Document:

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                                                                   Exhibit 10.41

          IMPORTANT: PLEASE READ CAREFULLY BEFORE SIGNING: SIGNIFICANT
                     REPRESENTATIONS ARE CALLED FOR HEREIN.

                          Velocity Express Corporation

                            STOCK PURCHASE AGREEMENT

Velocity Express Corporation
7803 Glenroy Road, Suite 200
Bloomington, Minnesota 55439

Ladies and Gentlemen:

     THIS STOCK PURCHASE AGREEMENT (the "Purchase Agreement"), made effective
this 21st day of December 2004, by and between Velocity Express Corporation, a
Delaware corporation (the "Company"), and TH Lee Putnam Ventures, L.P., TH Lee
Putnam Parallel Ventures, L.P., THLi Coinvestment Partners, LLC and Blue Star I,
LLC (collectively referred to herein as "undersigned" or "THLPV").

1.   (a)  The Company agrees to sell to the undersigned, and the undersigned
          agrees to purchase from the Company, 7,000,000 shares of the Company's
          Series L Convertible Preferred Stock, par value $0.004 per share (the
          "Shares" or "Series L Preferred") for the subscription price per Share
          listed in paragraph 1(b) below. The rights and preferences of the
          Shares are set forth in the Certificate of Designation of Preferences
          and Rights of Series L Convertible Preferred Stock as set forth in
          Appendix A attached hereto. The undersigned acknowledges that this
          subscription is contingent upon acceptance in whole or in part by the
          Company and upon shareholder approval of (i) the issuance of the
          Series L Preferred Stock and (ii) the amendment of the Company's
          Certificate of Incorporation to increase the number of shares
          authorized for issuance to allow for the issuance of the Series L
          Preferred Stock and shares of Common Stock into which it can be
          converted, at a meeting of the Company's shareholders or by written
          consent. Concurrent with the delivery of this Agreement, the
          undersigned has delivered cash, converted debt obligations or other
          satisfactory consideration to the Company in the amount of $7,000,000
          for payment of the full purchase price of the Shares.

     (b)  Subject to the Board of Directors of the Company varying the purchase
          price per share of the Series L Preferred if they deem such action
          necessary or appropriate to obtain sufficient funding for the Company,
          the Series L Preferred Purchase Price shall be $1.00 per Share;

     (c)  The Company and the undersigned agrees that if the shareholder
          approval specified in paragraph 1(a) above is not achieved, the
          Company will return to the undersigned, without interest or deduction,
          any Purchase Price tendered by the undersigned for the purchase of the
          Series L Preferred.

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2.        The undersigned acknowledges and represents as follows:

     (a)  That the undersigned has had an opportunity to carefully review the
          Company, has had the opportunity to conduct due diligence on the
          Company, has had the opportunity to review its public filings with the
          Securities and Exchange Commission relating to the Company (the
          "Company Materials"), and all documents delivered therewith or
          reasonably requested by the undersigned;

     (b)  That the undersigned is able to bear the economic risk of the
          investment in the Shares;

     (c)  That the undersigned has knowledge and experience in financial and
          business matters, that the undersigned is capable of evaluating the
          merits and risks of the prospective investment in the Shares and that
          the undersigned is able to bear such risks.

     (d)  That the undersigned understands an investment in the Shares is highly
          speculative but believes that the investment is suitable for the
          undersigned based upon the investment objectives and financial needs
          of the undersigned, and has adequate means for providing for his, her
          or its current financial needs and personal contingencies and has no
          need for liquidity of investment with respect to the Shares;

     (e)  That the undersigned has been given access to full and complete
          information regarding the Company (including the opportunity to meet
          with Company officers and review such documents as the undersigned may
          have requested in writing) and has utilized such access to the
          satisfaction of the undersigned for the purpose of obtaining
          information in addition to, or verifying information included in, the
          Company Materials;

     (f)  That the undersigned recognizes that the Shares, are an investment,
          involve a high degree of risk, including, but not limited to, the
          risks described in the Company Materials;

     (g)  That the undersigned realizes that (i) the purchase of Shares is a
          long-term investment; (ii) the purchasers of the Shares must bear the
          economic risk of investment for an indefinite period of time because
          the Shares have not been registered under the Securities Act of 1933,
          as amended (the "Act") and, therefore, cannot be sold unless they are
          subsequently registered under the Act, or an exemption from such
          registration is available; and (iii) the transferability of the Shares
          is restricted, and (A) requires the written consent of the Company,
          (B) requires conformity with the restrictions contained in paragraph 3
          below, and (C) will be further restricted by a legend placed on the
          certificate(s) representing the Shares stating that the Shares have
          not been registered under the Act and referring to the restrictions on
          transferability of the Shares, and by stop transfer orders or
          notations on the Company's records referring to the restrictions on
          transferability;

     (h)  That the undersigned is a bona fide resident of, and is domiciled in,
          the state or country listed in the Recital to this Agreement and that
          the Shares are being purchased solely for the beneficial interest of
          the undersigned and not as

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          nominee, for, or on behalf of, or for the beneficial interest of, or
          with the intention to transfer to, any other person, trust or
          organization, except as specifically set forth in paragraph 4 of this
          Purchase Agreement;

     (i)  That pending shareholder authorization specified in paragraph 1(a)
          above, the Purchase Price received by the Company pursuant to this
          Purchase Agreement and other stock purchase agreements for the
          subscription of the Series L Preferred shall be used for the general
          corporate purposes of the Company and will not be held in a segregated
          account;

     (j)  That there is no minimum amount for the Company's offering of the
          Series L Preferred and that there can be no assurance that the
          offering of the Series L Preferred will result in a total proceeds to
          the Company of any set amount; and

     (k)  That the undersigned constitutes an accredited investor as defined in
          Rule 501(a) under the Securities Act of 1933.

3.        The undersigned has been advised that the Shares are not being
          registered under the Act or any other securities laws pursuant to
          exemptions from the Act and such laws, and that the Company's reliance
          upon such exemptions is predicated in part on the undersigned's
          representations to the Company as contained herein. The undersigned
          represents and warrants that the Shares are being purchased for his,
          her or its own account and for investment and without the intention of
          reselling or redistributing the same, that he, she or it has made no
          agreement with others regarding any of such Shares and that his, her
          or its financial condition is such that it is not likely that it will
          be necessary to dispose of any of such Shares in the foreseeable
          future. The undersigned is aware that, in the view of the Securities
          and Exchange Commission, a purchase of Shares with an intent to resell
          by reason of any foreseeable specific contingency or anticipated
          change in market value, or any change in the condition of the Company
          or its business, or in connection with a contemplated liquidation or
          settlement of any loan obtained for the acquisition of the Shares and
          for which the Shares were pledged as security, would represent an
          intent inconsistent with the representations set forth above. The
          undersigned further represents and agrees that if, contrary to his,
          her or its foregoing intentions, he, she or it should later desire to
          dispose of or transfer any of such Shares in any manner, he, she or it
          shall not do so without first obtaining (a) the opinion of counsel
          designated by the Company that such proposed disposition or transfer
          lawfully may be made without the registration of such Shares for such
          purpose pursuant to the Act, as then in effect, and any other
          applicable securities laws, or (b) such registrations (it being
          expressly understood that the Company shall not have any obligation to
          register the Shares for such purpose).

