Exhibit 10.1

Confidential Materials omitted and filed separately with the

Securities and Exchange Commission. Asterisks denote omissions.

2011 Management Incentive Plan

(MIP)

Corporate SG&A for

Managers and Above

Effective: January 1, 2011

2011 Stream Global Services Management Incentive Plan

Corporate SG&A for Managers and Above

The objective of the 2011 Stream Global Services Management Incentive Plan Corporate SG&A for Managers and Above (the “Plan”) is to recognize and reward the achievement of company-wide growth and profitability objectives that are essential to the success of Stream Global Services, Inc. (“Stream” or the “Company”).

The effective date for implementation of the Plan shall be January 1, 2011.

Employees in Corporate SG&A at the manager level and above whose roles and responsibilities are deemed by executive management to be critical to operations and/or who have direct responsibility for achieving the financial results of the Company are eligible for participation in the Plan. (Each such designated person is called a “Participant” in this Plan.) Target payouts, plan components and component weightings are defined by the Participant’s position, as further set forth below.

Stream will issue all Participants a notice of their eligibility and their individual components by providing a document in the form of Appendix C (the “Plan Notice”). Other eligibility requirements are listed in Section 7 below, and an individual may only become a Participant by complying with those requirements.

Participants will be assigned an annual target payout for the Plan as specified in the applicable Plan Notice (the “Target”). The Target will vary according to the Participant’s position and may be expressed as a percentage of base salary or as a specified amount. The Target represents the potential financial award that will be earned at 100% achievement of goals for all Plan components, as described below, at year-end.

Actual Plan payouts will be based on the following Plan components: (a) the achievement of the Company of its 2011 Profit Improvement Plan (“Profit Improvement Performance”) (b) the performance of the Company against its Customer Value Pass Rate objectives in 2011 (“CV Pass Rate Performance”) and (c) the performance of the individual Participant in 2011 (“Individual Performance”). Plan payouts will be calculated based upon the 2011 annual financial performance of the Company and its affiliates (“Corporate Financial Performance”). Targets are weighted based on the Participant’s job level in accordance with Table 1 below to reflect the Participant’s ability to influence Company performance.

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2011 Stream Global Services Management Incentive Plan

Corporate SG&A for Managers and Above

TABLE 1

Performance Percentages by Job Level

Each Participant’s Target payout shall be determined after the end of the 2011 calendar year based upon achievement of the individual performance objectives applicable to the Participant. In the event that any of the Profit Improvement Performance, CV Pass Rate Performance or Individual Performance objectives is not achieved for a Participant, the Participant shall not be eligible to receive any Target payout in respect of such objective. After determination of the objectives that were achieved for the Participant in 2011, the Participant’s Target shall be adjusted to reflect only those applicable objectives that were achieved (the “Achieved Target”). For example, if a Director Participant did not achieve the Individual Performance objective but the Profit Improvement Performance and CV Pass Rate Performance objectives were achieved, the Participant’s Achieved Target would be equal to 85% of the Target (i.e., the Target less the 15% attributable to the Director’s Individual Performance).

Calculation will be subject to the completion of the Stream Global Services 2011 external audit by Ernst & Young and the 2011 Performance Management process. In the event that the Company fails to achieve the Corporate Financial Performance Threshold, as defined below, no Plan payouts will be made, regardless of the achievement of the Profit Improvement Performance objective, the CV Pass Rate Performance objective or the Individual Performance objective.

Following the completion of the 2011 external audit of the Company and the 2011 Performance Management process, the Plan payouts that are due to each Participant will be calculated in accordance with this Plan and paid in accordance with the Company’s normal payroll practices.

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2011 Stream Global Services Management Incentive Plan

Corporate SG&A for Managers and Above

The Management Incentive Plan payout for each Participant will be dependent upon the Participant’s role in the Company and determined based upon achievement against the following metrics, as set forth in Table 1 above: Profit Improvement Performance, CV Pass Rate Performance and Individual Performance. In addition, Plan payments will be paid at a percentage determined by Corporate Financial Performance. These components are further described below.

