Document:

First Amendment to Credit Agreement

 Exhibit 10.2 
 FIRST AMENDMENT TO CREDIT AGREEMENT 
 THIS FIRST AMENDMENT TO
CREDIT AGREEMENT (this “Amendment”), dated as of June 3, 2011, is entered into by and among WELLS FARGO CAPITAL FINANCE, LLC, formerly known as Wells Fargo Foothill, LLC, in its capacity as agent for the Lenders and
Bank Product Providers (in such capacity “Agent”), STREAM GLOBAL SERVICES, INC., a Delaware corporation (“Parent”), and each of Parent’s Subsidiaries signatory hereto (such Subsidiaries, together with
Parent, each individually a “Loan Party,” and individually and collectively, jointly and severally, the “Loan Parties”). Terms used herein without definition shall have the meanings ascribed to them in the Credit
Agreement defined below. 
 RECITALS 
 A. The Lenders, Agent and the Borrowers (as defined therein) have previously entered into that certain Credit Agreement, dated as of October 1, 2009 (as amended, modified and supplemented from time
to time, the “Credit Agreement”), pursuant to which the Lenders have made certain loans and financial accommodations available to the Borrowers. 
 B. The Loan Parties have formed the following Subsidiaries: SGS Netherlands CV (“SGS CV”), Stream Global Services LLC (“Stream LLC”), Stream Global Services Hong Kong
Limited (“Stream HK”), Stream (Suzhou) Information Consulting Co. Limited (China) (“WFOE”) and Suzhou SiJun Information Services Co., Ltd. (“VIE”). 

C. The Loan Parties have requested that the Lenders modify certain provisions of the Credit Agreement and the other Loan Documents.

 D. The Required Lenders are willing to provide the requested modifications on the terms and conditions set forth herein and
the Required Lenders, Agent and the Loan Parties now wish to modify the Loan Documents on the terms and conditions set forth herein. 
 E. The Loan Parties are entering into this Amendment with the understanding and agreement that, except as specifically provided herein, none of the Lender Group’s rights or remedies as set forth in
the Credit Agreement or any other Loan Document is being modified by the terms of this Amendment. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
 1.
Amendments to Credit Agreement. 
 (a) Section 4.25 of the Credit Agreement is hereby amended by adding the
following clause (c) to the end of such section: 
 “(c) Each of Stream HK, SGS CV and Stream LLC is a holding company
and none of Stream HK, SGS CV or Stream LLC has any material liabilities, owns any material assets or engages in any operations or business, other than (i) the ownership of its Subsidiaries, (ii) holding funds (including the proceeds of
Permitted Intercompany Advances) to be used to acquire assets to be 

 
invested in WFOE, VIE and/or any other Chinese Entity, (iii) the acquisition of assets to be invested in WFOE and/or VIE, and the negotiation, execution, delivery and performance of
contractual obligations with respect to any such acquisition or Investment, (iv) the Investment of such assets in WFOE, VIE and/or any other Chinese Entity, and (v) activities incidental to any of the foregoing; provided that, from
and after the date, if any, on which Stream HK, SGS CV or Stream LLC becomes a Loan Party pursuant to Section 5.12, this Section 4.25(c) shall automatically and immediately cease to apply to Stream HK, SGS CV or Stream LLC,
as applicable.” 
 (b) Section 5.12 of the Credit Agreement is hereby amended by adding the following to the end of
such section: 
 “If, at any time during the term of this Agreement, any of Stream HK, SGS CV or Stream LLC shall own or
shall have acquired and hold assets having a value in excess of $250,000, then, upon written request of Agent, notwithstanding Section 5.11, Stream HK, SGS CV or Stream LLC, as applicable, shall execute and deliver to Agent a Foreign
Guaranty and a Foreign Security Agreement (or, in the case of Stream LLC, a joinder to the Guaranty and the Security Agreement); provided that, in determining whether such $250,000 threshold has been met, there shall be excluded from such
determination (i) the value of any Subsidiary of any such Person, (ii) the amount of funds held by Stream HK, SGS CV or Stream LLC to purchase assets to be invested in WFOE, VIE and/or any other Chinese Entity, so long as such funds are
used promptly to acquire such assets and such assets are, thereafter, promptly invested in WFOE, VIE and/or any other Chinese Entity, and (iii) the value of any such assets purchased by Stream HK, SGS CV or Stream LLC, so long as such assets
are invested in WFOE, VIE and/or any other Chinese Entity promptly.” 
 (c) Section 6.9 of the Credit Agreement is
hereby amended by (i) deleting “; and” at the end of clause (b) thereof, (ii) deleting clause (c) thereof, and (iii) inserting the following new clauses (c), (d) and (e) immediately following clause
(b) thereof: 
 “(c) each Subsidiary of Parent may make distributions and dividends to its parent
entity; provided that, if the parent entity of such Subsidiary is not a Loan Party, (i) such distributions and dividends are promptly distributed or dividended to a Loan Party, or (ii) the amount of such distributions and dividends
is transferred or credited to a Loan Party in connection with transfer pricing arrangements or in any other manner acceptable to Agent in the exercise of its Permitted Discretion; 

(d) Parent may repurchase the Warrants so long as (i) the aggregate amount expended for all such repurchases does not
exceed $10,000,000, (ii) Excess Availability plus Qualified Cash during each of the 120 days immediately prior to, and immediately after giving effect to, each such repurchase equals or exceeds $50,000,000, and (iii) on a pro forma basis
after giving effect to each such repurchase, Parent and its Subsidiaries would have had a Fixed Charge Coverage Ratio of at least 1.1:1.0 for the four fiscal quarter period ended immediately prior to such repurchase; and 

(e) Parent may make other Restricted Junior Payments so long as (i) the aggregate amount expended for all such
Restricted Junior Payments does not exceed $15,000,000 and (ii) Excess Availability plus Qualified Cash immediately prior to, and immediately after giving effect to, each such repurchase equals or exceeds $20,000,000.” 

