Exhibit 10.3

STREAM GLOBAL SERVICES, INC.

Form of Restricted
Stock Agreement



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|Name of Recipient:                                  
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|Number of shares of restricted common stock awarded:
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|Grant Date:                                         

Stream Global Services, Inc. (the Company) has selected you to receive
the restricted stock award described above, which is subject to the provisions of the Companys 2008 Stock Incentive Plan (the Plan) and the terms and conditions contained in this Restricted Stock Agreement. Please confirm your
acceptance of this restricted stock award and of the terms and conditions of this Agreement by signing a copy of this Agreement where indicated below.



STREAM GLOBAL SERVICES, INC.By:Name:

R. Scott MurrayTitle:

Chief Executive Officer


Accepted and Agreed:



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STREAM GLOBAL SERVICES, INC.

Restricted Stock Agreement

The terms and
conditions of the award of shares of restricted common stock of the Company (the Restricted Shares) made to the Recipient, as set forth on the cover page of this Agreement, are as follows:



| | 1. | Issuance of Restricted Shares.
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(a) The Restricted Shares are issued to the Recipient, effective as of the Grant Date (as set forth on the cover page of this Agreement), in consideration of employment services rendered and to be rendered by the Recipient to the Company.

(b) The Restricted Shares will initially be issued by the Company in book entry form only, in the name of the Recipient.
Following the vesting of any Restricted Shares pursuant to Section 2 below, the Company shall, if requested by the Recipient, issue and deliver to the Recipient a certificate representing the vested Restricted Shares. The Recipient agrees that
the Restricted Shares shall be subject to the forfeiture provisions set forth in Section 3 of this Agreement and the restrictions on transfer set forth in Section 4 of this Agreement.



| | 2. | Vesting.
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Unless
otherwise provided in this Agreement or the Plan, the Restricted Shares shall vest in accordance with the following vesting schedule: [        ]% of the original number of Restricted Shares shall vest at the
end of each successive [        ] period following the Grant Date until the [    ] anniversary of the Grant Date. Any fractional number of Restricted Shares resulting from the application
of the foregoing percentages shall be rounded down to the nearest whole number of Restricted Shares.



| | 3. | Forfeiture of Unvested Restricted Shares Upon Employment Termination.
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In the event that the Recipient ceases to be employed by the Company for any reason or no reason, with or without cause, all of the
Restricted Shares that are unvested as of the time of such employment termination shall be forfeited immediately and automatically to the Company, without the payment of any consideration to the Recipient, effective as of such termination of
employment. The Recipient hereby authorizes the Company to take any actions necessary or appropriate to cancel any certificate(s) representing forfeited Restricted Shares and transfer ownership of such forfeited Restricted Shares to the Company; and
if the Company or its transfer agent requires an executed stock power or similar confirmatory instrument in connection with such cancellation and transfer, the Recipient shall promptly execute and deliver the same to the Company. The Recipient shall
have no further rights with respect to any Restricted Shares that are so forfeited. If the Recipient is employed by a subsidiary of the Company, any references in this Agreement to employment with the Company shall instead be deemed to refer to
employment with such subsidiary.



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| | 4. | Restrictions on Transfer.
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The Recipient shall not sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by operation of law or otherwise (collectively transfer) any Restricted Shares, or any interest therein, until such Restricted Shares
have vested, except that the Recipient may transfer such Restricted Shares: (a) to or for the benefit of any spouse, children, parents, uncles, aunts, siblings, grandchildren and any other relatives approved by the Compensation Committee
(collectively, Approved Relatives) or to a trust established solely for the benefit of the Recipient and/or Approved Relatives, provided that such Restricted Shares shall remain subject to this Agreement (including without
limitation the forfeiture provisions set forth in Section 3 and the restrictions on transfer set forth in this Section 4) and such permitted transferee shall, as a condition to such transfer, deliver to the Company a written instrument
confirming that such transferee shall be bound by all of the terms and conditions of this Agreement; or (b) as part of the sale of all or substantially all of the shares of capital stock of the Company (including pursuant to a merger or
consolidation). The Company shall not be required (i) to transfer on its books any of the Restricted Shares which have been transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Restricted
Shares or to pay dividends to any transferee to whom such Restricted Shares have been transferred in violation of any of the provisions of this Agreement.



| | 5. | Restrictive Legends.
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The book entry account reflecting the issuance of the Restricted Shares in the name of the Recipient shall bear a legend or other notation upon substantially the following terms:

These shares of stock are subject to forfeiture provisions and restrictions on transfer set forth in a certain Restricted Stock
Agreement between the corporation and the registered owner of these shares (or his or her predecessor in interest), and such Agreement is available for inspection without charge at the office of the Secretary of the corporation.



| | 6. | Rights as a Shareholder.
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Except as otherwise provided in this Agreement, for so long as the Recipient is the registered owner of the Restricted Shares, the Recipient shall have all rights as a shareholder with respect to the Restricted Shares, whether vested or
unvested, including, without limitation, any rights to receive dividends and distributions with respect to the Restricted Shares and to vote the Restricted Shares and act in respect of the Restricted Shares at any meeting of shareholders.



| | 7. | Provisions of the Plan.
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This Agreement is subject to the provisions of the Plan, a copy of which is furnished to the Recipient with this Agreement. As provided in the Plan, upon the occurrence of a Reorganization Event (as defined in the Plan), the rights of the
Company hereunder (including the right to receive forfeited Restricted Shares) shall inure to the benefit of the Companys successor and, unless the Board determines otherwise, shall apply to the cash, securities or other property which the
Restricted Shares were converted into or exchanged for pursuant to such Reorganization Event in the same manner and to the same extent as they applied to the Restricted Shares under this Agreement.



