STARTEK INC
REGISTRATION RIGHTS AGREEMENT
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<TYPE>EX-10.47
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<FILENAME>d13193exv10w47.htm
<DESCRIPTION>REGISTRATION RIGHTS AGREEMENT
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<P align="right" style="font-size: 10pt"><B>EXHIBIT 10.47</B>



<P align="center" style="font-size: 10pt"><B>STARTEK, INC.</B>



<P align="center" style="font-size: 10pt"><B>REGISTRATION RIGHTS AGREEMENT</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Rights Agreement (this &#147;Agreement&#148;) is entered into as
of February&nbsp;13, 2004, by and among Startek, Inc., a Delaware corporation (the
&#147;Company&#148;) and the shareholders listed on <B>Exhibit&nbsp;A </B>(a &#147;Shareholder&#148; or the
Shareholders&#148;). This Agreement is effective only upon the occurrence of the
Effective Date and only if the Effective Date occurs not later than September
30, 2004.


<P align="center" style="font-size: 10pt"><B>RECITALS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>A.&nbsp;</B>Each Shareholder owns the number of shares of Common Stock of the
Company set forth opposite such Shareholder&#146;s name on <B>Exhibit&nbsp;A</B>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>B.&nbsp;</B>For good and valuable consideration, the receipt of which is
acknowledged by the parties, the parties desire to enter into this Agreement in
order to grant registration, information rights and other rights to the
Shareholders and their permitted assignees as set forth below.


<P align="center" style="font-size: 10pt"><B>AGREEMENT</B>



<P align="left" style="font-size: 10pt"><B>SECTION 1. GENERAL.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.1 Definitions. </B>As used in this Agreement the following terms shall have
the following respective meanings:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a) </B><B><I>&#147;Change in Control&#148; </I></B>means the occurrence, in a single transaction or
in a series of related transactions, of any one or more of the following
events: (1)&nbsp;any Exchange Act Person becomes the owner, directly or indirectly,
of securities of the Company representing more than fifty percent (50%) of the
combined voting power of the Company&#146;s then outstanding securities other than
by virtue of a merger, consolidation or similar transaction, (2)&nbsp;there is
consummated a merger, consolidation or similar transaction involving (directly
or indirectly) the Company if, immediately after the consummation of such
merger, consolidation or similar transaction, the stockholders of the Company
immediately prior to such transaction by virtue of such transaction do not own,
directly or indirectly, either (A)&nbsp;outstanding voting securities representing
more than fifty percent (50%) of the combined outstanding voting power of the
surviving entity in such merger, consolidation or similar transaction or (B)
more than fifty percent (50%) of the combined outstanding voting power of the
parent of the surviving entity in such merger, consolidation or similar
transaction, in either case in substantially the same proportion as their
ownership of the Company immediately prior to such merger, consolidation or
similar transaction; or (3)&nbsp;there is consummated a sale, lease, license or
other disposition of all or substantially all of the consolidated assets of the
Company and its subsidiaries, other than a sale, lease, license or other
disposition of all or substantially all of the consolidated assets of the


<P align="center" style="font-size: 10pt"> 1.
</DIV>

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<P align="left" style="font-size: 10pt">Company and its subsidiaries to an entity, more than fifty percent (50%)
of the combined voting power of the voting securities of which are owned by
stockholders of the Company in substantially the same proportion as their
ownership of the Company immediately prior to such sale, lease, license or
other disposition. The term Change in Control shall not include a sale of
assets, merger or other transaction effected exclusively for the purpose of
changing the domicile of the Company.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b)&nbsp;</B><B><I>&#147;Effective Date&#148; </I></B>means the closing date for the Pending Offering.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(c)&nbsp;</B><B><I>&#147;Exchange Act&#148; </I></B>means the Securities Exchange Act of 1934, as amended.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(d)&nbsp;</B><B><I>&#147;Exchange Act Person&#148; </I></B>means any natural person, entity or &#147;group&#148;
(within the meaning of Section 13(d) or 14(d) of the Exchange Act), except that
&#147;Exchange Act Person&#148; shall not include (A)&nbsp;the Company or any subsidiary of
the Company, (B)&nbsp;any employee benefit plan of the Company or any subsidiary of
the Company or any trustee or other fiduciary holding securities under an
employee benefit plan of the Company or any subsidiary of the Company, (C)&nbsp;an
underwriter temporarily holding securities pursuant to an offering of such
securities, or (D)&nbsp;an entity owned, directly or indirectly, by the stockholders
of the Company in substantially the same proportions as their ownership of
stock of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(e)&nbsp;</B><B><I>&#147;Holder&#148; </I></B>means any person, whether a Shareholder or a permitted
assignee of a Shareholder, who owns of record Registrable Securities that have
not been sold to the public or any assignee of record of such Registrable
Securities in accordance with Section&nbsp;2.8.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(f)&nbsp;</B><B><I>&#147;Pending Offering&#148; </I></B>means the offering of Common Stock of the Company
that is being conducted for the sale of Common Stock by the Shareholders, the
FASSET Trust, and the MASSET Trust pursuant to a registration statement filed
with the Commission on or about the date of this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(g)&nbsp;</B><B><I>&#147;Register,&#148; &#147;registered,&#148; </I></B>and <B><I>&#147;registration&#148; </I></B>refer to a registration
effected by preparing and filing a registration statement in compliance with
the Securities Act, and the declaration or ordering of effectiveness of such
registration statement or document.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(h)&nbsp;</B><B><I>&#147;Registrable Securities&#148; </I></B>means (a)&nbsp;Common Stock of the Company that is
held as of the date of this Agreement by any Shareholder, and (b)&nbsp;Common Stock
which is acquired after the date of this Agreement by any Shareholder or any
permitted assignee of any Shareholder under Section&nbsp;2.8.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(i)&nbsp;</B><B><I>&#147;Registrable Securities then outstanding&#148; </I></B>shall be the number of
shares of the Company&#146;s Common Stock that are Registrable Securities and are
then issued and outstanding.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(j) </B><B><I>&#147;Registration Expenses&#148; </I></B>shall mean all expenses incurred by the
Company in complying with Sections&nbsp;2.1 and 2.2, including, without limitation,
all registration and filing fees, printing expenses, fees and disbursements of
counsel for the Company, blue sky fees and expenses and the expense of any
special audits incident to or required by any such


<P align="center" style="font-size: 10pt"> 2.
</DIV>

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<P align="left" style="font-size: 10pt">registration (but excluding the compensation of regular employees of the
Company, which shall be paid in any event by the Company).