  
 - 2 -

 (d) Section 6.11(b) of the Credit Agreement is hereby amended and restated as follows:

 “(b) Other than (i) an aggregate amount of not more than $50,000 at any one time, in the case of
Parent and its Subsidiaries (other than those Subsidiaries that are CFCs), (ii) amounts deposited into Deposit Accounts specially and exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for
Parent’s and its Subsidiaries’ employees, and (iii) an aggregate amount of not more than $20,000,000 (calculated at the then current Exchange Rate) at any one time, in the case of Subsidiaries of Parent that are CFCs, make, acquire,
or permit to exist Permitted Investments consisting of cash, Cash Equivalents, or amounts credited to Deposit Accounts or Securities Accounts (in each case to the extent constituting Collateral) unless Parent or one of its Subsidiary, as applicable,
and the applicable bank or securities intermediary have entered into Control Agreements with Agent governing such Permitted Investments in order to perfect (and further establish) Agent’s Liens in such Permitted Investments. Except as provided
in Section 6.11(b)(i), (ii) and (iii), Parent shall not and shall not permit its Subsidiaries to establish or maintain any Deposit Account or Securities Account (in each case to the extent constituting Collateral)
unless Agent shall have received a Control Agreement in respect of such Deposit Account or Securities Account.” 
 (e)
Section 6.14 of the Credit Agreement is hereby amended by adding the following clause (c) to the end of such section: 

“(c) Permit any of Stream HK, SGS CV or Stream LLC to incur any liabilities, own any assets or engage in any operations or business,
other than (i) the ownership of their Subsidiaries, (ii) holding funds (including the proceeds of Permitted Intercompany Advances) to be used to acquire assets to be invested in WFOE, VIE and/or any other Chinese Entity, (iii) the
acquisition of assets to be invested in WFOE, VIE and/or any other Chinese Entity, and the negotiation, execution, delivery and performance of contractual obligations with respect to any such acquisition or Investment, (iv) the Investment of
such assets in WFOE, VIE and/or any other Chinese Entity promptly, and (v) and activities incidental to any of the foregoing; provided that, from and after the date, if any, on which Stream HK, SGS CV or Stream LLC becomes a Loan Party
pursuant to Section 5.12, this Section 6.14(c) shall automatically and immediately cease to apply to Stream HK, SGS CV or Stream LLC, as applicable.” 

(f) The definition of “Investments” set forth on Schedule 1.1 to the Credit Agreement is hereby amended by inserting at the end
of such definition the following new sentence: 
 “For the avoidance of doubt, the repayment, repurchase or acquisition by
Parent or any of its Subsidiaries of its own Stock or other securities as permitted by Section 6.9 of the Agreement is not an Investment.” 
 (g) The definition of “Permitted Indebtedness” set forth on Schedule 1.1 to the Credit Agreement is hereby amended by (i) deleting the phrase “, and” at the end of clause
(o) thereof, (ii) replacing the period at the end of clause (p) thereof with a semi-colon, and (iii) inserting the following new clause (q): 
 “(q) Indebtedness owed (i) to or for the account of any issuer of a Chinese Letter of Credit in an aggregate amount not to exceed $1,100,000 at any time outstanding, and (ii) by any Chinese
Entity to any Chinese Entity Lender in an aggregate principal amount not to exceed $1,000,000.” 

  
 - 3 -

 (h) The definition of “Permitted Intercompany Advances” set forth on Schedule 1.1
to the Credit Agreement is hereby amended and restated to read in its entirety as follows: 
 ““Permitted
Intercompany Advances” means (a) loans made by (i)(A) a U.S. Loan Party to another U.S. Loan Party (other than Parent), (B) a Foreign Loan Party to another Foreign Loan Party so long as the parties thereto are party to the
Intercompany Subordination Agreement, or (C) a Foreign Loan Party to a U.S. Loan Party (other than Parent) so long as the parties thereto are party to the Intercompany Subordination Agreement, (ii) a non-Loan Party to another non-Loan
Party, (iii) a non-Loan Party to a Loan Party, so long as the parties thereto are party to the Intercompany Subordination Agreement, (iv) a Loan Party to a non-Loan Party so long as (A) the principal amount of such loans does not
exceed $5,000,000 outstanding at any one time, (B) no Event of Default has occurred and is continuing or would result therefrom, and (C) the Borrowers have Excess Availability plus Qualified Cash of $50,000,000 or greater immediately after
giving effect to each such loan, and (v) a Loan Party to Stream HK so long as (A) the principal amount of such loans does not exceed $4,000,000 outstanding at any one time, (B) no Event of Default has occurred and is continuing or
would result therefrom, and (C) the Borrowers have Excess Availability plus Qualified Cash of $50,000,000 or greater immediately after giving effect to each such loan, and (b) advances made by any Loan Party to a Subsidiary of a Loan Party
against or in respect of transfer pricing payments.” 
 (i) Clause (l) of the definition of “Permitted
Investments” set forth on Schedule 1.1 to the Credit Agreement is hereby amended and restated to read in its entirety as follows: 
 “(l) Investments in the form of capital contributions and the acquisition of Stock made by (a)(i) a U.S. Loan Party in another U.S. Loan Party (other than Parent), (ii) a Foreign Loan Party in
another Foreign Loan Party, (iii) a Foreign Loan Party in a U.S. Loan Party (other than Parent), (b) a non-Loan Party in another non-Loan Party, (c) a non-Loan Party in a Loan Party, (d) a Loan Party in a non-Loan Party (other
than Stream HK) so long as (i) the aggregate amount of all such Investments plus the outstanding principal amount of any loans permitted under clause (a)(iv) of the definition of Permitted Intercompany Advances does not exceed $5,000,000
outstanding at any one time, (ii) no Event of Default has occurred and is continuing or would result therefrom, and (iii) the Borrowers have Excess Availability plus Qualified Cash of $50,000,000 or greater immediately after giving effect
to each such Investment, or (e) a Loan Party in Stream HK so long as (i) the aggregate amount of all such Investments plus the outstanding principal amount of any loans permitted under clause (a)(v) of the definition of Permitted
Intercompany Advances does not exceed $9,000,000 outstanding at any one time (provided that any Investment in Stream HK in excess of $4,000,000 when combined with the outstanding principal amount of any loans permitted under clause (a)(v) of
the definition of Permitted Intercompany Advances shall reduce the aggregate amount of Investments permitted under clause (d)(i) herein by such amount in excess of $4,000,000; provided, further, that the aggregate amount of Investments
by Loan Parties in non-Loan Parties, including Stream HK, permitted under this clause (l) shall not exceed $9,000,000 at any one time), (ii) no Event of Default has occurred and is continuing or would result therefrom, and (iii) the
Borrowers have Excess Availability plus Qualified Cash of $50,000,000 or greater immediately after giving effect to each such Investment,” 
 (j) Clause (o) of the definition of “Permitted Investments” set forth on Schedule 1.1 to the Credit Agreement is hereby amended and restated to read in its entirety as follows: 

