Document:

Form of Stockholder's Agreement

 Exhibit 10.3 
 STOCKHOLDER’S AGREEMENT 
 This Stockholder’s Agreement (this “Agreement”)
is made into and entered into as of [            ], 2008, by and among Global BPO Services Corp., a Delaware corporation (the “Company”) and the persons listed on the
signature pages attached hereto (each a “Stockholder” and collectively, the “Stockholders”). 
 WHEREAS,
on, June 2, 2008, the Company and the Stockholders entered into (i) a Preferred Stock Purchase Agreement (the “Stock Purchase Agreement”) pursuant to which the Stockholders purchased an aggregate of 150,000 shares of
Series A Convertible Preferred Stock, par value $0.001 per share, of the Company (“Preferred Stock”), which is convertible into shares of Common Stock, and (ii) a Registration Rights Agreement (the “Registration Rights
Agreement”) granting certain registration rights; 
 WHEREAS, in connection with the transactions contemplated by the Stock Purchase
Agreement and the Registration Rights Agreement, the Stockholders and the Company have agreed to certain terms and conditions on their stock ownership as set forth herein. 
 NOW, THEREFORE, in consideration of the issuance of the Preferred Stock pursuant to the Stock Purchase Agreement and the other promises contained
therein, and in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE 1 
 DEFINITIONS; REPRESENTATIONS AND
WARRANTIES 
 Section 1.1 Definitions. Unless otherwise specified all references to “days” shall be deemed to be
references to calendar days. For purposes of this Agreement, the following terms shall have the following meanings: 
 “Affiliate” of a Person shall have the meaning set forth in Rule 12b-2 of the Exchange Act as in effect on the date of this Agreement, but shall not include (i) any investment fund in which a Person has invested if the
Person (as the Affiliates alone or with others) does not otherwise control the investment fund or have, directly or indirectly, voting or dispositive power over any securities owned by such fund or (ii) any investor or limited partner of any
Person who does not (alone or with others) otherwise have voting or dispositive power over securities owned by that Person and is not controlled by that Person. It is expressly intended that any Person who now or hereafter controls, directly or
indirectly, any Stockholder shall be subject to the provisions of Articles 3 and 4 as if it were a Stockholder, including (without limitation) any management company, advisory, and/or general partner of a Stockholder. 
 “Board of Directors” shall mean the Board of Directors of the Company. 
 “Certificate of Designations of Series A Convertible Preferred Stock” shall mean the Certificate of Designations of Series A Convertible
Preferred Stock pursuant to which the Preferred Stock has been created. 

 “Common Stock” shall mean the common stock, $0.001 par value per share, of the Company.

 “Company Subsidiary” means any corporation, partnership, trust, limited liability company or other non-corporate business
enterprise in which the Company (or another Company Subsidiary) holds stock or other ownership interests representing (a) more than 50% of the voting power of all outstanding stock or ownership interests of such entity or (b) the right to
receive more than 50% of the net assets of such entity available for distribution to the holders of outstanding stock or ownership interests upon a liquidation or dissolution of such entity. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
 “Group” shall mean a “group” as such term is used in Section 13(d)(3) of the Exchange Act (as in effect, and based
on legal interpretations thereof existing, on the date hereof). 
 “Person” shall mean any individual, Group, corporation,
general or limited partnership, limited liability company, governmental entity, joint venture, estate, trust, association, organization or other entity of any kind or nature. 
 “Offer” means a written notice of any proposed or intended issuance, sale or exchange of Offered Securities containing the information
specified in Section 3.1(a). 
 “Offered Securities” means (a) any shares of its Common Stock, (b) any other
equity securities of the Company, including, without limitation, shares of preferred stock, (c) any option, warrant or other right to subscribe for, purchase or otherwise acquire any equity securities of the Company, or (d) any debt
securities convertible into capital stock of the Company. 
 “Proportionate Amount” means, with respect to a Qualified
Stockholder, its pro rata portion of the Offered Securities determined by multiplying the number of Offered Securities by a fraction, the numerator of which is the aggregate number of shares of Common Stock issuable upon conversion of all shares of
Preferred Stock then held and any Common Stock then owned by such Qualified Stockholder and the number of shares of Common Stock issuable on exercise or conversion of any securities convertible into or exercisable for shares of Common Stock,
including, without limitation, warrants, and the denominator of which is the total number of shares of Common Stock then outstanding (treating as outstanding for this purpose all shares of Common Stock then issuable upon exercise or conversion of
all outstanding securities convertible into or exercisable for shares of Common Stock, including, without limitation, warrants). 
 “Qualified Stockholder” means a Stockholder that is an “accredited investor” within the meaning of Rule 501(a) under the Securities Act. 
 “Related Person” means, with respect to any Person, (i) any Affiliate of such Person, (ii) any investment manager, investment
advisor or partner of such Person or an Affiliate of such Person or such investment manager, investment advisor or partner, (iii) any investment fund, investment account or investment entity whose investment manager, investment advisor or
general partner is such Person or a Related Person of such Person, and (iv) to the extent not covered by the foregoing, as to any Stockholder, a partner, employee, director, officer, affiliate or associate (as defined in Rule 12b-2 under the
Exchange Act) of any of the Stockholders or any Affiliate of any of the Stockholders or as to which any Stockholder or any of its Affiliates own at least ten percent of the voting equity securities. 
  

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 “Securities Act” shall mean the Securities Act of 1933, as amended. 
 Section 1.2 Representations and Warranties of the Company and Stockholders. The representations and warranties of the Company and
Stockholders, respectively, with respect to this Agreement and the transactions contemplated hereby are set forth in the Stock Purchase Agreement. 
 ARTICLE 2 
 BOARD REPRESENTATION AND TRANSACTIONAL APPROVALS 
 Section 2.1 Board Matters. 
 (a)
Pursuant to the Certificate of Designations of Series A Convertible Preferred Stock creating the Preferred Stock, the Stockholders are entitled to elect up to three directors in certain circumstances (the “Stockholder Designees,”
whether one or more ) and for the period specified therein (the “Stockholder Designee Period”). The Company agrees to take such actions as may be necessary or appropriate to permit such election to be made to the extent provided in
the Certificate of Designations of Series A Convertible Preferred Stock, subject to the provisions set forth in this Section 2.1. Upon termination of the Stockholder Designee Period, the terms of the Stockholder Designees as directors will
cease and each of the Stockholders shall cause the Stockholder Designees to offer to resign immediately from any committees thereof, whether as observer or otherwise, (which offer to resign may be accepted or declined in the sole and absolute
discretion of the Board of Directors) and the Company’s obligations under this Section 2.1 shall terminate. 
 Notwithstanding the
provisions of this Section 2.1(a) or Certificate of Designations of Series A Convertible Preferred Stock, the Stockholders agree that: 
 (i) Stockholders holding a majority of the shares of Preferred Stock then held by all Stockholders (the “Majority Stockholders”) will provide the Company with such information concerning the background of
such Stockholder Designees as the Nominating Committee of the Board of Directors may reasonably request; 
 (ii) subject to
(iii) below, the Majority Stockholders will elect initially [            ] and [            ] as the Class I and
Class II Stockholder Designees, respectively, and [            ] as the Class III Stockholder Designee, if applicable, as determined in the Certificate of Designations of Series A
Convertible Preferred Stock; 
 (iii) the Majority Stockholders will not elect (and agree to withdraw the nomination of or
cause the removal of) any Person to the Company’s Board of Directors if the Nominating Committee of the Board of Directors determines in good faith that the proposed Stockholder Designee does not meet the qualification requirements imposed with
respect to other directors or determines that a proposed Stockholder Designee would not be qualified under any applicable law, rule or regulation (including under any exchange rules) to serve as a director of the Company or if the Company objects to
a 

  

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Stockholder Designee because such Stockholder Designee has been involved in any of the events enumerated in Item 2(d) or (e) of Schedule 13D or
such Person is currently the target of an investigation by any governmental authority or agency relating to felonious criminal activity or is subject to any order, decree, or judgment of any court or agency prohibiting service as a director of any
public company or providing investment or financial advisory services. In such an event, the Stockholder shall withdraw the designation of such proposed Stockholder Designee and designate a replacement therefor (which replacement Stockholder
Designee shall also be subject to the requirements of this Section). The Company shall use its reasonable best efforts to notify the Stockholders of any objection to a Stockholder Designee sufficiently in advance of the date on which proxy materials
are mailed by the Company in connection with such election of directors to enable the Stockholders to propose a replacement Stockholder Designee in accordance with the terms of this Agreement. 
 (b) The parties intend that the Company’s securities continue to meet the qualification requirements applicable to the American Stock Exchange. The
Board of Directors will be comprised according to such requirements. 
 (c) Each Stockholder Designee serving on the Board of Directors shall
be entitled to all directors fees, insurance, indemnification, compensation and equity incentives granted to directors who are not employees of the Company on the same terms provided to, and subject to the same limitations applicable to, such
directors. 
 (d) At any time that the composition of the board of managers or board of directors of any subsidiary of the Company (a
“Sub Board”) is not identical to the composition of the Board, the Stockholder shall have the right to a proportional number of board seats on such Sub Board as the Stockholder has on the Board of Directors. 
 (e) The Company shall use its best efforts to ensure that one of the Stockholder Designees is appointed to each committee of the Board of Directors, and
each committee of any Sub Board, other than (i) a special committee appointed to consider any matter involving the Stockholder or its Related Persons and (ii) where each of the Stockholder Designees is not permitted to serve as a result of
any law, regulation or rule of a securities exchange. If all of the Stockholder Designees are disqualified from serving on a committee pursuant to (ii) above, the Company will use its best efforts to ensure that one of the Stockholder Designees
is appointed as an observer to any such committee. The observer will not be a member of such committee or entitled to vote on any matter acted upon, but will be entitled to all notices of and to attend and participate in meetings thereof, subject to
the power of the committee chair to conduct executive sessions of only the full members of the committee. 
 Section 2.2 Management
of the Business. Following the Closing (as defined in the Stock Purchase Agreement) and except as provided in this Agreement, management of the Company will continue to have full authority to operate the day-to-day business affairs of the
Company to the same extent as prior to the Closing. In this regard, the Chief Executive Officer of the Company shall continue to be in charge of all matters within his authority on the date hereof, subject, as required by Delaware law, to the
requirement that the business and affairs of the Company shall be managed by or under the direction of the Board of Directors. So long as R. Scott Murray remains the chief executive officer of the Company, he shall remain the chairman of the board
of directors of the Company. 
  

