StarTek, Inc. (NYSE:SRT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02.Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;

Compensatory Arrangements of Certain Officers.

On March 21, 2019, the Board of Directors (the “Board”) of StarTek, Inc. (the “Company”) appointed Jerry Schafer to serve as a director of the Company. Mr. Schafer has also been appointed to serve as a member of the Audit Committee of the Board. Mr. Schafer fills a vacancy on the Board created on March 21, 2019, when Dr. Ed Zschau notified the Company of his resignation from the Board.

In his capacity as a director of the Company, Mr. Schafer will be entitled to compensation in accordance with the Company’s policy regarding the compensation of directors and its 2008 Equity Incentive Plan. The Company’s policy regarding the compensation of directors provides for compensation entirely with equity awards. At the start of each quarter, members of the Board, at their option, may elect to receive (1) stock options to purchase shares of common stock with a fair value equivalent to $22,500 (calculated using the Black-Scholes pricing model), (2) common stock with a grant date fair value of $22,500, (3) deferred stock units with a fair value equivalent to $22,500 or (4) any combination of options, stock and deferred stock units. Upon the date of grant, the members of the Board are immediately vested in the stock options, stock and deferred stock units.

The Company reimburses its directors for reasonable and necessary expenses incurred while performing their duties as directors.

Other than the standard compensation arrangements described above, there are no arrangements or understandings between Mr. Schafer and any other person to which he was elected as a director. Mr. Schafer has not entered into or proposed to enter into any transactions required to be reported under Item 404(a) of Regulation S-K.

Dr. Zschau’s decision to resign from the Board was a result of his desire to focus his attention on other business matters and was not due to any disagreement with the Company. The Company wishes to thank Dr. Zschau for his many years of service to the Company and the Board and his assistance in connection with the transition matters following the completion of the Company’s business combination transaction with Aegis, a portfolio company of Capital Square Partners, in July 2018. Prior to his resignation, Dr. Zschau served as a member of the Audit Committee of the Board.

A press release announcing the appointment of Mr. Schafer is filed as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

Item 9.01.Financial Statements and Exhibits.

The following exhibit is filed herewith:

StarTek, Inc. Exhibit
EX-99.1 2 srt_ex991srtpr3-27×19.htm EXHIBIT 99.1 Exhibit Exhibit 99.1 Startek Appoints Jerry Schafer to Board of DirectorsGREENWOOD VILLAGE,…
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About StarTek, Inc. (NYSE:SRT)

StarTek, Inc. (STARTEK) is a customer engagement business process outsourcing (BPO) services company, which is delivering customer care solutions. The Company operates its business in three segments, based on the geographic regions: Domestic, Nearshore, and Offshore. Its Domestic segment includes the operations of approximately 10 facilities in the United States and one facility in Canada. Its Offshore segment includes the operations of approximately four facilities in the Philippines. Its Nearshore segment includes the operations of approximately two facilities in Honduras and one facility in Jamaica. Its service offerings include customer care, sales support, inbound sales, complex order processing, accounts receivable management, technical and product support, up-sell and cross-sell opportunities, and other industry-specific processes.