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(k)&nbsp;</B><B><I>&#147;SEC&#148; </I></B>or <B><I>&#147;Commission&#148; </I></B>means the Securities and Exchange Commission.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(l)&nbsp;</B><B><I>&#147;Securities Act&#148; </I></B>shall mean the Securities Act of 1933, as amended.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(m)&nbsp;</B><B><I>&#147;Selling Expenses&#148; </I></B>shall mean all underwriting discounts and selling
commissions applicable to the sale.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(n)&nbsp;</B><B><I>&#147;Special Registration Statement&#148; </I></B>shall mean a registration statement
or registration (i)&nbsp;relating to any employee benefit plan, (ii)&nbsp;with respect to
any corporate reorganization, merger, acquisition, or other transaction under
Rule&nbsp;145 of the Securities Act or registered on Form S-4, including any
registration statements related to the issuance or resale of securities issued
in such a transaction, or (iii)&nbsp;related to stock issued upon conversion of
preferred or debt securities or (iv)&nbsp;for re-sale of stock issued in a PIPE or
similar financing.


<P align="left" style="font-size: 10pt"><B>SECTION 2. REGISTRATION.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.1 Demand Registration.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a)&nbsp;</B>Subject to the conditions of this Section&nbsp;2.1, if the Company receives
a written request (with the information described in the first sentence of
Section&nbsp;2.1(b)) from the Holders of one-third or more of the Registrable
Securities then outstanding (the &#147;<B><I>Initiating Holders</I></B>&#148;) that the Company file a
registration statement under the Securities Act covering the registration of at
least 500,000 shares of Common Stock (as adjusted for stock splits and
combinations), or a lesser number if the anticipated aggregate offering price,
net of underwriting discounts and commissions, would exceed $2,000,000, then
the Company shall, within ten (10)&nbsp;days after the receipt of such request, give
written notice (with the information described in the first sentence of Section
2.1(b)) of such request to all Holders, and subject to the limitations of this
Section&nbsp;2.1, effect, as expeditiously as reasonably possible, the registration
under the Securities Act of all Registrable Securities that all Holders request
to be registered.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b) </B>If the Initiating Holders intend to distribute the Registrable
Securities covered by their request by means of an underwriting, they shall so
advise the Company as a part of their request made pursuant to this Section
2.1, and the Company shall include such information in the written notice
referred to in Section&nbsp;2.1(a). In such event, the right of any Holder to
include its Registrable Securities in such registration shall be conditioned
upon such Holder&#146;s participation in such underwriting and the inclusion of such
Holder&#146;s Registrable Securities in the underwriting to the extent provided in
this Agreement. All Holders who propose to distribute their securities through
such underwriting shall enter into an underwriting agreement in customary form
with the underwriter or underwriters selected for such underwriting by a
majority in interest of the Initiating Holders (which underwriter or
underwriters shall be reasonably acceptable to the Company). Notwithstanding
any other provision of this Section&nbsp;2.1, if the underwriter advises the Company
that marketing factors require a limitation of the number of securities to be
underwritten (including Registrable Securities), then the Company shall so
advise all Holders of Registrable Securities which would otherwise be
underwritten pursuant to


<P align="center" style="font-size: 10pt"> 3.
</DIV>

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<P align="left" style="font-size: 10pt">this Agreement, and the number of shares that may be included in the
underwriting shall be allocated to the Holders of such Registrable Securities
on a <I>pro rata </I>basis based on the number of Registrable Securities held by all
such Holders (including the Initiating Holders), but the number of shares of
Registrable Securities to be included in such underwriting and registration
shall not be reduced unless all other securities of the Company are first
entirely excluded from the underwriting and registration. Any Registrable
Securities excluded or withdrawn from such underwriting shall be withdrawn from
the registration.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(c)&nbsp;</B>The Company shall not be required to effect a registration pursuant to
this Section&nbsp;2.1:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(i)&nbsp;</B>prior to six (6)&nbsp;months from the date of this Agreement;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(ii)&nbsp;</B>prior to ninety (90)&nbsp;days after the closing of the Pending Offering;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(iii)&nbsp;</B>after the Company has effected two registrations pursuant to this
Section&nbsp;2.1, such registrations have been declared or ordered effective, and
the Initiating Holders were permitted to register such shares as they
requested to be registered pursuant to this Section&nbsp;2.1 without reduction of
more than 15% by any underwriter;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(iv)&nbsp;</B>during the period starting with the date of filing of, and ending on
the date one hundred eighty (180)&nbsp;days following the effective date of a
registration statement filed by the Company for the primary issuance of its own
securities (or a Special Registration Statement or pursuant to demand rights
granted to other investors under a demand that is exercised on or after the
third anniversary of the Effective Date), as long as the Company makes
reasonable good faith efforts to cause such registration statement to become
effective;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(v)&nbsp;</B>if within ten (10)&nbsp;business days after receipt of a written request
from Initiating Holders pursuant to Section&nbsp;2.1(a), the Company gives notice to
the Holders of the Company&#146;s intention to file a registration statement for the
issuance of its own securities within ninety (90)&nbsp;days, but the Company may
exercise such right to delay a request not more than once in any twelve (12)
month period;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(vi)&nbsp;</B>if the Company determines in good faith that it would be materially
detrimental to the Company and its stockholders for such registration statement
to be effected at such time and provides to the Shareholders information which
reasonably supports such a determination, in which event the Company shall have
the right to defer such filing for a period of not more than 90&nbsp;days after
receipt of the request of the Initiating Holders, but such right to delay a
request shall be exercised by the Company not more than once in any twelve (12)
month period; or


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(vii)&nbsp;</B>in any particular jurisdiction in which the Company would be
required to qualify to do business or to execute a general consent to service
of process in effecting such registration, qualification or compliance.