“(o) [Reserved];” 

  
 - 4 -

 (k) The definition of “Permitted Liens” set forth on Schedule 1.1 to the Credit
Agreement is hereby amended by (i) deleting the phrase “, and” at the end of clause (v) thereof, (ii) replacing the semi-colon at the end of clause (w) thereof with the phrase “, and”, and (iii) inserting
the following new clause (x): 
 “(x) Liens on (A) cash or Cash Equivalents (or a combination thereof);
provided that (a) the aggregate amount or value, as applicable, thereof does not exceed $1,100,000, and (b) such cash and Cash Equivalents are utilized solely as cash collateral with respect to obligations arising under or in
connection with one or more Chinese Letters of Credit, and (B) any Deposit Accounts or Securities Accounts in which any cash and Cash Equivalents described in clause (A) are held or credited;” 

(l) Schedule 1.1 of the Credit Agreement is hereby amended by adding, or amending, as applicable, the following defined terms in proper
alphabetical order: 
 “Chinese Entity” shall mean any of (i) WFOE, (ii) VIE, or
(iii) any other entity formed by Parent or any of its Subsidiaries under the laws of China subsequent to the date of the First Amendment. 
 “Chinese Entity Lender” means any Person (or group or syndicate of Persons) that makes, or commits or otherwise agrees to make, loans or other extensions of credit to one or more Chinese
Entities. 
 “Chinese Letter of Credit” means any standby letter of credit issued by any Person
to or for the benefit of any Chinese Entity Lender. 
 “Compliance Certificate” means a
certificate substantially in the form of Exhibit C-1 delivered to Agent by the Parent’s Chief Financial Officer, Treasurer, or Senior Vice President – Global Finance. 

“First Amendment” means that certain First Amendment to Credit Agreement, dated as of June 3, 2011,
by and among the Loan Parties, the Required Lenders party thereto and Agent. 
 “SGS CV” means
SGS Netherlands CV, a Netherlands limited partnership. 
 “Stream HK” means Stream Global
Services Hong Kong Limited, a private company limited by shares organized under the laws of Hong Kong. 

“Stream LLC” means Stream Global Services LLC, a Delaware limited liability company.” 

“VIE” means Suzhou SiJun Information Services Co., Ltd., a People’s Republic of China limited
liability company. 
 “WFOE” means Stream (Suzhou) Information Consulting Co. Limited (China), a
People’s Republic of China limited liability company.” 

  
 - 5 -

 (m) Schedule 5.2 to the Credit Agreement is hereby amended by deleting clause (h) in
its entirety and replacing it with the following: 
 “(h) with the delivery of the Compliance Certificate
for such quarter, copies of (i) new Material Contracts, (ii) amendments to existing Material Contracts entered into by any Loan Party, and (iii) a report detailing (A) the Loan Parties’ Investments in Stream HK and
(B) Stream HK’s Investments in WFOE, VIE and/or any other Chinese Entity.” 
 (n) The definition of
“Excluded Assets” set forth in Section 1(w) of the Security Agreement is hereby amended by (i) deleting the phrase “; and” after clause (viii) thereof, (ii) replacing the period at the end of clause
(ix) thereof with a semi-colon, and (iii) inserting the following new clause (x): 
 “(x) (A) cash
or Cash Equivalents (or a combination thereof); provided that (a) the aggregate amount or value, as applicable, thereof does not exceed $1,100,000, and (b) such cash and Cash Equivalents are utilized solely as cash collateral with
respect to obligations arising under or in connection with one or more Chinese Letters of Credit, and (B) any Deposit Accounts or Securities Accounts in which any cash and Cash Equivalents described in clause (A) are held or
credited;” 
 2. Limited Waivers. 
 (a) Notwithstanding any requirement contained in the Credit Agreement, including Section 5.11 therein, or in any other Loan Document to join any newly formed Subsidiary as a Guarantor and
cause such Subsidiary to pledge its assets as security for the Obligations, subject to (i) the prior satisfaction of each of the conditions precedent set forth in Section 3 below to the effectiveness of this Amendment, and
(ii) the last sentence of Section 5.12 of the Credit Agreement (as amended hereby), the Required Lenders hereby waive compliance with (A) Section 5.11 of the Credit Agreement with respect to SGS CV, Stream LLC,
Stream HK, WFOE, VIE and any other Chinese Entity (as defined below), (B) any provision of any Loan Document that would require SGS CV, Stream LLC, Stream HK, WFOE, VIE or any other Chinese Entity to become a Loan Party or to grant security
interests in, or otherwise pledge, any of its assets or properties to secure the Obligations or any portion thereof, and (C) any representation, warranty, covenant or other provision of any Loan Document (including, without limitation,
Section 21 of any Guaranty) that has been or is breached or violated as a result of the failure of any of SGS CV, Stream LLC, Stream HK, WFOE, VIE or any other Chinese Entity to comply with any requirement in any Loan Document that would
require SGS CV, Stream LLC, Stream HK, WFOE, VIE or any other Chinese Entity to become a Loan Party or to grant security interests in, or otherwise pledge, any of its assets or properties to secure the Obligations or any portion thereof. For
purposes of this Amendment, “Chinese Entity” shall mean any of (i) WFOE, (ii) VIE, or (iii) any other entity formed by Parent or any of its Subsidiaries under the laws of China subsequent to the date of this
Amendment. 
 (b) Subject to the prior satisfaction of each of the conditions precedent set forth in Section 3 below
to the effectiveness of this Amendment, the Required Lenders hereby waive any failure to comply with Section 6.9 of the Credit Agreement or any other provision (including any representation or warranty) contained in any Loan Document
resulting from any repurchase of Warrants so long as all such repurchases comply or complied with Section 6.9 of the Credit Agreement as amended hereby. 
 (c) Subject to the prior satisfaction of each of the conditions precedent set forth in Section 3 below to the effectiveness of this Amendment, the Required Lenders hereby waive any failure by
Parent or any of its Subsidiaries on or before the effectiveness of this Amendment to comply with Section 6.11(b) of the Credit Agreement or any other provision (including any representation or warranty)

