Document:

EXHIBIT 10.1

 

THIRD AMENDMENT TO CREDIT AGREEMENT

 

THIRD
AMENDMENT TO CREDIT AGREEMENT, dated as of April 16, 2021 (this “Third Amendment”), by and among ExlService
Holdings, Inc., a Delaware corporation (the “Borrower”), each other Loan Party (as defined in the Credit Agreement
referred to below), Citibank, N.A., as administrative agent (the “Administrative Agent”), and certain Lenders (as defined
below) party to the Credit Agreement referred to below.

 

W I T N E S S E T H:

 

WHEREAS,
the Borrower, each Loan Party, each lender from time to time party thereto (the “Lenders”) and the Administrative
Agent have entered into that certain Credit Agreement, dated as of November 21, 2017 (as amended, restated, amended and restated,
modified or supplemented from time to time through the date hereof, including pursuant to that certain First Amendment to Credit Agreement,
dated as of July 2, 2018, and pursuant to that certain Second Amendment to Credit Agreement, dated as of October 1, 2018, the
 “Credit Agreement”) (capitalized terms not otherwise defined in this Third Amendment have the same meanings assigned
thereto in the Credit Agreement);

 

WHEREAS, pursuant to Section 9.02
of the Credit Agreement, the Borrower has requested that the Credit Agreement be amended as more fully described herein and the Required
Lenders are so willing to amend the Credit Agreement on the terms and subject to the conditions set forth herein;

 

NOW, THEREFORE, in consideration
of the foregoing and for other good and valuable consideration, the receipt and sufficiency of all of which is hereby acknowledged, the
parties hereto hereby agree as follows:

 

SECTION 1.
Amendment to Credit Agreement.

 

(a)            Section 6.01(m) of
the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“(m)         Indebtedness
or Guarantees incurred in the ordinary course of business in connection with cash pooling, netting and cash management arrangements consisting
of overdrafts or similar arrangements, provided that any such Indebtedness is owed to the financial institutions providing such arrangements
and such Indebtedness is extinguished in accordance with the terms of such arrangement;”

 

(b)            Section 6.07(c) of
the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“(c)            Restricted
Payments paid in cash to shareholders of the Borrower, whether in connection with a share buyback plan or otherwise in an amount not to
exceed $125,000,000 for any calendar year, so long as no Event of Default has occurred and is continuing;”

 

SECTION 2.
Representations and Warranties. The Borrower and the other Loan Parties hereby represent and warrant on the Third Amendment
Effective Date that:

 

(a)            The
execution, delivery and performance by the Loan Parties of the Third Amendment is within each Loan Party’s corporate or limited
liability company powers, as the case may be, and have been duly authorized by all necessary corporate or limited liability company and,
if required, stockholder or member action.

 

    1

     

    

 

(b)            The
Third Amendment has been duly executed and delivered by the Loan Parties and constitutes a legal, valid and binding obligation of each
Loan Party, enforceable against each Loan Party in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether
considered in a proceeding in equity or at law.

 

(c)            The
execution, delivery and performance by the Loan Parties of the Third Amendment (i) do not, on the part of any Loan Party or any of
its Subsidiaries, require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority,
except such as have been obtained or made and are in full force and effect and except for filings necessary to perfect Liens created pursuant
to the Loan Documents, (ii) will not violate any Requirement of Law applicable to any Loan Party or any of its Subsidiaries any order
of any Governmental Authority, (iii) will not violate or result in a default under, or give rise to a right to require any payment
to be made by any Loan Party or any of its Subsidiaries under, (A) any indenture or loan agreement, in each case, evidencing Indebtedness
in excess of $2 million, (B) any Swap Agreement or (C) any other material agreement, in each case which is binding upon any
Loan Party or any of its Subsidiaries or its assets, and (iv) will not result in the creation or imposition of any Lien on any asset
of any Loan Party or any of its Subsidiaries, except Liens created pursuant to the Loan Documents, in each case of clauses (i),
(ii) or (iii)(C), except as would not reasonably be expected to result in a Material Adverse Effect.

 

(d)            At
the time of and immediately after the Third Amendment Effective Date, no Default or Event of Default has occurred and is continuing.

