Document:

Exhibit 10.11

 

SECURITIES ESCROW AGREEMENT 

 

THIS SECURITIES ESCROW AGREEMENT, dated
as of May 19, 2015 (this “Agreement”), by and among GP Investments Acquisition Corp., a Cayman Islands exempted
company (the “Company”), each of the parties set forth on Exhibit A annexed hereto (collectively the “Private
Investors”) and Continental Stock Transfer & Trust Company (the “Escrow Agent”).

 

WHEREAS, the Company has entered into an
Underwriting Agreement, dated May 19, 2015 (the “Underwriting Agreement”), with Citigroup Global Markets Inc.
(“Citigroup”) acting as underwriters (collectively, the “Underwriters”), pursuant to which, among
other matters, the Underwriters have agreed to purchase 15,000,000 units of the Company plus up to an additional 2,250,000 units
if the Underwriters exercise their over-allotment option. The Company’s units (the “Units”) each consist
of one share of the Company’s ordinary shares, par value $0.0001 per share (the “Ordinary Shares”), and
one-half of one warrant. Each whole warrant (the “Warrant”) is exercisable to purchase one share of Ordinary
Share (only whole warrants are exercisable), all as more fully described in the Company’s Prospectus, dated May 19, 2015,
comprising part of the Company’s Registration Statement on Form S-1 (File No. 333-203500) (the “Registration
Statement”) filed under the Securities Act of 1933, as amended, and declared effective by the Securities and Exchange
Commission on May 19, 2015 (the “Effective Date”);

 

WHEREAS, each of the Private Investors
has agreed as a condition of the Underwriters’ purchase of the Units to deposit its Ordinary Shares purchased on March 2,
2015, as set forth opposite each Private Investor’s name on Exhibit A attached hereto (the “Founders’ Shares”
and collectively with the Private Placement Warrants and the Ordinary Shares underlying each Private Investor's Units and Warrants,
the “Escrow Securities”), in escrow as hereinafter provided;

 

WHEREAS, GPIC, Ltd., a Bermuda limited
liability company (“Sponsor”) has agreed as a condition of the Underwriters’ purchase of the Units to
purchase up to 6,062,500 Warrants for $1.00 per Warrant (the “Private Placement Warrants”) immediately prior
to and subject to the closing (the “Closing”) of the Company’s initial public offering (the “Offering”)
and to deposit such Private Placement Warrants in escrow as hereinafter provided; and

 

WHEREAS, the Company and the Private Investors
desire that the Escrow Agent accept the Escrow Securities, in escrow, to be held and disbursed as hereinafter provided.

 

IT IS AGREED:

 

1. Appointment of Escrow Agent. The Company and the Private
Investors hereby appoint the Escrow Agent to act in accordance with and subject to the terms of this Agreement and the Escrow Agent
hereby accepts such appointment and agrees to act in accordance with and subject to such terms.

 

2. Deposit of Escrow Securities.

 

2.1. Founders’ Shares. On
or before the Effective Date, each of the Private Investors shall deliver to the Escrow Agent certificates representing such Private
Investor’s respective Founders’ Shares as set forth opposite their respective names on Exhibit A hereto, which certificates
shall remain in the name of such Private Investor, to be held and disbursed subject to the terms and conditions of this Agreement.
Each Private Investor acknowledges that the certificate representing such Private Investor’s Founders’ Shares bears
a legend to reflect the deposit of such Founders’ Shares under this Agreement.

 

2.2 Private Placement Securities.
Promptly following the consummation of the Offering, each of the Private Investors shall deliver to the Escrow Agent certificates
representing such Private Investor’s respective Private Placement Shares and Private Placement Warrants as set forth opposite
their respective names on Exhibit A attached hereto, which certificates shall remain in the name of such Private Investor, to be
held and disbursed subject to the terms and conditions of this Agreement. Each Private Investor acknowledges that the certificates
representing such Private Investor’s Private Placement Shares and Private Placement Warrants shall bear a legend to reflect
the deposit of such securities under this Agreement.

