Document:

Exhibit 10.18

 

SITEL CORPORATION

 

Summary of Jorge A. Celaya Compensation
Arrangements

As of January 1, 2005

 

Mr. Celaya serves as
Executive Vice President and Chief Financial Officer of the company.  He does not have a written employment
agreement.  The Compensation Committee
and other independent directors consider the recommendations of the Chief
Executive Officer and approve Mr. Celaya’s base salary, bonus opportunity,
other incentives if any, and equity compensation from time to time.

 

Base
Salary:  Mr. Celaya’s
annual base salary is $290,000.

 

Bonus
Opportunity:  For 2005,
Mr. Celaya is eligible to receive a bonus of up to 90% of his base salary
pursuant to the company’s 2005 Management Incentive Plan (the 2005 MIP).  Mr. Celaya’s bonus opportunity is based
exclusively on the company achieving the 2005 EPS targets set by the
Compensation Committee.  Mr. Celaya would
receive no bonus under the plan unless at least the low EPS target is achieved.  At the low EPS target, subject to the other
general conditions of the plan, he would receive a bonus of 22.5% of his base
salary.  For each additional specified
increment in EPS achieved, his bonus would be increased by 7.5 percentage
points, up to the maximum bonus opportunity of 90% of his base salary.  This description of the bonus award is
subject to the general conditions of the 2005 MIP, which includes for example
provisions that participants must remain employed at the time the incentive is
to be paid and that the calculated incentive may be reduced based upon a
participant’s performance below expectations regarding their individual
financial and/or non-financial performance objectives.

 

Equity
Compensation:  Mr.
Celaya has options to purchase 300,000 shares of the company’s common stock,
pursuant to the 1999 Stock Incentive Plan, as amended (the Incentive
Plan).  The Compensation Committee
granted these options in 2003 when Mr. Celaya joined the company.  The options have an exercise price of $1.65
per share, become exercisable in three annual installments on each of October 27,
2004, 2005, and 2006, and have a ten year term. 
The options were granted at the fair market value of the company’s
common stock on the date of grant.  The
terms of the options include provisions for acceleration of the vesting of such
options in the event of a change of control of the Company (as defined in the
Incentive Plan) or in the event Mr. Celaya’s employment is terminated without
cause (as defined in the option agreement) prior to October 27, 2005, the
two-year anniversary of his start date. 
In the former case, the options would be accelerated and remain
exercisable in accordance with Section 13(b) of the Incentive Plan.  In the latter case, the options would be
accelerated and remain exercisable for the balance of such two-year
period.  Mr. Celaya’s options are subject
to earlier exercise or termination and the other terms and provisions of the
applicable option agreement and the Incentive Plan.

 

 

Other:   If Mr. Celaya’s employment is terminated
without cause (as defined in his option agreement) or for reasons related to
change in control prior to October 27, 2005, then the company has agreed
to pay Mr. Celaya severance in a lump sum equal to his base salary for the
number of months remaining prior to such two-year anniversary (or six months
base salary if termination occurs within the last six months of such two year
period).  If Mr. Celaya is terminated
without cause after October 27, 2005, the Company has agreed to pay
severance in a lump sum equal to six months base salary.  Mr. Celaya is eligible to participate in the
company’s benefit plans that are offered U.S. exempt employees (within the
meaning of the Fair Labor Standards Act) generally.  The company may pay for certain personal
benefits from time to time (such as relocation costs and associated taxes
incurred in 2004), which in the aggregate have been less than 10% of Mr. Celaya’s
combined salary and bonus (if any) in each of the past two calendar years since
he joined the company.   Mr. Celaya’s
previously filed employment offer letter contains other terms of his employment
and compensation arrangements.

 

2Exhibit 10.19

 

SITEL
CORPORATION

 

Summary of
James F. Lynch Compensation Arrangements
As of January 1, 2005

 

Mr. Lynch serves as Chief Executive Officer and President of the
company.  He does not have a written
employment agreement.  The Compensation
Committee and other independent directors determine Mr. Lynch’s base salary,
bonus opportunity, other incentives if any, and equity compensation from time
to time.

 

Base Salary:  Mr. Lynch’s annual base salary since July 1,
2004 is $600,000.

 

Bonus Opportunity:  For 2005, Mr. Lynch is eligible to receive a
bonus of up to 90% of his base salary pursuant to the company’s 2005 Management
Incentive Plan (the 2005 MIP).  Mr. Lynch’s
bonus opportunity is based exclusively on the company achieving the 2005 EPS
targets set by the Compensation Committee. 
Mr. Lynch would receive no bonus under the plan unless at least the low
EPS target is achieved.  At the low EPS
target, subject to the other general conditions of the plan, he would receive a
bonus of 22.5% of his base salary.  For
each additional specified increment in EPS achieved, his bonus would be
increased by 7.5 percentage points, up to the maximum bonus opportunity of 90%
of his base salary.  This description of
the bonus award is subject to the general conditions of the 2005 MIP, which
includes for example provisions that participants must remain employed at the
time the incentive is to be paid and that the calculated incentive may be
reduced based upon a participant’s performance below expectations regarding
their individual financial and/or non-financial performance objectives.