<P align="left" style="font-size: 10pt">The Company may require, as a condition to its obligation to provide
information to the Holders concerning the material detriment contemplated in
clause <B>(v)</B>, that the Holders acknowledge that

<P align="center" style="font-size: 10pt"> 4.
</DIV>

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<P align="left" style="font-size: 10pt">the information provided to them constitutes material, non-public information
about the Company and that they agree not to misuse such information.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.2 Piggyback Registrations. </B>The Company shall notify all Holders of
Registrable Securities in writing at least fifteen (15)&nbsp;days prior to the
filing of any registration statement under the Securities Act for purposes of a
public offering of Common Stock of the Company (but excluding Special
Registration Statements) and will afford each such Holder an opportunity to
include in such registration statement all or part of such Registrable
Securities held by such Holder. Each Holder who desires to include in any such
registration statement all or any part of the Registrable Securities held by it
shall, within thirty (30)&nbsp;days after the above-described notice from the
Company, so notify the Company in writing. If a Holder decides not to include
all of its Registrable Securities in any registration statement thereafter
filed by the Company, such Holder shall nevertheless continue to have the right
to include any Registrable Securities in any subsequent registration statement
or registration statements as may be filed by the Company with respect to
offerings of its securities, all upon the terms and conditions set forth in
this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a)&nbsp;Underwriting. </B>If the registration statement under which the Company
gives notice under this Section&nbsp;2.2 is for an underwritten offering, the
Company shall so advise the Holders of Registrable Securities. In such event,
the right of any such Holder to be included in a registration pursuant to this
Section&nbsp;2.2 shall be conditioned upon such Holder&#146;s participation in such
underwriting and the inclusion of such Holder&#146;s Registrable Securities in the
underwriting to the extent provided in this Agreement. All Holders who propose
to distribute their Registrable Securities through such underwriting shall
enter into an underwriting agreement in customary form with the underwriter or
underwriters selected for such underwriting by the Company. Notwithstanding
any other provision of this Agreement, if the underwriter determines in good
faith that marketing factors require a limitation of the number of shares to be
underwritten, the number of shares that may be included in the underwriting
shall be allocated, (i)&nbsp;first, to the Company; (ii)&nbsp;second, to the Holders on a
<I>pro rata </I>basis based on the total number of Registrable Securities held by such
Holders, except that on and after the third anniversary of the Effective Date,
the number of shares shall be allocated in this second level of priority on a
<I>pro rata </I>basis based on the total number of Registrable Securities held by such
Holders and the total number of shares of Common Stock held by other
stockholders who have piggyback registration rights with respect to such shares
of Common Stock; and (iii)&nbsp;third, to any stockholder of the Company (other than
a Holder and, after the third anniversary of the Effective Date, other than any
other stockholders who have piggyback registration rights) on a <I>pro rata </I>basis.
Except as provided in clause (ii)&nbsp;above (with respect to registrations under
piggyback registration rights held by other stockholders, if any, that are
exercised after the third anniversary of the Effective Date), in no event will
shares of any other selling stockholder be included in such registration that
would reduce the number of shares which may be included by Holders without the
written consent of Holders of not less than a majority of the Registrable
Securities proposed to be sold in the offering. If any Holder disapproves of
the terms of any such underwriting, such Holder may elect to withdraw its
Registrable Securities from such registration by written notice to the Company
and the underwriter, delivered at least ten (10)&nbsp;business days prior to the
effective date of the registration statement. Any Registrable Securities
excluded or withdrawn from such underwriting shall be excluded and withdrawn
from the registration. For purposes of this Section&nbsp;2.2(a) only, for any
Holder which is a partnership or corporation, the


<P align="center" style="font-size: 10pt"> 5.
</DIV>

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<P align="left" style="font-size: 10pt">partners, retired partners and stockholders of such Holder, or the estates
and family members of any such partners and retired partners and any trusts for
the benefit of any of the foregoing persons shall be deemed to be a single
&#147;Holder,&#148; and any <I>pro rata </I>reduction with respect to such &#147;Holder&#148; shall be
based upon the aggregate amount of shares carrying registration rights owned by
all entities and individuals included in such &#147;Holder,&#148; as defined in this
sentence.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b)&nbsp;Right to Terminate Registration. </B>The Company shall have the right to
terminate or withdraw any registration initiated by it under this Section&nbsp;2.2
prior to the effectiveness of such registration whether or not any Holder has
elected to include securities in such registration. The Registration Expenses
of such withdrawn registration shall be borne by the Company in accordance with
Section&nbsp;2.3.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.3 Expenses of Registration.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a)&nbsp;Demand Registrations. </B>All Registration Expenses incurred in
connection with any registration, qualification or compliance pursuant to
Section&nbsp;2.1 shall be borne by the parties in accordance with the principle that
(i)&nbsp;the Company will bear all costs of compliance with Section&nbsp;2.1 to the
extent that the Company would be required to undertake such actions within the
next 12&nbsp;months in any event (such as the updating or expansion of its
disclosure under the Exchange Act) but for a demand for registration under
Section&nbsp;2.1 or to the extent that the Company obtains substantial benefit from
such compliance (such as updating of its disclosure to comply with
newly-enacted Commission Rules), and (ii)&nbsp;the holders of the securities so
registered will bear all costs of compliance to the extent that both the
Company would not otherwise have incurred such expense but for a demand for
registration under Section&nbsp;2.1 and such compliance would not provide
substantial benefit to the Company. The foregoing allocation shall be
determined in good faith by the Company and the holders of a majority of the
Registrable Securities that are subject to the registration. The holders of
the securities so registered shall not, however, be required to pay for
expenses of any registration proceeding begun pursuant to Section&nbsp;2.1, the
request of which has been subsequently withdrawn by the Initiating Holders
because the withdrawal is based upon material adverse information concerning
the Company of which the Initiating Holders were not aware at the time of such
request. If the offering is withdrawn pursuant to the immediately preceding
sentence, then the Holders shall not forfeit their rights pursuant to Section
2.1 to a demand registration.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b)&nbsp;Piggyback Registrations. </B>Except as specifically provided in this
Agreement, all Registration Expenses incurred in connection with any
registration, qualification or compliance pursuant to any registration under
Section&nbsp;2.2 shall be borne by the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(c)&nbsp;Selling Expenses. </B>All Selling Expenses incurred in connection with
any registration under this Agreement (such as financial printing costs) shall
be borne by the holders of the securities so registered <I>pro rata </I>on the basis
of the number of shares so registered.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(d)&nbsp;General Rule. </B>To the extent that the Holders are required to pay the
Registration Expenses under Section&nbsp;2.1 or Section&nbsp;2.2, such expenses shall be
borne by the holders of securities (including Registrable Securities)
requesting such registration in proportion to the number of shares for which
registration was requested.