  
 - 6 -

 
contained in any Loan Document resulting from the failure by Parent or any of its Subsidiaries to comply with the requirements of such section, and 

(d) The waivers set forth in Section 2(a), Section 2(b) and Section 2(c) will be limited precisely as
written and will not be deemed (i) to be an amendment, consent or waiver of any other term or condition of the Credit Agreement or the other Loan Documents, (ii) to prejudice any right or remedy which the Lender Group may now have or may
have in the future under or in connection with the Credit Agreement or the other Loan Documents (after giving effect to this Amendment), or (iii) to be a consent to any future amendment, consent or waiver or departure from the terms and
conditions of the Credit Agreement or the other Loan Documents. 
 3. Effectiveness of this Amendment. Agent must have
received the following items, in form and content acceptable to Agent in its Permitted Discretion, before this Amendment is effective. 
 (a) Amendment. This Amendment, fully executed. 
 (b)
Other Required Documentation. All other documents and legal matters in connection with the transactions contemplated by this Amendment shall have been delivered or executed or recorded, as required by Agent in its Permitted Discretion.

 Agent shall promptly notify Parent that this Amendment has become effective. 

4. Representations and Warranties. Each Loan Party represents and warrants as follows: 

(a) Authority. Each Loan Party has the requisite organizational power and authority to execute and deliver this Amendment, and to
perform its obligations hereunder and under the Loan Documents (as modified hereby) to which it is a party. The execution, delivery and performance by each Loan Party of this Amendment have been duly approved by all necessary organizational action
and no other organizational proceedings are necessary to consummate such transactions. 
 (b) Enforceability. This
Amendment has been duly executed and delivered by the Loan Parties. This Amendment and each Loan Document (as modified hereby) is the legal, valid and binding obligation of the Loan Parties party thereto, enforceable against each Loan Party party
thereto in accordance with its terms, except as enforceability may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally, and is in full
force and effect. 
 (c) Representations and Warranties. After giving effect to the provisions of this Amendment, the
representations and warranties of the Borrowers or their respective Subsidiaries contained in each Loan Document are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and
warranties that already are qualified or modified by materiality in the text thereof) on and as of the date of this Amendment, as though made on and as of the date hereof (except to the extent that such representations and warranties relate solely
to an earlier date). 
 (d) No Default. After giving effect to the provisions of this Amendment, no event has occurred
and is continuing that constitutes a Default or an Event of Default. 
 5. Choice of Law. The validity of this Amendment,
its construction, interpretation and enforcement, the rights of the parties hereunder, shall be determined under, governed by, and construed in 

  
 - 7 -

 
accordance with the internal laws of the State of New York governing contracts only to be performed in that State. 
 6. Counterparts. This Amendment may be executed in any number of counterparts and by different parties and separate counterparts, each of which when so executed and delivered, shall be deemed an
original, and all of which, when taken together, shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by telefacsimile, pdf or other similar method of electronic transmission shall
be effective as delivery of a manually executed counterpart of this Amendment. 
 7. Reference to and Effect on the Loan
Documents. 
 (a) Upon and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this
Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement”, “thereof” or words of like import
referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as modified hereby. 
 (b) Except as
specifically modified above, the Credit Agreement and all other Loan Documents, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed and shall constitute the legal, valid, binding and
enforceable obligations of the Loan Parties to the Lender Group and Bank Product Providers, except as enforceability may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or
limiting creditors’ rights generally. 
 (c) Except as expressly provided herein, the execution, delivery and effectiveness
of this Amendment shall not operate as a waiver of any right, power or remedy of the Lender Group under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. 

(d) To the extent that any terms and conditions in any of the Loan Documents shall contradict or be in conflict with any terms or
conditions of the Credit Agreement or any other Loan Document, after giving effect to this Amendment, such terms and conditions are hereby deemed amended accordingly to reflect the terms and conditions of the Credit Agreement and such other Loan
Documents as modified hereby. 
 8. Ratification. The Loan Parties hereby ratify and reaffirm each and every term and
condition set forth in the Credit Agreement and the Loan Documents, as modified hereby, effective as of the date hereof. 
 9.
Integration. This Amendment, together with the other Loan Documents, incorporates all negotiations of the parties hereto with respect to the subject matter hereof and is the final expression and agreement of the parties hereto with respect to
the subject matter hereof. 
 10. Severability. In case any provision in this Amendment shall be invalid, illegal or
unenforceable, such provision shall be severable from the remainder of this Amendment and the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

11. Acknowledgment by Guarantors. In connection with this Amendment, each of the undersigned, being a Guarantor under its
respective Guaranty, hereby acknowledges and agrees to this Amendment and confirms and agrees that its Guaranty is and shall continue to be, in full force and effect 

  
 - 8 -

 
and is hereby ratified and confirmed in all respects except that, upon the effectiveness of, and on and after the date of this Amendment, each reference in such Guaranty to the Credit Agreement,
“thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as modified by this Amendment. 

[signature pages follow] 

  
 - 9 -

 IN WITNESS WHEREOF, the parties have entered into this Amendment as of the date first above
written. 
  