 

    	 

    	 

    

 

3. Disbursement of the Escrow Securities. The Escrow
Agent shall hold the Founders’ Shares and Private Placement Shares until the first anniversary of the consummation of a Business
Combination (as such term is defined in the amended and restated memorandum and articles of association of the Company) and shall
hold the Private Placement Warrants until the 30th day after the consummation of a Business Combination (each such period,
an “Escrow Period”); provided, however, that if the over-allotment granted to the Underwriters pursuant
to the Underwriting Agreement is not exercised in full prior to the expiration of the over-allotment option, then the Escrow Agent
shall release to the Company such number of Founders’ Shares as directed in writing by the Company. The Company shall promptly
provide notice of the consummation of a Business Combination to the Escrow Agent. Upon the completion of each Escrow Period, the
Escrow Agent shall automatically disburse the applicable Escrow Securities to each Private Investor upon receipt of written request
therefor from the Company; provided, however, that in the event the Closing does not occur prior to the two-year anniversary
of the Effective Date, then the Escrow Agent shall promptly release the Escrow Securities to the Private Investors; provided
further, however, that if the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof that the Company
has been liquidated at any time prior to the Company completing its initial Business Combination during the Escrow Period, then
the Escrow Agent shall promptly destroy the certificates representing the Founders’ Shares and the Private Placement Warrants
and shall promptly release the Private Placement Shares to the Sponsor; provided further, however, that if the Company completes
a liquidation, merger, share exchange or other similar transaction after its initial Business Combination which results in all
of the shareholders of the Company having the right to exchange their ordinary shares for cash, securities or other property, then
the Escrow Agent shall, upon receipt of a certificate in form reasonably acceptable to the Escrow Agent, executed by the Chief
Executive Officer of the Company, release the Escrow Securities to the Private Investors on the date on which the transaction is
completed; and provided further, however, that if subsequent to the consummation of a Business Combination, the last sale
price of the Company's ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our
initial business combination, the Founders' Shares shall be released from escrow. The Escrow Agent shall act as soon as reasonably
possible following the receipt of the certificate, and shall not be held liable for any delay in sending the Escrow Securities
caused by the late receipt of the certificate. The Escrow Agent shall have no further duties hereunder with respect to the Escrow
Securities after the disbursement or destruction of the Escrow Securities in accordance with this Section 3.

 

4. Rights of Private Investors
in Escrow Securities.

 

4.1. Rights as a Security Holder.
Subject to the terms of their respective Insider Letters as described in Section 4.4 hereof and except as herein provided,
each Private Investor shall retain all of its rights as a shareholder of the Company during the Escrow Period, including without
limitation, the right to vote Ordinary Shares. The Escrow Agent shall have no responsibility to determine or verify the contents
or limitations of the Insider Letters and shall be bound only by the terms of this Agreement.

 

4.2. Dividends and other Distributions
in Respect of the Escrow Securities. During the Escrow Period with respect to the Escrow Securities, all dividends payable
in cash with respect to the Escrow Securities shall be paid to the Private Investors, but all dividends payable in shares or other
non-cash property (the “Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold in accordance with
the terms hereof. As used herein, the terms “Escrow Securities” shall be deemed to include the Non-Cash Dividends
distributed thereon, if any.

 

4.3. Restrictions on Transfer. During
the Escrow Period, no sale, transfer or other disposition (a “Transfer”) may be made of any or all of the Escrow
Securities by a Private Investor except (a) transfers to the Company's officers or directors, any affiliates or family members
of any of the Company's officers or directors, any members of the Sponsor or their affiliates, or any affiliates of the Sponsor,
(b) in the case of an individual, transfers by gift to a member of the individual’s immediate family, to a trust, the beneficiary
of which is a member of the individual’s immediate family or an affiliate of such person, or to a charitable organization;
(c) in the case of an individual, transfers by virtue of laws of descent and distribution upon death of the individual; (d) in
the case of an individual, transfers pursuant to a qualified domestic relations order; (e) transfers by private sales or transfers
made in connection with the consummation of a business combination at prices no greater than the price at which the securities
were originally purchased; (f) transfers by virtue of the laws of Bermuda or the Sponsor’s limited liability company agreement
upon dissolution of the Sponsor; (g) transfers in the event of the Company's liquidation prior to its completion of an initial
business combination; and (h) in the event of the Company's completion of a liquidation, merger, share exchange or other similar
transaction which results in all of its shareholders having the right to exchange their ordinary shares for cash, securities or
other property subsequent to our completion of its initial business combination provided, however, that in the case of clauses
(a) through (f) these permitted Transfers may be implemented only upon the respective transferee’s written agreement to be
bound by the terms and conditions of this Agreement and of the Insider Letter signed by such Private Investor transferring such
Escrow Securities and such other documents as the Company or Citigroup may reasonably require. During the Escrow Period, no Private
Investor shall pledge or grant a security interest in such Private Investor’s Escrow Securities or grant a security interest
in such Private Investor’s rights under this Agreement.