<P align="center" style="font-size: 10pt"> 6.
</DIV>

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.4 Obligations of the Company. </B>Whenever required to effect the
registration of any Registrable Securities, the Company shall, as expeditiously
as reasonably possible:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a)&nbsp;</B>prepare and file with the SEC a registration statement with respect to
such Registrable Securities and use all reasonable efforts to cause such
registration statement to become effective, and, upon the request of the
Holders of a majority of the Registrable Securities registered under such
registration statement, keep such registration statement effective for up to
one hundred twenty (120)&nbsp;days or, if earlier, until the Holder or Holders have
completed the distribution under such registration statement, but, at any time,
upon written notice to the participating Holders and for a period not to exceed
sixty (60)&nbsp;days thereafter (the &#147;Suspension Period&#148;), the Company may delay the
filing or effectiveness of any registration statement or suspend the use or
effectiveness of any registration statement (and the Initiating Holders hereby
agree not to offer or sell any Registrable Securities pursuant to such
registration statement during the Suspension Period) if the Company reasonably
believes that the Company may, in the absence of such delay or suspension under
this Agreement, be required under state or federal securities laws to disclose
any corporate development the disclosure of which could reasonably be expected
to have a material adverse effect upon the Company, its stockholders, a
potentially significant transaction or event involving the Company, or any
negotiations, discussions, or proposals directly relating to the foregoing. If
the Company exercises its right to delay or suspend the filing or effectiveness
of a registration under this Agreement, the applicable period during which the
registration statement is to remain effective shall be extended by a period
equal to the duration of the Suspension Period. The Company may extend the
Suspension Period for an additional consecutive sixty (60)&nbsp;days with the
consent of the holders of a majority of the Registrable Securities registered
under the applicable registration statement, which consent shall not be
unreasonably withheld. If so directed by the Company, all Holders registering
shares under such registration statement shall use their best efforts to
deliver to the Company (at the Company&#146;s expense) all copies, other than
permanent file copies then in such Holders&#146; possession, of the prospectus
relating to such Registrable Securities current at the time of receipt of such
notice. The Company shall not be required to file, cause to become effective
or maintain the effectiveness of any registration statement that contemplates a
distribution of securities on a delayed or continuous basis pursuant to Rule
415 under the Securities Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b)&nbsp;</B>Prepare and file with the SEC such amendments and supplements to such
registration statement and the prospectus used in connection with such
registration statement as may be necessary to comply with the provisions of the
Securities Act with respect to the disposition of all securities covered by
such registration statement for the period set forth in subsection (a)&nbsp;above.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(c)&nbsp;</B>Furnish to the Holders such number of copies of a prospectus,
including a preliminary prospectus, in conformity with the requirements of the
Securities Act, and such other documents as they may reasonably request in
order to facilitate the disposition of Registrable Securities owned by them.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(d) </B>Use its reasonable efforts to register and qualify the securities
covered by such registration statement under such other securities or Blue Sky
laws of such jurisdictions as shall be reasonably requested by the Holders, but
the Company shall not be required in


<P align="center" style="font-size: 10pt"> 7.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">connection with, or as a condition to, such registration to qualify to do
business or to file a general consent to service of process in any such states
or jurisdictions.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(e)&nbsp;</B>In the event of any underwritten public offering, enter into and
perform its obligations under an underwriting agreement, in usual and customary
form, with the managing underwriter(s) of such offering. Each Holder who
participates in such underwriting shall also enter into and perform its
obligations under such an agreement in usual and customary form.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(f)&nbsp;</B>Notify each Holder of Registrable Securities covered by such
registration statement at any time when a prospectus relating to such
registration statement is required to be delivered under the Securities Act of
the happening of any event as a result of which the prospectus included in such
registration statement, as then in effect, includes an untrue statement of a
material fact or omits to state a material fact required to be stated therein
or necessary to make the statements therein not misleading in the light of the
circumstances then existing. Subject to Section&nbsp;2.4(a) above, the Company will
use reasonable efforts to amend or supplement such prospectus in order to cause
such prospectus not to include any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the
statements therein not misleading in the light of the circumstances then
existing.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(g)&nbsp;</B>Use its reasonable efforts to furnish, on the date that such
Registrable Securities are delivered to the underwriters for sale, if such
securities are being sold through underwriters, (i)&nbsp;an opinion, dated as of
such date, of the counsel representing the Company for the purposes of such
registration, in form and substance as is customarily given to underwriters in
an underwritten public offering, addressed to the underwriters, if any, and
(ii)&nbsp;a letter, dated as of such date, from the independent certified public
accountants of the Company, in form and substance as is customarily given by
independent certified public accountants to underwriters in an underwritten
public offering addressed to the underwriters.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.5 Termination of Registration Rights. </B>All registration rights granted
under this Section&nbsp;2 shall terminate and be of no further force and effect upon
the earlier of (i)&nbsp;the fifth anniversary of the Effective Date, or (ii)&nbsp;when
the aggregate number of Registrable Securities is less than 10% of the total
number of shares of Common Stock of the Company then outstanding.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.6 Delay of Registration; Furnishing Information.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a)&nbsp;</B>No Holder shall have any right to obtain or seek an injunction
restraining or otherwise delaying any such registration as the result of any
controversy that might arise with respect to the interpretation or
implementation of this Section&nbsp;2.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b)&nbsp;</B>It shall be a condition precedent to the obligations of the Company to
take any action pursuant to Section&nbsp;2.1 or 2.2 that the selling Holders furnish
to the Company such information regarding themselves, the Registrable
Securities held by them, and the intended method of disposition of such
securities as is required to effect the registration of their Registrable
Securities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(c) </B>The Company shall have no obligation with respect to any registration
requested pursuant to Section&nbsp;2.1 if, due to the operation of subsection
2.1(a), the number of