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| | 8. | Tax Matters.
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(a)
Acknowledgments; Section 83(b) Election. The Recipient acknowledges that he or she is responsible obtaining the advice of the Recipients own tax advisors with respect to the acquisition of the Restricted Shares and the Recipient is
relying solely on such advisors and not on any statements or representations of the Company or any of its agents with respect to the tax consequences relating to the Restricted Shares. The Recipient understands that the Recipient (and not the
Company) shall be responsible for the Recipients tax liability that may arise in connection with the acquisition, vesting and/or disposition of the Restricted Shares. The Recipient acknowledges that he or she has been informed of the
availability of making an election under Section 83(b) of the Internal Revenue Code, as amended, with respect to the issuance of the Restricted Shares and that the Recipient has decided not to file a Section 83(b) election.

(b) Withholding. The Recipient acknowledges and agrees that the Company has the right to deduct from payments of any kind otherwise
due to the Recipient any federal, state, local or other taxes of any kind required by law to be withheld with respect to the vesting of the Restricted Shares. On each date on which Restricted Shares vest, the Company shall deliver written notice to
the Recipient of the amount of withholding taxes due with respect to the vesting of the Restricted Shares that vest on such date; provided, however, that the total tax withholding cannot exceed the Companys minimum statutory withholding
obligations (based on minimum statutory withholding rates for federal and state tax purposes, including payroll taxes, that are applicable to such supplemental taxable income). The Recipient shall satisfy such tax withholding obligations by making a
cash payment to the Company on the date of vesting of the Restricted Shares, in the amount of the Companys withholding obligation in connection with the vesting of such Restricted Shares. Alternatively, the Recipient may, if the Compensation
Committee so approves, satisfy such tax withholding obligations by transferring to the Company, on each date on which Restricted Shares vest under this Agreement, such number of Restricted Shares that vest on such date as have a fair market value
(calculated using the last reported sale price of the common stock of the Company on the American Stock Exchange on the trading date immediately prior to such vesting date) equal to the amount of the Companys tax withholding obligation in
connection with the vesting of such Restricted Shares. To effect such delivery of Restricted Shares, the Recipient shall deliver a written notice to the Company stating that a specified number of Restricted Shares registered to the Recipient in book
entry form are thereby transferred to the Company.



| | 9. | Non-Compete.
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(a) For a period
of twelve (12) months after the termination of the Recipients employment with the Company, the Recipient will not:



| | (i) | as an individual proprietor, partner, stockholder, officer, director, executive, director, investor, lender, or in any other capacity whatsoever (other
than as the holder of not more than one percent
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| | (1%) of the total outstanding stock of any publicly traded company or five percent (5%) of any privately held company) and not in any other capacity), engage in any business throughout the
world that directly competes with the business engaged in by the Company or any of its subsidiaries at the time of the Recipients termination; or
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| | (ii) | directly recruit, solicit or hire any person who is then an employee of the Company, other than an employee who on an unsolicited basis responds to an advertisement or
to an executive recruiter that is not directed by the Recipient to target that particular employee or the Company or any of its subsidiaries.
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(b) Recipient acknowledges and agrees that the Companys business is global in nature due to the types of products and services it provides and that it is reasonable for the Company to define the
geographic location as such. If this Section 9 is found by any court of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it
shall be interpreted to extend only over the maximum period of time, range of activities or geographic area as to which it may be enforceable.

(c) The restrictions contained in this Section 9 are necessary for the protection of the business and goodwill of the Company and are considered by the Recipient to be reasonable for such purpose.
The Recipient agrees that any breach of this Section 9 will cause the Company substantial and irrevocable damage and therefore, in the event of any such breach, in addition to such other remedies which may be available, the Company shall have
the right to seek specific performance and injunctive relief.



| | 10. | Miscellaneous.
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(a)
No Right to Continued Employment. The Recipient acknowledges and agrees that, notwithstanding the fact that the vesting of the Restricted Shares is contingent upon his or her continued employment by the Company, this Agreement does not
constitute an express or implied promise of continued employment or confer upon the Recipient any rights with respect to continued employment by the Company.

(b) Governing Law. This Agreement shall be construed, interpreted and enforced in accordance with the internal laws of the State of Delaware without regard to any applicable conflicts of laws
provisions.

(c) Recipients Acknowledgments. The Recipient acknowledges that he or she has read this Agreement,
has received and read the Plan, and understands the terms and conditions of this Agreement and the Plan.



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