			
	PARENT / U.S. BORROWER / GUARANTOR:
	
	STREAM GLOBAL SERVICES, INC.,
	a Delaware corporation
		
	By:	 	 /s/ Kathryn V. Marinello

	Name: Kathryn V. Marinello
	Title: Chief Executive Officer and President

 (First Amendment to Credit Agreement) 

 
			
	U.S. BORROWERS / GUARANTORS:
	
	STREAM HOLDINGS CORPORATION,
	a Delaware corporation
		
	By:	 	 /s/ Kathryn V. Marinello

	Name: Kathryn V. Marinello
	Title: Chief Executive Officer and President

 (First Amendment to Credit Agreement) 

 
			
	STREAM INTERNATIONAL INC.,
	a Delaware corporation
		
	By:	 	 /s/ Kathryn V. Marinello

	Name: Kathryn V. Marinello
	Title: Chief Executive Officer and President

 (First Amendment to Credit Agreement) 

 
			
	STREAM NEW YORK INC.,
	a Delaware corporation
		
	By:	 	 /s/ Kathryn V. Marinello

	Name: Kathryn V. Marinello
	Title: Chief Executive Officer and President

 (First Amendment to Credit Agreement) 

 
			
	STREAM GLOBAL SERVICES-US, INC.,
	a Delaware corporation
		
	By:	 	 /s/ Kathryn V. Marinello

	Name: Kathryn V. Marinello
	Title: Chief Executive Officer and President

 (First Amendment to Credit Agreement) 

 
			
	STREAM GLOBAL SERVICES-AZ, INC.,
	an Arizona corporation
		
	By:	 	 /s/ Kathryn V. Marinello

	Name: Kathryn V. Marinello
	Title: Chief Executive Officer and President

 (First Amendment to Credit Agreement) 

 
			
	STREAM INTERNATIONAL EUROPE B.V.,
	a besloten vennootschap met beperkte aansprakelijkheid organized under the laws of the Netherlands
		
	By:	 	 /s/ Kathryn V. Marinello

	Name: Kathryn V. Marinello
	Title: Director

 (First
Amendment to Credit Agreement) 

 
			
	FOREIGN BORROWERS / GUARANTORS:
	
	SGS NETHERLANDS INVESTMENT CORPORATION B.V.,
	a besloten vennootschap met beperkte aansprakelijkheid organized under the laws of the Netherlands
		
	By:	 	 /s/ Kathryn V. Marinello

	Name: Kathryn V. Marinello
	Title: Director
		
	By:	 	 /s/ Matthew A. Ebert

	Name: Matthew A. Ebert
	Title: Director

 (First
Amendment to Credit Agreement) 

 
			
	STREAM INTERNATIONAL SERVICE EUROPE B.V.,
	a besloten vennootschap met beperkte aansprakelijkheid organized under the laws of the Netherlands
		
	By:	 	 /s/ Kathryn V. Marinello

	Name: Kathryn V. Marinello
	Title: Director

 (First
Amendment to Credit Agreement) 

 
			
	STREAM INTERNATIONAL CANADA INC.,
	an Ontario corporation
		
	By:	 	 /s/ Kathryn V. Marinello

	Name: Kathryn V. Marinello
	Title: President and Chief Executive Officer

 (First Amendment to Credit Agreement) 

 
			
	GUARANTORS:
	
	STREAM INTERNATIONAL (N.I.) LIMITED,
	a Northern Ireland private limited company
		
	By:	 	 /s/ Kathryn V. Marinello

	Name: Kathryn V. Marinello
	Title: Director

 (First
Amendment to Credit Agreement) 

 
			
	WELLS FARGO CAPITAL FINANCE, LLC,
	a Delaware limited liability corporation,
	as Agent and on behalf of the Required Lenders at their request
		
	By:	 	 /s/ Paul G. Chao

	Name: Paul G. Chao
	Title: Senior Vice President

(First Amendment to Credit Agreement)2006 Employee Stock Option Plan (as amended through June 3, 2011)

 Exhibit 10.1 
 HILL INTERNATIONAL, INC. 
 2006 EMPLOYEE STOCK OPTION PLAN

 As Amended through June 3, 2011 
 Section 1. Purpose 
 The purpose of the Hill International, Inc. 2006
Employee Stock Option Plan (the “Plan”) is to enable Hill International, Inc. (the “Company”) to attract, retain, motivate and provide additional incentive to certain directors, officers, employees, consultants and advisors,
whose contributions are essential to the growth and success of the Company, by enabling them to participate in the long-term growth of the Company through stock ownership. 
 Section 2. Definitions 
 As used in the Plan: 

“Code” means the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder. 

“Board” means the Board of Directors of the Company. 
 “Cause” means the termination of a Participant’s employment, consulting or advisory relationship with the Company or the termination of a Participant’s membership on the Board because
of the occurrence of any of the following events: 
 (i) the Participant materially breaches any of his obligations as an
employee or director of the Company; 
 (ii) the Participant conducts his duties with respect to the Company in a manner that is
improper or negligent; or 
 (iii) the Participant fails to perform his obligations faithfully as provided in any employment
agreement executed between the Company and the Participant, engages in habitual drunkenness, drug abuse, or commits a felony, fraud or willful misconduct which has resulted, or is likely to result, in material damage to the Company, or as the Board
in its sole discretion may determine. 
 “Committee” means the Compensation Committee of the Board (or any successor
committee of the Board) or such other committee that is responsible for making recommendations to the Board (or for exercising authority delegated to it by the Board pursuant to Section 3 of the Plan, if any) with respect to the grant and terms
of Options under the Plan; provided, however, that (i) with respect to Options to any employees who are officers of the Company or members of the Board for purposes of Section 16 of the Exchange Act, Committee means all of the members of
the Compensation Committee who are “non-employee directors” 

 within the meaning of Rule 16b-3 adopted under the Exchange Act, or any successor rule, (ii) with
respect to Options to any employees who are officers of the Company or members of the Board for purposes of Section 16 and who are intended to satisfy the requirements for “performance based compensation” within the meaning of
Section 162(m)(4)(C) of the Code, the regulations promulgated thereunder, and any successors thereto, Committee means all of the members of the Compensation Committee who are “outside directors” within the meaning of
Section 162(m) of the Code, and (iii) with respect to all Options, the Committee shall be comprised of “independent” directors. 
 “Company” means Hill International, Inc., a Delaware corporation, and any present or future parent or subsidiary corporations (as defined in Section 424 of the Code) or any successor to
such corporations. 
 “Common Stock” or “Stock” means the common stock, $0.0001 par value per share, of the
Company. 
 “Disability” means permanent and total disability as defined in Section 22(e)(3) of the Code.