<P align="center" style="font-size: 10pt"> 8.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">shares or the anticipated aggregate offering price of the Registrable
Securities to be included in the registration does not equal or exceed the
number of shares or the anticipated aggregate offering price required to
originally trigger the Company&#146;s obligation to initiate such registration as
specified in Section&nbsp;2.1.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.7 Indemnification. </B>In the event any Registrable Securities are included
in a registration statement under Sections&nbsp;2.1 or 2.2:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a)&nbsp;</B>To the extent permitted by law, the Company will indemnify and hold
harmless each Holder, the partners, members, officers and directors of each
Holder, any underwriter (as defined in the Securities Act) for such Holder and
each person, if any, who controls such Holder or underwriter within the meaning
of the Securities Act or the Exchange Act, against any losses, claims, damages,
or liabilities (joint or several) to which they may become subject under the
Securities Act, the Exchange Act or other federal or state law, insofar as such
losses, claims, damages or liabilities (or actions in respect to such matters)
arise out of or are based upon any of the following statements, omissions or
violations (collectively a &#147;<B><I>Violation</I></B>&#148;) by the Company: (i)&nbsp;any untrue
statement or alleged untrue statement of a material fact contained in such
registration statement or incorporated reference therein, including any
preliminary prospectus or final prospectus contained therein or any amendments
or supplements thereto, (ii)&nbsp;the omission or alleged omission to state therein
a material fact required to be stated therein, or necessary to make the
statements therein not misleading, or (iii)&nbsp;any violation or alleged violation
by the Company of the Securities Act, the Exchange Act, any state securities
law or any rule or regulation promulgated under the Securities Act, the
Exchange Act or any state securities law in connection with the offering
covered by such registration statement; and the Company will reimburse each
such Holder, partner, member, officer, director, underwriter or controlling
person for any legal or other expenses reasonably incurred by them in
connection with investigating or defending any such loss, claim, damage,
liability or action, but the indemnity agreement contained in this Section
2.7(a) shall not apply to amounts paid in settlement of any such loss, claim,
damage, liability or action if such settlement is effected without the consent
of the Company, which consent shall not be unreasonably withheld, and the
Company shall not be liable in any such case for any such loss, claim, damage,
liability or action to the extent that it arises out of or is based upon a
Violation which occurs in reliance upon and in conformity with written
information furnished expressly for use in connection with such registration by
such Holder, partner, member, officer, director, underwriter or controlling
person of such Holder.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b) </B>To the extent permitted by law, each Holder will, severally and not
jointly, if Registrable Securities held by such Holder are included in the
securities as to which such registration qualifications or compliance is being
effected, indemnify and hold harmless the Company, each of its directors, its
officers and each person, if any, who controls the Company within the meaning
of the Securities Act, any underwriter and any other Holder selling securities
under such registration statement or any of such other Holder&#146;s partners,
directors or officers or any person who controls such Holder, against any
losses, claims, damages or liabilities (joint or several) to which the Company
or any such director, officer, controlling person, underwriter or other such
Holder, or partner, director, officer or controlling person of such other
Holder may become subject under the Securities Act, the Exchange Act or other
federal or state law, insofar as such losses, claims, damages or liabilities
(or actions in respect to such matters) arise out of or


<P align="center" style="font-size: 10pt"> 9.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">are based upon any of the following statements: (i)&nbsp;any untrue statement
or alleged untrue statement of a material fact contained in such registration
statement or incorporated by reference in such registration statement,
including any preliminary prospectus or final prospectus contained in such
registration statement or any amendments or supplements to such registration
statement, (ii)&nbsp;the omission or alleged omission to state in such registration
statement a material fact required to be stated therein, or necessary to make
the statements therein not misleading, or (iii)&nbsp;any violation or alleged
violation by the Company of the Securities Act (collectively, a &#147;<B><I>Holder
Violation</I></B>&#148;), in each case to the extent (and only to the extent) that such
Holder Violation occurs in reliance upon and in conformity with written
information furnished by such Holder under an instrument duly executed by such
Holder and stated to be specifically for use in connection with such
registration; and each such Holder will reimburse any legal or other expenses
reasonably incurred by the Company or any such director, officer, controlling
person, underwriter or other Holder, or partner, officer, director or
controlling person of such other Holder in connection with investigating or
defending any such loss, claim, damage, liability or action if it is judicially
determined that there was such a Holder Violation, but the indemnity agreement
contained in this Section&nbsp;2.7(b) shall not apply to amounts paid in settlement
of any such loss, claim, damage, liability or action if such settlement is
effected without the consent of the Holder, which consent shall not be
unreasonably withheld, and in no event shall any indemnity under this Section
2.7 exceed the proceeds from the offering received by such Holder.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(c)&nbsp;</B>Promptly after receipt by an indemnified party under this Section&nbsp;2.7
of notice of the commencement of any action (including any governmental
action), such indemnified party will, if a claim in respect is to be made
against any indemnifying party under this Section&nbsp;2.7, deliver to the
indemnifying party a written notice of the commencement and the indemnifying
party shall have the right to participate in, and, to the extent the
indemnifying party so desires, jointly with any other indemnifying party
similarly noticed, to assume the defense with counsel mutually satisfactory to
the parties, but an indemnified party shall have the right to retain its own
counsel, with the fees and expenses to be paid by the indemnifying party, if
representation of such indemnified party by the counsel retained by the
indemnifying party would be inappropriate due to actual or potential differing
interests between such indemnified party and any other party represented by
such counsel in such proceeding. The failure to deliver written notice to the
indemnifying party within a reasonable time of the commencement of any such
action, to the extent materially prejudicial to its ability to defend such
action, shall relieve such indemnifying party of any liability to the
indemnified party under this Section&nbsp;2.7, but the failure so to deliver written
notice to the indemnifying party will not relieve it of any liability that it
may have to any indemnified party otherwise than under this Section&nbsp;2.7.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(d) </B>If the indemnification provided for in this Section&nbsp;2.7 is held by a
court of competent jurisdiction to be unavailable to an indemnified party with
respect to any losses, claims, damages or liabilities referred to in this
Agreement, the indemnifying party, in lieu of indemnifying such indemnified
party under this Agreement, shall to the extent permitted by applicable law
contribute to the amount paid or payable by such indemnified party as a result
of such loss, claim, damage or liability in such proportion as is appropriate
to reflect the relative fault and relative benefit of the indemnifying party on
the one hand and of the indemnified party on the other in connection with the
Violation(s) or Holder Violation(s) that resulted in such loss, claim, damage
or liability, as well as any other relevant equitable considerations. The
relative fault of the indemnifying party and of the indemnified party shall be
determined by a court of