 

Equity Compensation:  Mr. Lynch has options to purchase 500,000
shares of the company’s common stock, pursuant to the 1999 Stock Incentive
Plan, as amended (the Incentive Plan). 
The Compensation Committee granted these options as to 100,000 shares in
2001 when Mr. Lynch rejoined the company as CEO and as to 400,000 shares in
2002.  The options were granted at the
fair market value of the company’s common stock on the date of grant and have a
ten-year term.  The options for 100,000
shares have an exercise price of $2.51 per share and become exercisable in five
annual installments on each of April 3, 2002, 2003, 2004, 2005 and
2006.  The options for 400,000 shares
have an exercise price of $2.765 per share. 
Thirty percent (30%) of these options become exercisable in five annual
installments on each of March 14, 2003, 2004, 2005, 2006 and 2007.  The remaining seventy percent (70%) of these
options become exercisable on March 14, 2009, but are subject to earlier
exercise if certain performance goals (an EPS target and a closing stock price
target) are met prior to that date.  The
performance-accelerated options are non-forfeitable once they become exercisable,
which means Mr. Lynch keeps the options after that even if his employment
terminates before he exercises the options. 
All of the options become exercisable in full upon a change in control
of the company if the closing stock price on the effective date of the change
in control is at least

 

 

$12 per share.  All of the
options are subject to earlier exercise or termination and the other terms and
provisions of the applicable option agreement and the Incentive Plan.

 

Other:  Mr. Lynch is eligible to participate in the
company’s benefit plans that are offered U.S. exempt employees (within the
meaning of the Fair Labor Standards Act) generally. The company pays the
premiums under a split-dollar life insurance policy on Mr. Lynch (approximately
$70,909 per year).  The company also pays
for certain personal benefits (such as country club dues), which in the
aggregate have been less than 10% of Mr. Lynch’s salary in each of the past
three calendar years.

 

2Exhibit 10.20

 

SITEL CORPORATION

 

Summary of Dale W. Saville Compensation
Arrangements

As of January 1, 2005

 

Mr. Saville serves as
Executive Vice President of the company. 
He does not have a written employment agreement.  The Compensation Committee and other
independent directors consider the recommendations of the Chief Executive
Officer and approve Mr. Saville’s base salary, bonus opportunity, other
incentives if any, and equity compensation from time to time.

 

Base
Salary:  Mr. Saville’s
annual base salary since July 1, 2004 is $250,000.

 

Bonus
Opportunity:  For 2005,
Mr. Saville is eligible to receive a bonus of up to 90% of his base salary
pursuant to the company’s 2005 Management Incentive Plan (the 2005 MIP).  Mr. Saville’s bonus opportunity is based
exclusively on the company achieving the 2005 EPS targets set by the
Compensation Committee.  Mr. Saville
would receive no bonus under the plan unless at least the low EPS target is
achieved.  At the low EPS target, subject
to the other general conditions of the plan, he would receive a bonus of 22.5%
of his base salary.  For each additional
specified increment in EPS achieved, his bonus would be increased by 7.5
percentage points, up to the maximum bonus opportunity of 90% of his base
salary.  This description of the bonus
award is subject to the general conditions of the 2005 MIP, which includes for
example provisions that participants must remain employed at the time the
incentive is to be paid and that the calculated incentive may be reduced based
upon a participant’s performance below expectations regarding their individual
financial and/or non-financial performance objectives.

 

Equity
Compensation:  Mr.
Saville has options to purchase 200,000 shares of the company’s common stock
pursuant to the 1999 Stock Incentive Plan, as amended (the Incentive
Plan).  The Compensation Committee
granted these options as to 100,000 shares in 2000 when Mr. Saville joined the
company and as to 100,000 shares in 2002. 
The options were granted at the fair market value of the company’s
common stock on the date of grant and have a ten-year term.  The options granted in 2000 have an exercise
price of $2.6875 per share and become exercisable in five annual installments
on each of October 30, 2001, 2002, 2003, 2004, and 2005.  The options granted in 2002 have an exercise
price of $2.765 per share.  Thirty
percent (30%) of these options become exercisable in five annual installments
on each of March 14, 2003, 2004, 2005, 2006 and 2007.  The remaining seventy percent (70%) of these
options become exercisable on March 14, 2009, but are subject to earlier
exercise if certain performance goals (an EPS target and a closing stock price
target) are met prior to that date.  The
performance-accelerated options are non-forfeitable once they become
exercisable, which means Mr. Saville keeps the options after that even if his
employment terminates before he exercises the options.  All of the options become exercisable in full
upon a change in control of the

 

 

company if the closing
stock price on the effective date of the change in control is at least $12 per
share.  All of the options are subject to
earlier exercise or termination and the other terms and provisions of the
applicable option agreement and the Incentive Plan.

 

Other:   Mr. Saville is eligible to participate in
the company’s benefit plans that are offered U.S. exempt employees (within the
meaning of the Fair Labor Standards Act) generally. The company may pay for
certain personal benefits from time to time, which in the aggregate have been
less than 10% of Mr. Saville’s combined salary and bonus (if any) in each of
the past three calendar years.

 

2

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