 

(e)            The
representations and warranties of each Loan Party set forth in the Credit Agreement and in each other Loan Document are true and correct
in all material respects with the same effect as though made on and as of such date, except that (i) to the extent that such representations
and warranties specifically refer to an earlier date, such representations and warranties are true and correct in all material respects
as of such earlier date and (ii) any representation and warranty that is qualified as to “materiality” or “Material
Adverse Effect” is true and correct in all respects.

 

SECTION 3.
Conditions of Effectiveness of the Third Amendment. This Third Amendment shall become effective as of the date on which
the following conditions shall have been satisfied (or waived) (the “Third Amendment Effective Date”):

 

(a)            the
Administrative Agent (or its counsel) shall have received counterparts to this Third Amendment, duly executed by (i) the Borrower
and the other Loan Parties and (ii) the Lenders constituting Required Lenders;

 

(b)            at
the time of and immediately after the Third Amendment Effective Date, no Default or Event of Default shall have occurred or be continuing;
and

 

(c)            the
representations and warranties of each Loan Party set forth in the Credit Agreement and in each other Loan Document shall be true and
correct in all material respects on and as of the Third Amendment Effective Date with the same effect as though made on and as of such
date, except that (i) to the extent that such representations and warranties specifically refer to an earlier date, such representations
and warranties shall be true and correct in all material respects as of such earlier date and (ii) any representation and warranty
that is qualified as to “materiality” or “Material Adverse Effect” shall be true and correct in all respects.

 

    2

     

    

 

SECTION 4.
Reference to and Effect on the Credit Agreement and the other Loan Documents.

 

(a)            On
and after the Third Amendment Effective Date, each reference in the Credit Agreement to “this
Agreement,” “hereunder,” “hereof” or words of like import referring to the Credit Agreement shall mean and
be a reference to the Credit Agreement, as amended by this Third Amendment.

 

(b)            The
Credit Agreement and each of the other Loan Documents, as specifically amended by this Third Amendment, are and shall continue to be in
full force and effect and are hereby in all respects ratified and confirmed.

 

(c)            The
execution, delivery and effectiveness of this Third Amendment shall not, except as expressly provided herein, operate as a waiver of any
right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision
of any of the Loan Documents. On and after the Third Amendment Effective Date, this Third Amendment shall for all purposes constitute
a Loan Document.

 

(d)            This
Third Amendment shall not extinguish the Loans or any other Obligations outstanding under the Credit Agreement. Nothing contained herein
shall be construed as a substitution or novation of the Loans or any other Obligations outstanding under the Credit Agreement, which shall
remain outstanding after the Third Amendment Effective Date as modified hereby.

 

(e)            The
Borrower expressly acknowledges and agrees that (i) there has not been, and this Third Amendment does not constitute or establish,
a novation with respect to the Credit Agreement or any other Loan Document, or a mutual departure from the strict terms, provisions, and
conditions thereof and (ii) nothing in this Third Amendment shall affect or limit the Administrative Agent’s or Lenders’
right to demand payment of liabilities owing from Borrower to Administrative Agent or the Lenders under, or to demand strict performance
of the terms, provisions and conditions of, the Credit Agreement and the other Loan Documents, to exercise any and all rights, powers,
and remedies under the Credit Agreement or the other Loan Documents or at law or in equity, or to do any and all of the foregoing, immediately
at any time after the occurrence and continuance of an Event of Default under the Credit Agreement or the other Loan Documents.

 

SECTION 5.
Reaffirmation. Each of the Borrower and each other Loan Party hereby (a) reaffirms its obligations under the Credit
Agreement and each other Loan Document to which it is a party, in each case as amended by this Third Amendment, (b) reaffirms all
Liens on the Collateral which have been granted by it in favor of the Administrative Agent (for the benefit of the Secured Parties) pursuant
to the Loan Documents and (c) acknowledges and agrees that the grants of security interests by and the guarantees of the Loan Parties
contained in the Loan Documents are, and shall remain, in full force and effect immediately after giving effect to this Third Amendment.

 

SECTION 6.
Costs and Expenses. The Borrower hereby agrees to pay or reimburse the Administrative Agent for its reasonable and documented
out-of-pocket costs and expenses incurred in connection with this Third Amendment in accordance with, and to the extent required by, the
terms and conditions of Section 9.03 of the Credit Agreement.