<P align="center" style="font-size: 10pt"> 10.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">law by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission to state a material fact
relates to information supplied by the indemnifying party or by the indemnified
party and the parties&#146; relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission, but in no event
shall any contribution by a Holder under this Agreement exceed the proceeds
from the offering received by such Holder.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(e)&nbsp;</B>The obligations of the Company and Holders under this Section&nbsp;2.7
shall survive completion of any offering of Registrable Securities in a
registration statement and the termination of this Agreement. No indemnifying
party, in the defense of any such claim or litigation, shall, except with the
consent of each indemnified party, consent to entry of any judgment or enter
into any settlement which does not include as an unconditional term the giving
by the claimant or plaintiff to such Indemnified Party of a release from all
liability in respect to such claim or litigation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.8 Assignment of Registration Rights. </B>The rights to cause the Company to
register Registrable Securities pursuant to this Section&nbsp;2 may be assigned by a
Holder to a transferee or assignee of Registrable Securities that (a)&nbsp;is a
subsidiary, parent, general partner, limited partner, retired partner, member
or retired member, of a Holder, (b)&nbsp;is a Holder&#146;s estate or guardian, family
member or a trust for the benefit of an individual Holder or family member of
such Holder, or (c)&nbsp;is an entity affiliated by common control (or other related
entity) with such Holder, but, in any such event, as a condition to the
effectiveness of such assignment, (i)&nbsp;the transferor (or the transferor&#146;s
estate or guardian, in the event of the death of a Holder) shall, within ten
(10)&nbsp;days after such transfer, furnish to the Company written notice of the
name and address of such transferee or assignee and the securities with respect
to which such registration rights are being assigned, and (ii)&nbsp;such transferee
shall agree to be subject to all restrictions set forth in this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.9 Limitation on Subsequent Registration Rights. </B>After the date of this
Agreement, the Company shall not, without the prior written consent of the
Holders of at least a majority of the Registrable Securities then outstanding,
enter into any agreement with any holder or prospective holder of any
securities of the Company that would allow any such holder or prospective
holder to exercise any demand registration rights or piggyback registration
rights prior to the third anniversary of this Agreement, if any such rights
would conflict with the registration rights granted to the Holders under this
Agreement, it being the intention of the parties that the Shareholders shall
have senior demand registration rights and senior piggyback registration rights
through the third anniversary of the Effective Date. Without limiting the
foregoing, if the Company grants registration rights to any person other than
the Shareholders and such person can demand registration or utilize piggyback
registration rights prior to the third anniversary of this Agreement, then (a)
the Company must give at least 30&nbsp;days&#146; notice to the Shareholders prior to the
effectiveness of any demand registration and if the Shareholders demand
registration under Section&nbsp;2.1 within such 30-day period, then the demand of
the other person or persons shall have no effect and the Shareholders may
require the Company not to permit any such registration by such other person or
persons for a period of 180&nbsp;days after the registration statement for the
Shareholders is effective, and (b)&nbsp;in connection with any demand registration
by the Shareholders under Section&nbsp;2.1, the Company will not permit any other
person


<P align="center" style="font-size: 10pt"> 11.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">to exercise any piggyback registration rights without the consent of the
holders of a majority of the Registrable Securities that are subject to the
registration.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.10 &#147;Market Stand-Off&#148; Agreement. </B>Each Holder hereby agrees that such
Holder shall not sell, transfer, make any short sale of, grant any option for
the purchase of, or enter into any hedging or similar transaction with the same
economic effect as a sale, any Common Stock (or other securities) of the
Company held by such Holder (other than those included in the registration) for
a period specified by the representative of the underwriters of Common Stock
(or other securities) of the Company not to exceed ninety (90)&nbsp;days following
the effective date of a registration statement of the Company filed under the
Securities Act, but this agreement shall apply only if all officers and
directors of the Company enter into similar agreements. The obligations
described in this Section&nbsp;2.10 shall not apply to a Special Registration
Statement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.11 Agreement to Furnish Information. </B>Each Holder agrees to execute and
deliver such other agreements as may be reasonably requested by the Company or
the underwriter that are consistent with the Holder&#146;s obligations under Section
2.10 or that are necessary to give further effect to this Agreement. In
addition, if requested by the Company or the representative of the underwriters
of Common Stock (or other securities) of the Company, each Holder shall
provide, within ten (10)&nbsp;days of such request, such information as may be
required by the Company or such representative in connection with the
completion of any public offering of the Company&#146;s securities pursuant to a
registration statement filed under the Securities Act. The obligations
described in this Section&nbsp;2.11 shall not apply to a Special Registration
Statement. The Company may impose stop-transfer instructions with respect to
the shares of Common Stock (or other securities) subject to the foregoing
restriction until the end of said ninety (90)&nbsp;day period. Each Holder agrees
that any transferee of any shares of Registrable Securities shall be bound by
Sections&nbsp;2.10 and 2.11. The underwriters of the Company&#146;s stock are intended
to be third party beneficiaries of Sections&nbsp;2.10 and 2.11 and shall have the
right, power and authority to enforce the provisions as though they were a
party to this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.12 Rule&nbsp;144 Reporting. </B>With a view to making available to the Holders
the benefits of certain rules and regulations of the SEC which may permit the
sale of the Registrable Securities to the public without registration, the
Company agrees to use its best efforts to:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a)&nbsp;</B>Make and keep public information available, as those terms are
understood and defined in SEC Rule&nbsp;144 or any similar or analogous rule
promulgated under the Securities Act, at all times after the effective date of
the first registration filed by the Company for an offering of its securities
to the general public;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b)&nbsp;</B>File with the SEC, in a timely manner, all reports and other documents
required of the Company under the Exchange Act;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(c) </B>So long as a Holder owns any Registrable Securities, furnish to such
Holder forthwith upon request: a written statement by the Company as to its
compliance with the reporting requirements of said Rule&nbsp;144 of the Securities
Act, and of the Exchange Act (at any time after it has become subject to such
reporting requirements); a copy of the most recent annual or quarterly report
of the Company filed with the Commission; and such other reports and


<P align="center" style="font-size: 10pt"> 12.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">documents as a Holder may reasonably request in connection with availing
itself of any rule or regulation of the SEC allowing it to sell any such
securities without registration; and



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(d)&nbsp;</B>Expeditiously process a Holder&#146;s request to complete a stock transfer
that complies with the requirements of SEC Rule&nbsp;144.