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 Section 2.3 Legends. Each Stockholder shall present or cause to be presented promptly all
certificates representing shares of Preferred Stock beneficially owned by such Stockholder or any of its Affiliates, for the placement thereon of a legend substantially to the following effect, which legend will remain thereon during the Stockholder
Designee Period as long as such shares of Preferred Stock are beneficially owned by any Stockholder or an Affiliate of any Stockholder: 
 “THE SHARES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE PROVISIONS OF A STOCKHOLDERS AGREEMENT, DATED AS OF                 , 2008 AMONG GLOBAL BPO SERVICES CORP. AND
CERTAIN STOCKHOLDERS OF GLOBAL BPO SERVICES CORP. NAMED THEREIN. A COPY OF SAID AGREEMENT IS ON FILE AT THE OFFICE OF THE CORPORATE SECRETARY OF GLOBAL BPO SERVICES CORP.” 
 ARTICLE 3 
 RIGHT OF FIRST REFUSAL 
 Section 3.1 Rights of Stockholders to Acquire Offered Securities. 
 (a) The Company shall not issue, sell or exchange, agree to issue, sell or exchange, or reserve or set aside for issuance, sale or exchange, any Offered
Securities, unless in each such case the Company shall have first complied with this Section 3.1. The Company shall deliver to each Stockholder an Offer, which shall (i) identify and describe the Offered Securities, (ii) describe the
price and other terms upon which they are to be issued, sold or exchanged, and the number or amount of the Offered Securities to be issued, sold or exchanged, (iii) identify the persons or entities (if known) to which or with which the Offered
Securities are to be offered, issued, sold or exchanged, and (iv) offer to issue and sell to or exchange with such Stockholder that is a Qualified Stockholder, such Qualified Stockholder’s Proportionate Amount. 
 (b) To accept an Offer, in whole or in part, a Qualified Stockholder must deliver to the Company, on or prior to the date 30 days after the date of
delivery of the Offer, a Notice of Acceptance providing a representation letter certifying that such Qualified Stockholder is an accredited investor within the meaning of Rule 501 under the Securities Act and indicating the portion of the Qualified
Stockholder’s Proportionate Amount that such Qualified Stockholder elects to purchase. 
 (c) Upon (i) the closing of the issuance,
sale or exchange of the Offered Securities or (ii) such other date agreed to by the Company and Qualified Stockholders who have subscribed for a majority of the Offered Securities subscribed for by the Qualified Stockholders, such Qualified
Stockholder or Stockholders shall acquire from the Company and the Company shall issue to such Qualified Stockholder or Stockholders, the number or amount of Offered Securities specified in the Notices of Acceptance, upon the terms and conditions
specified in the Offer. 
  

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 (d) The purchase by the Qualified Stockholders of any Offered Securities is subject in all cases to the
preparation, execution and delivery by the Company and the Qualified Stockholders of a purchase agreement relating to such Offered Securities reasonably satisfactory in form and substance to the Qualified Stockholders and their respective counsel.

 (e) Any Offered Securities not sold by the Company within 90 days after the date of the Offer relating thereto may not be issued, sold or
exchanged until they are again offered to the Qualified Stockholders under the procedures specified in Section 3.1(a). 
 (f) The rights
of the Qualified Stockholders under this Section 3.1 shall not apply to: 
 (i) the issuance of any shares of Common
Stock as a stock dividend to holders of Common Stock or upon any subdivision or combination of shares of Common Stock; 
 (ii)
the issuance of any shares of Common Stock upon conversion of outstanding shares of convertible preferred stock or exercise of outstanding warrants, in each case outstanding as of the date hereof; 
 (iii) the issuance of shares of Common Stock (or the grant of options therefor) to employees, directors or officers of, or consultants to,
the Company or any Company Subsidiary pursuant to any plan, agreement or arrangement approved by the Board of Directors of the Company; 
 (iv) the issuance of any securities as a dividend on the Preferred Stock; 
 (v) the issuance
of securities solely in consideration for a bona fide acquisition (whether by merger or otherwise) by the Company or any Company Subsidiary of all or substantially all of the stock or assets of any other entity, provided that in any such acquisition
holders representing a majority of the voting rights in the Company immediately prior to such acquisition shall continue to hold such rights after such acquisition; or 
 (vi) the issuance of securities in a firm-commitment underwritten public offering pursuant to an effective registration statement under
the Securities Act. 
 Section 3.2 Termination. This Section 3 shall terminate upon the closing of the sale of all or
substantially all of the assets or business of the Company (by sale of assets or stock, merger or otherwise). 
  

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 ARTICLE 4 
 NEGATIVE COVENANTS 
 Section 4.1 The Company and any Company Subsidiary shall not, without the consent
of Stockholders holding a majority of the shares of Preferred Stock then held by all Stockholders: 
 (a) acquire all or substantially all of
the assets or liabilities of another entity (by purchase of assets or stock, merger or otherwise) where the purchase price for such acquisition exceeds $50 million, including indebtedness assumed in connection therewith; 
 (b) issue or sell or authorize the issuance or sale of any shares of capital stock of the Company or any Company Subsidiary of any class, or securities
convertible into or exchangeable or exercisable for any shares of such capital stock, or any options, warrants or other rights of any kind to acquire any shares of such capital stock, or any other ownership interest of the Company or any Company
Subsidiary, except for: 
 (i) the issuance of any shares of Common Stock as a stock dividend to holders of Common Stock or
upon any subdivision or combination of shares of Common Stock; 
 (ii) the issuance of any shares of Common Stock upon
conversion of outstanding shares of convertible preferred stock or exercise of outstanding warrants; 
 (iii) the issuance of
shares of Common Stock (or the grant of options therefor) to employees, directors or officers of, or consultants to, the Company or any Company Subsidiary pursuant to any plan, agreement or arrangement approved by the Board of Directors of the
Company, provided, however, that the total size of the equity incentive pool and any issuances of equity incentives to the founders pursuant thereto will require the consent of Stockholders holding a majority of the shares of Preferred Stock then
held by all Stockholders; or 
 (iv) the issuance of any securities as a dividend on the Preferred Stock. 
 (c) create, incur or assume any indebtedness for borrowed money (including obligations in respect of capital leases), other than pursuant to the credit
agreement entered into on or prior to the date here of with PNC Bank, National Association. 
 Section 4.2 Termination. This
Article IV will terminate and cease to apply on the earliest to occur of (A) the first date on which Stockholders hold in the aggregate less than 30% of the shares of Preferred Stock issued and sold to all Stockholders pursuant to the Stock
Purchase Agreement and (B) the first date on which the outstanding shares of Preferred Stock collectively represent less than 20% by voting power of the outstanding capital stock of the Company. 
  

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 ARTICLE 5 
 MISCELLANEOUS 
 Section 5.1 Notices. Any and all notices or other communications or deliveries
required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number
specified in this Section prior to 4:30 p.m. (New York City time) on a Trading Day (as defined in the Stock Purchase Agreement), (ii) the Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at
the facsimile number specified in this Agreement later than 4:30 p.m. (New York City time) on any date and earlier than 11:59 p.m. (New York City time) on such date, (iii) the Trading Day following the date of sending, if sent by nationally
recognized overnight courier service, specifying next business day delivery or (iv) upon actual receipt by the party to whom such notice is required to be given if delivered by hand. The address for such notices and communications shall be as
follows: 
 if to the Company, to: 
 R. Scott Murray 
 Global BPO Services Corp. 
 125 High Street, 30th Floor 
 Boston, MA 02110

 Tel: (617) 517-3250 
 Fax: (617) 517-3247 
 with a copy to: 
 Mark G. Borden 
 Wilmer Cutler Pickering Hale and Dorr LLP 
 60 State Street 
 Boston, Massachusetts 02109 
 Tel: (617) 526-6675 
 Fax: (617) 526-5000 
 if to a Stockholder, at its address on the signature page hereto, or at such other address or addresses as may have been furnished to the Company in writing in
accordance with this Section 5.1. 
 Section 5.2 Amendments; Waivers. No provision of this Agreement may be waived or
amended except in a written instrument signed, in the case of an amendment, by the Company and the Stockholders holding at least a majority of the then-outstanding shares of Preferred Stock. No waiver of any default with respect to any provision,
condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of either
party to exercise any right hereunder in any manner impair the exercise of any such right. 
 Section 5.3 Construction. The
headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the 

  

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provisions hereof. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules
of strict construction will be applied against any party. 
 Section 5.4 Severability. If any provision of this Agreement is held
to be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and the parties will attempt in good faith to agree upon a
valid and enforceable provision that is a reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Agreement. 
 Section 5.5 Certain Interpretations. Except where expressly stated otherwise in this Agreement, the following rules of interpretation apply to this Agreement: (i) definitions contained in this
Agreement are applicable to the singular as well as the plural forms of such terms; (ii) references to an agreement or instrument mean such agreement or instrument as from time to time amended, modified or supplemented; (iii) references to
a person or entity are also to its permitted successors and assigns; (iv) references to an “Article” or “Section” refer to an Article of, or a Section of, this Agreement; and (v) words importing the masculine gender
include the feminine or neuter and, in each case, vice versa. 
 Section 5.6 Governing Law; Venue; Waiver of Jury Trial. ALL
QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE, REGARDLESS OF THE CONFLICTS OF LAWS
PRINCIPLES OF SUCH STATE. EACH PARTY AGREES THAT ALL LEGAL PROCEEDINGS CONCERNING THE INTERPRETATIONS, ENFORCEMENT AND DEFENSE OF THE TRANSACTIONS CONTEMPLATED BY ANY OF THE TRANSACTION DOCUMENTS (WHETHER BROUGHT AGAINST A PARTY HERETO OR ITS
RESPECTIVE AFFILIATES, DIRECTORS, OFFICERS, STOCKHOLDERS, EMPLOYEES OR AGENTS) SHALL BE COMMENCED EXCLUSIVELY IN THE STATE AND U.S. FEDERAL COURTS SITTING IN THE STATE OF DELAWARE. EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE
JURISDICTION OF THE STATE AND U.S. FEDERAL COURTS SITTING IN THE STATE OF DELAWARE FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR WITH ANY TRANSACTION CONTEMPLATED HEREBY OR DISCUSSED HEREIN (INCLUDING WITH RESPECT TO THE
ENFORCEMENT OF ANY OF THIS AGREEMENT), AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING
IS IMPROPER. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF VIA REGISTERED OR CERTIFIED MAIL OR OVERNIGHT DELIVERY (WITH
EVIDENCE OF DELIVERY) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND 

