executive, including, but not limited to, Executive’s name, home address and telephone number, date of birth, social security or other national identification number or insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in TTEC, details of all PRSUs or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in Executive’s favor (“Data”), for the exclusive purpose of implementing, administering and managing the Plan.

		
			Executive understands that Data may be transferred to a stock plan service provider (“Service Provider”) that may be selected by TTEC, which is assisting TTEC with the implementation, administration and management of the Plan.  Executive authorizes TTEC and the Service Provider and any other possible recipients which may assist TTEC (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing his or her participation in the Plan.  Executive understands that Data will be held only as long as is necessary to implement, administer and manage Executive’s participation in the Plan.  
		

		
			Further, Executive understands that he or she is providing the consents herein on a voluntary basis.  If Executive does not consent, or if Executive later seeks to revoke his or her consent, his or her employment status or service and career with the employer will not be adversely affected; the only adverse consequence of refusing or withdrawing Executive’s consent is that TTEC would not be able to grant Executive PRSUs or other equity awards or administer or maintain such awards.  Therefore, Executive understands that refusing or withdrawing his/her consent may affect Executive’s ability to participate in the Plan.  For more information on the consequences of Executive’s refusal to consent or withdrawal of consent, Executive understands that he/she may contact his/her human capital representative.
		

		
			i. Governing Law and Dispute Resolution.
		

		
			(i) Governing Law. This Agreement will be construed and interpreted in accordance with the laws of the State of Delaware, U.S.A. without regard to conflict of law principles.
		

		
			(ii)Disputes.  The parties agree that any action arising from or relating in any way to this Agreement or the Plan shall be resolved and tried in the state or federal courts situated in Denver, Colorado, U.S.A. The parties’ consent to jurisdiction and venue of those courts to the greatest extent allowed by law.  
		

		
			In this regard, the Executive acknowledges and admits to all or a combination of several following substantial contacts with the State of Colorado:  (A) Executive is employed, provides services for or otherwise is affiliated with a legal entity headquartered in the State of Colorado, U.S.A.; (B) Executive receives the compensation in a form of checks or wire transfers that are drawn either directly or indirectly, from bank accounts in Colorado; (C) Executive regularly interacts with, contacts and is contacted by other TTEC employees and executives in Colorado; (D) Executive either routinely travels to or attends business meetings in Colorado; and (E) Executive receives substantial compensation and benefits as a result of TTEC being a corporation headquartered in and subject to the laws of Colorado.  Based on these and other contacts, the Executive acknowledges that he/she could reasonably be subject to the laws of Colorado.  
		

		
			(iii) Attorneys’ fees. The party that substantially prevails in any action to enforce any provision of this Agreement shall recover all reasonable costs and attorneys' fees incurred in connection with the action.
		

		
			

		 

		

			
	
			
				 i.
			

			
	
			
			Administration of the Agreement and Awards.

		
			(i) Interpretation. Any dispute regarding the interpretation of this Agreement shall be submitted by the Executive or the Company to the Compensation Committee of the Board for review. The resolution of such dispute by the Compensation Committee of the Board shall be final and binding on the Executive and the Company.
		

		
			(ii) Settlement of Vested PRSUs.  PRSUs subject to a PRSU Award shall be settled pursuant to the terms of the Plan, in stock or cash, as soon as reasonably practicable and in all events within 74 days following the vesting thereof as provided in this Agreement.
		

		
			(iii)Successors and Assigns. The Company may assign any of its rights under this Agreement. This Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement will be binding upon the Executive and the Executive's beneficiaries, executors, administrators and the person(s) to whom the rights under this Agreement may transfer by will or the laws of descent or distribution.
		

		
			(iv) Discretionary Nature of All Future Awards. This PRSU Award is voluntary and occasional and does not create any contractual, statutory or other right to receive future PRSU Awards, or benefits in lieu of PRSUs, even if the PRSUs have been granted in the past.  Future PRSU Awards, if any, will be at the sole discretion of the Company. 
		

		
			(v) No Impact on Other Benefits. Except as otherwise provided in the Employment Arrangement, the value of the Executive's awards hereunder is not part of his/her normal or expected compensation for purposes of calculating any severance, retirement, welfare, insurance or similar employee benefit.
		

		
			 k.Confidentiality.  Executive agrees not to disclose, directly or indirectly, to any other employee, director or consultant of TTEC or an affiliate and to keep confidential all information related to any Awards granted to Executive, pursuant to the Plan, including the amount of any such Award and its vesting schedule.
		