               The undersigned agrees that the Company may place a restrictive
          legend on the certificate(s) representing the Shares, containing
          substantially the following language:

               THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ISSUED
               WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
               AMENDED (THE "ACT"), AND WITHOUT REGISTRATION UNDER ANY
               OTHER

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               SECURITIES LAWS, IN RELIANCE UPON EXEMPTIONS CONTAINED IN
               THE ACT AND SUCH LAWS. NO TRANSFER OF THESE SECURITIES OR
               ANY INTEREST THEREIN MAY BE MADE IN THE ABSENCE OF EITHER AN
               EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND UNDER THE
               APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL
               ACCEPTABLE TO THE COMPANY THAT SUCH TRANSACTION IS EXEMPT
               FROM REGISTRATION UNDER THE ACT AND UNDER APPLICABLE STATE
               SECURITIES LAWS. FURTHER, THESE SECURITIES ARE SUBJECT TO
               LIMITATIONS ON CONVERTIBILITY AS SET FORTH IN THE STOCK
               PURCHASE AGREEMENT APPLICABLE TO THE ISSUANCE OF THESE
               SECURITIES AND THE CERTIFICATE OF DESIGNATION OF THOSE
               SECURITIES.

               The undersigned agrees and consents that the Company may place a
          stop transfer order on the certificate(s) representing the Shares to
          assure the undersigned's compliance with this Agreement and the
          matters referenced above.

               The undersigned agrees to save and hold harmless, defend and
          indemnify the Company and its directors, officers and agents from any
          claims, liabilities, damages, losses, expenses or penalties arising
          out of any misrepresentation of information furnished by the
          undersigned to the Company in this Agreement.

          The undersigned understands that the Company at a future date may file
          a registration or offering statement (the "Registration Statement")
          with the Securities and Exchange Commission to facilitate a public
          offering of its securities. The undersigned agrees, for the benefit of
          the Company, that should an underwritten public offering be made and
          should the managing underwriter of such offering require, the
          undersigned will not, without the prior written consent of the Company
          and such underwriter, during the Lock Up Period as defined herein: (a)
          sell, transfer or otherwise dispose of, or agree to sell, transfer or
          otherwise dispose of any of the Shares beneficially held by the
          undersigned during the Lock Up Period; (b) sell, transfer or otherwise
          dispose of, or agree to sell, transfer or otherwise dispose of any
          options, rights or warrants to purchase any of the Shares beneficially
          held by the undersigned during the Lock Up Period; or (c) sell or
          grant, or agree to sell or grant, options, rights or warrants with
          respect to any of the Shares. The foregoing does not prohibit gifts to
          donees or transfers by will or the laws of descent to heirs or
          beneficiaries provided that such donees, heirs and beneficiaries shall
          be bound by the restrictions set forth herein. The term "Lock Up
          Period" shall mean the lesser of (x) 240 days or (y) the period during
          which Company officers and directors are restricted by the managing
          underwriter from effecting any sales or transfers of the Company's
          securities. The Lock Up Period shall commence on the effective date of
          the Registration Statement.

          The undersigned agrees to read and execute a Registration Rights
          Agreement in the form identical to that appended as Appendix C to the
          undersigned's investment in the the Company's Series K Convertible
          Preferred Stock. The

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          undersigned agrees that, notwithstanding any registration rights
          granted under the Registration Rights Agreement, the undersigned will
          not be entitled to any registration rights, whether by demand,
          piggyback or otherwise, until the shareholder approval of (i) the
          issuance of the Series L Preferred Stock and (ii) the amendment of the
          Company's Certificate of Incorporation to increase the number of
          shares authorized for issuance to allow for the issuance of the Series
          L Preferred Stock and shares of Common Stock into which it can be
          converted, at a meeting of the Company's shareholders or by written
          consent has been obtained.

          The undersigned acknowledges that it has had full disclosure regarding
          the terms of investment in the Company's Series M Convertible
          Preferred Stock and related Convertible Note, including the
          requirement that the undersigned convert all shares of Series L
          Preferred Stock to common stock upon shareholder approval of the
          Series M transaction.

4.        NASD Affiliation. The undersigned is affiliated or associated,
          directly or indirectly, with a National Association of Securities
          Dealers, Inc. ("NASD") member firm or person.

               Yes            No
                  ---------     ---------

               If yes, list the affiliated member firm or person:

                                                                  --------------

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          -----

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          -----

          Your relationship to such member firm or person:
                                                           ---------------------

          ----------------------------------------------------------------------

          -----

          ----------------------------------------------------------------------

          -----

5.        Entities. If the undersigned is not an individual but an entity, the
          individual signing on behalf of such entity and the entity jointly and
          severally agree and certify that:

     A.   The undersigned was not organized for the specific purpose of
          acquiring securities of the Company; and

     B.   This Agreement has been duly authorized by all necessary action on the
          part of the undersigned, has been duly executed by an authorized
          officer or representative of the undersigned, and is a legal, valid
          and binding obligation of the undersigned enforceable in accordance
          with its terms.

6.        The undersigned agrees that he/she or it shall not disclose either the
          existence, the contents or any of the terms and conditions of this
          Purchase Agreement to any other person.

7.        Miscellaneous.

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     A.   Manner in which title is to be held: (check one)

                     Individual Ownership
               -----

                     Joint Tenants with Right of Survivorship*
               -----

                     Partnership*
               -----

                     Tenants in Common*
               -----

                     Corporation
               -----

                     Trust
               -----

                     Other
               -----       -----------------------------------------------------

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          ----- describe)

     B.   The undersigned agrees that the undersigned understands the meaning
          and legal consequences of the agreements, representations and
          warranties contained herein, agrees that such agreements,
          representations and warranties shall survive and remain in full force
          and effect after the execution hereof and payment for the Shares, and
          further agrees to indemnify and hold harmless the Company, each
          current and future officer, director, employee, agent and shareholder
          from and against any and all loss, damage or liability due to, or
          arising out of, a breach of any agreement, representation or warranty
          of the undersigned contained herein.

     C.   This Agreement shall be construed and interpreted in accordance with
          Minnesota law without regard to conflict of law provisions.

     D.   The undersigned agrees to furnish to the Company, upon request, such
          additional information as may be deemed necessary to determine the
          undersigned's suitability as an investor.

--------------------------------
* Multiple signatures required

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                                 SIGNATURE PAGE

Dated: December 20, 2004

TH Lee Putnam Ventures, L.P.
(f/k/a TH Lee.Putnam Internet Partners, L.P.)

By: TH Lee Putnam Fund Advisors, L.P., its
General Partner
By: TH Lee Putnam Fund Advisors, LLC., its
General Partner

--------------------------------------
Name: Doug Hsieh
Title: Principal

TH Lee Putnam Parallel Ventures, L.P.
(f/k/a TH Lee.Putnam Internet Parallel Partners,
L.P.)

By: TH Lee Putnam Fund Advisors, L.P., its
General Partner
By: TH Lee Putnam Fund Advisors, LLC., its
General Partner

--------------------------------------
Name: Doug Hsieh
Title: Principal

THLi Coinvestment Partners, LLC

--------------------------------------
Name: Doug Hsieh
Title: Principal

Blue Star I, LLC

By:
   -----------------------------------
Name: Thomas H, Lee
Title: Sole Member

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                            CERTIFICATE OF SIGNATORY

(To be completed if Shares are being subscribed by an entity.)

     I,                         , am the               ,
        ------------------------         --------------  --------------------
(the "Entity").

     I certify that I am empowered and duly authorized by the Entity to execute
and carry out the terms of the Stock Purchase Agreement, dated           ,
                                                               ----------
200  , by and between Velocity Express Corporation and the Entity to purchase
   --
and hold the Shares, and certify further that the Stock Purchase Agreement has
been duly and validly executed on behalf of the Entity and constitutes a legal
and binding obligation of the Entity.