  

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NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW. EACH PARTY HERETO
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE TRANSACTION DOCUMENTS OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY. IF EITHER PARTY SHALL COMMENCE AN ACTION OR PROCEEDING TO ENFORCE ANY PROVISIONS OF THIS AGREEMENT OR ANY TRANSACTION DOCUMENT, THEN THE PREVAILING PARTY IN SUCH ACTION OR PROCEEDING SHALL BE REIMBURSED BY THE OTHER
PARTY FOR ITS REASONABLE ATTORNEYS FEES AND OTHER REASONABLE COSTS AND EXPENSES INCURRED WITH THE INVESTIGATION, PREPARATION AND PROSECUTION OF SUCH ACTION OR PROCEEDING. 
 Section 5.7 Entire Agreement. This Agreement and the documents referenced herein constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof. There are no
restrictions, promises, warranties or undertakings, other than those set forth or referred to herein. This Agreement supersedes all prior agreements and understandings among the parties with respect to the subject matter hereof. 
 Section 5.8 Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one
and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is
delivered by facsimile transmission, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile signature page were
an original thereof. 
 Section 5.9 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the
parties and their successors and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Stockholder. Each Stockholder may assign its rights under this Agreement
to any of its Affiliates, provided that such transferee agrees in writing to be bound, with respect to the transferred rights, by the provisions hereof that apply to the “Stockholder.” In the event of any assignment of the rights of
any Stockholder to more than one person in accordance with this section, the provisions of this Agreement shall be deemed amended to reflect more than one Stockholder, mutatis mutandis. Each Stockholder may not assign its rights under the
Agreement to any other party without the written consent of the Company. 
 Section 5.10 Remedies. In addition to being entitled
to exercise all rights provided herein or granted by law, including recovery of damages, each Stockholder and the Company will be entitled to specific performance under this Agreement. The parties agree that monetary damages may not be adequate
compensation for any loss incurred by reason of any breach of obligations described in the foregoing sentence and hereby agree to waive in any proceeding for specific performance of any such obligation the defense that a remedy at law would be
adequate. 
  

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 Section 5.11 No Waiver. It is agreed that a waiver by any party of a breach of any provision
of this Agreement shall not operate, or be construed, as a waiver of any subsequent breach by that same party. 
 [REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK 
 SIGNATURE PAGES FOLLOW] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first
referred to above. 
  

											
	GLOBAL BPO SERVICES CORP.
		
	By:	 	  

	Name:	 	R. Scott Murray
	Title:	 	Chief Executive Officer and President
	
	ARES CORPORATE OPPORTUNITIES FUND II, L.P.
		
	By:	 	ACOF MANAGEMENT II, L.P.,
		 	Its General Partner
				
		 		 	By:	 	ACOF OPERATING MANAGER II, L.P.,
		 		 		 	Its General Partner
						
		 		 		 		 	By:	 	ARES MANAGEMENT, INC.,
		 		 		 		 		 	Its General Partner
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 - 12 -Form of Registration Rights Agreement

 Exhibit 10.4 
 REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights Agreement (this
“Agreement”) is made and entered into as of                  , 2008, among Global BPO Services Corp., a Delaware corporation (the
“Company”), Ares Corporate Opportunities Fund II, L.P. (the “Purchaser”) and the stockholders of the Company listed on Schedule 1 hereto (the “Founders”). 
 WHEREAS, the parties have agreed to enter into this Agreement in connection with, and as a condition to the closing under, the Preferred Stock Purchase
Agreement, dated as of May 31, 2008, between the Company and the Purchaser (the “Purchase Agreement”) and the related documents entered into in connection therewith (the “Transaction Documents”);

 WHEREAS, pursuant to the Purchase Agreement and concurrently with the execution of this Agreement, the Purchaser is acquiring from the
Company the number of shares of the Company’s Series A Convertible Preferred Stock, par value $0.001 per share (“Preferred Stock”), set forth opposite its name on Schedule 1 and such shares of Preferred Stock are
convertible into shares of the Company’s common stock, par value $0.001 per share (“Common Stock”); 
 WHEREAS,
the Purchaser is acquiring Warrants to purchase an aggregate of 7,500,000 shares of Common Stock (the “Warrant Shares”); 
 WHEREAS, the Founders are the holders of the shares of Common Stock set forth opposite their names on Schedule 1 and are parties to a Registration Rights Agreement, dated October 17, 2007 (the “Founders’
Agreement”); and 
 WHEREAS, the Founders and the Company have agreed to terminate the Founders’ Agreement and enter into
this Agreement in lieu thereof. 
 NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good
and valuable consideration the receipt and adequacy of which are hereby acknowledged, the Founders and the Company hereby agree that the Founders’ Agreement shall be superseded and replaced in its entirety by this Agreement and the parties
hereto further agree as follows: 
 1. Definitions. In addition to the terms defined elsewhere in this Agreement, (a) capitalized
terms that are not otherwise defined herein have the meanings given to such terms in the Purchase Agreement, and (b) the following terms have the meanings indicated: 
 “Business Day” means any day except Saturday, Sunday and any day on which banking institutions in New York City are authorized or required by law or other governmental action to close.

 “Demand Registration Statement” means a Registration Statement filed or to be filed pursuant to a written
Purchaser Request pursuant to either Section 2 or Section 3. 

 “Founders’ Shares” means the Common Stock owned or held by the Founders, as
set forth on Schedule 1 hereto. 
 “Holder” means a holder of Registrable Securities, including any permitted
transferee of a Holder. 
 “Piggy-Back Registration Statement” means a Registration Statement filed or to be filed
pursuant to which the Company has received one or more written requests to participate pursuant to Section 4. 
 “Proceeding” means an action, claim, suit, grievance, arbitration, complaint, notice of violation, investigation or proceeding (including, without limitation, an investigation or partial proceeding, such as a
deposition). 
 “Prospectus” means the prospectus included in a Registration Statement (including, without
limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rules 430A, 430B or 430C promulgated under the Securities Act of 1933, as amended (the
“Securities Act”)), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments
and supplements to the Prospectus, including post effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 
 “Purchaser Holder” means the Purchaser and any permitted transferee of the Purchaser which holds Registrable Securities.

 “Purchaser Request” means a request for the registration of Registrable Securities from one or more Purchaser
Holders that in the aggregate possess a majority of the Registrable Securities then held by the Purchasers outstanding as of the date of such request. Any Purchaser Request shall indicate the securities to be sold and the type of registration being
requested (e.g., a Shelf Registration Statement or a Demand Registration Statement). 
 “Registration Request”
means a request for the registration of Registrable Securities from one or more Holders that in the aggregate possess a majority of the Registrable Securities outstanding as of the date of such request. Any Registration Request shall indicate the
securities to be sold and the type of registration being requested (e.g., a Shelf Registration Statement or a Demand Registration Statement). 
 “Registrable Securities” means (a) any Common Stock into which the Preferred Stock has been converted and the Warrant Shares, and (b) the Founders’ Shares, together with any
securities issued or issuable upon any stock split, dividend or other distribution, recapitalization or similar event with respect to the foregoing; provided that such shares will cease to be “Registrable Securities” (i) when
they have been sold to or through a broker, dealer or underwriter in a distribution to the public or otherwise on or through the facilities of the national securities exchange, national securities association or automated quotation system on which
the Company’s capital stock is listed, (ii) when a registration statement with respect to the sale of 

  

 2 

 
such shares has become effective under the Securities Act and such shares have been disposed of in accordance with such registration statement, or
(iii) at such time as the Holder of Registrable Securities is entitled to sell all of its Registrable Securities under Rule 144 of the Securities Act without any volume, manner of sale or other restrictions; and provided further
that, for purposes of Section 2(b), any Registrable Securities that are registered under Section 2(a) shall not be deemed to be Registrable Securities. 
 “Registration Statement” shall mean any registration statement to be filed under the Securities Act, which covers any of the Registrable Securities pursuant to the provisions of this Agreement,
including the Prospectus included therein, all amendments and supplements to such Registration Statement, including pre- and post-effective amendments, all exhibits and all material incorporated by reference or deemed to be incorporated by reference
in such Registration Statement. 
 “Release Date” means the date on which shares of Common Stock held by the Founders
are disbursed from escrow pursuant to Section 3 of that certain Stock Escrow Agreement, dated as of October 17, 2007, by and among the Company, the Founders and Continental Stock Transfer & Trust Company. 
 “Rule 144,” “Rule 415,” and “Rule 424” mean Rule 144, Rule 415 and Rule 424,
respectively, promulgated by the SEC pursuant to the Securities Act, as such Rules may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same effect as such Rule. 
 “SEC” means the Securities and Exchange Commission. 
 “Shelf Registration” means a “Shelf” Registration Statement filed with the SEC covering the resale of Registrable
Securities for an offering to be made on a continuous basis pursuant to Rule 415. 
 “Shelf Registration Statement”
means a Registration Statement filed or to be filed pursuant to a written Purchaser Request pursuant to Section 2. 
 “Trading Day” means (a) any day on which the Common Stock is listed or quoted and traded on the Trading Market, or (b) if the Common Stock are not then listed or quoted and traded on the Trading Market,
then any Business Day. 
 “Trading Market” means the American Stock Exchange, or, at any time the Common Stock is not
listed for trading on the American Stock Exchange, any other national exchange if the Common Stock is then listed or quoted on such exchange. 
 “Warrants” means Warrants to purchase shares of Common Stock. 
 2. Shelf Registration.
(a) After (i) the later of (A) completion of the Tender Offer (as defined in the Purchase Agreement) and (B) October 17, 2008, and (ii) so long as the Purchaser Holders hold at least 30% of the Registrable Securities
acquired by them on the date hereof, upon the receipt of a Purchaser Request requesting a Shelf Registration, the Company 