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

		
			The Agreement (including the Plan) constitutes the entire agreement between the parties concerning the subject matter hereof and supersedes all prior and contemporaneous agreements, oral or written, between the Company and Executive relating to Executive’s entitlement to PRSUs or similar benefits, under the Plan. 
		

		
			m.IRS Section 409A.  This Agreement shall be interpreted and administered in a manner so that any amount or benefit payable hereunder shall be paid or provided in a manner that is either exempt from, or complies with, the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the Internal Revenue Service guidance and Treasury Regulations thereunder (collectively, “Section 409A”).
		

		
			n.Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.
		

		
			

		 

		

		
			n.Acceptance. The Executive hereby acknowledges receipt of a copy of the Plan and this Agreement. The Executive has read and understands its terms and provisions and accepts the PRSU Award rights including modifications to the Employment Arrangements that they represent, subject to the terms and conditions of the Plan and this Agreement. The Executive acknowledges that there may be adverse tax consequences upon the grant or vesting of the PRSUs or disposition of the underlying shares and that the Executive has been advised to consult a tax advisor prior to such grant, vesting or disposition.
		

		
			 
		

		
			-----------------  The Remainder of This Page is Intentionally Left Blank  ---------------
		

		
			
		

		
			

		 

		

		
			The parties have executed this Agreement as of the date first above written.
		

		
			TTEC Holdings, Inc.
		

		
			 
		

		
			 
		

		
			
		

		
			By:  Regina Paolillo
		

		
			Chief Financial & Administrative Officer
		

		
			 
		

		
			 
		

		
			Date:  
		

		
			 
		

		
			 
		

		
			 
		

		
			Acknowledgement
		

		
			 
		

		
			 
		

		
			 
		

		
			
		

		
			«FullName» (Executive)
		

		
			EE# «EE_ID»
		

		
			 
		

		
			Date:  
		

		
			 
		

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

		
			 
		

		
			APPENDIX A
		

		
			 
		

		
			Executive Stock Ownership Guidelines
		

		
			 
		

		
			Equity provides the opportunity for the company to further invest in the employees who passionately uphold our values while driving the business with an entrepreneurial spirit. Company leaders who think and act like owners are crucial to our success and encouraging star players to actively participate in company growth is key to building our future together.
		

		
			 
		

		
			When a company’s board of directors, shareholders and employees align their interest in organization’s long-term success, the stage is set for true transformation. To that end, TTEC has adopted Stock Ownership Guidelines to encourage company leaders (vice president-level and above) to align their interests with TTEC and our stockholders and to focus on value creation, while sharing in the company’s success. The following are answers to questions you may have about TTEC’s new Executive Stock Ownership Guidelines.
		

		
			 
		

		
			Executive Stock Ownership Guidelines
		

		
			 
		

		
			Q.    Why are we implementing an Ownership Guideline?
		

		
			A. The Guidelines are designed to align our senior leaders’ interests with our shareholders’ interest, driving a  long-term vision and commitment to creating company value. The Executive Ownership Guidelines are also designed to:
		

		
			 
		

		
			•   Support confidence in company strategy to execute our business transformation
		

		
			•   Allow us to remain an attractive and competitive choice for executive-level talent by adopting best practices
		

		
			•   Align executive behavior with external shareholder expectation
		

		
			•   Drive long-term accountability
		

		
			•   Enable company success
		

		
			 
		

		
			Q.    How much stock should I hold as a company leader?
		

		
			A.    The new Executive Stock Ownership Guidelines call for TTEC vice presidents and above to hold a multiplier of base compensation in TTEC stock (based on Fair Market Value (FMV) of stock as it trades on NASDAQ). Employees will have five years from the start of this requirement (or promotion into a new role) to meet the holding Guidelines.
		

