Document:

Form of Warrant Agreement, Continental Stock Transfer & Trust Co.

 EXHIBIT 4.5 
 WARRANT AGREEMENT 
 This Warrant Agreement is made as of
[            ], 2007, between Global BPO Services Corp., a Delaware corporation, with offices at 177 Beacon Street, Unit 4 Boston, MA 02116 (the “Company”), and Continental
Stock Transfer & Trust Company, a New York corporation, with offices at 17 Battery Place, New York, New York 10004 (the “Warrant Agent”). 
 WHEREAS, the Company is engaged in a public offering (the “Public Offering”) of units (the “Units”) and, in connection therewith, has determined to issue and deliver up to
(i) 31,250,000 warrants (the “Public Warrants”) to the public investors, (ii) 7,500,000 warrants (the “Private Warrants”) in a private placement on or prior to the date of the prospectus filed pursuant to
the Company’s Public Offering (the “Prospectus”) and (iii) 3,125,000 warrants to Deutsche Bank Securities Inc. (the “Representative”) and Robert W. Baird & Co. Incorporated or their designees (the
“Representative’s Warrants” and, together with the Public Warrants and the Private Warrants, the “Warrant(s)”), each of such Warrants evidencing the right of the holder thereof to purchase one share of common
stock, par value $0.001 per share, of the Company (the “Common Stock”) for $6.00 per share for the Public Warrants and the Private Warrants, and $7.20 per share for the Representative’s Warrants, in each case subject to
adjustments as described herein; 
 WHEREAS, the Company has filed, with the Securities and Exchange Commission, a registration statement,
No. 333-144447, on Form S-1 (the “Registration Statement”) for the registration, under the Securities Act of 1933, as amended (the “Act”), of, among other securities, the Public Warrants and the
Representative’s Warrants and the Common Stock issuable upon exercise of the Public Warrants and the Representative’s Warrants; 
 WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange, redemption and exercise of the Warrants;

 WHEREAS, the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and
exercised, and the respective rights, limitation of rights and immunities of the Company, the Warrant Agent and the holders of the Warrants; and 
 WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf of the Warrant Agent, as provided herein, the legally valid and
binding obligations of the Company, and to authorize the execution and delivery of this Warrant Agreement. 
 NOW, THEREFORE, in
consideration of the mutual agreements herein contained, the parties hereto agree as follows: 
 1. Appointment of Warrant Agent. The
Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby accepts 

 
such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement. 
 2. Warrants. 
 2.1.
Form of Warrant. Each Warrant shall be issued in registered form only, and the Public Warrant shall be in substantially the form of Exhibit A hereto, the provisions of which are incorporated herein, and each Warrant shall be signed by,
or bear the facsimile signature of, the Chairman of the Board, the Chief Executive Officer or the President, and the Treasurer, Secretary or Assistant Secretary of the Company, and shall bear a facsimile of the Company’s seal. In the event the
person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased
to be such at the date of issuance. 
 2.2. Effect of Countersignature. Unless and until countersigned by the Warrant
Agent pursuant to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof. 
 2.3. Registration. 
 2.3.1. Warrant Register. The Warrant Agent shall maintain books (“Warrant
Register”), for the registration of the original issuance and transfers of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in
such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. 
 2.3.2.
Registered Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat the person in whose name such Warrant shall be registered upon the Warrant Register
(“registered holder”), as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on the warrant certificate made by anyone other than the Company or the
Warrant Agent), for the purpose of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. 
 2.4. Detachability of Warrants. The securities comprising the Units will not be separately transferable until five business days
(or as soon as practicable thereafter) following the earlier to occur of (1) the expiration or termination of the Representatives’ over-allotment option and (2) its exercise in full, subject in either case to the Company having filed
a Current Report on Form 8-K with the Securities and Exchange Commission, containing an audited balance sheet reflecting its receipt of the gross proceeds of the Public Offering and issuing a press release announcing when such separate trading will
begin, but in no event will the Representative allow separate trading 

  