     IN WITNESS WHEREOF, I have set my hand this       day of      , 200  .
                                                 -----        -----     --

                                      ------------------------------------------

                                      ----
                                      (Signature)

                                      ------------------------------------------

                                      ----
                                      (Title)

                                      ------------------------------------------

                                      ----
                                      (Please Print Name)

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                            ACCEPTANCE BY THE COMPANY

     Velocity Express Corporation hereby accepts the foregoing subscription to
the extent of 7,000,000 Shares and shall issue such Shares upon shareholder
approval of (i) the issuance of the Series L Preferred Stock and (ii) the
amendment of the Company's Certificate of Incorporation to increase the number
of shares authorized for issuance to allow for the issuance of the Series L
Preferred Stock and shares of Common Stock into which it can be converted, at a
meeting of the Company's shareholders.

                                      Velocity Express Corporation

                                      By
                                         ---------------------------------------
                                         Wesley C. Fredenburg
                                         General Counsel and SecretaryEmployment Agreement

 Exhibit 10.45 
  
 FINAL 
  
 EMPLOYMENT AGREEMENT 
  
 This Employment Agreement is made and entered into on the 18th day of December, 2004, among CSG SYSTEMS INTERNATIONAL, INC. (“CSGS”), a Delaware
corporation, CSG SYSTEMS, INC. (“Systems”), a Delaware corporation, and JOHN BONDE (the “Executive”). CSGS and Systems collectively are referred to in this Employment Agreement as the “Companies”. 
  
 * * * 
  
 WHEREAS, Systems is a wholly-owned subsidiary of CSGS; and 
  
 WHEREAS, the Companies desire to employ the Executive as their President and Chief Operating Officer; and 
  
 WHEREAS, the Executive desires to accept such employment upon the terms set
forth in this agreement; 
  
 NOW, THEREFORE, in consideration of
the foregoing recitals and the respective covenants and agreements of the parties contained in this document, the Companies and the Executive agree as follows: 
  

1. Employment and Duties. Each of the Companies hereby employs the Executive as its President and its Chief Operating Officer throughout the
term of this agreement and agrees to cause the Executive from time to time to be elected or appointed to such corporate offices or positions. The duties and responsibilities of the Executive shall include the duties and responsibilities of the
President and Chief Operating Officer which are set forth in the respective bylaws of the Companies from time to time, overall responsibility for the day-to-day operations of the Companies, and such other duties and responsibilities consistent with
the Executive’s corporate offices and positions and this agreement which the Board of Directors of CSGS (the “Board”) or the Chief Executive Officer of CSGS from time to time may assign to the Executive. If the Executive is elected or
appointed as a director of CSGS or Systems or as an officer or director of any of the respective subsidiaries of the Companies during the term of this agreement, then he also shall serve in such capacity or capacities but without additional
compensation. 
  
 2. Term. The term of this agreement shall
begin on January 1, 2005, and shall continue thereafter for a period of two (2) years through December 31, 2006, unless the Executive’s employment under this agreement is sooner terminated in accordance with this agreement. Thereafter, this
Agreement shall automatically renew on a month-to-month basis unless either party gives thirty (30) days prior written notice to the other party. 
  
 3. Place of Employment. Regardless of the location of the executive offices of the Companies during the term of this agreement, the Companies shall
maintain a suitably staffed 

 office for the Executive in the Denver, Colorado, metropolitan area during the term of this agreement; and the Executive
will not be required without his consent to relocate or transfer his executive office or principal personal residence from the immediate vicinity of the Denver, Colorado, metropolitan area. The Executive shall relocate his and his spouse’s
principal personal residence to the Denver, Colorado, metropolitan area not later than March 31, 2005; and the Companies shall pay or reimburse the Executive for the reasonable costs of such relocation in accordance with the current employee
relocation expense policies and practices of the Companies for its senior executives (except that the Companies shall not be required to pay any expenses associated with selling or maintaining any of the Executive’s current residences),
together with an income tax gross-up payment where applicable. 
  
 4. Base Salary. For all services to be rendered by the Executive pursuant to this agreement, the Companies agree to pay the Executive during the term of this agreement a base salary (the “Base Salary”) at an annual rate of
Five Hundred Fifty Thousand Dollars ($550,000.00). The Executive’s annual incentive bonus provided for in Paragraph 5 and all other compensation and benefits to which the Executive is or may become entitled pursuant to this agreement or under
any plans or programs of the Companies shall be in addition to the Base Salary. 
  
 5. Annual Incentive Bonus. As soon as practicable after the execution of this agreement, the Board shall establish an incentive bonus program for the Executive for 2005, which may be part of the 2005 incentive
bonus program established by the Companies for its senior executives. Such incentive bonus program shall be in written form, and the Companies shall provide a copy of such incentive bonus program to the Executive promptly after it is established.
The same procedure shall be followed for 2006. The Executive and the Companies understand and acknowledge that, among other things, such incentive bonus program will involve achievement by the Companies of various financial objectives, which may
include but are not limited to revenues and earnings, and also may include achievement by the Companies or the Executive of various non-financial objectives consistent with the Executive’s corporate offices and positions. Such incentive bonus
program shall provide the opportunity for the Executive to earn an incentive bonus of not less than one hundred percent (100%) of his Base Salary if the agreed upon objectives for 2005 and 2006, respectively, are fully achieved. 
  
 6. Expenses. During the term of this agreement, the Executive shall be
entitled to prompt reimbursement by the Companies of all reasonable ordinary and necessary travel, entertainment, and other expenses incurred by the Executive (in accordance with the policies and procedures established by the Companies for their
respective senior executive officers) in the performance of his duties and responsibilities under this agreement; provided, that the Executive shall properly account for such expenses in accordance with the policies and procedures of the Companies,
which may include but are not limited to itemized accountings. 
  
 7. Other Benefits. During the term of this agreement, the Companies shall provide to the Executive and his eligible dependents at the expense of the Companies individual or group medical, hospital, dental, and long-term disability
insurance coverages and group life insurance coverage, in each case at least as favorable as those coverages which are provided to the other senior executives of the Companies. During the term of this agreement, the Executive shall be 

 entitled to receive a monthly automobile allowance from the Companies in the amount of Eight Hundred Dollars ($800.00)
and to financial and tax planning services in accordance with the current policies and practices of the Companies for its senior executives. During the term of this agreement, the Companies shall pay an initiation fee and the monthly dues and
assessments necessary to provide and maintain for the Executive a social membership in a country club or social club in the Denver, Colorado, metropolitan area selected by the Executive; usage charges (such as but not limited to charges for meals)
imposed by such club shall be paid or reimbursed to the Executive to the extent they fall within the scope of Paragraph 6 and shall be paid by the Executive without right of reimbursement to the extent they are personal in nature. During the term of
this agreement, the Executive also shall be entitled to participate in such other benefit plans or programs which the Companies from time to time may make available to their employees generally (except such programs, such as the 1996 Employee Stock
Purchase Plan of CSGS, in which executive officers of CSGS are not eligible to participate because of securities law restrictions). The Stock Incentive Plans of CSGS are administered by the Compensation Committee of the Board, and such Committee has
sole authority to make grants to the Executive under such Plans. The Companies agree that (i) promptly after the Executive commences his employment with the Companies pursuant to this agreement, the Committee shall grant to the Executive a
restricted stock award under the 1996 Stock Incentive Plan of CSGS covering 75,000 shares of the Common Stock of CSGS, (ii) if the Executive is employed by the Companies on July 1, 2005, the Committee shall grant to the Executive an additional
restricted stock award under such Plan covering 75,000 shares of the Common Stock of CSGS, and (iii) if the Executive is employed by the Companies on December 31, 2005, the Committee shall grant to the Executive an additional restricted stock award
under such Plan covering 50,000 shares of the Common Stock of CSGS. The vesting of the shares covered by such restricted stock awards will be at the rate of 25% of the shares covered by an award on each of the first four anniversaries of the award
date if the Executive is then employed by the Companies but with the immediate vesting of any unvested shares covered by such restricted stock awards upon a Change of Control; however, such grants and their respective vesting schedules will not in
any way obligate the Companies to continue the employment of the Executive in any capacity or for any particular period of time or be deemed to extend the term of this agreement. 
  