 

    3

     

    

 

SECTION 7.
Execution in Counterparts. This Third Amendment may be executed in counterparts (and by different parties hereto on different
counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery
of an executed counterpart of a signature page of this Third Amendment by telecopy, emailed .pdf or any other electronic means that
reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this
Third Amendment. The words “execution,” “signed,” “signature,” “delivery,” and words of
like import in or relating to any document to be signed in connection with this Third Amendment and the transactions contemplated hereby
or thereby shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall
be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on
the Uniform Electronic Transactions Act.

 

SECTION 8.
Governing Law.

 

(a)            This
Third Amendment shall be governed by and construed in accordance with the laws of the State of New York

 

(b)            Each
Loan Party hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any U.S. Federal
or New York State court sitting in New York, New York in any action or proceeding arising out of or relating to this Third Amendment or
the transactions contemplated hereby, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably
and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State
or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action
or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by
law. Nothing in this Third Amendment shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any
action or proceeding relating to this Third Amendment or the transactions contemplated hereby against any Loan Party or its properties
in the courts of any jurisdiction.

 

(c)            Each
Loan Party hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which
it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Third Amendment
and the transactions contemplated hereby in any court referred to in clause (b) of this Section 8. Each of the
parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance
of such action or proceeding in any such court.

 

SECTION 9.
Waiver of Jury Trial. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS THIRD AMENDMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
OTHER AGENT (INCLUDING ANY ATTORNEY) OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN
THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN
INDUCED TO ENTER INTO THIS THIRD AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.

 

SECTION 10.
Headings. Section headings herein are included for convenience of reference only and shall not affect the interpretation
of this Third Amendment.

 

[Signature
Pages Follow]

 

    4

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Third Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above
written.

 

	 	EXLSERVICE HOLDINGS, INC.,
	 	as Borrower
	 	 
	 	By: 	/s/ MAURIZIO NICOLELLI
	 	Name: Maurizio Nicolelli
	 	Title: CFO
	 	 
	 	 
	 	EXLSERVICE.COM, LLC,
	 	as a Loan Guarantor
	 	 
	 	By: 	/s/ MAURIZIO NICOLELLI
	 	Name: Maurizio Nicolelli
	 	Title: CFO
	 	 
	 	 
	 	EXLSERVICE TECHNOLOGY SOLUTIONS, LLC,
	 	as a Loan Guarantor
	 	 
	 	By: 	/s/ MAURIZIO NICOLELLI
	 	Name: Maurizio Nicolelli
	 	Title: CFO
	 	 
	 	 
	 	BUSINESS PROCESS OUTSOURCING, LLC,
	 	as a Loan Guarantor
	 	 
	 	By: 	/s/ MAURIZIO NICOLELLI
	 	Name: Maurizio Nicolelli
	 	Title: CFO
	 	 
	 	 
	 	OUTSOURCE PARTNERS INTERNATIONAL INC.,
	 	as a Loan Guarantor
	 	 
	 	By: 	/s/ MAURIZIO NICOLELLI
	 	Name: Maurizio Nicolelli
	 	Title: CFO
	 	 
	 	 
	 	OVERLAND SOLUTIONS, LLC,
	 	as a Loan Guarantor
	 	 
	 	By: 	/s/ MAURIZIO NICOLELLI
	 	Name: Maurizio Nicolelli
	 	Title: CFO

 

[Signature
Page to Third Amendment to Credit Agreement (EXL 2021)]

 

    

     

    

 

	 	CITIBANK, N.A., 
	 	individually as a Lender and as Administrative Agent 
	 	 
	 	 
	 	By: 	/s/ LINDA TAM
	 	Name: Linda Tam
	 	Title: Senior Vice President

 

[Signature
Page to Third Amendment to Credit Agreement (EXL 2021)]

 

    

     

    

 

	 	PNC BANK, N.A., 
	 	as a Lender
	 	 
	 	 
	 	By: 	/s/ MICHAEL RICHARDS
	 	Name: Michael Richards
	 	Title: SVP & Managing Director

 

[Signature
Page to Third Amendment to Credit Agreement (EXL 2021)]

 

    

     

    

 

	 	JPMORGAN CHASE BANK, NA, 
	 	as a Lender
	 	 
	 	 
	 	By: 	/s/ GINA FRANCESCHINI
	 	Name: Gina Franceschini
	 	Title: Authorized Officer

 

[Signature
Page to Third Amendment to Credit Agreement (EXL 2021)]

 

    

     

    

 

	 	BANK OF AMERICA, N.A., 
	 	as a Lender
	 	 
	 	 
	 	By: 	/s/ JANA L. BAKER
	 	Name: Jana L. Baker
	 	Title: Senior Vice President

 

