Common use of Effect on Options Clause in Contracts

Effect on Options. As of the date of this Agreement, Richlin has certain options to purchase common stock of SITEL whi▇▇ ▇▇ ▇heir terms have become non-forfeitable, meaning Richlin retains them following this separation of employment. Fo▇ ▇▇▇▇oses of clarity, Richlin's non-forfeitable options (the "non-forfeitable options") are as follows: (a) 300,000 options with an exercise price of $3.50 each originally granted on March 19, 1998, of which none are currently exercisable as they are subject to a $9.00 price hurdle (b) 95,425 options with an exercise price of $4.78125 each originally granted on January 18, 1999, of which 38,170 are currently exercisable (c) 104,575 options with an exercise price of $4.78125 each originally granted on January 18, 1999, of which 41,830 are currently exercisable Such non-forfeitable options shall remain outstanding and exercisable in accordance with and subject to their terms and conditions as existed prior to Richlin's resignation. If SITEL hereafter determines in its sole discretion to remove the $9.00 price hurdle to exercisability from options held by all then current SITEL employees, in that event SITEL at the same time will also remove the $9.00 price hurdle to exercisability from the options held by Richlin. For purposes of clarity, Richlin's remaining options w▇▇▇▇ ▇▇e forfeitable, and which by their terms and conditions terminate upon the effective date of this Agreement, are the 75,000 options granted on January 3, 2000, and the 30,000 options granted on January 11, 2001. Richlin acknowledges that following the effective date of this Agreem▇▇▇ ▇▇ will accrue no further interest or vesting in any options to purchase stock of SITEL and shall be limited in his rights to exercise stock options to the non-forfeitable options described above.

Effect on Options. As of the date of this Agreement, Richlin Clough has certain options to purchase common stock of SITEL whi▇whic▇ ▇▇ ▇heir terms have become non-forfeitable, meaning Richlin Clough retains them following this separation of employment. Fo▇ ▇▇▇▇oses poses of clarity, RichlinClough's non-forfeitable options (the "non-forfeitable options") are as followsa▇▇ ▇▇ ▇▇llows: (a) 300,000 290,000 options with an exercise price of $3.50 each originally granted on March 19January 7, 19981997, of which none are currently exercisable as they are subject to a $9.00 price hurdle (b) 95,425 200,000 options with an exercise price of $9.75 each originally granted on February 17, 1998, of which 120,000 are currently exercisable (c) 128,595 options with an exercise price of $4.78125 each originally granted on January 18, 1999, of which 38,170 51,438 are currently exercisable (cd) 104,575 146,405 options with an exercise price of $4.78125 each originally granted on January 18, 1999, of which 41,830 are currently exercisable Such non-forfeitable options shall remain outstanding and exercisable in accordance with and subject to their terms and conditions as existed prior to RichlinClough's resignation. If SITEL hereafter determines in its sole discretion di▇▇▇▇▇▇▇▇ to remove the $9.00 price hurdle to exercisability from options held by all then current SITEL employees, in that event SITEL at the same time will also remove the $9.00 price hurdle to exercisability from the options held by RichlinClough. For purposes of clarity, RichlinClough's remaining options w▇wh▇▇▇ ▇▇e forfeitable, and which by their terms and ▇▇▇▇▇ ▇▇d conditions terminate upon the effective date of this Agreement, are the 75,000 110,000 award program options granted on January 7, 1997, the 125,000 options granted on January 3, 2000, and the 30,000 65,000 options granted on January 11, 2001. Richlin Clough acknowledges that following the effective date of this Agreem▇▇▇ ▇▇ will accrue no further interest or vesting in any options to purchase stock of SITEL and shall be limited in his rights to exercise stock options to the non-forfeitable options described above.