 8. Vacations and Holidays. During the term of this agreement, the Executive shall be entitled to paid vacations and
holidays in accordance with the policies of the Companies in effect from time to time for their respective senior executive officers, but in no event shall the Executive be entitled to less than four (4) weeks of vacation during each calendar year.

  
 9. Full-Time Efforts and Other Activities. During the
term of this agreement, to the best of his ability and using all of his personal skills, the Executive shall devote substantially all of his working time and efforts during the normal business hours of the Companies to the business and affairs of
the Companies and to the diligent and faithful performance of the duties and responsibilities assigned to him by or pursuant to this agreement, except for vacations, holidays, and sick days. However, the Executive may devote a reasonable amount of
his time to civic, community, or charitable activities, to service on the governing bodies or committees of trade associations or similar organizations of which either or both of the Companies are members, and, with the prior approval of the Board
or the Chief Executive Officer of CSGS, to service as a director of other corporations and to other types of activities not expressly mentioned in this 

 paragraph, so long as the activities referred to in this sentence do not materially interfere with the proper performance
of the Executive’s duties and responsibilities under this agreement. The Executive also shall be free to manage and invest his assets in such manner as will not require any substantial services by the Executive in the conduct of the businesses
or affairs of the entities or in the management of the properties in which such investments are made, so long as such activities do not materially interfere with the proper performance of the Executive’s duties and responsibilities under this
agreement. 
  
 10. Termination of Employment. 

 
 (a) Termination Because of Death. The Executive’s employment
by the Companies under this agreement shall terminate upon his death. If the Executive’s employment under this agreement terminates because of his death, then the Executive’s estate or his beneficiaries (as the case may be) shall be
entitled to receive the following compensation and benefits from the Companies: 
  

	 	(i)	The Base Salary through the date of the Executive’s death; 

  

	 	(ii)	A pro rata portion of the Executive’s annual incentive bonus for the calendar year in which his death occurs (computed as if the Executive were employed by the Companies
throughout such calendar year), based upon the number of days in such calendar year elapsed through the date of the Executive’s death as a proportion of 365, to be paid at the same time that such incentive bonus would have been paid had the
Executive’s death not occurred, and provided further that the Executive need not be employed by the companies on the date any such annual incentive bonus is paid in order to earn the annual incentive bonus, if any; 

  

	 	(iii)	Any other amounts earned, accrued, or owed to the Executive under this agreement but not paid as of the date of the Executive’s death; and 

  

	 	(iv)	Any other benefits payable by reason of the Executive’s death, or to which the Executive otherwise may be entitled, under any benefit plans or programs of the Companies in
effect on the date of the Executive’s death. 

  
 (b) Termination Because of Disability. If the Executive becomes unable by reason of physical injury, disease, or mental illness to substantially perform his duties and responsibilities under this agreement for a continuous period of
six (6) months or more or for more than one hundred eighty (180) days in the aggregate (whether or not consecutive) during the term of this agreement, then at any time after the elapse of such six-month period or such 180 days, as the case may be,
the Board may terminate the Executive’s employment by the Companies under this agreement. If the Executive’s employment under this agreement is terminated by the Board because of such disability on the part of the Executive, then the
Executive shall be entitled to receive the following compensation and benefits from the Companies: 
  

	 	(i)	The Base Salary through the effective date of such termination; 

	 	(ii)	A pro rata portion of the Executive’s annual incentive bonus for the calendar year in which such termination occurs (computed as if the Executive were employed by the Companies
throughout such calendar year), based upon the number of days in such calendar year elapsed through the effective date of such termination as a proportion of 365, to be paid at the same time that such incentive bonus would have been paid if such
termination had not occurred, and provided further that the Executive need not be employed by the companies on the date any such annual incentive bonus is paid in order to earn the annual incentive bonus, if any; 

  

	 	(iii)	Any other amounts earned, accrued, or owed to the Executive under this agreement but not paid as of the effective date of such termination; 

  

	 	(iv)	Continued participation in the following benefit plans or programs of the Companies which may be in effect from time to time and in which the Executive was participating as of the
effective date of such termination, to the extent that such continued participation by the Executive is permitted under the terms and conditions of such plans (unless such continued participation is restricted or prohibited by applicable
governmental regulations governing such plans), until the first to occur of the cessation of such disability, the Executive’s death, the Executive’s attainment of age sixty-five (65), or (separately with respect to the termination of each
benefit) the provision of a substantially equivalent benefit to the Executive by another employer of the Executive: 

  

	 	(1)	Group medical and hospital insurance, 

  

	 	(2)	Group dental insurance, 

  

	 	(3)	Group life insurance, and 

  

	 	(4)	Group long-term disability insurance; 

  

	 	 	and 

  

	 	(v)	Any other benefits payable by reason of the Executive’s disability, or to which the Executive otherwise may be entitled, under any benefit plans or programs of the Companies in
effect on the effective date of such termination. 

 For purposes of this subparagraph (b), decisions with respect to the Executive’s disability shall be made by the
Board, using its reasonable good faith judgment; and, in making any such decision, the Board shall be entitled to rely upon the opinion of a duly licensed and qualified physician selected by a majority of the members of the Board who are not
employees of either of the Companies or any of their respective subsidiaries. 
  
 (c) Termination for Cause. The Board may terminate the Executive’s employment by the Companies under this agreement for cause; however, for purposes of this agreement “cause” shall mean only (i)
the Executive’s confession or conviction of theft, fraud, embezzlement, or other crime involving dishonesty, (ii) the Executive’s certification of materially inaccurate financial or other information pertaining to the Companies with actual
knowledge of such inaccuracies on the part of the Executive, (iii) the Executive’s refusal or willful failure to cooperate with an investigation by a governmental agency pertaining to the financial or other business affairs of the Companies
unless such refusal or willful failure is based upon a written direction of the Board or the written advice of counsel, (iv) the Executive’s excessive absenteeism (other than by reason of physical injury, disease, or mental illness) without a
reasonable justification and failure on the part of the Executive to cure such absenteeism within twenty (20) days after his receipt of a written notice from the Board or the Chief Executive Officer of CSG’s setting forth the particulars of
such absenteeism, (v) material violation by the Executive of the provisions of Paragraph 11, (vi) habitual and material negligence by the Executive in the performance of his duties and responsibilities under or pursuant to this agreement and failure
on the part of the Executive to cure such negligence within twenty (20) days after his receipt of a written notice from the Board or the Chief Executive Officer of CSGS setting forth in reasonable detail the particulars of such negligence, (vii)
material non-compliance by the Executive with his obligations under Paragraph 9 and failure to correct such non-compliance within twenty (20) days after his receipt of a written notice from the Board or the Chief Executive Officer of CSGS setting
forth in reasonable detail the particulars of such non-compliance, (viii) material failure by the Executive to comply with a lawful directive of the Board or the Chief Executive Officer of CSGS and failure to cure such non-compliance within twenty
(20) days after his receipt of a written notice from the Board or the Chief Executive Officer of CSGS setting forth in reasonable detail the particulars of such non-compliance, (ix) a material breach by the Executive of any of his fiduciary duties
to the Companies and, if such breach is curable, the Executive’s failure to cure such breach within twenty (20) days after his receipt of a written notice from the Board or the Chief Executive Officer of CSGS setting forth in reasonable detail
the particulars of such breach, or. In no event shall the results of operations of the Companies or any business judgment made in good faith by the Executive constitute an independent basis for termination for cause of the Executive’s
employment under this agreement. Any termination of the Executive’s employment for cause must be authorized by a majority vote of the Board taken not later than six (6) months after any member of the Board (other than the Executive) has actual
knowledge of the occurrence of the event or conduct constituting the cause for such termination. If the Executive’s employment under this agreement is terminated by the Board for cause, then the Executive shall be entitled to receive only the
following compensation and benefits from the Companies: 
  

