Sec Form 4 Filing - Delaney Brian James @ TELETECH HOLDINGS INC - 2008-09-02

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Delaney Brian James 2. Issuer Name and Ticker or Trading Symbol TELETECH HOLDINGS INC [ TTEC] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) EVP and Chief Operations Off. (Last) (First) (Middle) C/O TELETECH HOLDINGS, INC., 9197 S. PEORIA STREET 3. Date of Earliest Transaction (MM/DD/YY) 09/02/2008 (Street) ENGLEWOOD, CO80012 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Employee Stock Option (right to buy) $ 7.78 09/02/2008 A( 1 ) 12,000 ( 2 ) 06/07/2014 Common Stock 12,000 ( 1 ) 12,000 D Employee Stock Option (right to buy) $ 8.37 09/02/2008 D( 1 ) 12,000 ( 2 ) 06/07/2014 Common Stock 12,000 ( 1 ) 0 D Employee Stock Option (right to buy) $ 8.59 09/02/2008 A( 3 ) 50,000 ( 4 ) 09/09/2015 Common Stock 50,000 ( 3 ) 50,000 D Employee Stock Option (right to buy) $ 8.93 09/02/2008 D( 3 ) 50,000 ( 4 ) 09/09/2015 Common Stock 50,000 ( 3 ) 0 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Delaney Brian James C/O TELETECH HOLDINGS, INC. 9197 S. PEORIA STREET ENGLEWOOD, CO80012 EVP and Chief Operations Off. Signatures /s/ J. David Hershberger, as attorney in fact for Brian J. Delaney 09/04/2008 Signature of Reporting Person Date

Explanation of Responses:

( 1 )The reporting person agreed to an offer to amend outstanding stock options that were initially granted on June 7, 2004 (before the reporting person was subject to Section 16 reporting obligations). Pursuant to the terms of the amendment, which were authorized by the Compensation Committee, the option exercise price increased from $7.78 to $8.37 per share and the reporting person will receive a cash payment equal to $7,080 in January 2009 (an amount which reflects the $0.59 increase in the option exercise price multiplied by the 12,000 options outstanding). All other terms of the stock options, including the vesting schedule, remain the same. For purposes of Section 16 reporting, this amendment is reported as a cancellation of the outstanding stock options and an issuance of new stock options. ( 2 )Options to purchase 6,000 shares became exercisable on June 7, 2008 and options to purchase an additional 6,000 shares will become exercisable on June, 7, 2009. ( 3 )The reporting person agreed to an offer to amend outstanding stock options that were initially granted on September 9, 2005 (before the reporting person was subject to Section 16 reporting obligations). Pursuant to the terms of the amendment, which were authorized by the Compensation Committee, the option exercise price increased from $8.59 to $8.93 per share and the reporting person will receive a cash payment equal to $17,000 in January 2009 (an amount which reflects the $0.34 increase in the option exercise price multiplied by the 50,000 options outstanding). All other terms of the stock options, including the vesting schedule, remain the same. For purposes of Section 16 reporting, this amendment is reported as a cancellation of the outstanding stock options and an issuance of new stock options. ( 4 )The options become exercisable in two equal annual installments beginning on September 9, 2008.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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