  

 3 

 
shall, within five (5) days of the receipt thereof, give written notice of such request to all Purchaser Holders and, subject to the limitations below,
shall use its reasonable best efforts to prepare and file (as expeditiously as practicable, and in any event within thirty (30) days of the receipt of such request) with the SEC a “Shelf” Registration Statement covering the resale of
all Registrable Securities then held by the Purchasers for an offering to be made on a continuous basis pursuant to Rule 415. 
 (b) After
(i) the Release Date, (ii) the later of (A) completion of the Tender Offer (as defined in the Purchase Agreement) and (B) October 17, 2008, and (iii) the Purchasers no longer hold at least 30% of the Registrable
Securities acquired by them on the date hereof, upon the receipt of a Registration Request requesting a Shelf Registration, the Company shall, within five (5) days of the receipt thereof, give written notice of such request to all Founders and,
subject to the limitations below, shall use its reasonable best efforts to prepare and file (as expeditiously as practicable, and in any event within thirty (30) days of the receipt of such request) with the SEC a “Shelf” Registration
Statement covering the resale of all Registrable Securities then held by the Founders for an offering to be made on a continuous basis pursuant to Rule 415. 
 (c) Any Shelf Registration Statement filed pursuant to this Section 2 shall be on Form S-3 (except if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, in which case
such registration shall be on another appropriate form in accordance herewith as the Holders of a majority of the Registrable Securities participating in the Shelf Registration may consent) and shall contain (except if otherwise directed by a
majority in interest of the Holders of Registrable Securities participating in the Shelf Registration) the “Plan of Distribution” attached hereto as Annex A. The Company shall use its commercially reasonable efforts to cause such
Registration Statement to be declared effective under the Securities Act as promptly as possible after the filing thereof; and shall, subject to notice from the Company under Section 9(f), use its commercially reasonable efforts to keep such
Registration Statement continuously effective under the Securities Act for the period that such Registration Statement may be kept effective under applicable SEC regulations until the earlier of (i) the date on which all Registrable Securities
are eligible for sale under Rule 144 without any volume, manner of sale or other restrictions and (ii) when all Registrable Securities covered by such Registration Statement have been sold (the “Effectiveness Period”).
The Company shall notify each Holder in writing promptly (and in any event within one Trading Day) after receiving notification from the SEC that a Registration Statement has been declared effective. 
 (d) If at any time the SEC takes the position that the offering of some or all of the Registrable Securities in a Registration Statement is not eligible
to be made on a delayed or continuous basis under the provisions of Rule 415 as a result of a characterization by the SEC of the transaction described by the Registration Statement as a primary offering by the Company, the Company shall use its
reasonable best efforts to persuade the SEC that the offering contemplated by the Registration Statement is a valid secondary offering and not an offering “by or on behalf of the issuer” as defined in Rule 415. In the event that,
despite the Company’s reasonable best efforts and compliance with the terms of this Section 2, the SEC refuses to alter its position, the Company shall, upon obtaining consent of the Holders of a majority of the Registrable
Securities participating in the Registration Statement, (i) remove from the Registration Statement such portion of the Registrable Securities (the “Cut Back Shares”) and/or 

  

 4 

 
(ii) agree to such restrictions and limitations on the registration and resale of the Registrable Securities as the SEC may require to assure the
Company’s compliance with the requirements of Rule 415. Any Registrable Securities not able to be included in a Registration Statement filed pursuant to this Section 2 shall reduce the number of Registrable Securities of each Holder
covered by such Registration Statement on a pro-rata basis based on the number of Registrable Securities purchased by each such Holder and the Company shall have no liability to any Holder as a result of the Registration Statement covering
less than all of the Registrable Securities under the circumstances described in this proviso. Within nine (9) months, or such earlier time as permitted by the SEC, of the initial registration filed hereunder being declared effective, the
Company shall file an additional registration statement containing the Cut Back Shares. With regard to the new Registration Statement, all of the provisions of this Section 2 shall again be applicable to the Cut Back Shares. 

(e) Notwithstanding the foregoing, the Company shall not be obligated to file a Registration Statement pursuant to this Section 2,
(i) during the 90 day period commencing on the effective date of any other registration statement filed by the Company relating to the public offering of its Common Stock or securities convertible into Common Stock (other than on Forms S-4 or
S-8 or any successor thereto) or (ii) if the Company shall furnish to the applicable Holders a certificate signed by the chief executive officer of the Company stating that, in the good faith judgment of the Board of Directors of the Company,
the Board has determined to file a registration statement relating to the public offering of its Common Stock or securities convertible into Common Stock (other than on Forms S-4 or S-8 or any successor thereto) within 30 days of the Purchaser
Request or Registration Request, as the case may be, during the period commencing on the date of such notice and ending upon the earliest of (A) effectiveness of such registration statement, (B) a decision by the Company not to pursue
effectiveness of such registration statement or (C) 90 days after the filing of such registration statement; provided, however, that in the case of clause (ii), the Company may not utilize this right more than once in any twelve
(12) month period; provided, further, that, for the avoidance of doubt, this clause (ii) shall be incremental to, and not in lieu of, the Company’s relief from its shelf registration obligation under clause
(i) above. 
 (f) Notwithstanding the foregoing, if the Company shall furnish to the applicable Holders a certificate signed by the
chief executive officer of the Company stating that, in the good faith judgment of the Board of Directors of the Company, maintaining a Registration Statement’s effectiveness would be materially detrimental to the Company and its stockholders
for such Registration Statement to remain effective by reason of a material pending or imminently prospective transaction or development and it is therefore essential to suspend such Registration Statement’s effectiveness, the Company shall
have the right to suspend such effectiveness for a period of not more than sixty (60) days in the aggregate after receipt of the Purchaser Request or Registration Request, as the case may be; provided, however, that the Company
may not utilize this right more than twice in any twelve (12) month period. 
 3. Demand Registration. 
 (a) If at any time the Company shall receive (i) a written Purchaser Request, so long as the Purchaser Holders hold at least 30% of the Registrable
Securities acquired by them 

  

 5 

 
on the date hereof, or (ii) a written Registration Request after the Purchaser Holders no longer hold at least 30% of the Registrable Securities
acquired by them on the date hereof, that the Company file a Registration Statement under the Securities Act, then the Company shall, within ten (10) days of the receipt thereof, give written notice of such request to all Holders and, subject
to the limitations of Section 3(b) below, shall use its reasonable best efforts to prepare and file a Registration Statement under the Securities Act with respect to all Registrable Securities which the applicable Holders request to be
registered within ten (10) days of the mailing of such notice by the Company, in accordance with Section 9(g) below (as expeditiously as practicable), and use its commercially reasonable efforts to cause such Registration Statement to be
declared effective under the Securities Act as promptly as possible after the filing thereof. 
 (b) If the applicable Holders intend to
distribute the Registrable Securities covered by their request by means of an underwriting (whether it is on a firm commitment or best efforts (i.e., registered direct) basis), they shall so advise the Company as a part of their request made
pursuant to this Section 3 and the Company shall include such information in the written notice referred to in Section 3(a). In such event, the right of any Holder to include such Holder’s Registrable Securities in such registration
shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by a majority in interest of the Holders
participating in the underwriting and such Holder) to the extent provided herein. A majority in interest of the Holders of Registrable Securities participating in the underwriting, in consultation with the Company, shall select the managing
underwriter or underwriters in such underwriting. All Holders proposing to distribute their securities through such underwriting shall (together with the Company as provided in Section 5(l)) enter into an underwriting agreement in customary
form with the underwriter or underwriters so selected for such underwriting by a majority in interest of such Holders; provided, however, that no Holder (or any of their assignees) shall be required to make any representations,
warranties or indemnities except as they relate to such Holder’s ownership of shares and authority to enter into the underwriting agreement and to such Holder’s intended method of distribution, and the liability of such Holder shall be
limited to an amount equal to the net proceeds from the offering received by such Holder. Notwithstanding any other provision of this Section 3, if the underwriter advises a Holder that marketing factors require a limitation of the number of
shares to be underwritten, then the Holder shall so advise the Company and the Company shall so advise all Holders of Registrable Securities which would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities
that may be included in the underwriting shall be allocated as follows: (i) first, so long as the Purchaser Holders hold at least 30% of the Registrable Securities acquired by them on the date hereof, among the Purchaser Holders that have
elected to participate in such underwritten offering, in proportion (as nearly as practicable) to the aggregate amount of Registrable Securities held by all such Purchaser Holders, until such Purchaser Holders have included in the underwriting all
shares requested by such Purchaser Holders to be included, (ii) then, among Holders of Registrable Securities that have elected to participate in such underwritten offering, in proportion (as nearly as practicable) to the aggregate amount of
Registrable Securities held by all such Holders, until such Holders have included in the underwriting all shares requested by such Holders to be included, and (iii) thereafter, among all other holders of Common Stock, if any, that have the
right and have elected to participate in such underwritten offering, in proportion (as nearly as practicable) to the amount of shares of Common Stock owned by such holders. 