	 	(i)	The Base Salary through the effective date of such termination; 

	 	(ii)	Any other amounts earned, accrued, or owed to the Executive under this agreement but not paid as of the effective date of such termination; and 

  

	 	(iii)	Any other benefits payable to the Executive upon his termination for cause, or to which the Executive otherwise may be entitled, under any benefit plans or programs of the Companies
in effect on the effective date of such termination. 

  
 (d) Termination Without Cause Prior to a Change of Control. If, prior to the occurrence of a Change of Control, the Companies terminate the Executive’s employment under this agreement for any reason other than cause or the
Executive’s death or disability, then the Executive shall be entitled to receive the following compensation, benefits, and other payments from the Companies: 
  

	 	(i)	If the effective date of such termination is during 2005, the Base Salary through December 31, 2006, and if the effective date of such termination is during or after 2006, the Base
Salary through that date which is one (1) year after the effective date of such termination, such Base Salary to be paid at the same times that the Base Salary would have been paid if such termination had not occurred (the date through which the
Base Salary is to be paid pursuant to this subparagraph (d)(i) being referred to as the “Ending Date”); provided, that if the Executive commences employment with another employer, whether as an employee or as a consultant, prior to the
Ending Date (for purposes of this Paragraph 10, the “Other Employment”), then such payments of the Base Salary shall be reduced from time to time by the aggregate amount of salary, cash bonus, and consulting fees received or receivable by
the Executive from the Other Employment for services performed by him during the period from the commencement of the Other Employment through the Ending Date; 

  

	 	(ii)	A pro rata portion of the Executive’s annual incentive bonus for the calendar year in which such termination occurs (computed as if the Executive were employed by the Companies
throughout such calendar year), based upon the number of days in such calendar elapsed through the effective date of such termination as a proportion of 365, to be paid at the same time that such incentive bonus would have been paid if such
termination had not occurred, and provided further that the Executive need not be employed by the companies on the date any such annual incentive bonus is paid in order to earn the annual incentive bonus, if any; 

	 	(iii)	Any other amounts earned, accrued, or owed to the Executive under this agreement but not paid as of the effective date of such termination; 

  

	 	(iv)	Continued participation in the following benefit plans or programs of the Companies which may be in effect from time to time and in which the Executive was participating as of the
effective date of such termination, to the extent that such continued participation by the Executive is permitted under the terms and conditions of such plans (unless such continued participation is restricted or prohibited by applicable
governmental regulations governing such plans), until the first to occur of the Ending Date or (separately with respect to the termination of each benefit) the provision of a substantially equivalent benefit to the Executive by another employer of
the Executive: 

  

	 	(1)	Group medical and hospital insurance, 

  

	 	(2)	Group dental insurance, 

  

	 	(3)	Group life insurance, and 

  

	 	(4)	Group long-term disability insurance; 

  

	 	 	and 

  

	 	(v)	Any other benefits payable to the Executive upon his termination without cause, or to which the Executive otherwise may be entitled, under any benefit plans or programs of the
Companies in effect on the effective date of such termination. 

  
 (e) Termination Without Cause After a Change of Control. If, after the occurrence of a Change of Control, the Companies or any Permitted Assignee terminates the Executive’s employment under this agreement
for any reason other than cause or the Executive’s death or disability, then the Executive shall be entitled to receive from the Companies and the Permitted Assignee, if any (all of whom shall be jointly and severally liable therefor), all of
the compensation, benefits, and other payments from the Companies which are described and provided for in subparagraph (d) of this Paragraph 10 (as modified by this subparagraph (e)); provided, however, that for purposes of this subparagraph (e) the
aggregate Base Salary payable under subparagraph (d)(i) (as modified by this subparagraph (e)) for all periods through the Ending Date shall be paid to the Executive in a lump sum without regard to Other Employment not later than thirty (30) days
after the effective date of such termination, and provided further that the annual incentive bonus payable under subparagraph (d)(ii) (as modified by this subparagraph (e)) shall be 100% of Executive’s annual incentive bonus and shall not be
pro rated 

 (f) Constructive Termination. If at any time during the term of this agreement the Board, the
Chief Executive Officer of CSGS, or a Permitted Assignee (i) materially alters the duties and responsibilities of the Executive provided for in Paragraph 1, (ii) assigns to the Executive duties and responsibilities materially inappropriate for the
President and Chief Operating Officer of the Companies without the Executive’s written consent, (iii) materially reduces the Executive’s Base Salary from the amount of Base Salary in effect immediately prior to such reduction, (iv) without
the Executive’s written consent, relocates the Executive’s executive office or principal personal residence in violation of Paragraph 3 of this agreement, (v) or is in material breach of this Agreement, then, at the election of the
Executive (such election to be made by written notice from the Executive to the Board or the Permitted Assignee, as may be appropriate in the circumstances), (x) such action by the Board, the Chief Executive Officer of CSGS, or such Permitted
Assignee shall constitute a constructive termination of the Executive’s employment by the Companies for a reason other than cause (the “Constructive Termination”), (y) the Executive thereupon may resign from his offices and positions
with the Companies and shall not be obligated to perform any further services of any kind to or for the Companies, and (z) the Executive shall be entitled to receive from the Companies (and the Permitted Assignee, if applicable) at the applicable
times all of the compensation, benefits, and other payments described in subparagraph (d) or subparagraph (e) of this Paragraph 10 (whichever may be applicable), as if the effective date of the Executive’s resignation were the effective date of
his termination of employment for purposes of determining such compensation, benefits, and other payments. Notwithstanding the foregoing provisions of this subparagraph (f), before exercising any of his rights pursuant to the preceding sentence, the
Executive shall give written notice to the Board of CSGS setting forth the Executive’s intent to exercise such rights and specifying the Constructive Termination which the Executive claims to be the basis for such intended exercise; and the
Companies shall have twenty (20) days after the Board has received such notice to take such actions, if any, as the Companies may deem appropriate to eliminate such claimed Constructive Termination (without thereby admitting that a Constructive
Termination had occurred). If the Companies so act to eliminate such claimed Constructive Termination, then the Executive shall not have any rights under this subparagraph (f) with respect to such claimed Constructive Termination. 
  
 (g) Voluntary Resignation. If the Executive voluntarily resigns as an
employee of the Companies at any time during the term of this agreement and thereby voluntarily terminates his employment under this agreement and if none of subparagraphs (a) through (f) of this Paragraph 10 is applicable to such termination, then
the Executive shall be entitled to receive only the following compensation, benefits, and other payments from the Companies: 
  

	 	(i)	The Base Salary through the effective date of such voluntary resignation; 

  

	 	(ii)	Any other amounts earned, accrued, or owed to the Executive under this agreement but not paid as of the effective date of such voluntary resignation; 

  

	 	(iii)	If (and only if) the Executive’s voluntary resignation is effective on December 31 of a particular calendar year, the Executive’s 

	 	 	annual incentive bonus (if any) for such calendar year, to be paid in accordance with the regular schedule for its payment; and 

  

	 	(iv)	Any other benefits payable to the Executive upon his voluntary resignation, or to which the Executive otherwise may be entitled, under any benefit plans or programs of the Companies
in effect on the effective date of such voluntary resignation. 