[Signature
Page to Third Amendment to Credit Agreement (EXL 2021)]

 

    

     

    

 

	 	TD BANK, N.A., 
	 	as a Lender
	 	 
	 	 
	 	By: 	/s/ STEVE LEVI
	 	Name: Steve Levi
	 	Title: Senior Vice President

 

[Signature
Page to Third Amendment to Credit Agreement (EXL 2021)]EX-10.1

 Exhibit 10.1 
  

 
 Execution Version Employment Agreement between Kelly Services Management Sari 20, avenue Edouard-Dubois 2006 “Neuchltel Switzerland
“Employer” and Berendina Maria Bekhuis Koolhaas 14a, rue du Littoral 2025 Chez-le-Bart Switzerland “Employee” collectively, the
“Parties“and each individually, a “Party” 

 

 
 2/12 Employment Agreement Kelly Services Management Scirl I Berendina Maria Bekhuis Koolhaas Recitals The Employer, a subsidiary of
Kelly Services, Inc., a Delaware corporation (“Kelly Services”), and the Employee have entered into an employment agreement dated 28 March 2008 (effective as of 1 June 2008), which has been amended by amendment dated 8 April
2010 (effective as of 1 January 2010) and another amendment dated 23 September 2013 (effective as of 1 September 2013) (together the “Former Contract”). The Employee has been promoted and appointed to the position of Vice
President and Managing Director, EMEA Staffing. The Employee has accepted this promotion and appointment. The Parties wish to novate the Former Contract whereby the Former Contract shall be replaced and a new agreement shall reflect the current
terms of employment between the Employer and the Employee. The Parties hereby agree on’the terms and conditions of the Employee’s employment and certain other matters as follows (“Agreement”): Commencement of Employment The
employment as per the terms of this Agreement shall commence on 1 March 2017, subject to the Employee continuing to have a valid work certificate and a residence permit (“Commencement Date”). As of the Commencement Date, the Agreement
shall fully replace the Former Contract. Position, Place of Work The Employee shall be appointed and employed by the Employer as of the Commencement Date, in a position as Vice President and Managing Director, EMEA Staffing, or in such other
position as the Employer may assign to the Employee from time to time. The Employee shall be responsible for leading the Kelly Services Staffing business in the EMEA region (currently including France, UK, Ireland, Denmark, Netherlands, Norway,
Switzerland, Italy, Luxembourg, Russia, Belgium, Germany, Hungary, Poland, and Portugal). The Employee shall report to those executive officers who are assigned to this position by the Board of Directors or the CEO from time to time. At all times
during the term of this Agreement the Employee shall perform those duties and exercise such powers which are from time to time assigned to or vested in the Employee by the Board of Directors or the CEO, the executive officer to whom the Employee
reports or that are listed in the relevant work description or in internal regulations of the Employer. During the term of employment the Employee shall, if so requested, and without additional compensation, accept appointment as a member of the
board of directors of the Employer and/or any of its subsidiary, sister, and parent companies and affiliates (collectively, the “Group”) or otherwise perform work for the Group as instructed. The Employee has currently accepted such an
appointment to the board of directors of TS Kelly Asia Pacific. 

 

