Document:

exv10w1

Exhibit 10.1

TeleTech Holdings, Inc.

Compensatory Arrangements — Independent Directors

The following compensatory arrangements for Independent Directors of TeleTech Holdings, Inc. (the
“Company”) shall become effective on May 21, 2009 (the “Effective Date,” which is the date of the
first annual meeting of stockholders to be held after their approval by the Compensation Committee
of the Company’s Board of Directors). For purposes of these arrangements, the term Independent
Director shall mean a director who qualifies as an “Independent Director” under the 1999 Stock
Option and Incentive Plan, as amended and restated.

Commencing as of the Effective Date, each Independent Director shall be entitled to the following:

			
	      (a)	 	an annual retainer1 of $75,000 for Board service;

			
	      (b)	 	additional annual retainer fees1 for Board committee service as follows:

	 	 	 	 	 
	Chair of Audit Committee

	 	$	27,000	 
	Other Members of Audit Committee

	 	$	13,500	 
	Chair of Compensation Committee

	 	$	20,000	 
	Other Members of Compensation Committee

	 	$	10,000	 
	Chair of Nominating and Governance Committee

	 	$	15,000	 
	Other Members of Nominating and Corporate Governance Committee

	 	$	5,000	 

			
	     (c)	 	the annual grant, as of the date of each annual stockholder meeting (commencing with
the 2009 Annual Stockholder Meeting), of $75,000 of restricted stock units (RSUs), based on
the fair market value of the Company’s common stock on the grant date;2
provided, however, that the Company will not issue RSUs that are convertible into
fractional shares of the Company’s common stock.3 The RSUs will vest in full on
the earlier of: (i) the first anniversary of the date of grant; (ii) the date of the
succeeding year’s annual meeting of stockholders; or (iii) any change-in-control event (as
defined in the RSU agreement); and

			
	      (d)	 	for each Independent Director who first joins the Board on or after the Effective Date,
an initial grant, as of the date on which such Independent Director first joins the Board,
of $100,000 of RSUs, based on the fair market value of the Company’s common stock on the
grant date;2 provided, however, that the Company will not issue RSUs that are
convertible into fractional shares of the Company’s common stock.4 The RSUs
will vest in full on the earlier of: (i) the first anniversary of the date of grant; (ii)
the date of the succeeding year’s annual meeting of stockholders; or (iii) any
change-in-control event (as defined in the RSU agreement).

 

			
	1	 	All retainer fees shall be paid quarterly in arrears, with
fees earned during a fiscal quarter to be paid during the
first month of the immediately succeeding quarter. In the
event an Independent Director serves as a member of the Board
or a committee or as Chair of a committee for less than all
of a fiscal quarter, the amount of the quarterly installment
of each applicable retainer fee under paragraphs (a) and (b)
above shall be pro-rated based on the number of days served
during the quarter. The preceding sentence shall first apply
with respect to the fiscal quarter ending June 30, 2009 for
each Independent Director serving as of the Effective Date.
For example, based on the Effective Date of May 21, 2009,
each Independent Director would receive 41/91 of the
quarterly retainer due for the fiscal quarter ending June 30,
2009 (representing 41 of the 91 days in the second quarter of
2009).
	 
	2	 	The fair market value of the Company’s common stock shall be
determined by the closing price of the Company’s common stock
on the grant date or, if the Company’s common stock is not
traded on the Nasdaq Stock Market (or other applicable
exchange or quotation system) on the date of grant, the last
preceding trading day.
	 
	3	 	For example, if the closing price of the Company’s common
stock is $12.30 per share on the date of the annual meeting
of stockholders, each incumbent Independent Director would
receive 6,097 RSUs ($75,000 divided by $12.30 per share =
6,097.56 RSUs, with any and all fractional shares
disregarded).
	 
	4	 	For example, if the closing price of the Company’s common
stock is $12.20 per share on the date that an Independent
Director is appointed to the Board, the Independent Director
would receive 8,196 RSUs ($100,000 divided by $12.20 per
share = 8,196.72 RSUs, with any and all fractional shares
disregarded).EX-10.1

Exhibit 10.1

Midwest Banc Holdings, Inc. Severance Policy

(As Amended and Restated July 28, 2009)

Purpose:

Midwest Banc Holdings, Inc. (“MBHI”) establishes in this Policy its guidelines for the payment of
severance in the event of employment separation or discharge due to reasons other than cause,
death, disability, or resignation. This Policy applies to the full-time employees of MBHI and its
subsidiaries.

