PERSONAL AND CONFIDENTIALConfidentiality Agreement |
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PERSONAL AND CONFIDENTIAL
September 6, 2005
Mr. George Hepburn
1969 Spruce Drive
Glenview, IL 60025
Dear George:
I am pleased to present this offer of
employment to join APAC Customer Service, Inc. (“APAC”) as Senior
Vice President and Chief Financial Officer, reporting to me. The following
terms will apply:
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1. |
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Your start date will be
September 19, 2005. |
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2. |
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Your starting base salary
will be $300,000 on an annualized basis payable bi-weekly This “base
salary” is stated for convenience only and is not intended as an annual
contract of employment. Your base salary will be reviewed each year at the
time when increases for executives of APAC are considered. At the present
time that occurs on or about April 1 of each year. |
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3. |
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You will be a participant
in APAC’s annual Management Incentive Compensation Plan
(“MIP”) as it exists from year to year (copy enclosed). We
envision an opportunity of 10%-40%-80% for threshold-target-maximum
performance, respectively. The payout of MIP will depend on APAC’s
meeting its budgeted financial performance and your meeting your individual
and team performance goals that will be established each year between you and
the executive to whom you report. |
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You will be entitled to
paid vacation of four (4) weeks and will also be entitled to participate
in all employee benefit plans and programs extended to employees at the
executive level (Benefits Summary enclosed). |
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5. |
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Subject to the approval of
the Compensation Committee, you will be granted options to purchase 300,000
shares of APAC stock at an exercise price equal to the mean between the high
and low prices at which APAC’s common stock trades on the first day of
your employment with the Company, as reported by Bloomberg Financial Markets.
These options will vest at the rate of 20% per year during the first five
years of your employment. A copy of our option agreement is provided for your
re
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