 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Fair Market Value”, with respect to Common Stock, shall be determined as follows: 

(i) If the Common Stock is at the time listed on any stock exchange or the Nasdaq National Market or the Nasdaq SmallCap Market, then the
Fair Market Value shall be the closing selling price per share of Common Stock on the date in question on the stock exchange or the Nasdaq Market determined by the Board to be the primary market for the Common Stock, as such price is officially
reported on such exchange or market. If there is no closing selling price for the Common Stock on the date in question, then the Fair Market Value shall be the closing selling price on the last preceding date for which such quotation exists.

 (ii) If the Common Stock is at the time traded on the Over-The-Counter Bulletin Board (“OTCBB”), then the Fair
Market Value shall be the closing selling price per share of Common Stock on the date in question, as such price is quoted on the OTCBB or any successor system. If there is no closing selling price for the Common Stock on the date in question, then
the Fair Market Value shall be the closing selling price on the last preceding date for which such quotation exists. 
 (iii) If
the Common Stock is not listed or traded on any stock exchange or Nasdaq System or the OTCBB, the Fair Market Value shall be determined by the Board in good faith and in the manner established by the Board from time to time using a reasonable
valuation method. 
 “Incentive Stock Option” means an option to purchase shares of Common Stock awarded to a
Participant under the Plan which is designated as such or is otherwise intended to meet the requirements of Section 422 of the Code or any successor provision. 

  
 2 

 “Non-Employee Director” means a member of the Board who is not an employee of the
Company. 
 “Non-Qualified Stock Option” means an option to purchase shares of Common Stock granted to a Participant
under the Plan which is designated as such or is otherwise not intended to be an Incentive Stock Option. 
 “Option”
means an Incentive Stock Option or a Non-Qualified Stock Option. 
 “Participant” means an eligible person selected by
the Board to receive an Option under the Plan. 
 “Plan” means the Hill International, Inc. 2006 Employee Stock Option
Plan. 
 “Retirement” means termination of employment in accordance with the retirement provisions of any retirement
plan maintained by the Company. 
 Section 3. Administration 
 (a) The Plan shall be administered by the Board. Among other things, the Board shall have authority, subject to the terms of the Plan including, without limitation, the provisions governing participation
in the Plan, to grant Options, to determine the individuals to whom and the time or times at which Options may be granted and to determine the terms and conditions of any Option granted hereunder. Subject to paragraph (d) of this
Section 3, the Board may solicit the recommendations of the Committee with respect to any of the foregoing, but shall not be bound to follow any such recommendations. 
 (b) Subject to the provisions of this Plan, the Board shall have authority to adopt, alter and repeal such administrative rules, guidelines and practices governing the operation of the Plan as it shall
from time to time consider advisable, to interpret the provisions of the Plan and any Option and to decide all disputes arising in connection with the Plan. The Board’s decision and interpretations shall be final and binding. Any action of the
Board with respect to the administration of the Plan shall be taken pursuant to a majority vote or by the unanimous written consent of its members. 
 (c) The Board may employ such legal counsel, consultants and agents as it may deem desirable for the administration of the Plan and may rely upon any opinion received from any such counsel or consultant
and any computation received from any such consultant or agent. The Board shall keep minutes of its actions under the Plan. 

(d) The Board shall have the authority to delegate all or any portion of the authority granted to it (consistent with applicable law)
under this Section 3 or elsewhere under the Plan to the Committee. If such authority is so delegated by Board, the Committee shall have such rights and authority to make determinations and administer the Plan as are specified in the delegation
of authority. To the extent that the Board delegates its authority as provided by this Section 3(d), all references in the Plan to the Board’s authority to grant Options and make determinations with respect thereto shall be deemed to
include the Committee. 

  
 3 

 Section 4. Eligibility 
 All officers, employees, consultants and advisors of the Company who are from time to time responsible for the management, growth and protection of the business of the Company, and all directors of the
Company, shall be eligible to participate in the Plan. The Participants under the Plan shall be selected from time to time by the Board, in its sole discretion, from among those eligible, and the Board shall determine in its sole discretion the
numbers of shares to be covered by the Option or Options granted to each Participant. Options intended to qualify as Incentive Stock Options shall be granted only to key employees while actually employed by the Company. Non-Employee Directors,
consultants and advisors shall not be entitled to receive Incentive Stock Options under the Plan. 
 Section 5. Shares of Stock Available for
Options 
 (a) Options may be granted under the Plan for up to 6,000,000 shares of Common Stock, each of which may be granted
as Incentive Stock Options. If any Option in respect of shares of Common Stock expires or is terminated before exercise or is forfeited for any reason, without a payment in the form of Common Stock being granted to the Participant, the shares of
Common Stock subject to such Option, to the extent of such expiration, termination or forfeiture, shall again be available for grant under the Plan. Shares of Common Stock issued under the Plan may consist in whole or in part of authorized and
unissued shares, shares purchased in the open market or otherwise, treasury shares, or any combination thereof, as the Board may from time to time determine. Subject to Section 5(b), the maximum number of shares that may be covered by Options
granted to any one individual during any one calendar year period shall be 500,000 shares. 
 (b) In the event that the Board
determines, in its sole discretion, that any stock dividend, extraordinary cash dividend, creation of a class of equity securities, recapitalization, reclassification, reorganization, merger, consolidation, stock split, spin-off, combination,
exchange of shares, warrants or rights offering to purchase Common Stock at a price substantially below Fair Market Value, or other similar transaction affects the Common Stock such that an adjustment is required in order to preserve the benefits or
potential benefits intended to be granted under the Plan to Participants, the Board shall have the right to adjust equitably any or all of (i) the number of shares of Common Stock in respect of which Options may be granted under the Plan to
Participants, (ii) the number and kind of shares subject to outstanding Options held by Participants, and (iii) the exercise price with respect to any Options held by Participants, and if considered appropriate, the Board may make
provision for a cash payment with respect to any outstanding Options held by a Participant, provided that the number of shares subject to any Option shall always be a whole number. 
 Section 6. Incentive Stock Options 
 (a) Subject to Federal statutes then
applicable and the provisions of the Plan, the Board may grant Incentive Stock Options and determine the number of shares to be covered by each such Option, the option price therefor, the term of such Option, the vesting schedule of such Option, and
the other conditions and limitations applicable to the exercise of the Option. The terms and conditions of Incentive Stock Options shall be subject to and shall comply with 