		
			 
		

			
					
						Employee                                                       Target Holding Amount

					
						Level                                                                   within 5 Years

				
	
					
						 

					
						Chief Financial Officer                                           3 times current base salary

				
	
					
						 

					
						Executive Vice President                                       2.5 times current base salary

				
	
					
						 

					
						Senior Vice President                                          1.5 times current base salary

				
	
					
						 

					
						Vice President                                                0.5 times current base salary

				

		
			 
		

		
			Q.    Do I have to buy TTEC stock to meet this holding Guideline?
		

		
			

		 

		

		
			A.    TTEC does not expect you to buy TTEC stock to meet the holdings Guidelines, and how you meet them is entirely up to  you. Most employees will be able to meet the requirement by holding a portion of their annual equity grant (net of tax), as it  vests.
		

		
			 
		

		
			Q.    How many shares should I consider holding from each RSU grant to meet the holding Guidelines?
		

		
			A.   How much you hold from each grant and from each vesting event is entirely up to you. Based on basic modeling, however, we believe that if you hold a percentage of each vesting event from annual Equity Grants (net of tax as indicated in the table below) you should comfortably reach the holding requirement in five years or sooner.
		

		
			 
		

		
			The holding guideline can be satisfied with any stock you hold including:
		

		
			•    the exercise of options to purchase the company’s common stock
		

		
			•    the  vesting of restricted stock; and
		

		
			•    the  vesting of performance shares.
		

		
			 
		

			
					
						Employee                                               Guideline of Percentage of

					
						Level                                                          Net Shares to Hold

				
	
					
						 

					
						Executive Vice President                                                      75%

				
	
					
						 

					
						Senior Vice President                                                         75%

				
	
					
						 

					
						Vice President                                                               50%

				

		
			 
		

		
			 
		

		
			Once the holding target is reached, you should  maintain it during your entire tenure  in the role; and as your role  changes be aware of the changes in the holding guidelines as well.
		

		
			 
		

		
			Q.   What happens if I don’t reach my target holding amount within the five-year time frame due to market volatility or amount of my equity awards?
		

		
			A.   If the actual Equity Grants you receive and/or market price volatility does not allow an employee to reach the target holding level within the required five-year time frame, the company does not expect employees to invest out of pocket. The company expects the Equity Grants you receive to be the source for the holding requirement and we look to you as a leader to exercise a good faith effort to honor the requirements. If the Equity Grants you receive or market volatility creates a challenge, discuss the matter with your supervisor and your HC partner for a practical resolution.
		

		
			 
		

		
			Q.    What if I have a special situation (hardship) that makes maintaining the holding requirement difficult  for me?
		

		
			A.    The Executive Ownership Guidelines is designed to align your interests with the company’s interests and position you to share in our success. If your personal situation makes the compliance with the Ownership Guidelines a hardship, speak to your HC partner and the Executive Committee level executive responsible for your business segment for guidance and support.
		

		
			 
		

		
			Q.    Whom should I contact with questions?
		

		
			A.    If you have questions, please contact Pam LeMasters, executive director, Global Compensation via email or by phone at 303.397.8531.Document

Exhibit 10.5

CONFIDENTIAL SEPARATION AGREEMENT AND GENERAL RELEASE 

        This Separation Agreement and General Release (“Agreement”), dated as of April 25, 2020, is made between Hany Massarany, on behalf of himself, his agents, assignees, heirs, executors, administrators, beneficiaries, trustees and legal representatives (“Employee”), and GenMark Diagnostics, Inc., by and for itself, its subsidiaries, successors and assigns  (collectively, the “Company”).  Employee and Company are each a “Party” and are collectively sometimes referred to as “Parties” to this Agreement. 

        In consideration of the promises in this Agreement, the adequacy of which is acknowledged, the Parties agree as follows:
AGREEMENT

1.Separation Date:  Pursuant to the termination notice dated February 10, 2020, the Company has terminated Employee’s employment pursuant to Section 8.3(a) of the Executive Employment Agreement by and between the Parties, dated April 5, 2011 (the “Employment Agreement”).  Accordingly, the Employment Agreement and Employee’s employment with the Company has ceased effective as of March 11, 2020, which the Parties agree constitutes a “separation from service” within the meaning of Section 409A of the Internal Revenue Code (the “Separation Date”).  Pursuant to Section 8.7 of the Employment Agreement, effective as of February 10, 2020 (except for his employment as an Employee which was terminated on March 11, 2020), Employee has resigned from all offices, directorships, trusteeships, committee memberships, and fiduciary capacities held with, or on behalf of, the Company and its affiliates and subsidiaries and shall take all necessary action required by the Company to accomplish such resignation, including, but not limited to, the execution of the Letter of Resignation attached hereto as Exhibit A.