 

4.4. Insider Letters. Each of the
Private Investors has executed a letter agreement with the Company, which has been filed as an exhibit to the Registration Statement
(the “Insider Letter”), with respect to the rights and obligations of such Private Investors in certain events,
including but not limited to the liquidation of the Company.

 

    	 

    	 

    

 

5. Concerning the Escrow
Agent.

 

5.1. Good Faith Reliance. The Escrow
Agent shall be protected and shall not be liable for any action taken or omitted by it in good faith and in the exercise of its
best judgment (unless grossly negligent), and may rely conclusively and may act upon any order, notice, demand, certificate, opinion
or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other document which is believed
by the Escrow Agent to be genuine and to be signed or presented by the proper person or persons. The Escrow Agent shall not be
bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement unless evidenced by a writing
delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are affected,
unless it shall have given its prior written consent thereto.

 

5.2. Indemnification. The Escrow
Agent shall be indemnified and held harmless by the Company from and against any expenses, including reasonable counsel fees and
disbursements, or losses suffered by the Escrow Agent in connection with any action, suit or other proceeding involving any claim
which in any way, directly or indirectly, arises out of or relates to this Agreement, the services of the Escrow Agent hereunder,
or the Escrow Securities held by it hereunder, other than expenses or losses arising from the gross negligence or willful misconduct
of the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement of any
action, suit or proceeding, the Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt of such
notice, the Escrow Agent, in its sole discretion, may commence an action in the nature of interpleader in an appropriate court
to determine ownership or disposition of the Escrow Securities or it may deposit the Escrow Securities with the clerk of any appropriate
court or it may retain the Escrow Securities pending receipt of a final, non-appealable order of a court having jurisdiction over
all of the parties hereto directing to whom and under what circumstances the Escrow Securities are to be disbursed and delivered.
The provisions of Sections 5.2 and 5.7 shall survive in the event the Escrow Agent resigns or is discharged pursuant to Sections
5.5 or 5.6 below and in the event of termination under 6.11 below.

 

5.3. Compensation. The Escrow Agent
shall be entitled to compensation from the Company in accordance with Schedule I hereto for all services rendered by it hereunder.

 

5.4. Further Assurances. From time
to time on and after the date hereof, the Company and the Private Investors shall deliver or cause to be delivered to the Escrow
Agent such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent shall reasonably
request to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith or to assure
itself that it is protected in acting hereunder.

 

5.5. Resignation. The Escrow Agent
may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties hereto written
notice, and such resignation shall become effective at such time that the Escrow Agent shall turn over to a successor escrow agent
appointed by the Company the Escrow Securities held hereunder. If no successor escrow agent is so appointed within the sixty (60) day
period following the giving of such notice of resignation, the Escrow Agent may submit an application to deposit the Escrow Securities
with the United States District Court for the Southern District of New York, provided the Escrow Agent provides notice of
such deposit to the Company and the Private Investors in accordance with Section 6.7 hereof.

 

5.6. Discharge of Escrow Agent.
The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if so requested in writing at any time
by the other parties hereto, jointly; provided, however, that such resignation shall become effective only upon acceptance
of appointment by a successor escrow agent as provided in Section 5.5.

 

5.7. Liability. Notwithstanding
anything herein to the contrary, the Escrow Agent shall not be relieved from liability hereunder for its own gross negligence or
willful misconduct.

 

5.8. Waiver. The Escrow Agent hereby
waives any and all right, title, interest or claim of any kind (each, a “Claim”) in or to any distribution of
the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof, by and between
the Company and the Escrow Agent as trustee thereunder), and hereby agrees not to seek recourse, reimbursement, payment or satisfaction
for any Claim against the Trust Account for any reason whatsoever.