  

 6 

 
Without the consent of a majority in interest of the Holders of Registrable Securities participating in a registration referred to in Section 3(a), no
securities other than Registrable Securities shall be covered by such registration if the inclusion of such other securities would result in a reduction of the number of Registrable Securities covered by such registration or included in any
underwriting or if, in the opinion of the managing underwriter, the inclusion of such other securities would adversely impact the marketing of such offering. 
 (c) The Company shall be obligated to effect only four (4) registrations (and only if such registration would include Registrable Securities with an aggregate value of at least ten million dollars ($10,000,000),
calculated using the closing price of the Common Stock on the Trading Market on the date preceding the date of the Purchaser Request) pursuant to Purchaser Requests under this Section 3 (an offering which is not consummated shall not be counted
for this purpose). 
 (d) Notwithstanding the foregoing, the Company shall not be obligated to file a Registration Statement pursuant to this
Section 3, (i) during the 90 day period commencing on the effective date of any other registration statement filed by the Company relating to the public offering of its Common Stock or securities convertible into Common Stock (other than
on Forms S-4 or S-8 or any successor thereto) or (ii) if the Company shall furnish to the applicable Holders a certificate signed by the chief executive officer of the Company stating that, in the good faith judgment of the Board of Directors
of the Company, the Board has determined to file a registration statement relating to the public offering of its Common Stock or securities convertible into Common Stock (other than on Forms S-4 or S-8 or any successor thereto) within 30 days of the
Purchaser Request or the Registration Request, during the period commencing on the date of such notice and ending upon the earliest of (A) effectiveness of such registration statement, (B) a decision by the Company not to pursue
effectiveness of such registration statement or (C) 90 days after the filing of such registration statement; provided, however, that in the case of clause (ii) the Company may not utilize this right more than once in any
twelve (12) month period; provided, further, that, for the avoidance of doubt, this clause (ii) shall be incremental to, and not in lieu of, the Company’s relief from its demand registration obligation under clause
(i) above. 
 (e) Notwithstanding the foregoing, if the Company shall furnish to the applicable Holders a certificate signed by the
chief executive officer of the Company stating that, in the good faith judgment of the Board of Directors of the Company, maintaining a Registration Statement’s effectiveness would be materially detrimental to the Company and its stockholders
for such Registration Statement to remain effective by reason of a material pending or imminently prospective transaction or development and it is therefore essential to suspend such Registration Statement’s effectiveness, the Company shall
have the right to suspend such effectiveness for a period of not more than sixty (60) days in the aggregate after receipt of the Purchaser Request or the Registration Request; provided, however, that the Company may not utilize
this right more than twice in any twelve (12) month period. 
  

 7 

 4. Piggy-Back Registrations. 
 (a) If (but without any obligation to do so) the Company proposes to register (including for this purpose a registration effected by the Company for
stockholders other than the Holders) any of its Common Stock under the Securities Act in connection with the public offering of such securities solely for cash (other than a registration on Form S-8 (or similar or successor form) relating solely to
the sale of securities to participants in a Company stock plan or to other compensatory arrangements to the extent includable on Form S-8 (or similar or successor form), or a registration on Form S-4 (or similar or successor form)), the Company
shall, at such time, promptly give each Holder written notice of such registration. Upon the written request of each Holder received by the Company within ten (10) Trading Days after mailing of such notice by the Company in accordance with
Section 9(f), the Company shall use its commercially reasonable efforts to cause to be registered under the Securities Act all of the Registrable Securities that each such Holder (the “Electing Holders”) has requested to
be registered; provided that (i) if such registration involves an underwritten offering to the public, all Holders of Registrable Securities requesting to be included in the Company’s registration must sell their Registrable
Securities to the underwriters selected by the Company on the same terms and conditions as apply to the Company or other selling stockholders; and (ii) if, at any time after giving notice of the Company’s intention to register any
securities pursuant to this Section 4 and prior to the effective date of the registration statement filed in connection with such registration, the Company shall determine for any reason not to register such securities, the Company shall give
written notice to all Holders of Registrable Securities and, thereupon, shall be relieved of its obligation to register any Registrable Securities in connection with such registration (but not from any obligation of the Company to pay the
Registration Expenses in connection therewith), without prejudice, however, to the rights of Holders under Section 3. The Company shall have no obligation under this Section 4 to make any offering of its securities, or to complete an
offering of its securities that it proposes to make. 
 (b) If such registration involves an underwritten offering to the public, if the
managing underwriter of the underwritten offering shall inform the Company by letter of the underwriter’s opinion that the number of Registrable Securities requested to be included in such registration would, in its opinion, materially
adversely affect such offering, including the price at which such securities can be sold, and the Company has so advised the requesting Holders in writing, then the Company shall include in such registration, to the extent of the number that the
Company is so advised can be sold in (or during the time of) such offering, (i) first, all securities proposed by the Company to be sold for its own account, then (ii) to the extent that the number of shares of Common Stock proposed to be
sold by the Company or the other Holders pursuant to Section 4(a) is less than the number of shares of Common Stock that the Company has been advised can be sold in such offering without having the material adverse effect referred to above, so
long as the Purchaser Holders hold at least 30% of the Registrable Securities acquired by them on the date hereof, such Registrable Securities requested by the Purchaser Holders to be included in such registration pursuant to this Section 4,
allocated pro rata among such requesting Purchaser Holders as nearly as practicable to the respective amounts of Registrable Securities requested to be included in such registration, but in no event shall the amount of Registrable Securities of the
selling Purchaser Holders included in the offering be reduced below thirty percent (30%) of the total amount of securities included in such offering, then (iii) to the extent 

  

 8 

 
that the number of shares of Common Stock proposed to be sold pursuant to clauses (i) and (ii) above, is less than the number of shares of Common
Stock that the Company has been advised can be sold in such offering without having the material adverse effect referred to above, such Registrable Securities requested by the Holders of Registrable Securities to be included in such registration
pursuant to this Section 4, allocated pro rata among such requesting Holders as nearly as practicable to the respective amounts of Registrable Securities requested to be included in such registration, but in no event shall the amount of
Registrable Securities of the selling Holders included in the offering be reduced below thirty percent (30%) of the total amount of securities included in such offering, then (iv) such other securities covered by other registration rights,
allocated pro rata among the holders of such other rights in proportion, as nearly as practicable, to the respective amounts of such securities requested to be included in such registration. All other stockholders of the Company shall be excluded
from the proposed offering before any requesting Holder is required to reduce his, hers or its shares being offered under the registration statement. 
 5. Demand and Shelf Registration Procedures. In connection with the Company’s registration obligations hereunder with respect to a Demand Registration Statement or Shelf Registration Statement, the Company
shall: 
 (a) Not less than three Trading Days prior to the filing of each Registration Statement or any related Prospectus or any amendment
or supplement thereto, (i) furnish to the applicable Holders and to counsel to such Holders (“Holder Counsel”) copies of all such documents proposed to be filed and (ii) cause the Company’ officers and
directors, counsel and independent certified public accountants to respond to such inquiries as shall be necessary, in the reasonable opinion of respective counsel, to conduct a reasonable investigation within the meaning of the Securities Act. The
Company shall not file such Registration Statement or any related Prospectus, amendments or supplements thereto to which the Holders of a majority of the Registrable Securities shall reasonably object. 
 (b) (i) Prepare and file with the SEC such amendments, including post-effective amendments, to each Registration Statement and the Prospectus used in
connection therewith as may be necessary to keep such Registration Statement continuously effective as to the applicable Registrable Securities for the Effectiveness Period in the case of a Shelf Registration Statement, and until the end of the
related offering in the case of any other Demand Registration Statement, and prepare and file with the SEC such additional Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities;
(ii) cause the related Prospectus to be amended or supplemented by any required Prospectus supplement, and as so supplemented or amended to be filed pursuant to Rule 424; (iii) respond as promptly as reasonably possible, to any comments
received from the SEC with respect to any Registration Statement or any amendment thereto and as promptly as reasonably possible provide the Holders and Holder Counsel true and complete copies of all correspondence from and to the SEC relating to a
Registration Statement; and (iv) comply in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all Registrable Securities covered by a Registration Statement during the
applicable period in accordance with the intended methods of disposition by the Holders thereof set forth in the applicable Registration Statement as so amended or in such Prospectus as so supplemented. 
  

 9 

 (c) Notify the Holders of Registrable Securities to be sold pursuant to a Registration Statement and
Holder Counsel as promptly as reasonably possible, and (if requested by any such person) confirm such notice in writing no later than one Trading Day thereafter, of any of the following events: (i) the SEC notifies the Company whether there
will be a “review” of any Registration Statement; (ii) the SEC comments in writing on any Registration Statement (in which case the Company shall deliver to each Holder a copy of such comments and of all written responses thereto);
(iii) any Registration Statement or any post-effective amendment thereto is declared effective; (iv) the SEC or any other Federal or state governmental authority requests any amendment or supplement to a Registration Statement or related
Prospectus or requests additional information related thereto; (v) the SEC issues any stop order suspending the effectiveness of any Registration Statement or initiates any Proceedings for that purpose; (vi) the Company receives notice of
any suspension of the qualification or exemption from qualification of any Registrable Securities for sale in any jurisdiction, or the initiation or threat of any Proceeding for such purpose; or (vii) the financial statements included in any
Registration Statement become ineligible for inclusion therein or any statement made in any Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by reference is untrue in any material respect
or any revision to a Registration Statement, related Prospectus or other document is required so that it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances under which they were made, not misleading. 
 (d) Use its commercially reasonable
efforts to avoid the issuance of or, if issued, obtain the withdrawal of (i) any order suspending the effectiveness of any Registration Statement or (ii) any suspension of the qualification (or exemption from qualification) of any of the
Registrable Securities for sale in any jurisdiction, at the earliest practicable moment. 
 (e) Furnish to each applicable Holder and Holder
Counsel, without charge at least one conformed copy of each Registration Statement and each amendment thereto; including financial statements and schedules, and all exhibits to the extent requested by such person (excluding those previously
furnished or incorporated by reference) promptly after the filing of such documents with the SEC. 
 (f) Promptly deliver to each applicable
Holder and Holder Counsel, without charge, as many copies of the Prospectus or Prospectuses (including each form of prospectus) related to a Registration Statement and each amendment or supplement thereto as such persons may reasonably request. The
Company hereby consents to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or
supplement thereto. 
 (g) In the time and manner required by each Trading Market, if at all, prepare and file with such Trading Market an
additional shares listing application covering all of the Registrable Securities; (ii) take all steps necessary to cause such Registrable Securities to be approved for listing on each Trading Market as soon as reasonably practicable thereafter;
(iii) to the extent available to the Company, provide to the Holder evidence of such listing; and (iv) maintain the listing of such Registrable Securities on each such Trading Market. 
  