 
 3/12 Employment Agreement Kelly Services Management Scirl I Berendina Maria Bekhuis Koolhaas The Employee’s place of work shall be
at the Employer’s offices or such other premises as the Employer may use from time to time. The Employee’s duties may require the Employee to travel on business for the Employer to other locations both in Switzerland and abroad, such
travel may include weekends and public holidays. Remuneration The base salary effective 1 March 2017 shall be CHF 457’500 gross p.a. (pro rata), payable in 12 equal monthly installments one month in arrears on or around the 25,b calendar
day in the respective month (“Base Salary”). The Base Salary shall be the remuneration for regular working time, overtime (Ubersluriden), excess-overtime (Uberzeif), and any other service rendered by the Employee for the Employer, The
Employer shall deduct from the Base Salary the social security charges and other charges due under applicable law and the pension plan of the Employer. Provided that it is not prohibited or restricted under applicable law, the Employee shall
participate in Kelly Service’s Field Incentive Plan (“FIP”), a copy of which is attached to this Agreement. The Employee acknowledges and agrees that Kelly Services, Inc. may unilaterally amend or change FIP from time to time or
discontinue FIP at any time. Effective 1 March 2017, the Employee’s target incentive is set at 50% of the earned Base Salary. Incentive awards under FIP are determined based on measures established each year. The financial and/or
performance measures that the Employee’s incentive will be based on will be determined solely by Kelly Services. The Employer and/or Kelly Services, as the case may be, shall deduct from the awarded FIP incentives the social security charges
and other charges due under applicable law and the pension plan of the Employer and/or Kelly Services. The Employee shall be entitled to participate in the Employer’s benefit plans, if any, subject to the terms and conditions of such benefit
plans as communicated by Employer from time to time. The Employee acknowledges and agrees that the Employer may unilaterally amend or change the benefit plans from time to time or discontinue a benefit plan at any time. Any bonus payment shall be paid-out at such times as such payments are customarily made by the Employer. The Employer shall deduct from any bonus payment the social security charges and other charges due under applicable law and the pension
plan of the Employer. Unless otherwise expressly agreed upon in writing, the payment of any other gratuities, bonuses, profit shares, premiums or other extra payments shall be on a voluntary basis, subject to the provision that even repeated
payments without the explicit repetition of such reservation shall not create any claim for the Employee, either in respect to their cause or their amount, either for the past or for the future. The Employee is entitled to a monthly medical
insurance allowance of CHF 450.-, of which CHF 300.- are considered an allowance for the Employee and CHF 150.- as an allowance for the dependent(s) of the Employee. The Employer shall deduct from the medical allowances any applicable social
security charges and other charges due under applicable law and the 

 

 
 4/12 Employment Agreement Kelly Services Management Scirl I Berendina Maria Bekhuis Koolhaas pension plan of the Employer. 4«
Expenses The Employee shall be entitled to expenses in accordance with the Employers expense regulation for management entitled “Complementary Statutory for Fees of the Senior Executive of the Company”(Reglement complementaire des frais
pour le personnel dirigeant de la Societe), the Employee having received the current version as of the Effective Date, and thus shall continue to be entitled to a lump-sum representation allowance of CHF
1’500 p.m. Expenses of an extraordinary nature, air travel and hotel accommodation costs shall be reimbursed by the Employer, against lawful invoices, provided that they were reasonably incurred by the Employee when promoting the business of
the Employer and in performing services hereunder and are accounted in accordance with the policies and procedures established by the Employer from time to time. Stock Awards The Employee shall be eligible to participate in the Equity Incentive Plan
of Kelly Services, Inc. (the “EIP”), a copy of which is attached to this Agreement, subject to the terms and conditions set out in the EIP. The Employee acknowledges and agrees that Kelly Services, Inc. may unilaterally amend or change the
EIP from time to time or discontinue the EIP at any time. For 2017, without prejudice for any future awards under the EIP, the Employee shall be awarded 2’200 Restricted Stock Units (RSUs) as an annual award (the “Annual Award”) and
2’800 RSUs as a special award (the “Special Award”). The grant date of the Annual Award shall be February 15, 2017 and the grant date of the Special Award shall be March 1,2017, One fourth of the Annual Award shall vest each
following year on February 15 for four years. One fourth of the Special Award shall vest each following year on March 1 for four years. 

 

 
 5/12 Employment Agreement Kelly Services Management Scirl I Berendina Maria Bekhuis Koolhaas Hours of Work The hours of work are such as
may be required for the proper performance of the Employee’s duties and at such other times as may be appropriate without any additional remuneration or the grant of extra time off or other compensation. Unless otherwise requested by the
Employer, the average weekly working hours shall be 42.5 hours. Working time of up to 45 hours per week and excess-overtime (Uberzeit) of up to 60 hours per year are compensated by the Base Salary and do not entitle the Employee to any additional
remuneration or compensation by time off. Employee’s General Obligations The Employee shall faithfully and diligently perform her tasks, in compliance with the instructions given to her by the Board of Directors and/or by the executive officer
to whom the Employee reports. The Employee shall devote her full working time to the Employer and shall not undertake other professional activities, whether paid or unpaid, and/or accept other employments, positions, or any corporate function (e.g.
board membership) during the term of this Agreement. The Employee shall comply with the Code of Business Conduct and Ethics. Incapacity Should the Employee be incapacitated due to illness, accident or the like to perform her duties required under
this Agreement, the Employee shall notify the Employer immediately and shall provide a medical certificate evidencing such incapacity. The Employer reserves the right to require the Employee, at any time, to undergo a medical examination conducted
by the Employer’s medical doctor, at the Employer’s expense, and to provide a medical certificate. The Employee hereby authorizes such medical doctor to disclose and discuss with the Employer the results of its examination relating to the
Employee’s incapacity to work. During absence from work due to illness, accident or the like, the Employee shall be paid in accordance with Swiss law and the Zurich scheme (“Zilrcher Skala”) the Base Salary less any statutory sick pay
or other benefits to which the Employee is entitled. Holidays The Employee shall be entitled to 25 days of paid holiday p.a. (pro rata) in addition to the public holidays as applicable in the jurisdiction of the registered place of incorporation of
the Employer. Holidays shall be taken at times agreed with the Employer. The Employee shall give sufficient notice of intention to take holidays to her superior, of whom the written approval to the specific dates is required. 