  
 4 

 
Section 422 of the Code, or any successor provision, and any regulations thereunder. Anything in the Plan to the contrary notwithstanding, no term of the Plan relating to Incentive Stock
Options shall be interpreted, amended or altered, nor shall any discretion or authority granted to the Board under the Plan be so exercised, so as to disqualify, without the consent of the Participant, any Incentive Stock Option granted under the
Plan pursuant to Section 422 of the Code. The foregoing notwithstanding, any Option that fails to be an ISO shall remain outstanding according to its terms and shall be treated by the Company as a Non-Qualified Stock Option. 

(b) The option price per share of Common Stock purchasable under an Incentive Stock Option shall not be less than 100% of the Fair Market
Value of the Common Stock on the date of grant. If the Participant owns or is deemed to own (by reason of the attribution rules applicable under Section 424(d) of the Code) more than 10% of the combined voting power of all classes of stock of
the Company or any subsidiary or parent corporation of the Company and an Incentive Stock Option is granted to such Participant, the option price shall be not less than 110% of Fair Market Value of the Common Stock on the date of grant. 

(c) No Incentive Stock Option shall be exercisable more than ten (10) years after the date such option is granted. If a Participant
owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the Code) more than 10% of the total combined voting power of all classes of stock of the Company or any subsidiary or parent corporation of the Company and an
Incentive Stock Option is granted to such Participant, such Option shall not be exercisable after the expiration of five (5) years from the date of grant. 
 (d) Unless otherwise determined by the Board at the time of grant, in the event a Participant’s employment terminates by reason of Retirement or Disability, any Incentive Stock Option granted to such
Participant which is then outstanding may be exercised at any time prior to the expiration of the term of such Incentive Stock Option or within three (3) months in the case of Retirement and twelve (12) months in case of Disability (or
such shorter period as the Board shall determine at the time of grant) following the Participant’s termination of employment, whichever period is shorter. 
 (e) Unless otherwise determined by the Board at the time of grant, in the event a Participant’s employment is terminated by reason of death, any Incentive Stock Option granted to such Participant
which is then outstanding may be exercised by the Participant’s legal representative at any time prior to the expiration date of the term of the Incentive Stock Option or within twelve (12) months (or such shorter period as the Board shall
determine at the time of grant) following the Participant’s termination of employment, whichever period is shorter. 
 (f)
Unless otherwise determined by the Board at or after the time of grant, in the event a Participant’s employment shall terminate for Cause, any Incentive Stock Option granted to such Participant which is then outstanding shall be canceled and
shall terminate. 
 (g) Unless otherwise determined by the Board at or after the time of grant, in the event the a
Participant’s employment shall terminate for any reason other than death, Disability, Retirement or Cause, any Incentive Stock Option granted to such Participant which is then outstanding may be exercised at any time prior to the expiration of
the term of such option or 

  
 5 

 
within three (3) months (or such shorter period as the Board shall determine at the time of grant) following Participant’s termination of employment, whichever period is shorter.

 (h) The aggregate Fair Market Value of Common Shares first becoming subject to exercise as an Incentive Stock Option by a
Participant during any given calendar year shall not exceed the sum of One Hundred Thousand Dollars ($100,000.00). Such aggregate Fair Market Value shall be determined as of the date such Option is granted. 

Section 7. Non-Qualified Stock Options 
 (a) Subject to the provisions of the Plan, the Board may grant Non-Qualified Stock Options and determine the number of shares to be covered by each such Option, the option price therefor, the term of such
Option, the vesting schedule and the other conditions and limitations applicable to the exercise of the Non-Qualified Stock Options. 
 (b) The option price per share of Common Stock purchasable under a Non-Qualified Stock Option shall be the price determined by the Board, which may be, equal to or greater than the Fair Market Value of
the Common Stock on the date of grant. 
 (c) No Non-Qualified Stock Option shall be exercisable more than ten (10) years
after the date such option is granted. 
 (d) Unless otherwise determined by the Board at the time of grant, in the event a
Participant’s employment by the Company or membership on the Board terminates by reason of Retirement or Disability, any Non-Qualified Stock Option granted to such Participant which is then outstanding may be exercised at any time prior to the
expiration of the term of such Non-Qualified Stock Option or within three (3) months in the case of Retirement and twelve (12) months in case of Disability (or such shorter period as the Board shall determine at the time of grant)
following the Participant’s termination of employment, whichever period is shorter. 
 (e) Unless otherwise determined by
the Board at the time of grant, in the event a Participant’s employment by the Company or membership on the Board is terminated by reason of death, any Non-Qualified Stock Option granted to such Participant which is then outstanding may be
exercised by the Participant’s legal representative at any time prior to the expiration date of the term of the Non-Qualified Stock Option or within twelve (12) months (or such shorter period as the Board shall determine at the time of
grant) following the Participant’s termination of employment, whichever period is shorter. 
 (f) Unless otherwise
determined by the Board at or after the time of grant, in the event a Participant’s employment by the Company or membership on the Board shall terminate for Cause, any Non-Qualified Stock Option granted to such Participant which is then
outstanding shall be canceled and shall terminate. 
 (g) Unless otherwise determined by the Board at or after the time of
grant, in the event a Participant’s employment by the Company or membership on the Board shall terminate for any reason other than death, Disability, Retirement or Cause, any Non-Qualified Stock Option granted to such Participant which is then
outstanding may be exercised at any time prior to the expiration of the term of such Option or within three (3) months (or such shorter period as 