 

5.9. Standard of Care. The Escrow
Agent shall be obligated only to perform the duties specifically set forth in this Escrow Agreement, which shall be deemed purely
ministerial in nature, and the Escrow Agent shall under no circumstances be deemed to be a fiduciary to any party hereto or any
other person. The parties hereto agree that the Escrow Agent shall not assume any responsibility for the failure of the parties
hereto to perform in accordance with this Escrow Agreement or any other agreement or document. This Escrow Agreement sets forth
all matters pertinent to the escrow contemplated hereunder, and no additional obligations of the Escrow Agent shall be inferred
from the terms of this Escrow Agreement or any other agreement or document. IN NO EVENT SHALL THE ESCROW AGENT BE LIABLE, DIRECTLY
OR INDIRECTLY, FOR ANY DAMAGES OR EXPENSES ARISING OUT OF THE SERVICES PROVIDED HEREUNDER, OTHER THAN DAMAGES WHICH RESULT FROM
THE ESCROW AGENT’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.

 

    	 

    	 

    

 

6. Miscellaneous.

 

6.1. Governing Law and Consent to Jurisdiction.
This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts
executed in and to be performed in that State, including, without limitation, Sections 5-1401 and 5-1402 of the New York General
Obligations Law and the New York Civil Practice Laws and Rules 327(b). The parties hereto agree that any action, proceeding or
claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State
of New York or the United States District Court for the Southern District of New York, and the parties hereto irrevocably submit
to such jurisdiction, which jurisdiction shall be exclusive. The parties hereto hereby waive any objection to such exclusive jurisdiction
and that such courts represent an inconvenient forum.

 

6.2. Waiver of Trial by Jury. Each
party hereto hereby irrevocably and unconditionally waives the right to a trial by jury in any action, suit, counterclaim or other
proceeding (whether based on contract, tort or otherwise) arising out of, connected with or relating to this Agreement, the transactions
contemplated hereby, or the actions of the parties in the negotiation, administration, performance or enforcement hereof.

 

6.3 Third Party Beneficiaries. Each
of the Private Investors hereby acknowledges that the Underwriters are third party beneficiaries of this Agreement and this Agreement
may not be modified or changed without the prior written consent of Citigroup.

 

6.4. Entire Agreement. This Agreement
and the Insider Letters and Warrants as referenced herein contain the entire agreement of the Company and the Private Investors
with respect to the subject matter hereof, and this Agreement contains the entire agreement as it pertains to the Escrow Agent
and the other parties hereto and, except as expressly provided herein, may not be changed or modified except by an instrument in
writing signed by all parties to this Agreement and Citigroup. This Agreement may be executed in several original or facsimile
counterparts, each one of which shall constitute an original, and together shall constitute but one instrument.

 

6.5. Headings. The headings contained
in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation hereof.

 

6.6. Binding Effect. This Agreement
shall be binding upon and inure to the benefit of the respective parties hereto and their legal representatives, successors and
permitted assigns. Any corporation or association into which the Escrow Agent may be converted or merged, or with which it may
be consolidated, or to which it may sell or transfer all or substantially all of its corporate trust business and assets as a whole
or substantially as a whole, or any corporation or association resulting from any such conversion, sale, merger, consolidation
or transfer to which the Escrow Agent is a party, shall be and become the successor escrow agent under this Escrow Agreement and
shall have and succeed to the rights, powers, duties, obligations, immunities and privileges of the Escrow Agent, without the execution
or filing of any instrument or paper or the performance of any further act.

 

6.7. Notices. Any notice or other
communication required or which may be given hereunder shall be in writing and shall be sent by certified or registered mail, by
private national courier service (return receipt requested, postage prepaid), by personal delivery or by facsimile transmission.
Such notice or communication shall be deemed given (a) if mailed, two days after the date of mailing, (b) if sent by
national courier service, one business day after being sent, (c) if delivered personally, when so delivered, or (d) if
sent by facsimile transmission, on the second business day after such facsimile is transmitted, in each case as follows:

 

If to the Company, to:

 

GP Investments Acquisition Corp.

150 E. 52nd Street, Suite 5003

New York, NY 10022

Attn: Antonio Bonchristiano

Fax: (212) 430-4365

 

If to a Private Investor,
to his address set forth in Exhibit A.