 

 
 6/12 Employment Agreement Kelly Services Management Scirl I Berendina Maria Bekhuis Koolhaas Any holiday taken shall be deducted from
the most recent holiday accrued, and untaken holiday from earlier years shall forfeit in accordance with the applicable statute of limitations. As of the date of this agreement, Employee has 19.5 untaken holidays carried over from previous years.
Term and Termination, Probation Period This Agreement shall run for an indefinite period of time. It may be terminated by either Party giving 12 months prior written notice, such notice being effective as per the end of the month following the
expiry of the notice period. In light of the continued employment relationship, there shall be no probation period. Upon the termination of her employment (for whatever reason and howsoever arising) the Employee: shall not take away, conceal or
destroy but shall immediately deliver to the Employer all documents (which expression shall include, without limitation, notes, software, memoranda, correspondence, drawings, sketches, plans, designs and any other material upon which data or
information is recorded or stored) relating to the business or affairs of the Employer or any Group company or any of their customers, shareholders, directors, employees, officers, suppliers, distributors and agents (and the Employee shall not be
entitled to retain any copies or reproductions of any such documents) together with any other property belonging to the Employer or any Group company which may then be in her possession or under her control; shall at the request of the Employer
immediately resign, without claim for compensation, from any office as a director of the Employer and any Group company and from any other office held by her in the Employer or any Group company. In the event of her failure to do so, the Employer
and its shareholders are hereby irrevocably authorized immediately to remove her therefrom. shall not at any time thereafter make any untrue or misleading oral or written statement concerning the business and affairs of the Employer or any Group
company nor represent herself or permit herself to be held out as being in any way connected with or interested in the business of the Employer or any Group company (except as a former employee for the purpose of communicating with prospective
employers or complying with any applicable statutory requirements); and shall immediately repay all outstanding debts or other amounts due to the Employer or any Group company, and the Employer is hereby authorized to deduct from any wages or
accrued benefits of the Employee a sum in repayment of all or any part of any such debts, or other amounts due. Upon termination of the Agreement, the Employee shall also resign from the boards of directors of the Employer and any of its
subsidiaries. 

 

 
 7/12 Employment Agreement Kelly Services Management Scirl I Berendina Maria Bekhuis Koolhaas Confidentiality As used herein,
“Confidential Information“shall include, but not be limited to, all technical, business and trade information of the Employer and/or any of its subsidiary, sister, and parent companies and affiliates (collectively, the “Group”),
and of any third party, which is of a confidential, trade secret and/or proprietary character and which is either developed by the Employee (alone or with others) or to which the Employee has had access during her employment hereunder. The Employee
shall be prohibited at any time during the continuance of her employment hereunder or at any time thereafter to directly or indirectly disseminate, disclose, and/or use for her own purposes or for any purposes other than those of the Employer, or
through any failure to exercise due care and diligence cause any unauthorized disclosure of, Confidential Information, except as may be required by law, in the proper performance of the Employee’s duties or as authorized in writing by the
Employer. Upon termination of her employment hereunder (for whatever reason) and at any other time at the Employer’s request the Employee shall, without retaining any copies or other record thereof, deliver to the Employer or any person the
Employer may nominate each and every document and all other material of whatever nature in the possession or under the control of the Employee containing or relating directly or indirectly to any Confidential Information. The confidentiality
undertaking set forth in this Section 11 shall cease to apply to any information which shall become available to the public generally otherwise than through the default of the Employee. Employee shall not, during her employment with the
Employer or at any time thereafter, use or disclose to the Employer any confidential, trade secret, or other proprietary information or material of any previous employer or other person, and Employee shall not bring onto the Employer’s premises
any unpublished document (or derivation thereof) or any other property belonging to any former employer without the prior written consent of that former employer. 