The Corporate Financial Performance funding mechanism is determined by the Company’s financial performance in 2011. The Company’s financial performance measurement for MIP purposes shall be the Company’s 2011 Operating Income, plus depreciation and amortization, minus any income or plus any expense related to commencing operations in China, plus any employee stock compensation charges (including charges recorded under FAS 123R or other similar provisions related to stock compensation charges), and plus any non-recurring one-time items (initially contemplated as severance and related stock option acceleration, significant litigation settlements, site closure costs, and transaction costs related to M&A activity) (collectively, “Adjusted EBIDTA”). The Board of Directors and/or Compensation Committee shall quarterly review any such non-recurring “one-time” items and shall have the right to include or exclude such items in the determination of Adjusted EBITDA for MIP purposes at their sole discretion. In addition, the Board of Directors and/or Compensation Committee shall have the right to review the market lease adjustment to reduce such adjustment by any foreign exchange gains that may occur in 2011.

Plan payments will be determined in accordance with Table 2 below based on achievement by the Company of a targeted Adjusted EBITDA of $84.5 million in United States Dollars (the “Corporate Financial Performance Metric”).

TABLE 2

Corporate Financial Performance and Plan Percentage Funding

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2011 Stream Global Services Management Incentive Plan

Corporate SG&A for Managers and Above

If the Company does not achieve Adjusted EBITDA of at least $76.5 million (the “Corporate Financial Performance Threshold”), no payouts will be made in respect of the Plan. In the event that Company achieves Adjusted EBITDA of at least $76.5 million but less than $84.5 million, the Participant shall not be eligible to receive the entire Achieved Target but shall be eligible to receive only such percentage thereof as set forth in the Plan Percentage Funded column of Table 2 based on the Adjusted EBITDA achieved (the “Actual Percentage Funded”).

The Plan includes an overachievement accelerator allowing the Participant to earn up to 150% of the Achieved Target if the Company exceeds its Corporate Financial Performance Metric. The Achieved Target will be adjusted to reflect the Actual Percentage Funded in the event of overachievement of the Corporate Financial Performance Metric in accordance with Table 2 above.

The Profit Improvement Performance component is determined by whether the Company achieves the goal of its Profit Improvement Plan as determined by the Chief Executive Officer of the Company. The Profit Improvement Plan contemplates an aggregate increase of 2011 corporate profits in the amount of $[**] million, achieved through attrition and penalty reductions, procurement savings, staff reductions, improvement of seat turns and terminating sub-par programs. The Profit Improvement Performance objective shall be binary (i.e., whether the Company achieves the Profit Improvement Plan goal or not) and may be subject to accelerator treatment. If the Profit Improvement Performance objective is achieved, the Participant shall be eligible to receive the Profit Improvement Performance portion of the Target, as may be adjusted by the Actual Percentage Funded.

The CV Pass Rate Performance component is determined by whether the sites identified on the Participant’s Plan Notice achieve an average improvement in CV Pass rate of at least [**]% from the CV Pass rates achieved by such sites in 2010, as further described in Appendix A. The CV Pass Rate Performance target shall be binary (i.e., the sites achieved the required improvement or not) and may be subject to accelerator treatment. If the CV Pass Rate Performance objective is achieved, the Participant shall be eligible to receive the CV Pass Rate Performance portion of the Target, as may be adjusted by the Actual Percentage Funded.

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2011 Stream Global Services Management Incentive Plan

Corporate SG&A for Managers and Above

The Individual Performance component is determined by the final summary assessment of the individual Participant in the Company’s 2011 Performance Management process to be conducted in early 2012. Participants who are Executives do not participate in this component of the Plan. The Participant will not receive any payout in respect of the Individual Performance component if the Participant is assessed as Does Not Meet Expectations. The Participant shall be eligible to receive the Individual Performance portion of the Target, as may be adjusted by the Actual Percentage Funded, if the Participant is assessed as Meets Expectations or better.

The Plan includes an overachievement accelerator allowing the Participant to earn up to 125% of the Individual Performance target, as may be adjusted by the Actual Percentage Funded, if the Participant is assessed to Exceeds Expectations or better.

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2011 Stream Global Services Management Incentive Plan

Corporate SG&A for Managers and Above

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2011 Stream Global Services Management Incentive Plan

Corporate SG&A for Managers and Above

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2011 Stream Global Services Management Incentive Plan

Corporate SG&A for Managers and Above

Appendix A

2011 CV Pass Rate Performance Metrics

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2011 Stream Global Services Management Incentive Plan

Corporate SG&A for Managers and Above

Appendix B

2011 MIP Payout Example

Corporate Financial Performance Funding

2011 Adjusted EBITDA Achieved: $[**]

Actual Percentage Funded: [**]%

Profit Improvement Performance

CV Pass Rate Performance

Individual Performance

2011 Plan Total Payout: $[**]

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2011 Stream Global Services Management Incentive Plan

Corporate SG&A for Managers and Above

Appendix C

Plan Notice

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