2.Wages, Vacation Time, Expenses.  The Company has paid Employee in accordance with applicable law all of his Accrued Benefits (as defined in the Employment Agreement), less federal and state withholdings and other applicable taxes, and reimbursed all business expenses validly incurred by him through the Separation Date.  In addition, the Company shall award Employee an annual bonus for the 2019 fiscal year in the total amount of $257,500, less federal and state withholdings, and other applicable taxes and payable no later than five (5) business days after expiration of the Revocation Period (as defined below).

3.Severance.  On the condition that Employee timely executes this Agreement, does not revoke it during the Revocation Period (defined below), and complies with its terms, and in accordance with Section 8.3(a) of the Employment Agreement, the Company will provide Employee with the following separation payments and benefits, less federal and state withholdings, and other applicable taxes:

(a)A “Severance Payment” in the amount of $1,004,662, less federal and state withholdings and other applicable taxes, payable in one lump sum on the first day of the seventh (7th) month after the Separation Date or, if earlier, the date of Executive’s death following the Separation Date (the “Delayed Payment Date”);

(b)Acceleration of the vesting of all of Employee’s unvested outstanding Company restricted stock unit awards, which shall be settleable on the Delayed Payment Date in exchange for 375,889 shares of the Company’s common stock; 

(c)Acceleration of the vesting of all of Employee’s unvested outstanding Company market stock unit awards, which shall be settleable in exchange for the actual number of shares of the Company’s common stock earned under such market stock unit awards as the applicable performance period(s) is/are completed; 

(d)Acceleration of 100% of the unvested portion of Employee’s outstanding Company stock options and continued exercisability of each such option until the expiration date of such option; and

(e)Reimbursement to Employee in an amount equal to the portion of any premium payments made by Employee to continue his group health insurance pursuant to the terms of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) that exceeds the active employee rate for one (1) year following the Separation Date or, if earlier, the date Employee becomes eligible to receive health care benefits under another employer-provided plan. Such reimbursement shall be subject to the limitations of Section 8.8(c) of the Employment Agreement. 

4.No Further Obligations of Company.  Subject to Section 8.4 of the Employment Agreement, Employee acknowledges that the Separation Payment and the other separation benefits provided to him in Section 3 above are in full and complete satisfaction and discharge of any and all obligations that the Company or any of the Released Parties has or may have to Employee.  The Company acknowledges that Employee remains eligible to receive the severance benefits set forth in Section 8.4 of the Employment Agreement in the event of a Change in Control (as referenced in the Employment Agreement) occurs within six-months following the Separation Date.

5.Release of Claims.  Employee releases and forever discharges GenMark Diagnostics, Inc., and any parent, subsidiary, affiliated, and related entities, including their past, present, or future managers, directors, administrators, officers, employees, agents, insurance companies, attorneys, representatives, predecessors, successors and assigns, and each of them (collectively, “Released Parties”) from all known and unknown claims, liabilities, and obligations of every kind (including attorneys’ fees and costs) that Employee has ever had or now may have against the Company arising out of or relating to facts, events, occurrences, or omissions up to and including the date this Agreement is executed by Employee.  The claims that Employee is releasing include: (a) claims arising out of Employee’s employment with the Company and his separation from such employment; (b) claims arising under the Released Parties’ policies, plans, or practices, including promotion, compensation, including overtime pay, commissions, vacation pay, bonuses, stock options, severance pay or benefits; (c) claims for breach of express or implied contract or covenant of good faith and fair dealing, including, but not limited to, in respect of the Employment Agreement; (d) all claims for harassment, discrimination or violation of public policy; (e) claims for constructive discharge or wrongful discharge; (f) claims for retaliation; (g) claims for violation of state or federal common law or statutory law, including to the extent applicable, all claims arising under the California Fair Employment and Housing Act,  the California Labor Code, Title VII of the Civil Rights Act of 1964, as amended, the Fair Labor Standards Act, the Employee Retirement Income Security Act, the National Labor Relations Act, the Family and Medical Leave Act, the Americans with Disabilities Act, the Age Discrimination in Employment Act, the Sarbanes-Oxley Act of 2002, or other federal, state, or local laws relating to employment or separation from employment or benefits associated with employment or separation from employment; (h) claims for emotional distress, mental anguish, humiliation, personal injury; and (i) claims that may be asserted on Employee’s behalf by others.  Excluded from this release are claims which cannot be waived or released as a matter of law.  Notwithstanding anything to the contrary in this Agreement, Employee is not releasing any rights with regard to (a) any claim or right under state workers’ compensation or unemployment laws; (b) any claim or right to vested benefits, including under any pension or savings plan; (c) any claim or right to continued benefits in accordance with COBRA; (d) any claim or right to enforce the terms of this Agreement, (e) any claim or right to enforce Section 8.4 of the Employment Agreement or (f) any right to indemnification under the Company’s certificate of incorporation or by-laws (or similar constituent documents of the Company), any indemnification agreement between the Parties, any directors’ and officers’ liability insurance policy of the Company, or applicable law.  Nothing in this Agreement shall prevent Employee from filing, cooperating with, or participating in any proceeding before the Equal Employment Opportunity Commission, the Department of Labor, the Securities and Exchange Commission, the Occupational Safety and Health Administration, or the California Department of Fair Employment and Housing (such activities, collectively referred to as “Permitted Communications”), nor prevent Employee from challenging the validity of this release in a legal or administrative proceeding.