  
 The Executive understands and agrees that if this subparagraph (g) is applicable to the termination of the Executive’s employment with the Companies, then, unless his voluntary resignation is effective on December 31 of a particular
calendar year, the Executive will not be entitled to any annual incentive bonus for the calendar year in which his voluntary resignation becomes effective. 
  
 (h) Liquidated Damages. The Executive agrees to accept the compensation, benefits, and other payments provided for in subparagraph (d),
subparagraph (e), or subparagraph (f) of this Paragraph 10, as the case may be, as full and complete liquidated damages for any breach of this agreement resulting from the actual or constructive termination by the Companies of the Executive’s
employment under this agreement for a reason other than cause or the Executive’s death or disability; and the Executive shall not have and hereby waives and relinquishes any other rights or claims in respect of such breach. 
  
 (i) Notice of Other Employment and of Benefits. The Executive promptly
shall notify the Companies in writing of (i) his acceptance of the Other Employment referred to in subparagraph (d) of this Paragraph 10, (ii) the effective date of such Other Employment, and (iii) the amount of salary, cash bonus, and consulting
fees which the Executive receives or is entitled to receive from the Other Employment for services performed by him during the period from the commencement of the Other Employment through the Ending Date. Whenever relevant for purposes of this
Paragraph 10, the Executive also promptly shall notify the Companies of his receipt from another employer of any benefits of the types referred to in subparagraphs (b)(iv) and (d)(iv) of this Paragraph 10. Such information shall be updated by the
Executive whenever necessary to keep the Companies informed on a current basis. 
  
 (j) Modification of Benefit Plans or Programs. Except as otherwise expressly set forth in this agreement, nothing contained in this Paragraph 10 shall obligate the Companies to institute, maintain, or refrain
from changing, amending, or discontinuing any benefit plan or program referred to in subparagraph (b)(iv) or (d)(iv) of this Paragraph 10 so long as such actions are similarly applicable to senior executives of the Companies generally. 

 
 (k) Rights of Estate. If the Executive dies prior to his receipt of
all of the cash payments to which he may be entitled pursuant to subparagraph (b), (c), (d), (e), (f), or (g) of this Paragraph 10 if any such subparagraph becomes applicable, then the unpaid portion of such cash payments shall be paid by the
Companies to the personal representative of the Executive’s estate at the same time or times that the payments would have been made to the Executive if he still were living. 

 (l) Excess Parachute Payments. If any of the payments required to be made to the Executive
pursuant to subparagraph (d), (e), or (f) of this Paragraph 10 constitute “excess parachute payments” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended, and any regulations thereunder, and the Executive
becomes liable for any excise tax on such “excess parachute payments” and any interest or penalties thereon (such excise tax, interest, and penalties, collectively, the “Tax Penalties”), then the Companies (and the Permitted
Assignee, if applicable) promptly shall make a cash payment (the “Additional Payment”) to the Executive in an amount equal to the Tax Penalties. The Companies also promptly shall make an additional cash payment to the Executive in an
amount rounded to the nearest $100.00 which is equal to any additional income, excise, and other taxes (using the individual tax rates applicable to the Executive for the year for which such Tax Penalties are owed) for which the Executive will be
liable as a result of the Executive’s receipt of the Additional Payment (the additional cash payment provided for in this sentence being referred to as a “Gross-Up Payment”). In addition, the Executive shall be entitled to promptly
receive from the Companies (and the Permitted Assignee, if applicable) a further Gross-Up Payment in respect of each prior Gross-Up Payment until the amount of the last Gross-Up Payment is less than $100.00. 
  
 11. Nondisclosure. During the term of this agreement and thereafter,
the Executive shall not, without the prior written consent of the Board or a person (other than the Executive) so authorized by the Board, disclose or use for any purpose (except in the course of his employment under this agreement and in
furtherance of the business of the Companies or any of their respective subsidiaries) any confidential information, trade secrets, or proprietary data of the Companies or any of their respective subsidiaries (collectively, for purposes of this
agreement, “Confidential Information”); provided, however, that Confidential Information shall not include any information then known generally to the public or ascertainable from public or published information (other than as a result of
unauthorized disclosure by the Executive) or any information of a type not otherwise considered confidential by persons engaged in the same business or a business similar to that conducted by the Companies or their respective subsidiaries, as the
case may be. 
  
 12. Successors and Assigns. This agreement
and all rights under this agreement shall be binding upon, inure to the benefit of, and be enforceable by the parties hereto and their respective personal or legal representatives, executors, administrators, heirs, distributees, devisees, legatees,
successors, and assigns. This agreement is personal in nature, and none of the parties to this agreement shall, without the written consent of the others, assign or transfer this agreement or any right or obligation under this agreement to any other
person or entity, except as permitted by Paragraph 14. 
  
 13.
Notices. For purposes of this agreement, notices and other communications provided for in this agreement shall be deemed to be properly given if delivered personally or sent either by next-business-day prepaid express delivery by a recognized
national express delivery service or by United States certified mail, return receipt requested, postage prepaid, in either case addressed as follows: 
  

			
	If to the Executive:	 	John Bonde

			
	 	 	c/o CSG Systems, Inc.
	 	 	7887 East Belleview Avenue, Suite 1000
	 	 	Englewood, Colorado 80111
		
	If to the Companies:	 	CSG Systems International, Inc.
	 	 	    and CSG Systems, Inc.
	 	 	7887 East Belleview Avenue, Suite 1000
	 	 	Englewood, Colorado 80111
	 	 	Attn: Chief Executive Officer
		
	 	 	With a copy to the General Counsel
	 	 	of the Companies,

  
 or to such other address as either
party may have furnished to the other party in writing in accordance with this paragraph. Such notices or other communications shall be effective only upon receipt. 
  
 14. Merger, Consolidation, Sale of Assets. In the event of (a) a merger of Systems with another corporation (other
than CSGS) in a transaction in which Systems is not the surviving corporation, (b) the consolidation of Systems into a new corporation resulting from such consolidation, (c) the sale or other disposition of all or substantially all of the assets of
Systems, the Companies may assign this agreement and all of the rights and obligations of the Companies under this agreement to the surviving, resulting, or acquiring entity (for purposes of this agreement, a “Permitted Assignee”);
provided, that such surviving, resulting, or acquiring entity shall in writing assume and agree to perform all of the obligations of the Companies under this agreement; and provided further, that the Companies shall remain jointly and severally
liable for the performance of the obligations of the Companies under this agreement in the event of a failure of the Permitted Assignee to perform its obligations under this agreement. 
  