 

If to the Escrow Agent, to:

 

Continental Stock Transfer & Trust
Company

17 Battery Place, 8th Floor

New York, NY 10004

Attn: Steven G. Nelson or Robert McMonagle

 

    	 

    	 

    

 

A copy of any notice sent
hereunder shall be sent to each of:

 

Skadden, Arps, Slate, Meagher &
Flom LLP

525 University Avenue

Suite 1400

Palo Alto, California 94301

Attn: Gregg A. Noel, Esq.

Michael J. Mies, Esq.

Fax:  (213) 621-5234

(650) 798-6510

 

Citigroup Global Markets Inc.

388 Greenwich Street

New York, New York 10013

Attn: General Counsel

Fax: (646) 291-1469

 

Davis Polk & Wardwell LLP

450 Lexington Avenue

New York, NY 10017

Attn: Deanna L. Kirkpatrick, Esq.

Manuel Garciadiaz, Esq.

Fax: (212) 701-5135

+55-11-4871-8501

 

The parties may change the persons and
addresses to which the notices or other communications are to be sent by giving written notice to any such change in the manner
provided herein for giving notice.

 

6.8. Liquidation of the Company.
The Company shall give the Escrow Agent written notification of the liquidation and dissolution of the Company in the event that
the Company fails to consummate a Business Combination within the time period specified in the Registration Statement.

 

6.9 Disputes. If any disagreement
or dispute arises among the Company and the Private Investors concerning the meaning or validity of any provision hereunder or
concerning any other matter relating to this Escrow Agreement, the Escrow Agent shall be under no obligation to act, except (i) with
joint written instruction of the Company and the Private Investors, or (ii) under process or order of court, and shall sustain
no liability for its failure to act pending such process or court order.

 

6.10 Authorized Signatures. Concurrent
with the execution of this Agreement, the Company will provide a completed certificate of parties authorized to sign on its behalf,
in the form attached hereto as Schedule II.

 

6.11 Termination. This Agreement
shall terminate on the final distribution or destruction of all of the Escrow Securities in accordance with the terms of this Agreement.

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the parties have
duly executed this Security Escrow Agreement as of the date first written above.

 

	 	GP INVESTMENTS ACQUISITION CORP.
	 	 
	 	By:	/s/ Antonio Bonchristiano
	 	Name: Antonio Bonchristiano
	 	Title: Chief Executive Officer & Chief Financial Officer
	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, AS ESCROW AGENT
	 	 
	 	By:	/s/ Robert E. McMonagle
	 	Name: Robert E. McMonagle
	 	Title: Vice President
	 	 
	 	PRIVATE INVESTORS:
	 	 
	 	GPIC, LTD.
	 	 
	 	By:	/s/ Antonio Bonchristiano
	 	Name: Antonio Bonchristiano
	 	Title: Authorized Signatory
	 	 
	 	GPIAC, LLC
	 	 
	 	By:	/s/ Alvaro Lopes da Silva Neto
	 	Name: Alvaro Lopes da Silva Neto
	 	Title: Authorized Signatory
	 	 
	 	By:	/s/ Christopher Brotchie
	 	Name: Christopher Brotchie
	 	 
	 	By:	/s/ Fernando d’Ornellas Silva
	 	Name: Fernando d’Ornellas Silva
	 	 
	 	By:	/s/ Jaime Szulc
	 	Name: Jaime Szulc

 

    	 

    	 

    

 

Exhibit A

 

	Name and Address of Private Investor:	 	Number of
 Founders’ Shares
	 	 	Number of
 Private
 Placement
 Warrants
	 
	GPIC, Ltd. 
Clarendon House 
2 Church Street 
Hamilton, Bermuda 
HM11	 	 		 	 	 	6,062,500	 
	 	 	 	 	 	 	 	 	 
	GPIAC, LLC 
615 S. DuPont Highway 
Dover, DE 19901 
	 	 	4,252,500	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Fernando d’Ornellas Silva 
Rafael Calvo 39A-3a Planta 
Edificio Fortuny 
28010 Madrid 
	 	 	20,000	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Christopher Brotchie 
Laurel House Advisors Ltd. 
1 Victoria Court 
Bank Square, Morley, Leeds, LS27 9SE 
United Kingdom 
	 	 	20,000	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Jaime Szulc 
R. Angelina Maffei Vita 282, apto 16A, Predio Dijon 
Sao Paulo, SP, Brazil 
01455-070	 	 	20,000	 	 	 	 	 

