Exhibit 10.2

2012 Management Incentive Plan

(MIP)

Corporate SG&A for

Managers and Above

Effective: January 1, 2012

2012 Stream Global Services Management Incentive Plan

Corporate SG&A for Managers and Above

The objective of the 2012 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, 2012.

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 B (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 2012 Revenue Plan (“Revenue Performance”) (b) the performance of the Company against its Customer Value Pass Rate objectives in 2012 (“CV Pass Rate Performance”) and (c) the performance of the individual Participant in 2012 (“Individual Performance”). Plan payouts will be calculated based upon the 2012 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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2012 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 2012 calendar year based upon achievement of the individual performance objectives applicable to the Participant. In the event that any of the Revenue 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 2012, 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 Revenue 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 2012 external audit by Ernst & Young and the 2012 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 Revenue Performance objective, the CV Pass Rate Performance objective or the Individual Performance objective.

Following the completion of the 2012 external audit of the Company, 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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2012 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: Revenue 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 2012. The Company’s financial performance measurement for MIP purposes shall be the Company’s 2012 Operating Income, plus depreciation and amortization, 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 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 2012.

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

TABLE 2

Corporate Financial “EBITDA” Performance and Plan Percentage Funding

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2012 Stream Global Services Management Incentive Plan

Corporate SG&A for Managers and Above

The CEO, subject to approval and ratification by the Compensation Committee, during or following completion of the 2012 calendar year, may recommend increases to the bonus pool (up to 20%) based upon factors such as (1) overachievement of Adjusted EBITDA targets for 2012, (2) efforts that position the Company for potential expansion in future years regarding revenue and/or margins, and (3) superior performance by individuals meriting incentive compensation beyond their stated merit bonus percentage.

If the Company does not achieve ‘Adjusted EBITDA’ of at least $[***] (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 $[***] or greater, the Participant shall be eligible to receive the Achieved Target funding percentage as set forth in the Plan Percentage Funded column of Table 2 based on the Adjusted EBITDA achieved (the “Actual Percentage Funded”).

The Revenue Performance component is determined by whether the Company achieves the goal of its Revenue Plan as determined by the Chief Executive Officer of the Company. The Revenue Plan for 2012 is set at $[***].

The Revenue Performance objective will be measured and funding awarded as set forth in the Plan Percentage Funded column of Table 3 below based on the Actual Revenue achieved (the “Actual Percentage Funded”), as may be adjusted by the Corporate Financial EBITDA Performance Funding.

TABLE 3

Corporate Revenue Performance and Plan Percentage Funding

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2012 Stream Global Services Management Incentive Plan

Corporate SG&A for Managers and Above

The CV Pass Rate Performance component is determined by whether the target identified on the Participant’s Plan Notice achieves the CV Pass rate, as further described in Appendix B. The CV Pass Rate Performance target shall be binary (i.e., the assigned level achieved the required improvement or not). 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.

The Individual Performance component is determined by the participants direct manager and is based on a discretionary assessment of the individuals overall performance during 2012. The Manager may award performance on individual performance between 75% and 100% achievement. 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.

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2012 Stream Global Services Management Incentive Plan

Corporate SG&A for Managers and Above

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2012 Stream Global Services Management Incentive Plan

Corporate SG&A for Managers and Above

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2012 Stream Global Services Management Incentive Plan

Corporate SG&A for Managers and Above

Appendix A

2012 MIP Payout Example

Corporate Financial Performance Funding

2012 Adjusted EBITDA Achieved: $[***]

Actual Percentage Funded: [***]% (Based on achievement of $[***] as applied to Table 2 on page 4)

Annual Target Bonus is $[***] and at [***]% funding level the actual funded bonus is $[***].

Revenue Performance

CV Pass Rate Performance

Individual Performance

2012 Plan Total Payout: $[***]

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2012 Stream Global Services Management Incentive Plan

Corporate SG&A for Managers and Above

Appendix B

Plan Notice

Note: CV Pass assigned based on participation level of Global or Regional

EBITDA Performance

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