  
 6 

 
the Board shall determine at the time of grant) following Participant’s termination, whichever period is shorter. 
 Section 8. General Provisions Applicable to Options 
 (a) Each Option under
the Plan shall be evidenced by a writing delivered to the Participant specifying the terms and conditions thereof and containing such other terms and conditions not inconsistent with the provisions of the Plan as the Board considers necessary or
advisable to achieve the purposes of the Plan or comply with applicable tax and regulatory laws and accounting principles. 

(b) Each Option may be granted alone, in addition to or in relation to any other Option. The terms of each Option need not be identical,
and the Board need not treat Participants uniformly. Except as otherwise provided by the Plan or a particular Option, any determination with respect to an Option may be made by the Board at the time of grant or at any time thereafter. 

(c) The Board shall determine whether Options are settled in whole or in part in cash, Common Stock, other securities of the Company, or
other property, and may, in its discretion, permit “cashless exercises” pursuant to such procedures as may be established by the Board. 
 (d) No shares shall be delivered pursuant to any exercise of an Option until payment in full of the option price therefor is received by the Company. Such payment may be made in whole or in part in cash
or by certified or bank check or, to the extent permitted by the Board at or after the grant of the Option, by delivery of shares of Common Stock owned by the Participant valued at their Fair Market Value on the date of delivery, or such other
lawful consideration as the Board may in its sole discretion determine. 
 (e) No Option shall be transferable by the
Participant otherwise than by will or by the laws of descent and distribution, and all Options shall be exercisable during the Participant’s lifetime only by the Participant or the Participant’s duly appointed guardian or personal
representative. 
 (f) The Board may at any time accelerate the exercisability of all or any portion of any Option. 

(g) The Participant shall pay to the Company, or make provision satisfactory to the Board for payment of, any taxes required by law to be
withheld in respect of Options under the Plan no later than the date of the event creating the tax liability. In the Board’s sole discretion, a Participant may elect to have such tax obligations paid, in whole or in part, in shares of Common
Stock, including shares retained from the Option creating the tax obligation. For withholding tax purposes, the value of the shares of Common Stock shall be the Fair Market Value on the date the withholding obligation is incurred. The Company may,
to the extent permitted by law, deduct any such tax obligations from any payment of any kind otherwise due to the Participant. 

(h) For purposes of the Plan, the following events shall not be deemed a termination of employment of a Participant: 

  
 7 

 (i) a transfer to the employment of the Company from a subsidiary or from the Company to a
subsidiary, or from one subsidiary to another, or 
 (ii) an approved leave of absence for military service or sickness, or for
any other purpose approved by the Company, if the Participant’s right to reemployment is guaranteed either by a statute or by contract or under the policy pursuant to which the leave of absence was granted or if the Board otherwise so provides
in writing. 
 For purposes of the Plan, employees of a subsidiary of the Company shall be deemed to have terminated their
employment on the date on which such subsidiary ceases to be a subsidiary of the Company. 
 (i) The Board may amend, modify or
terminate any outstanding Option held by a Participant, including substituting therefor another Option of the same or a different type, changing the date of exercise or realization, and converting an Incentive Stock Option to a Non-Qualified Stock
Option, provided that the Participant’s consent to each action shall be required unless the Board determines that the action, taking into account any related action, would not materially and adversely affect the Participant. 

Section 9. Miscellaneous 

(a) No person shall have any claim or right to be granted an Option, and the grant of an Option shall not be construed as giving a
Participant the right to continued employment. The Company expressly reserves the right at any time to dismiss a Participant free from any liability or claim under the Plan, except as expressly provided in the applicable Option. 

(b) Nothing contained in the Plan shall prevent the Company from adopting other or additional compensation arrangements for its
employees. 
 (c) Subject to the provisions of the applicable Option, no Participant shall have any rights as a shareholder with
respect to any shares of Common Stock to be distributed under the Plan until he or she becomes the holder thereof. 
 (d)
Notwithstanding anything to the contrary expressed in this Plan, any provisions hereof that vary from or conflict with any applicable Federal or State securities laws (including any regulations promulgated thereunder) shall be deemed to be modified
to conform to and comply with such laws. 
 (e) No member of the Board shall be liable for any action or determination taken or
granted in good faith with respect to this Plan nor shall any member of the Board be liable for any agreement issued pursuant to this Plan or any grants under it. Each member of the Board shall be indemnified by the Company against any losses
incurred in such administration of the Plan, unless his action constitutes willful misconduct. 
 (f) The Plan shall be
effective as of the date that the shareholders of the Company approve the Plan. 

  
 8 

 (g) The Board may amend, suspend or terminate the Plan or any portion thereof at any time,
provided that no amendment shall be granted without shareholder approval if such approval is necessary to comply with any applicable tax laws or regulatory requirement. 
 (h) Options may not be granted under the Plan after May 31, 2020, but then-outstanding Options may be exercised in accordance with their terms after such date. 

(i) To the extent that State laws shall not have been preempted by any laws of the United States, the Plan shall be construed, regulated,
interpreted and administered according to the other laws of the State of Delaware. 
 (j) Options may be granted to employees of
the Company who are foreign nationals or employed outside the United States, or both, on such terms and conditions different from those specified in the Plan as may, in the judgment of the Board, be necessary or desirable in order to recognize
differences in local law or tax policy. The Board may also impose conditions on the exercise or vesting of Options in order to minimize the Company’s obligation with respect to tax equalization for employees on assignments outside their home
country. 

  
 9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}]]