 15. Change of Control. For purposes of this agreement, a “Change of Control” shall be deemed to have
occurred upon the happening of any of the following events: 
  

	 	(a)	CSGS is merged or consolidated into another corporation, and immediately after such merger or consolidation becomes effective the holders of a majority of the outstanding shares of
voting capital stock of CSGS immediately prior to the effectiveness of such merger or consolidation do not own (directly or indirectly) a majority of the outstanding shares of voting capital stock of the surviving or resulting corporation in such
merger or consolidation; 

  

	 	(b)	any person, entity, or group of persons within the meaning of Sections 13(d) or 14(d) of the Securities Exchange Act of 1934 (the “1934 Act”) and the rules promulgated
thereunder becomes the beneficial owner (within the meaning of Rule 13d-3 under the 1934 Act) of thirty percent (30%) or more of the outstanding voting capital stock of CSGS; 

	 	(c)	the Common Stock of CSGS ceases to be publicly traded because of an issuer tender offer or other “going private” transaction (other than a transaction sponsored by the
then current management of CSGS); 

  

	 	(d)	CSGS dissolves or sells or otherwise disposes of all or substantially all of its property and assets (other than to an entity or group of entities which is then under common
majority ownership (directly or indirectly) with CSGS); 

  

	 	(e)	in one or more substantially concurrent transactions or in a series of related transactions, CSGS directly or indirectly disposes of a portion or portions of its business operations
(collectively, the “Sold Business”) other than by ceasing to conduct the Sold Business without its being acquired by a third party (regardless of the entity or entities through which CSGS conducted the Sold Business and regardless of
whether such disposition is accomplished through a sale of assets, the transfer of ownership of an entity or entities, a merger, or in some other manner) and either (i) the fair market value of the consideration received or to be received by CSGS
for the Sold Business is equal to at least thirty percent (30%) of the market value of the outstanding Common Stock of CSGS determined by multiplying the average of the closing prices for the Common Stock of CSGS on the thirty (30) trading days
immediately preceding the date of the first public announcement of the proposed disposition of the Sold Business by the average of the numbers of outstanding shares of Common Stock on such thirty (30) trading days or (ii) the revenues of the Sold
Business during the most recent four (4) calendar quarters ended prior to the first public announcement of the proposed disposition of the Sold Business represented thirty percent (30%) or more of the total consolidated revenues of CSGS during such
four (4) calendar quarters; or 

  

	 	(f)	during any period of two consecutive years or less, individuals who at the beginning of such period constituted the Board of Directors of CSGS cease, for any reason, to constitute
at least a majority of the Board of Directors of CSGS, unless the election or nomination for election of each new director of CSGS who took office during such period was approved by a vote of at least seventy-five percent (75%) of the directors of
CSGS still in office at the time of such election or nomination for election who were directors of CSGS at the beginning of such period. 

  
 16. Miscellaneous. No provision of this agreement may be modified, waived, or discharged unless such waiver, modification, or discharge is agreed
to in writing and is signed by the Executive and an officer of CSGS (other than the Executive) so authorized by the Board. No waiver by any party to this agreement at any time of any breach by any other party of, or compliance by any other party
with, any condition or provision of this agreement to be performed by such other party shall be deemed to be a waiver of similar or dissimilar provisions or conditions at the same or any prior or subsequent time. No agreements or representations,
oral or otherwise, express or implied, with respect to the subject matter of this agreement have been made by any party that are not expressly set forth in this agreement. 

 17. Representations of Companies. The Companies severally represent and warrant to the Executive
that they have full legal power and authority to enter into this agreement, that the execution and delivery of this agreement by the Companies have been duly authorized by their respective boards of directors, and that the performance of their
respective obligations under this agreement will not violate any agreement between the Companies, or either of them, and any other person, firm, or organization. 
  
 18. Non-Solicitation of Employees. For a period of one (1) year after the effective date of the termination of the
Executive’s employment under this agreement for any reason, whether voluntarily or involuntarily and with or without cause, without the prior written consent of CSGS the Executive agrees (i) not to directly or indirectly employ, solicit for
employment, assist any other person in employing or soliciting for employment, or advise or recommend to any other person that such other person employ or solicit for employment any person who then is an employee of the Companies (or either of them)
or any of the respective subsidiaries of the Companies and (ii) not to recommend to any then employee of the Companies (or either of them) or any of the respective subsidiaries of the Companies that such employee leave the employ of such employer.

  
 19. Post-Termination Noncompetition. Because the
Confidential Information known to or developed by the Executive during his employment by the Companies will encompass at the highest level information concerning the plans, strategies, products, operations, and existing and prospective customers of
the Companies and their respective subsidiaries and could not practically be disregarded by the Executive, the Executive acknowledges that his provision of executive services to a competitor of the Companies (or either of them) or any of the
respective subsidiaries of the Companies soon after the termination of the Executive’s employment by the Companies would inevitably result in the use of the Confidential Information by the Executive in his performance of such executive
services, even if the Executive were to use his best efforts to avoid such use of the Confidential Information. To prevent such use of the Confidential Information and the resulting unfair competition and wrongful appropriation of the goodwill and
other valuable proprietary interests of the Companies, the Executive agrees that for a period of one (1) year after the termination of his employment by the Companies for any reason, whether voluntarily or involuntarily and with or without cause,
the Executive will not, directly or indirectly: 
  

	 	(a)	engage, whether as an employee, agent, consultant, independent contractor, owner, partner, member, or otherwise, in a business activity which then competes in a material way with a
business activity then being actively engaged in by the Companies (or either of them) or any of the respective subsidiaries of the Companies; 

  

	 	(b)	solicit or recommend to any other person that such period solicit any then customer of the Companies (or either of them) or any of the respective subsidiaries of the Companies,
which customer also was a customer of the 

	 	 	Companies (or either of them) or any of the respective subsidiaries of the Companies at any time during the one (1) year period prior to the termination of the Executive’s
employment by the Companies, for the purpose of obtaining the business of such customer in competition with the Companies (or either of them) or any of the respective subsidiaries of the Companies; or 

  

	 	(c)	induce or attempt to induce any then customer or prospective customer of the Companies (or either of them) or any of the respective subsidiaries of the Companies to terminate or not
commence a business relationship with the Companies (or either of them) or any of the respective subsidiaries of the Companies. 

  
 The Companies and the Executive acknowledge and agree that the restrictions contained in this Paragraph 19 are both reasonable and necessary in view of the
Executive’s positions with the Companies and that the Executive’s compensation and benefits under this agreement are sufficient consideration for the Executive’s acceptance of such restrictions. Nevertheless, if any of the
restrictions contained in this Paragraph 19 are found by a court having jurisdiction to be unreasonable, or excessively broad as to geographic area or time, or otherwise unenforceable, then the parties intend that the restrictions contained in this
Paragraph 19 be modified by such court so as to be reasonable and enforceable and, as so modified by the court, be fully enforced. Nothing contained in this paragraph shall be construed to preclude the investment by the Executive of any of his
assets in any publicly owned entity so long as the Executive has no direct or indirect involvement in the business of such entity and owns less than 2% of the voting equity securities of such entity. Nothing contained in this paragraph shall be
construed to preclude the Executive from becoming employed by or serving as a consultant to or having dealings with a publicly owned entity one of whose businesses is a competitor of the Companies (or either of them) or any of the respective
subsidiaries of the Companies so long as such employment, consultation, or dealings do not directly or indirectly involve or relate to the business of such entity which is a competitor of the Companies (or either of them) or any of the respective
subsidiaries of the Companies. 
  
 20. Joint and Several
Obligations. All of the obligations of the Companies under this agreement are joint and several; and neither the bankruptcy, insolvency, dissolution, merger, consolidation, or reorganization nor the cessation of business or corporate existence
of one of the Companies shall affect, impair, or diminish the obligations under this agreement of the other of the Companies. The compensation and benefits to which the Executive is entitled under this agreement are aggregate compensation and
benefits, and the payment of such compensation or the provision of such benefits by one of the Companies shall to the extent of such payment or provision satisfy the obligations of the other of the Companies. The Companies may agree between
themselves as to which of them will be responsible for some or all of the Executive’s compensation and benefits under this agreement, but any such agreement between the Companies shall not diminish to any extent the joint and several liability
of the Companies to the Executive for all of such compensation and benefits. 