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 (h) Prior to any public offering of Registrable Securities pursuant to a Registration Statement, use its
commercially reasonable efforts to register or qualify or cooperate with the selling Holders and Holder Counsel in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable
Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United States as any Holder requests in writing, to keep each such registration or qualification (or exemption therefrom) effective during the
Effectiveness Period in the case of a Shelf Registration Statement, and until the offering is completed in the case of any other Demand Registration Statement, and to do any and all other acts or things necessary or advisable to enable the
disposition in such jurisdictions of the Registrable Securities covered by a Registration Statement. 
 (i) Cooperate with the Holders to
facilitate the timely preparation and delivery of certificates representing Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free, to the extent permitted by the Purchase
Agreement, of all restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in such names as any such Holders may request. 
 (j) Upon the occurrence of any event described in Section 5(c)(vii), as promptly as reasonably possible, prepare a supplement or amendment, including a post-effective amendment, to such a Registration
Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, neither such Registration Statement nor its
related Prospectus will contain an 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, in light of the circumstances under which they were made, not
misleading. 
 (k) Cooperate with any due diligence investigation undertaken by the Holders in connection with the sale of Registrable
Securities pursuant to a Registration Statement, including without limitation by making available any documents and information. 
 (l) If
Holders of a majority of the Registrable Securities being offered pursuant to a Registration Statement select underwriters (whether on a firm commitment or best efforts basis) for the offering, the Company shall enter into and perform its
obligations under an underwriting (or similar) agreement, in usual and customary form, including, without limitation, by providing customary legal opinions, comfort letters and indemnification and contribution obligations. 
 (m) 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 of such offering. 
 (n) Comply with all applicable rules and regulations of the SEC. 
  

 11 

 (o) The Company shall not be required to deliver any document pursuant to any provision of this
Section 5 to any Holder that is not selling Registrable Securities under the applicable Registration Statement. The Company shall also not be required to deliver any document pursuant to any provision of this Section 5, other than
Section 5(f), to any Holder that proposes to sell Registrable Securities with less than $500,000 in aggregate offering price to the public under the Registration Statement (based on the last sale price per Common Stock on the Trading Market on
the Trading Day preceding the date of the Purchaser Request). 
 (p) The Company shall not identify any Holder as an underwriter in any
public disclosure or filing with the SEC or any Trading Market without the prior written consent of such Holder. If the Company is required by law to identify a Holder as an underwriter in any public disclosure or filing with the SEC or any Trading
Market, it must notify such Holder in writing in advance (the “Identification Notice”) and such Holder shall have the option, in its sole discretion, to consent to such identification as an underwriter or to elect to have its
Registrable Securities be deemed Cut Back Shares solely for the purposes of such Registration Statement and removed from such Registration Statement. If the Holder does not make such election within five (5) Business Days of such Holder’s
receipt of the Identification Notice, such Holder shall be deemed to have elected to have its Registrable Securities be deemed to be Cut Back Shares. 
 6. Piggy-Back Registration Procedures. In connection with the Company’s registration obligations hereunder with respect to a Piggy-Back Registration Statement, the Company shall: 
 (a) Not less than three Trading Days prior to the filing of each Piggy-Back Registration Statement or any related Prospectus or any amendment or
supplement thereto, (i) furnish to the Electing Holders and Holder Counsel copies of all such documents proposed to be filed, and (ii) cause the Company’s officers and directors, counsel and independent certified public accountants to
respond to such inquiries as shall be necessary, in the reasonable opinion of respective counsel, to conduct a reasonable investigation within the meaning of the Securities Act. 
 (b) (i) Cause the related Prospectus to be amended or supplemented by any required Prospectus supplement, and as so supplemented or amended to be filed
pursuant to Rule 424; (ii) as promptly as reasonably possible provide the Electing Holders and Holder Counsel true and complete copies of all correspondence from and to the SEC relating to a Piggy-Back Registration Statement; and
(iii) comply in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all Registrable Securities covered by a Piggy-Back Registration Statement during the offering. 

(c) Notify the Electing Holders and Holder Counsel as promptly as reasonably possible, and (if requested by any such person) confirm such notice in
writing no later than one Trading Day thereafter, of any of the following events: (i) the SEC notifies the Company whether there will be a “review” of any Piggy-Back Registration Statement; (ii) the SEC comments in writing on any
Piggy-Back Registration Statement (in which case the Company shall deliver to each Electing Holder a copy of such comments and of all written responses 

  

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thereto); (iii) any Piggy-Back Registration Statement or any post-effective amendment is declared effective; (iv) the SEC or any other Federal or
state governmental authority requests any amendment or supplement to a Piggy-Back Registration Statement or related Prospectus or requests additional information related thereto; (v) the SEC issues any stop order suspending the effectiveness of
any Piggy-Back Registration Statement or initiates any Proceedings for that purpose; (vi) the Company receives notice of any suspension of the qualification or exemption from qualification of any Registrable Securities for sale in any
jurisdiction, or the initiation or threat of any Proceeding for such purpose; or (vii) the financial statements included in any Piggy-Back Registration Statement become ineligible for inclusion therein or any statement made in any Piggy-Back
Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by reference is untrue in any material respect or any revision to a Piggy-Back Registration Statement, related Prospectus or other
document is required so that it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading. 
 (d) Furnish to each Electing Holder and Holder Counsel, without charge at least one conformed copy of each
Piggy-Back Registration Statement and each amendment thereto, including financial statements and schedules, and all exhibits to the extent requested by such person (excluding those previously furnished or incorporated by reference) promptly after
the filing of such documents with the SEC. 
 (e) Promptly deliver to each Electing Holder and Holder Counsel, without charge, as many copies
of the Prospectus or Prospectuses (including each form of prospectus) related to the Piggy-Back Registration Statement and each amendment or supplement thereto as such persons may reasonably request. The Company hereby consents to the use of such
Prospectus and each amendment or supplement thereto by each of the selling Electing Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto. 
 (f) Cooperate with the Electing Holders to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be
delivered to a transferee pursuant to a Piggy-Back Registration Statement which certificates shall be free, to the extent permitted by the Purchase Agreement, of all restrictive legends, and to enable such Registrable Securities to be in such
denominations and registered in such names as any such Electing Holders may request. 
 (g) Comply with all applicable rules and regulations
of the SEC. 
 (h) Not be required to deliver any document pursuant to any provision of this Section 6, other than Section 6(e), to
any Electing Holder that proposes to sell Registrable Securities with less than $500,000 in aggregate offering price to the public under the Piggy-Back Registration Statement (based on the last sale price per Common Stock on the Trading Market on
the Trading Day preceding the date of the written request sent by such Electing Holder under Section 4). 
  

 13 

 (i) Upon the occurrence of any event described in Section 6(c)(vii), as promptly as
reasonably possible, prepare a supplement or amendment, including a post-effective amendment, to such a Piggy-Back Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by
reference, and file any other required document so that, as thereafter delivered, neither such Piggy-Back Registration Statement nor its related Prospectus will contain an 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, in light of the circumstances under which they were made, not misleading. 
 7. Registration Expenses. All fees and expenses incident to the performance of or compliance with this Agreement by the Company shall be borne by the Company whether or not any Registrable Securities are sold pursuant to a
Registration Statement. The fees and expenses referred to in the foregoing sentence shall include (a) all registration and filing fees (including, without limitation, fees and expenses (i) with respect to filings required to be made with
any Trading Market, and (ii) in compliance with applicable state securities, or Blue Sky, laws (including, without limitation, fees and disbursements of counsel for the Company in connection with Blue Sky qualifications or exemptions of the
Registrable Securities and determination of the eligibility of the Registrable Securities for investment under the laws of such jurisdictions as requested by the Holders)), (b) printing expenses (including, without limitation, expenses of
printing certificates for Registrable Securities and of printing prospectuses requested by the Holders), (c) messenger, telephone and delivery expenses incurred by the Company, (d) fees and disbursements of counsel for the Company, and
(e) fees and expenses of all other persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement. The fees and expenses referred to in the first sentence shall exclude (y) all
underwriting discounts, selling commissions and stock transfer or documentary stamp taxes, if any, applicable to any Registrable Securities registered and sold by such Holder and (z) all expenses incurred by the Holders without first receiving
the consent of the Company. 
 8. Indemnification 
 (a) Indemnification by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless each Holder, the officers, directors, partners, members, agents, brokers
(including brokers who offer and sell Registrable Securities as principal as a result of a pledge or any failure to perform under a margin call of Common Stock), investment advisors and employees of each of them, each person who controls any such
Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, partners, members, agents and employees of each such controlling person, to the fullest extent permitted by
applicable law, from and against any and all losses arising out of or relating to any untrue or alleged untrue statement of a material fact contained in a Registration Statement, any Prospectus or any form of prospectus, or in any amendment or
supplement thereto, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, except to the extent, that (i) such untrue
statements or omissions are based solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such information relates to such Holder or such Holder’s
proposed method of distribution of Registrable Securities and was 

  