<P align="left" style="font-size: 10pt"><B>SECTION 3. COVENANT OF SHAREHOLDERS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Shareholders and their permitted assigns (under Section&nbsp;2.8
above) agrees not to sell, exchange or otherwise dispose of any shares of
Common Stock in connection with a Covered Transaction without ensuring that all
other stockholders of the Company have a reasonable opportunity to sell,
exchange, or otherwise dispose of shares of Common Stock (or the same
Proportionate Percentage of shares of Common Stock owned of record by each
other stockholder of the Company) at approximately the same time, at the same
price (except as provided in the last sentence of this Section&nbsp;3), and on
substantially the same terms as apply to the Shareholders in connection with
the Covered Transaction. A &#147;Covered Transaction&#148; means (a)&nbsp;a transaction in
which a Change in Control of the Company occurs during the term of this
Agreement by merger, share exchange, stock sale, or tender offer, or (b)&nbsp;a 15%
Sale. The term &#147;Covered Transaction&#148; does not include, and the foregoing
restrictions do not apply to, any sale of shares of Common Stock (1)&nbsp;in a
transaction by any of the Shareholders under Rule&nbsp;144 of the Commission, (2)&nbsp;in
a transaction pursuant to any sale on the New York Stock Exchange (or any other
national securities exchange on which the Common Stock is listed), (3)&nbsp;any
sale, exchange, or other disposition of Common Stock other than to a single
Exchange Act Person pursuant to a registration statement filed with the
Commission, provided, that this clause (3)&nbsp;shall not limit, or be interpreted
to limit, any sale, exchange or other disposition permitted by clause (5)&nbsp;below
or any other clause in this sentence, (4)&nbsp;any sale, exchange, or other
disposition to or with any family member of any Shareholder or any affiliate of
any Shareholder, or (5)&nbsp;any sale, exchange, or other disposition to or with any
institutional investor, such as a mutual fund, in the ordinary course of such
institutional investor&#146;s business, provided that the exceptions described in
(1)&nbsp;and (2)&nbsp;above shall only apply to open market transactions. The term &#147;15%
Sale&#148; means (i)&nbsp;a sale, exchange, or other disposition of shares of Common
Stock, (ii)&nbsp;other than in connection with a Change of Control, (iii)&nbsp;which
occurs in a single transaction or in a series of related transactions, (iv)
over any 24-month period (the first day of which occurs after the Effective
Date), (v)&nbsp;by the Shareholders and/or their permitted assigns (under Section
2.8 above) individually or as a group, (vi)&nbsp;of Common Stock representing 15
percent or more of the outstanding shares of Common Stock of the Company
(measured on the date of the sale, exchange or other disposition), (vii)&nbsp;to a
single Exchange Act Person. &#147;Proportionate Percentage&#148; means the percentage
(expressed as a decimal), determined as of the record date of any Covered
Transaction or, if there is no record date for such Covered Transaction, the
date immediately prior to the closing date of such Covered Transaction, equal
to the number of shares of Common Stock being sold, exchanged, or otherwise
disposed of by the Shareholders as a group, divided by the aggregate number of
shares of Common Stock owned by the Shareholders as a group. If a series of
related transactions is deemed to be a 15% Sale, the price per share of Common
Stock applicable to the transaction that causes such series to be a 15% Sale
(<I>i.e., </I>the first transaction that causes the series of related transactions to
become a 15% Sale) will be the price per share that is applicable to sales,
exchanges, or other dispositions of shares of Common Stock by the other
stockholders of the


<P align="center" style="font-size: 10pt"> 13.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Company as required by the first sentence of this Section&nbsp;3, provided that
such price is not established to intentionally avoid the intent of this Section&nbsp;3.



<P align="left" style="font-size: 10pt"><B>SECTION 4. MISCELLANEOUS.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.1 Governing Law. </B>This Agreement shall be governed by and construed
under the laws of the state of Delaware. The parties agree that any action
brought by either party under or in relation to this Agreement, including
without limitation to interpret or enforce any provision of this Agreement,
shall be brought in, and each party agrees to and does hereby submit to the
jurisdiction and venue of, any state or federal court located in the County of
Denver, Colorado.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.2 Successors and Assigns. </B>Except as otherwise expressly provided in
this Agreement, the provisions shall inure to the benefit of, and be binding
upon, the parties to this Agreement and their respective successors, permitted
assigns, heirs, executors, and administrators and shall inure to the benefit of
and be enforceable by each person who is a holder of Registrable Securities
from time to time, but, prior to the receipt by the Company of adequate written
notice of the transfer of any Registrable Securities specifying the full name
and address of the transferee, the Company may deem and treat the person listed
as the holder of such shares in its records as the absolute owner and holder of
such shares for all purposes, including the payment of dividends or any
redemption price.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.3 Entire Agreement. </B>This Agreement (including the Exhibits and
Schedules to this Agreement) constitutes the full and entire understanding and
agreement between the parties with regard to the subjects, and no party shall
be liable or bound to any other in any manner by any oral or written
representations, warranties, covenants and agreements except as specifically
set forth in this Agreement. Each party expressly represents and warrants that
it is not relying on any oral or written representations, warranties, covenants
or agreements outside of this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.4 Severability. </B>If one or more of the provisions of this Agreement, for
any reason, is held to be invalid, illegal or unenforceable in any respect,
such invalidity, illegality, or unenforceability shall not affect any other
provisions of this Agreement, and this Agreement shall be construed as if such
invalid, illegal or unenforceable provision had never been contained in this
Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.5 Amendment and Waiver.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a)&nbsp;</B>Except as otherwise expressly provided, this Agreement may be amended
or modified only upon the written consent of the Company and the Holders of at
least a majority of the Registrable Securities then outstanding.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b)&nbsp;</B>Except as otherwise expressly provided, the obligations of the Company
and the rights of the Holders under this Agreement may be waived only with the
written consent of the Holders of at least a majority of the Registrable
Securities then outstanding.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(c) </B>For the purposes of determining the number of Holders entitled to vote
or exercise any rights under this Agreement, the Company shall be entitled to
rely solely on the list of record holders of its stock as maintained by or on
behalf of the Company.