 

 
 a /12 Employment Agreement Kelly Services Management Scirl / Berendina Maria Bekhuis Koolhaas Intellectual Property All intellectual
property, including inventions and designs, and other proprietary work effort which the Employee either alone or in conjunction with others invents, conceives, makes or produces while employed by the Employer (whether during working hours or not)
and which directly or indirectly: relate to matters within the scope of the Employee’s duties or field of responsibility; or are based on the Employee’s knowledge of the actual or anticipated business or interests of the Employer or any of
the Group companies; or are aided by the use of time, materials, facilities or information of the Employer or any of the Group companies and all legal rights therein shall be the sole and exclusive property of the Employer. The Employee shall
communicate promptly and confidentially in writing to those persons authorised for the purpose by the Board of Directors and to no other persons all such inventions, designs and work effort of a proprietary nature. The Employer reserves the right to
acquire any invention, design and proprietary work effort invented, conceived, made or produced by the Employee merely on occasion of her employment activity, but not during the performance of her contractual duties. The Employer shall inform the
Employee in writing within six months upon receipt of the Employee’s notice pursuant to Section (b) whether it wishes to acquire the rights to such invention, design, or proprietary work effort or whether such invention, design or
proprietary work effort will be released to the Employee. The Employee shall execute and perform at the expense of the Employer both during the continuance of her employment hereunder and at all times thereafter all such applications, assignments,
documents, acts and things as may reasonably be required by the Employer for the purpose of obtaining and enforcing in such countries as the Employer may direct all necessary legal protection in respect of inventions, designs and other proprietary
work effort owned by the Employer and for vesting the same in the Employer or as the Employer may direct. 13, Data Protection, Communication Infrastructure With the execution of this Agreement, the Employee consents that the Employer may store,
transfer, change and delete all personal data in connection with this employment relationship. In particular, the Employee consents to the transfer of personal data concerning the Employee by the Employer to an affiliated company of the Employer
outside Switzerland also in case such affiliated company of the Employer should not be subject to data protection rules similar to the ones applicable in Switzerland. The Employee shall comply with the Employer’s policies and instructions
regarding the use of the Employer’s telephones and telefax, computers, e-mail system, internet services and 

 

 
 9/12 Employment Agreement Kelly Services Management Scirl I Berendina Maria Bekhuis Koolhaas software programmes (“Communication
Infrastructure”). The Employee shall at all times refrain from using the Communication Infrastructure for any excessively private or any inappropriate or illegal purpose. The Employee acknowledges and agrees that all activities on the
Communication Infrastructure are automatically saved, and that the Employer has complete access to, and may, in order to verify compliance with the Employer’s policies and instructions, monitor at any time the Employee’s usage of the
Communication Infrastructure, including but not limited to the review of all material and e-mail correspondence and the Employees’ internet usage that is saved on or performed via the Communication
Infrastructure. Non-Competition, Non-Solicitation The Employee shall not, for as long as the Employee remains an employee of the Employer and during a period of 12
months from the taking effect of the termination of this Agreement, alone, or jointly with, or as manager of, agent for, or employee of any person or as a shareholder directly or indirectly carry on or be engaged, concerned or interested in any
business competitive to the business of the Group worldwide at the time of the termination of this Agreement or twelve months prior to such termination date. The Employee shall not, for as long as he remains an employee of the Group and during a
period of 12 months from the taking effect of the termination of this Agreement solicit, induce or attempt to induce any person who is an employee of the Group to leave the Group or to engage in any business that competes with the Group; hire or
assist in the hiring of any person who is an employee of the Group to work for any business that competes with the Group, or solicit, induce or attempt to induce any person or company that is a customer of the Group to discontinue or modify its
customer relationship with the Employer. Liquidated Damages For each violation of the covenants set forth in Sections 11 and/or 14, the Employee shall pay to the Employer an amount of CHF 100,000.- as liquidated damages (Konventionalstrafe) plus
such additional damages as may be incurred by the Employer. The payment of this sum shall not operate as a waiver of the above obligations. The Employer shall, in addition to all other damages, be entitled to obtain a court’s order for specific
performance, as well as adequate injunctive relief or any other adequate judicial measure, to immediately stop such violation. Signatory Powers The Employee may, at the sole discretion of the Employer, be registered in the Commercial Register with
signature rights for the Employer and its Group companies. The Employer will ensure that her registration will be cancelled at the Commercial Register, within a period of 30 days from the date of resignation, The Employee is aware that the Employer
from time to time may appoint additional 