 14 

 
reviewed and expressly approved in writing by such Holder expressly for use in a Registration Statement such Prospectus or such form of Prospectus or in any
amendment or supplement thereto or (ii) in the case of an occurrence of an event of the type specified in Section 6(c)(v)-(vii), the use by such Holder of an outdated or defective Prospectus after the Company has notified such
Holder in writing that the Prospectus is outdated or defective and prior to the receipt by such Holder of the Advice contemplated in Section 9(f). The Company shall notify the Holders promptly of the institution, threat or assertion of
any Proceeding of which the Company is aware in connection with the transactions contemplated by this Agreement. 
 (b) Indemnification by
Holders. Each Holder shall, notwithstanding any termination of this Agreement, severally and not jointly, indemnify and hold harmless the Company, its directors, officers, agents and employees, each person who controls the Company (within the
meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the officers, directors, partners, members, agents and employees of such controlling persons, to the fullest extent permitted by applicable law, from and
against all losses arising out of or relating to any untrue statement of a material fact contained in any Registration Statement, any Prospectus or any form of prospectus, or in any amendment or supplement thereto, or arising out of or relating to
any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent, that such untrue statements or omissions are based solely upon information
regarding such Holder furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such information relates to such Holder or such Holder’s proposed method of distribution of Registrable Securities and was
reviewed and expressly approved in writing by such Holder expressly for use in a Registration Statement such Prospectus or such form of Prospectus or in any amendment or supplement thereto. In no event shall the liability of any selling Holder
hereunder be greater in amount than the dollar amount of the net proceeds received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation. 
 (c) Conduct of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any person entitled to indemnity hereunder (an
“Indemnified Party”), such Indemnified Party shall promptly notify the person from whom indemnity is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall assume the defense
thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses incurred in connection with defense thereof, provided, that the failure of any Indemnified Party to give
such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it shall be finally determined by a court of competent jurisdiction (which determination is not
subject to appeal or further review) that such failure shall have proximately and materially adversely prejudiced the Indemnifying Party. 
 An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties
unless: (i) the Indemnifying Party has agreed in writing to pay such fees and expenses or (ii) the Indemnifying Party shall have failed promptly to assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such
Indemnified Party in any such Proceeding or (iii) the named parties to any 

  

 15 

 
such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party, and such Indemnified Party shall have been
advised by counsel that a conflict of interest is likely to exist if the same counsel were to represent such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it
elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense thereof and such counsel shall be at the expense of the Indemnifying Party). The Indemnifying Party
shall not be liable for any settlement of any such Proceeding effected without its written consent, which consent shall not be unreasonably withheld. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any
settlement of any pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such
Proceeding. 
 All fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent incurred in connection
with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within ten Trading Days of written notice thereof to the Indemnifying Party (regardless of
whether it is ultimately determined that an Indemnified Party is not entitled to indemnification hereunder; provided, that the Indemnifying Party may require such Indemnified Party to undertake to reimburse all such fees and expenses to the
extent it is finally judicially determined that such Indemnified Party is not entitled to indemnification hereunder). 
 (d)
Contribution. If a claim for indemnification under Section 8(a) or 8(b), is unavailable to an Indemnified Party (by reason of public policy or otherwise), then each Indemnifying Party, in lieu of indemnifying such
Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such losses, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection
with the actions, statements or omissions that resulted in such losses as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other
things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission of a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party
or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action, statement or omission. The amount paid or payable by a party as a result of any losses shall be deemed
to include, subject to the limitations set forth in Section 8(c), any reasonable attorneys’ or other reasonable fees or expenses incurred by such party in connection with any Proceeding to the extent such party would have been
indemnified for such fees or expenses if the indemnification provided for in this Section was available to such party in accordance with its terms. 
 The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 8(d) were determined by pro rata allocation or by any other method of allocation that does not take into account
the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this Section 8(d), no Holder shall be required to contribute, in the aggregate, any amount in excess of the amount by
which the net 

  

 16 

 
proceeds actually received by such Holder from the sale of the Registrable Securities subject to the Proceeding exceeds the amount of any damages that such
Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall
be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
 (e) Other. To the extent that
the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with an underwritten public offering are in conflict with the indemnification provisions of this Agreement, the provisions of the
underwriting agreement will control. 
 The indemnity and contribution agreements contained in this Section are in addition to any liability
that the Indemnifying Parties may have to the Indemnified Parties. 
 9. Miscellaneous. 
 (a) Remedies. In the event of a breach by the Company or by a Holder of any of their obligations under this Agreement, each Holder or the Company,
as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, will be entitled to specific performance of its rights under this Agreement. The Company and each Holder
agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach by it of any of the provisions of this Agreement and agrees to waive in any Proceeding for specific performance of any obligation the defense
that a remedy at law would be adequate. 
 (b) Amendments and Waivers. No provision of this Agreement may be waived or amended except
in a written instrument signed, in the case of an amendment by the Company and the Holders of at least two-thirds of the then outstanding Registrable Securities. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof
with respect to a matter that relates exclusively to the rights of Holders and that does not directly or indirectly affect the rights of other Holders may be given by Holders of at least a majority of the Registrable Securities to which such waiver
or consent relates; provided, however, that the provisions of this sentence may not be amended, modified, or supplemented except in accordance with the provisions of the immediately preceding sentence. 
 (c) No Inconsistent Agreements. Neither the Company nor any of its subsidiaries has entered, as of the date hereof, nor shall the Company or any
of its subsidiaries, on or after the date of this Agreement, enter into any agreement with respect to its securities that would have the effect of impairing the rights granted to the Holders in this Agreement or otherwise conflicts with the
provisions hereof. Except as and to the extent specified in the applicable schedule to the Purchase Agreement, neither the Company nor any Subsidiary has previously entered into any agreement granting any registration rights with respect to any of
its securities to any person that have not been satisfied in full. 
 (d) No Piggyback on Registrations. Neither the Company nor any
of its security holders (other than the Holders in such capacity pursuant hereto) may include securities 

  

 17 

 
of the Company in a Demand Registration Statement other than the Registrable Securities unless required to do so by currently existing agreements, and the
Company shall not after the date hereof enter into any agreement providing any such right to any of its security holders. 
 (e)
Compliance. Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable to it in connection with sales of Registrable Securities pursuant to a Registration Statement.

 (f) Discontinued Disposition. Each Holder agrees by its acquisition of such Registrable Securities that, upon receipt of a notice
from the Company of the occurrence of any event of the kind described in Sections 5(c)(v), 5(c)(vi), 5(c)(viii), or Sections 6(c)(v), 6(c)(vi), or 6(c)(vii), as applicable, which notice may be given by the
Company regardless of whether a registration has been effected pursuant to Section 2, 3, or 4, such Holder will forthwith discontinue disposition of such Registrable Securities under a Registration Statement until such
Holder’s receipt of the copies of any supplemented Prospectus and/or amended Registration Statement (if required pursuant to Section 5(j) or 6(i)), or until it is advised in writing (the “Advice”) by
the Company that the use of the applicable Prospectus may be resumed and, in either case, has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or
Registration Statement. The Company may provide appropriate stop orders to enforce the provisions of this paragraph. 
 (g) Notice.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile number specified in this Section prior to 4:30 p.m. (New York City time) on a Trading Day, (ii) the Trading Day after the date of transmission, if such notice or communication is
delivered via facsimile at the facsimile number specified in this Agreement later than 4:30 p.m. (New York City time) on any date and earlier than 11:59 p.m. (New York City time) on such date, (iii) the Trading Day following the date of
sending, if sent by nationally recognized overnight courier service, specifying next business day delivery or (iv) upon actual receipt by the party to whom such notice is required to be given if delivered by hand. The address for such notices
and communications shall be as set forth in the Purchase Agreement. 
 (h) Successors and Assigns. This Agreement shall be binding
upon and inure to the benefit of the parties and their successors and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Holder. A Holder may assign its
rights and obligations hereunder to any transferee of Registrable Securities; provided that such transferee agrees in writing to be bound, with respect to the transferred rights or obligations, by the provisions hereof that apply to a
“Holder.” In the event of any assignment of the rights of a Holder to more than one person in accordance with this section, the provisions of this Agreement shall be deemed amended to reflect more than one Holder, mutatis mutandis.

 (i) Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one
and the same agreement and shall 

  

 18 

 
become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the
same counterpart. In the event that any signature is delivered by facsimile transmission, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force
and effect as if such facsimile signature page were an original thereof. 
 (j) GOVERNING LAW; VENUE; WAIVER OF JURY TRIAL. ALL
QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE, REGARDLESS OF THE CONFLICTS OF LAWS
PRINCIPLES OF SUCH STATE. EACH PARTY AGREES THAT ALL LEGAL PROCEEDINGS CONCERNING THE INTERPRETATIONS, ENFORCEMENT AND DEFENSE OF THE TRANSACTIONS CONTEMPLATED BY ANY OF THE TRANSACTION DOCUMENTS (WHETHER BROUGHT AGAINST A PARTY HERETO OR ITS
RESPECTIVE AFFILIATES, DIRECTORS, OFFICERS, STOCKHOLDERS, EMPLOYEES OR AGENTS) SHALL BE COMMENCED EXCLUSIVELY IN THE STATE AND U.S. FEDERAL COURTS SITTING IN THE STATE OF DELAWARE. EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE
JURISDICTION OF THE STATE AND U.S. FEDERAL COURTS SITTING IN THE STATE OF DELAWARE FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR WITH ANY TRANSACTION CONTEMPLATED HEREBY OR DISCUSSED HEREIN (INCLUDING WITH RESPECT TO THE
ENFORCEMENT OF ANY OF THIS AGREEMENT), AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING
IS IMPROPER. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF VIA REGISTERED OR CERTIFIED MAIL OR OVERNIGHT DELIVERY (WITH
EVIDENCE OF DELIVERY) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO
LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR ANY OF THE TRANSACTION DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. IF EITHER PARTY SHALL COMMENCE AN ACTION OR PROCEEDING TO ENFORCE ANY PROVISIONS OF THIS AGREEMENT OR ANY TRANSACTION DOCUMENT, THEN
THE PREVAILING PARTY IN SUCH ACTION OR PROCEEDING SHALL BE REIMBURSED BY THE OTHER PARTY FOR ITS REASONABLE ATTORNEYS FEES AND OTHER REASONABLE COSTS AND EXPENSES INCURRED WITH THE INVESTIGATION, PREPARATION AND PROSECUTION OF SUCH ACTION OR
PROCEEDING. 
  