6.ADEA Waiver.  Employee acknowledges that Employee is knowingly and voluntarily waiving and releasing any rights Employee may have under the Age Discrimination in Employment Act (“ADEA”), and that the consideration given to Employee for the waiver and release in this Agreement is in addition to anything of value to which Employee was already entitled.  Employee further acknowledges that Employee has been advised by this writing, as required by the ADEA and the Older Workers Benefit Protection Act, that: (a) Employee’s waiver and release does not apply to any rights or claims that may arise after the date Employee signs this Agreement; (b) Employee should consult with an attorney prior to signing this Agreement (although Employee may voluntarily decide not to do so); and (c) Employee is entitled to the review period and Revocation Period described in Section 15 below.  Nothing in this Agreement prevents or precludes Employee from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties, or costs for doing so, unless specifically authorized by federal law.

7.Representation of No Other Action; Agreement Not to Sue; Dismissal of Claim; Cooperation.  As a condition of receiving the Severance Payment and other separation benefits under Section 3 above, Employee agrees not to sue any of the Released Parties regarding any claim that has been released in this Agreement.  Employee represents and warrants that he has not initiated, and will not initiate any claim, charge, lawsuit, or other action against any of the Released Parties, and that he has not transferred or assigned that right to any other person or entity.  For the one year period following the Separation Date, Employee agrees that he shall cooperate with the Company in connection with any lawsuits to which the Company is a party that relate to events or occurrences that transpired while Employee was employed by the Company (“Matters”), including but not limited to being reasonably available to provide affidavits, and testify and appear in any proceedings or participate in depositions with respect to such Matters, subject to the Company’s reimbursement of reasonable out-of-pocket travel costs and expenses

8.Reserved. 

9.Waiver of Civil Code Section 1542.  Employee acknowledges that Employee has been made aware of and expressly waives any and all rights under Section 1542 of the California Civil Code to the full extent that such rights may be waived.  Section 1542 provides as follows:

“A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.”

10.Confidentiality and Non-Disparagement.  Except for Permitted Communications or as otherwise required by law, Employee agrees not to disclose the terms of this Agreement to anyone other than immediate family, attorneys or accountants, who will also not disclose such information.  Except for Permitted Communications or as otherwise required by law, Employee and the Company agree not to make any voluntary statements, written or oral, or cause or encourage others to make any such statements that defame, disparage or in any way criticize the personal and/or business reputations, practices or conduct of the other Party; provided, however, that the Company’s obligation under this Section shall be limited to the Board and the Company’s executive officers as of the date of this Agreement. Notwithstanding the foregoing and anything to the contrary herein, the Company may publicly disclose and file the Agreement if the Company reasonably determines it necessary in order to comply with applicable securities laws.

11.Return of Company Property.  Employee agrees to return to Company all documents and information, in whatever form, containing confidential or proprietary information belonging to the Company, including, but not limited to, tools, computers (with all files and data intact), or other tangible property provided by Company for Employee’s use; provided, however, Employee shall be entitled to retain the Company-provided cellphone, iPad and laptop. 