Appointment and Authority of Administrator:

The Administrator of this Policy is MBHI, which shall carry out its duties through the President of
MBHI, except that if the Policy ever applies to the President then the Board of Directors or its
delegate is responsible for carrying out the duties as Administrator of the Policy. The
Administrator is authorized to decide in its discretion all questions arising under this Policy,
including those as to eligibility for and amounts of benefits payable under this Policy. For
example, the Administrator will decide in its discretion whether an employee has voluntarily
resigned or has been terminated for cause.

Benefits will be paid under this Policy only if the Administrator decides in its discretion that
the applicant is entitled to them.

Limitations on Benefits:

No benefits are payable under this Policy in the event the employee dies, becomes disabled,
voluntarily resigns, or is terminated for cause. Further, a period of unemployment is required for
benefits to be paid under this Policy. Accordingly, no benefits are payable under this Policy to
an employee if, by way of example and not of limitation, (1) MBHI sells a business unit or part of
a business unit and the buyer hires the employee upon the sale, or (2) MBHI sells a subsidiary and
the employee does not lose his or her job upon the sale. In addition, an employee covered by a
Transitional Employment Agreement which becomes effective following a change-in-control will not be
eligible to receive severance payments.

This policy shall be interpreted in accordance with the executive compensation rules issued by the
U.S. Department of the Treasury pursuant to the American Recovery and Reinvestment Act of 2009.

Severance Benefits:

Eligible employees who have been discharged for reasons other than cause or resignation and who
experience a period of unemployment shall be entitled to benefits under this Policy as follows,
subject to the terms, conditions, and limitations set forth in this Policy:

     (1) Senior Vice Presidents and higher will be entitled to receive twenty-two (22) weeks of
base salary or one week for every full year of service, whichever is greater.

 

 

     (2) All other employees will be entitled to receive ten (10) weeks of base salary or one week
for every full year of service, whichever is greater.

How and When Severance Benefits Will be Paid:

The schedule for the payment of the severance benefits will be the same schedule as the schedule
under which the employee’s employer (MBHI or one of its subsidiaries) normally pays employees for
services performed during a payroll period. The length of the schedule shall correspond to the
length of time used to calculate the severance benefit. Each separate payment shall be equal to
the total severance benefits divided by the number of pay dates occurring during the length of time
used to calculate the severance benefits. The Schedule for the time and the form of payment are
fixed as provided herein and may not be modified by the employee of MBHI without compliance with
Section 409A of the Internal Revenue Code.

Release of Employment-Related Claims:

To the fullest extent allowed by law, it is a condition of entitlement to receipt of severance
benefits under this Policy that a discharged employee release in writing any and all
employment-related claims that the employee may have against MBHI or any of its subsidiaries or
employees, including claims for discrimination. The President or his or her delegate is
authorized to specify the form of any such release..

Non-Solicitation of Customers and Employees:

It is a condition of entitlement to receipt of severance benefits under this Policy that each
discharged employee agree in writing not to solicit the customers or employees of MBHI or any of
its subsidiaries for the duration of the severance payments. The President or his or her delegate
is authorized to specify the form of any such written nonsolicitation agreement and to negotiate
the terms of such agreement with each discharged employee.

Claims Procedures:

The Administrator may adopt reasonable claims and review procedures to decide claims and requests
for reviews of benefit denials under this Policy. In the event the Administrator does not adopt
such procedures, employees may seek review and file a claim with the Administrator which will be
processed within a reasonable time by the Administrator.

Amendment and Termination:

Nothing in this policy is intended to create a contractual obligation to the employee on the part
of MBHI. MBHI reserves the right to amend or terminate this Policy at any time, with or without
retroactive effect to the fullest extent allowed by law. Amendments will be recommended by the
compensation committee and by the Board of Directors or the officer or officers delegated by the
Board with the authority to make amendments to this Policy; provided, however, that such officers
shall not be permitted to make amendments which affect Senior Vice Presidents and above.

2

 

Effective Date:

This amended and restated Policy is effective the date it is adopted by the Board of Directors,
which is July 28, 2009.

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00161-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00161-of-00352.parquet"}]]