 19 

 (k) Cumulative Remedies. The remedies provided herein are cumulative and not exclusive of any
remedies provided by law. 
 (l) Severability. If any provision of this Agreement is held to be invalid or unenforceable in any
respect, the validity and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and the parties will attempt in good faith to agree upon a valid and enforceable provision that is
a reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Agreement. 
 (m) Market
Standoff. Each of the Purchaser and each other Holder of Registrable Securities shall, if requested by the managing underwriter or underwriters in an underwritten offering, agree not to effect any public sale or distribution of securities of the
Company of the same class as the securities included in a Registration Statement relating to such offering, including a sale pursuant to Rule 144 under the Securities Act, except as part of such underwritten registration, during the 15-day period
prior to, and during a period ending on the earlier of (i) such time as the Company and the managing underwriter shall agree and (ii) 90 days after the effective date of, each underwritten offering made pursuant to such Registration
Statement. 
 (n) Construction. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not
be deemed to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any
party. 
 (o) Independent Nature of Holders’ Obligations and Rights. The obligations of each Holder under this Agreement are
several and not joint with the obligations of any other Holder, and no Holder shall be responsible in any way for the performance of the obligations of any other Holder under this Agreement. Nothing contained herein or in any other Transaction
Document, and no action taken by any Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Holders are in any way
acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents. Each Holder confirms that it has independently participated in the negotiation of the transaction contemplated hereby
with the advice of its own counsel and advisors. Each Holder shall be entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of this Agreement or out of any other Transaction Documents, and it
shall not be necessary for any other Holder to be joined as an additional party in any proceeding for such purpose. 
 (p) Underwriter
Status. The Company shall not identify any Holder as an underwriter in any public disclosure or filing with the SEC or any Trading Market and any Holder being deemed an underwriter by the SEC shall not relieve the Company of any obligations it
has under this Agreement or any other Transaction Document. 
  

 20 

 (q) Termination of Founders’ Agreement. The Company and the Founders agree that the
Founders’ Agreement is terminated and of no further force or effect. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK 
 SIGNATURE PAGES TO FOLLOW] 
  

 21 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first
written above. 
  

			
	GLOBAL BPO SERVICES CORP.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK 
 SIGNATURE PAGES TO FOLLOW] 
  

 22 

			
	PURCHASER:
	
	ARES CORPORATE OPPORTUNITIES FUND II, L.P.
	
	ACOF MANAGEMENT II, LP., Its General Partner
		
	By:	 	ACOF OPERATING MANAGER II, L.P.
		 	Its General Partner
		
	By:	 	ARES MANAGEMENT, INC.,
		 	Its General Partner
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	Address for Notice:
	
	Ares Corporate Opportunities Fund II, LP.
	C/O Ares Management, Inc.
	1999 Avenue of the Stars
	Suite 1900
	Los Angeles, California 90067
	Phone: (310) 201.4100
	Fax: (310) 201.4157
	Attention: Jeffrey Serota
	
	With a copy to:
	Proskauer Rose LLP
	2049 Century Park East
	Suite 3200
	Los Angeles, CA 90067-3206
	Phone: (310)284-5630
	Fax: (310)557-2193
	Attn: Thomas W. Dollinger, Esq.

  

 23 

			
	Founders:
		
	By:	 	  

		 	Trillium Capital LLC
	
	Number of shares of Common Stock: 3,753,402
	Address:
	 Trillium Capital LLC
 c/o Global BPO
Services Corp.

	125 High Street, 30th Floor
	Boston, MA 02110
		
	By:	 	  

		 	M. Benjamin Howe
	
	Number of shares of Common Stock: 436,198
	Address:
	 M. Benjamin Howe
 c/o Global BPO Services
Corp.

	125 High Street, 30th Floor
	Boston, MA 02110
		
	By:	 	  

		 	Kevin T. O’Leary
	
	Number of shares of Common Stock: 467,254
	Address:
	 Kevin T. O’Leary
 c/o Global BPO
Services Corp.

	125 High Street, 30th Floor
	Boston, MA 02110

  

 24 

			
	By:	 	  

		 	Stephen D. R. Moore
	
	Number of shares of Common Stock: 311,198
	Address:
	 Stephen D. R. Moore
 c/o Global BPO
Services Corp.
 125 High Street, 30th
Floor

	Boston, MA 02110
		
	By:	 	  

		 	Paul G. Joubert
	
	Number of shares of Common Stock: 467,254
	Address:
	 Paul G. Joubert
 c/o Global BPO Services
Corp.

	125 High Street, 30th Floor
	Boston, MA 02110
		
	By:	 	  

		 	Lloyd R. Linnell
	
	Number of shares of Common Stock: 866,278
	Address:
	 Lloyd R. Linnell
 c/o Global BPO Services
Corp.

	125 High Street, 30th Floor
	Boston, MA 02110

  

 25 

			
	By:	 	  

		 	Sheila M. Flaherty
	
	Number of shares of Common Stock: 556,815
	Address:
	 Sheila M. Flaherty
 c/o Global BPO
Services Corp.

	125 High Street, 30th Floor
	Boston, MA 02110
		
	By:	 	  

		 	Robert Wadsworth
	
	Number of shares of Common Stock: 273,438
	Address:
	 Robert Wadsworth
 c/o Global BPO Services
Corp.

	125 High Street, 30th Floor
	Boston, MA 02110
		
	By:	 	  

		 	Charles F. Kane
	
	Number of shares of Common Stock: 222,726
	Address:
	 Charles F. Kane
 c/o Global BPO Services
Corp.

	125 High Street, 30th Floor
	Boston, MA 02110

  

 26 

			
	By:	 	  

		 	G. Drew Conway
	
	Number of shares of Common Stock: 436,198
	Address:
	 G. Drew Conway
 c/o Global BPO Services
Corp.

	125 High Street, 30th Floor
	Boston, MA 02110
		
	By:	 	  

		 	Deborah Keeman
	
	Number of shares of Common Stock: 21,739
	Address:
	 Deborah Keeman
 c/o Global BPO Services
Corp.

	125 High Street, 30th Floor
	Boston, MA 02110

  

 27 

 SCHEDULE 1 
  

							
	 Name of Stockholder
	  	Number of Shares of
Preferred Stock	  	Number of Shares of
Common Stock	  	Number of Warrants
	Ares Corporate Opportunities Fund II, L.P.	  	150,000	  		  	7,500,000
	Trillium Capital LLC	  		  	3,753,402	  	
	M. Benjamin Howe	  		  	436,198	  	
	Kevin T. O’Leary	  		  	467,254	  	
	Stephen D. R. Moore	  		  	311,198	  	
	Paul G. Joubert	  		  	467,254	  	
	Lloyd R. Linnell	  		  	866,278	  	
	Sheila M. Flaherty	  		  	556,815	  	

  

 28 

							
	Robert Wadsworth	  		 	273,438	  	
	Charles F. Kane	  		 	222,726	  	
	G. Drew Conway	  		 	436,198	  	
	Deborah Keeman	  		 	21,739	  	

  

 29 

 Annex A 
 Plan of Distribution 
 We are registering the shares of Common Stock issuable upon
conversion of the convertible Preferred Shares and as dividends on the convertible Preferred Shares to permit the resale of these shares of Common Stock by the holders of the convertible Preferred Shares from time to time after the date of this
prospectus. We will not receive any of the proceeds from the sale by the selling stockholders of the shares of Common Stock. 
 The selling
stockholders may, from time to time, sell any or all of their shares of common stock on any stock exchange, market or trading facility on which the shares are traded or in private transactions. These sales may be at fixed or negotiated prices. The
selling stockholders may use any one or more of the following methods when selling shares: 
  

	•	 	 ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; 

  

	•	 	 block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the
transaction; 

  

	•	 	 purchases by a broker-dealer as principal and resale by the broker-dealer for its account; 

  

	•	 	 an exchange distribution in accordance with the rules of the applicable exchange; 

  

	•	 	 privately negotiated transactions; 

  

	•	 	 short sales; 

  

	•	 	 broker-dealers may agree with the selling stockholders to sell a specified number of such shares at a stipulated price per share; 

  

	•	 	 a combination of any such methods of sale; and 

  

	•	 	 any other method permitted pursuant to applicable law. 

 The selling stockholders may also sell shares under Rule 144 under the Securities Act, if available, rather than under this prospectus. 
 Broker-dealers engaged by the selling stockholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the selling stockholders (or, if any
broker-dealer acts as agent for the purchaser of shares, from the purchaser) in amounts to be negotiated. The selling stockholders do not expect these commissions and discounts to exceed what is customary in the types of transactions involved. Any
profits on the resale of shares of common stock by a broker-dealer acting as principal might be deemed to be underwriting discounts or commissions under the Securities Act. Discounts, concessions, commissions and similar selling expenses, if any,
attributable to the sale of shares will be borne by a selling stockholder. The selling stockholders may agree to indemnify any agent, dealer or broker-dealer that participates in transactions involving sales of the shares if liabilities are imposed
on that person under the Securities Act. 

 The selling stockholders may from time to time pledge or grant a security interest in some or all of the
shares of common stock owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the shares of common stock from time to time under this prospectus after we have filed a
supplement to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act of 1933 supplementing or amending the list of selling stockholders to include the pledgee, transferee or other successors in interest as selling
stockholders under this prospectus. 
 The selling stockholders also may transfer the shares of common stock in other circumstances, in which
case the transferees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus and may sell the shares of common stock from time to time under this prospectus after we have filed a supplement to
this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act of 1933 supplementing or amending the list of selling stockholders to include the pledgee, transferee or other successors in interest as selling stockholders
under this prospectus. 
 The selling stockholders and any broker-dealers or agents that are involved in selling the shares of common stock
may be deemed to be “underwriters” within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the shares of common stock
purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act. 
 We are required to pay all fees and
expenses incident to the registration of the shares of common stock. We have agreed to indemnify the selling stockholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act. 
 The selling stockholders have advised us that they have not entered into any agreements, understandings or arrangements with any underwriters or
broker-dealers regarding the sale of their shares of common stock, nor is there an underwriter or coordinating broker acting in connection with a proposed sale of shares of common stock by any selling stockholder. If we are notified by any selling
stockholder that any material arrangement has been entered into with a broker-dealer for the sale of shares of common stock, if required, we will file a supplement to this prospectus. If the selling stockholders use this prospectus for any sale of
the shares of common stock, they will be subject to the prospectus delivery requirements of the Securities Act. 
 The anti-manipulation
rules of Regulation M under the Securities Exchange Act of 1934 may apply to sales of our common stock and activities of the selling stockholders.

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