12.Post-Employment Obligations.  Employee acknowledges and agrees that the post-employment obligations and restrictions in Employee’s Confidentiality and Non-Disclosure Agreement with the Company remain in effect, and Employee hereby agrees to comply with such obligations and restrictions.

13.No Admission.  Employee understands that the Released Parties expressly deny any wrongdoing or liability to Employee and that this Agreement is the compromise of disputed claims to avoid the expense and disruption that would result from continued investigation and litigation.

14.Severability.  If any portion of this Agreement is void or deemed unenforceable for any reason, the unenforceable portion will be deemed severed from the remaining portions of this Agreement, which will otherwise remain in full force.

15.Reasonable Period to Review. Employee acknowledges that he has been advised to and has had the opportunity to seek advice regarding this Agreement from an attorney of his choice.  Employee acknowledges that he has had the opportunity to consider this Agreement for a full twenty-one (21) days before executing it, but understands that he may sign it sooner if he wishes.  Employee also understands that he has a full seven (7) days following the execution of this Agreement to revoke it (“Revocation Period”).  This Agreement will not become effective or enforceable until after the delivery of the Agreement to the Company and the Revocation Period has expired.  For any revocation to be effective it must be delivered by hand or overnight courier before midnight on the seventh day to the Company at 5964 La Place Court, Carlsbad CA, 92008 Attention: Eric Stier, General Counsel.  The Separation Payment and other benefits set forth in Section 3 will be provided following the expiration of the Revocation Period and only if Employee does not revoke this Agreement.  

16.Application of Section 409A. The Company intends that income provided to Employee pursuant to this Agreement will not be subject to taxation under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the provisions of this Agreement shall be interpreted and construed in favor of satisfying any applicable requirements of or exemptions from Section 409A of the Code. The Company does not guarantee any particular tax effect for income provided to Employee pursuant to this Agreement. In any event, except for the Company’s responsibility to withhold applicable income and employment taxes from compensation paid or provided to Employee, the Company shall not be responsible for the payment of any applicable taxes on compensation paid or provided to Employee pursuant to this Agreement. 

17.Applicable Law.  This Agreement will be governed by California law.  Venue for all disputes will be in San Diego County California and each Party agrees not to assert lack of jurisdiction as an objection to any action brought in San Diego, California.

18.Multiple Counterparts.  This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.  Executed faxed copies or PDF copies transmitted via email will be effective and enforceable. 

19.Headings.  Headings in this Agreement are inserted for reference and convenience only and are not a part of this Agreement.  

20.Interpretation, Entire Agreement. This Agreement replaces and supersedes all other agreements (including the Employment Agreement), verbal or written, which are merged into this Agreement, and constitutes the entire agreement of the Parties.  Any rule of law or decision that would require interpretation of any claimed ambiguities in this Agreement against the Party that drafted it has no application and is expressly waived.  Further, the Parties agree that the term “including” and its variations are always used in the non-restrictive sense as if followed by “but not limited to.”

21.Modification and Waiver.  Any modification of this Agreement will be effective only if it is in a writing signed by the Parties to this Agreement.  No waiver of any of the provisions of this Agreement will constitute a waiver of any other provision, even if similar, nor will any waiver constitute a continuing waiver.  No waiver will be binding unless executed in writing by the Party making the waiver.  

[signature page to follow]

Employee and Company, by their signatures below, acknowledge that there exist no other promises, representations, or agreements and that they voluntarily enter into this Agreement with the intent to be legally bound.

									
	/s/ Hany Massarany		DATE: 4/24/20
	Hany Massarany		
			
			
	/s/ Eric Stier		DATE: 4/25/20
	Name: Eric Stier		
	Title: SVP, General Counsel and Secretary		
	GenMark Diagnostics, Inc.		
			
			

Exhibit A

To: Board of Directors of GenMark Diagnostics, Inc.
        Re: Resignation as an Officer and Director
Dear Board members:
        Effective as of February 10, 2020, I hereby tender my resignation as an officer of GenMark Diagnostics, Inc. and its affiliates and subsidiaries (the “Company”) and as a member of the Board of Director of the Company (the “Board”), without requirement for any further action or acceptance by the Board.  

Sincerely,

/s/ Hany Massarany
Hany Massarany

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