 21. Injunctive Relief. The Executive acknowledges that his violation of the provisions and
restrictions contained in Paragraphs 11, 18, and 19 could cause significant injury to the Companies for which the Companies would have no adequate remedy at law. Accordingly, the Executive agrees that the Companies will be entitled, in addition to
any other rights and remedies which then may be available to the Companies, to seek and obtain injunctive relief to prevent any breach or potential breach of any of the provisions and restrictions contained in Paragraph 11, 18, or 19. 
  
 22. Dispute Resolution. Subject to the provisions of Paragraph 21, any
claim by the Executive or the Companies arising from or in connection with this agreement, whether based on contract, tort, common law, equity, statute, regulation, order, or otherwise (a “Dispute”), shall be resolved as follows:

  

	 	(a)	Such Dispute shall be submitted to mandatory and binding arbitration at the election of either the Executive or the particular Company involved (the “Disputing Party”).
Except as otherwise provided in this Paragraph 22, the arbitration shall be pursuant to the Commercial Arbitration Rules of the American Arbitration Association (the “AAA”). 

  

	 	(b)	To initiate the arbitration, the Disputing Party shall notify the other party in writing within 30 days after the occurrence of the event or events which give rise to the Dispute
(the “Arbitration Demand”), which notice shall (i) describe in reasonable detail the nature of the Dispute, (ii) state the amount of any claim, (iii) specify the requested relief, and (iv) name an arbitrator who (A) has been licensed to
practice law in the U.S. for at least ten years, (B) has no past or present relationship with either the Executive or the Companies, and (C) is experienced in representing clients in connection with employment related disputes (the “Basic
Qualifications”). Within fifteen (15) days after the other party’s receipt of the Arbitration Demand, such other party shall serve on the Disputing Party a written statement (i) answering the claims set forth in the Arbitration Demand and
including any affirmative defenses of such party, (ii) asserting any counterclaim, which statement shall (A) describe in reasonable detail the nature of the Dispute relating to the counterclaim, (B) state the amount of the counterclaim, and (C)
specify the requested relief, and (iii) naming a second arbitrator satisfying the Basic Qualifications. Promptly, but in any event within five (5) days thereafter, the two arbitrators so named shall select a third neutral arbitrator from a list
provided by the AAA of potential arbitrators who satisfy the Basic Qualifications and who have no past or present relationship with the parties’ counsel, except as otherwise disclosed in writing to and approved by the parties. The arbitration
will be heard by a panel of the three arbitrators so chosen (the “Arbitration Panel”), with the third arbitrator so chosen serving as the chairperson of the Arbitration Panel. Decisions of a majority of the members of the Arbitration Panel
shall be determinative. 

  

	 	(c)	The arbitration hearing shall be held in Denver, Colorado. The Arbitration Panel is specifically authorized to render partial or full summary judgment as 

	 	 	provided for in the Federal Rules of Civil Procedure. The Arbitration Panel will have no power or authority, under the Commercial Arbitration Rules of the AAA or otherwise, to
relieve the parties from their agreement hereunder to arbitrate or otherwise to amend or disregard any provision of this agreement, including, without limitation, the provisions of this Paragraph 22. 

  

	 	(d)	If an arbitrator refuses or is unable to proceed with arbitration proceedings as called for by this Paragraph 22, such arbitrator shall be replaced by the party who selected such
arbitrator or, if such arbitrator was selected by the two party-appointed arbitrators, by such two party-appointed arbitrators’ selecting a new third arbitrator in accordance with Paragraph 22(b), in either case within five (5) days after such
declining or withdrawing arbitrator’s giving notice of refusal or inability to proceed. Each such replacement arbitrator shall satisfy the Basic Qualifications. If an arbitrator is replaced pursuant to this Paragraph 22(d) after the arbitration
hearing has commenced, then a rehearing shall take place in accordance with the provisions of this Paragraph 22(d) and the Commercial Arbitration Rules of the AAA. 

  

	 	(e)	Within ten (10) days after the closing of the arbitration hearing, the Arbitration Panel shall prepare and distribute to the parties a writing setting forth the Arbitration
Panel’s finding of facts and conclusions of law relating to the Dispute, including the reason for the giving or denial of any award. The findings and conclusions and the award, if any, shall be deemed to be confidential information.

  

	 	(f)	The Arbitration Panel is instructed to schedule promptly all discovery and other procedural steps and otherwise to assume case management initiative and control to effect an
efficient and expeditious resolution of the Dispute. The Arbitration Panel is authorized to issue monetary sanctions against either party if, upon a showing of good cause, such party is unreasonably delaying the proceeding. 

 

	 	(g)	Any award rendered by the Arbitration Panel will be final, conclusive, and binding upon the parties, and any judgment on such award may be entered and enforced in any court of
competent jurisdiction. 

  

	 	(h)	Each party will bear a pro rata share of all fees, costs, and expenses of the arbitrators; and, notwithstanding any law to the contrary, each party will bear all of the fees, costs,
and expenses of his or its own attorneys, experts, and witnesses. However, in connection with any judicial proceeding to compel arbitration pursuant to this agreement or to enforce any award rendered by the Arbitration Panel, the prevailing party in
such a proceeding will be entitled to recover reasonable attorneys’ fees and expenses incurred in connection with such proceedings, in addition to any other relief to which such party may be entitled. 

	 	(i)	Nothing contained in the preceding provisions of this Paragraph 22 shall be construed to prevent either party from seeking from a court a temporary restraining order or other
injunctive relief pending final resolution of a Dispute pursuant to this Paragraph 22. 

  
 23. No Duty to Seek Employment. The Executive shall not be under any duty or obligation to seek or accept other employment following the
termination of his employment by the Companies; and, except as expressly provided in subparagraphs (b)(iv), (d)(i), and (d)(iv) of Paragraph 10, no amount, payment, or benefit due the Executive under this agreement shall be reduced, suspended, or
discontinued if the Executive accepts such other employment. 
  
 24. Withholding of Taxes. The Companies may withhold from any amounts payable to the Executive under this agreement all federal, state, and local taxes which are required to be so withheld by any applicable law or governmental
regulation or ruling. 
  
 25. Validity. The invalidity or
unenforceability of any provision or provisions of this agreement shall not affect the validity or enforceability of any other provision of this agreement, which other provision shall remain in full force and effect; nor shall the invalidity or
unenforceability of a portion of any provision of this agreement affect the validity or enforceability of the balance of such provision. 
  
 26. Counterparts. This document may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which
together shall constitute a single agreement. 
  
 27.
Headings. The headings of the paragraphs contained in this document are for reference purposes only and shall not in any way affect the meaning or interpretation of any provision of this agreement. 
  
 28. Applicable Law. This agreement shall be governed by and construed
in accordance with the internal substantive laws, and not the choice of law rules, of the State of Colorado. 

 IN WITNESS WHEREOF, the Companies and the Executive have executed this agreement on the day and year
first above written. 
  

			
	CSG SYSTEMS INTERNATIONAL, INC.,
	a Delaware corporation
		
	By:	 	 /s/ Neal C. Hansen

	 	 	Neal C. Hansen, Chairman of the
	 	 	Board and Chief Executive Officer
	
	CSG SYSTEMS, INC., a Delaware corporation
		
	By:	 	 /s/ Neal C. Hansen

	 	 	Neal C. Hansen, Chairman of the
	 	 	Board and Chief Executive Officer
		
	 	 	 /s/ John Bonde

	 	 	John Bonde

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