 

 
 10/12 Employment Agreement Kelly Services Management Scirl I Berendina Maria Bekhuis Koolhaas employees, managers, agents or
representatives to act on behalf of the Employer and its Group companies. In such case, the Employer may amend the Employee’s signature power and require her to sign jointly with the newly appointed employees, managers, agents or
representatives. In exercising her signature rights, the Employee however shall always comply with the internal regulations & signing authority of the Employer and its Group companies. Representations and Warranties; Covenants The Employee
represents and warrants that there are no restrictions or prohibitions that will inhibit her from fully and properly undertaking any of her employment obligations herein. The Employee acknowledges that if any such restriction or prohibition exists,
is enforced, and will prohibit or inhibit her from fully and properly undertaking any of her employment obligations pursuant to this Agreement, such prohibitions or restrictions would constitute just cause for terminating this Agreement. During the
term of this Agreement, the Employee covenants to complete and file in a timely manner all personal tax filings and pay all income taxes related to the compensation and benefits provided hereunder as may be required by applicable law. General
Provisions This Agreement and the policies, rules, and/or regulations listed in Section (d) constitute the entire agreement and understanding among the Parties with respect to the employment of the Employee with the Employer, and shall
supersede all prior oral and written agreements or understandings of the Parties relating hereto. Any representation or statement (in whatever form) made to the Employee in connection with the Employee’s employment not incorporated in this
Agreement or the policies, rules, and/or regulations listed in Section (d) shall not be valid and have no effect. This Agreement may only be modi Red or amended by a document signed by the Parties. Any provision contained in this Agreement may
only be waived by a document signed by the Party waiving such provision. No waiver of any violation or non-performance of this Agreement in one instance shall be deemed to be a waiver of any violation or non-performance in any other instance. All waivers must be in writing. If any provision of this Agreement is found by any competent authority to be void, invalid or unenforceable, such provision shall be deemed to
be deleted from this Agreement and the remaining provisions of this Agreement shall continue in full force. In this event, the Agreement shall be construed, and, if necessary, amended in a way to give effect to, or to approximate, or to achieve a
result which is as close as legally possible to the result intended by the provision hereof determined to be void, illegal or unenforceable. The following policies, rules, and/or regulations, each as amended from time to time, shall be incorporated
into this Agreement by reference, and the Employee acknowledges to have received a copy of, and hereby agrees to, all such policies, rules, and/or regulations: 

 

 
 11/12 Employment Agreement Kelly Services Management Scirl I Berendina Maria Bekhuis Koolhaas Employers expense regulation for
management entitled “Complementary Statutory for Fees of the Senior Executive of the Company”(Reglement comptementaire des frais pour le personnel dirigeant de la Societe); Employers Employment Conditions for Management (Les conditions
cadre de travail de Juillet 2005)’, Code of Business Conduct and Ethics; Field Incentive Plan (FIP); and Equity Incentive Plan (EIP) of Kelly Services, Inc. The Employee hereby authorizes the Employer, without notice to the Employee, at any
time during the Employee’s employment to set off and/or make deductions from the Employee’s salary or from any other sums due to the Employee from the Employer or any Group company in respect to any overpayment of any kind made to the
Employee in respect to any debt or other sums due from her, subject to article 323b subparagraph 2 CO. Governing Law and Jurisdiction This Agreement, including the jurisdiction clause, shall be governed by, interpreted and construed in accordance
with the substantive laws of Switzerland. Exclusive jurisdiction for all disputes arising out of or in connection with this Agreement shall be with the ordinary courts at the registered place of incorporation of the Employer. 

 

 
 12/12 Employment Agreement Kelly Services Management Scirl I Berendina Maria Bekhuis Koolhaas Place, Date Place, Date Employer Employee
Natalia Alexaiidrovna Shufi/aivFabbri, Bere’i dina Maria Bekhuis Koolhaas General Manager, EMEA/APAC ViceJPr/sident and Managing Director, EMEA Staffing SilVanyfrAlbertus Johannes Hoevenaars, Vice President Finance EMEA

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