 

    	 

    	 

    

 

Schedule I

 

	Fee Type	Amount
	Escrow Administrative Fee	$200.00 per monthEx 10.1 MikeLeeOfferLetter

Exhibit 10.1

May 28, 2015

Michael Lee
Las Vegas, NV

Dear Michael,

This letter is to confirm our verbal offer to you for a new position with Sitel. It is our hope that you will find your new position at Sitel to be challenging, rewarding and filled with opportunity for both professional and personal growth. The following confirms the terms of our new position.

Position:  SVP, Regional Operation 

Reports to:  John Bowden, COO North America

Effective Date:  June 1, 2015

Location:  U.S. – Virtual Office

Annual Base Salary:  $225,000; paid per the regular Sitel payroll schedule (currently, bi-weekly) effective July 1. 

End of Assignment 
		
	Payment:
	The Company will pay you one (1) payment of $75,000, less applicable deductions, on the first payroll period after this offer is signed, subject to the terms set out herein.  The Retention Plan payment is subject to you being employed on the date of payment. 

If you voluntarily terminate your employment with Sitel, or Sitel terminates your employment with “cause” as defined herein, in each case during the 365 day period following the date of this letter, then you shall only be entitled to retain a portion of the retention plan payment received equal to the sum of the product of $75,000 multiplied by a fraction, the numerator of which shall be the number of days elapsing through the from the date of this offer through the effective date of your 

Exhibit 10.1

termination, and the denominator of which shall be 365 (the “Earned Portion”).  You agree you shall forfeit and repay Sitel the difference between the amount of such retention plan payment and the Earned Portion.  Repayment shall be made promptly following termination and in any event no later than 45 days after the effective date of termination, and Sitel may offset any unearned portion of the Retention Payment against other compensation owed you to the extent allowed by law.

For purposes of this agreement “Cause” shall mean (i) the willful failure by you to perform substantially your reasonably assigned duties with the Company (other than any such failure resulting from your incapacity due to physical or mental illness) after a written demand for substantial performance is delivered to you which identifies the manner in which the Company believes that you have not substantially performed your duties, (ii) the engaging by you in illegal conduct or misconduct that is materially and demonstrably injurious to the Company including violations of the Company’s Code of Conduct, (iii) your conviction of, or a plea of guilty or nolo contendre, to a felony, (iv) your failure to follow directions given in the good faith business judgment of the Company (and within the scope of authority of the body or person giving the direction) after, if such failure is curable, written notice of the failure and a reasonable opportunity (not to exceed ten business days) to cure, or (v) any breach of or failure to comply with the confidentiality and non-compete/non-solicitation sections of your Associate Agreement.

		
	Incentive Opportunity:
	You are eligible to participate in the Management Incentive Plan, which may be amended from time to time, terminated or otherwise administered in the sole discretion of the Company.  For your position, the current potential annual award 50% of annual base pay. 

For 2015 your incentive calculation for the first six month of the calendar year will be based on Philippines results, and your base pay as of the end of your Philippines assignment.  Incentives for the last six months of the calendar year will be based on the North America and Sub-Region results, and your base pay as of the end of the calendar year 2015.  All payments from the 2015 Management Incentive Plan will be paid at the end of the year per the terms outlines in the plan document.   

		
	Benefits:
	You will continue to be eligible to participate in Sitel’s benefits programs which currently includes:  healthcare, dental, and vision insurance; short term and long term disability; basic, supplemental, and dependent life insurance; 401(k) with a company match, and a flexible spending program.  Vacation and holidays are per Company policy.

The terms of this offer letter supersede your offer letter dated May 9, 2013; provided that the equity grants set out in your prior agreement remain in effect.

Exhibit 10.1

Michael, we believe this offer recognizes your knowledge, skills, and abilities.  At your earliest convenience; please sign, date, and return this offer letter to signify your acceptance of the terms and conditions; stated herein.

Best Regards,

Elsa Zambrano
Chief Human Resources Officer 

I accept this offer from Sitel and agree to the terms and conditions, as outlined; herein.

	
			
	/s/ Michael Lee
	 
	 

	Michael Lee
	 
	Date

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