<P align="center" style="font-size: 10pt"> 14.
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.6 Delays or Omissions. </B>It is agreed that no delay or omission to
exercise any right, power, or remedy accruing to any party, upon any breach,
default or noncompliance by another party under this Agreement shall impair any
such right, power, or remedy, nor shall it be construed to be a waiver of any
such breach, default or noncompliance, or any acquiescence therein, or of any
similar breach, default or noncompliance thereafter occurring. It is further
agreed that any waiver, permit, consent, or approval of any kind or character
on any party&#146;s part of any breach, default or noncompliance under the Agreement
or any waiver on such party&#146;s part of any provisions or conditions of this
Agreement must be in writing and shall be effective only to the extent
specifically set forth in such writing. All remedies, either under this
Agreement, by law, or otherwise afforded to any party, shall be cumulative and
not alternative.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.7 Notices. </B>Any notice, request, demand, waiver or other communication
required or permitted to be given under this Agreement to any party will be in
writing and will be deemed to have been duly given only if delivered in person
or by first class, prepaid, registered or certified mail, or delivered by
courier or, if receipt is confirmed, delivery by telecopier:

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="70%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">To the Company:
</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD align="left" valign="top">StarTek, Inc.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD align="left" valign="top">100 Garfield Street</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD align="left" valign="top">Denver, Colorado 80206</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD align="left" valign="top">Attention: President</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD align="left" valign="top">Telecopy: (303)&nbsp;388-9970</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD colspan="3" valign="top"><DIV style="margin-left:0px; text-indent:-0px">With a copy (which will not constitute notice) to:</DIV></TD>

</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD align="left" valign="top">Faegre &#038; Benson LLP</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD align="left" valign="top">3200 Wells Fargo Center</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD align="left" valign="top">1700 Lincoln Street</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD align="left" valign="top">Denver, Colorado 80203</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD align="left" valign="top">Attention: Blair L. Lockwood</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD align="left" valign="top">Telecopy: (303)&nbsp;607-3600</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">To AES:
</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD align="left" valign="top">A. Emmet Stephenson, Jr.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD align="left" valign="top">100 Garfield Street</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD align="left" valign="top">Denver, Colorado 80206</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD align="left" valign="top">Telecopy: (303)&nbsp;568-7873</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD colspan="3" valign="top"><DIV style="margin-left:0px; text-indent:-0px">With a copy (which will not constitute notice) to:</DIV></TD>

</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD align="left" valign="top">Sherman &#038; Howard L.L.C.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD align="left" valign="top">633 Seventeenth Street, Suite&nbsp;3000</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD align="left" valign="top">Denver, Colorado 80202</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD align="left" valign="top">Attention: James F. Wood</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD align="left" valign="top">Telecopy: (303)&nbsp;298-0940</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Any party may change the address to which notices are required to be sent by
giving notice of such change in the manner provided in this Section. All
notices will be deemed to have been given on the date of delivery which in the
case of deliveries by telecopier will be the date of the

<P align="center" style="font-size: 10pt"> 15.
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt">sender&#146;s confirmation (or, if delivered after business hours, on the next
business day in Denver, Colorado).



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.8 Attorneys&#146; Fees. </B>If any suit or action is instituted under or in
relation to this Agreement, including without limitation to enforce any
provision in this Agreement, the prevailing party in such dispute shall be
entitled to recover from the losing party all fees, costs and expenses of
enforcing any right of such prevailing party under or with respect to this
Agreement, including without limitation, such reasonable fees and expenses of
attorneys and accountants, which shall include, without limitation, all fees,
costs and expenses of appeals.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.9 Titles and Subtitles. </B>The titles of the sections and subsections of
this Agreement are for convenience of reference only and are not to be
considered in construing this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.10 Counterparts. </B>This Agreement may be executed in any number of
counterparts, each of which shall be an original, but all of which together
shall constitute one instrument.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.11 Aggregation of Stock. </B>All shares of Registrable Securities held or
acquired by affiliated entities or persons or persons or entities under common
management or control shall be aggregated together for the purpose of
determining the availability of any rights under this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.12 Pronouns. </B>All pronouns contained in this Agreement, and any
variations t, shall be deemed to refer to the masculine, feminine or neutral,
singular or plural, as to the identity of the parties to this Agreement may
require.


<P align="center" style="font-size: 10pt">&#091;THIS SPACE INTENTIONALLY LEFT BLANK&#093;



<P align="center" style="font-size: 10pt"> 16.
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>COMPANY:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>SHAREHOLDERS:</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>STARTEK, INC.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MASSET Trust</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Signature:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><HR size="1" noshade width="50%" align="left">
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><HR size="1" noshade width="50%" align="left"></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Pamela S. Oliver, Trustee</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name: William E. Meade, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title: President and Chief Executive Officer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FASSET Trust</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade width="75%" align="left">
By: Pamela S. Oliver, Trustee</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade width="75%" align="left">
A. Emmet Stephenson, Jr.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade width="75%" align="left">
Toni E. Stephenson</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><B>EXHIBIT A</B>



<P align="center" style="font-size: 10pt"><B>SCHEDULE OF SHAREHOLDERS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of Shares</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">A. Emmet Stephenson, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,350,882</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Toni E. Stephenson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,313,882</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">MASSET Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">993,462</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">FASSET Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">993,462</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


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