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of the securities comprising the Units until the Company files a Current Report on Form 8-K which includes an audited balance sheet reflecting the receipt by
the Company of the gross proceeds of the Public Offering, including the proceeds received by the Company from the exercise of the underwriters’ over-allotment option, if the over-allotment option is exercised prior to the filing of the Form
8-K. 
 3. Terms and Exercise of Warrants. 
 3.1. Warrant Price. Each Warrant shall, when countersigned by the Warrant Agent, entitle the registered holder thereof, subject to
the provisions of such Warrant and of this Warrant Agreement, to purchase from the Company the number of shares of Common Stock stated therein, at the price of $6.00 per whole share in the case of the Public Warrants and the Private Warrants, and
$7.20 per whole share in the case of the Representative’s Warrant, subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant Price” as used in this Warrant
Agreement refers to the price per share at which Common Stock may be purchased at the time a Warrant is exercised. The Company, in its sole discretion, may lower the Warrant Price at any time prior to the Expiration Date (as defined below) for a
period of not less than ten business days, provided that any such reduction shall be identical among all of the Warrants. 
 3.2. Duration of Warrants. A Warrant may be exercised only during the period (“Exercise Period”) commencing on the later of (i) the consummation by the Company through a merger, capital stock exchange, asset or
stock acquisition, exchangeable share transaction, joint venture or other similar business combination of at least majority ownership of one or more domestic or international operating businesses in the business process outsourcing industry, having
a fair market value of at least 80% of the Company’s net assets held in trust (net of taxes and amounts permitted to be disbursed for working capital purposes and excluding the amount held in the trust account representing the
Representative’s deferred discount) at the time of such acquisition, as described more fully in the Company’s Registration Statement (“Business Combination”) or
(ii) [            ], 2008 [one year from the date of the Prospectus], and terminating at 5:00 p.m., New York City time, on the earlier to occur of
(i) [            ], 2011 [four years from the date of the Prospectus] or (ii) the date fixed for redemption of the Warrants as provided in Section 6 of this Agreement
(“Expiration Date”). Except with respect to the right to receive the Redemption Price (as set forth in Section 6 hereunder), each Warrant not exercised on or before the Expiration Date shall become void, and all rights
thereunder and all rights in respect thereof under this Agreement shall cease at the close of business on the Expiration Date. The Company, in its sole discretion, may extend the duration of the Warrants by delaying the Expiration Date; provided,
however, that the Company will provide notice to registered holders of the Warrants of such extension of not less than 20 days and, further provided that any such extension shall be identical in duration among all of the Warrants. Notwithstanding
the foregoing, a Warrant can expire unexercised regardless of whether a registration statement is current under the Act with respect to the Common Stock issuable upon exercise of the Warrants. 
  

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 3.3. Exercise of Warrants. 
 3.3.1. Payment. Subject to the provisions of the Warrant and this Warrant Agreement, a Warrant, when countersigned by the Warrant
Agent, may be exercised by the registered holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent, in the Borough of Manhattan, City and State of New York, with the subscription form,
as set forth in the Warrant, duly executed, and by paying in full, in lawful money of the United States, in cash, good certified check or good bank draft payable to the order of the Company, or by a net-exercise in the case of the Private Warrants,
the Warrant Price for each full share of Common Stock as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the Common Stock, and the issuance of the
Common Stock. 
 3.3.2. Issuance of Certificates. As soon as practicable after the exercise of any Warrant and the
clearance of the funds in payment of the Warrant Price, the Company shall issue to the registered holder of such Warrant a certificate or certificates representing the number of full shares of Common Stock to which he, she or it is entitled,
registered in such name or names as may be directed by him, her or it, and, if such Warrant shall not have been exercised in full, a new countersigned Warrant for the number of shares as to which such Warrant shall not have been exercised.
Notwithstanding the foregoing, the Company shall not be obligated to deliver any securities pursuant to the exercise of a Public Warrant or Representative’s Warrant unless (i) a registration statement under the Act with respect to the
Common Stock issuable upon exercise is effective, or (ii) in the opinion of counsel to the Company, the exercise of a Public Warrant or Representative’s Warrant is exempt from the registration requirements of the Act and such securities
are qualified for sale or exempt from qualification under applicable securities laws of the states or other jurisdictions in which the registered holder resides. Warrants may not be exercised by, or securities issued to, any registered holder in any
state in which such exercise or issuance would be unlawful. The Public Warrant and Representative’s Warrant may expire unexercised and worthless if a current registration statement covering the Common Stock is not effective. 
 3.3.3. Valid Issuance. All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with this Agreement
shall be validly issued, fully paid and nonassessable. 
 3.3.4. Date of Issuance. Each person or entity in whose name
any such certificate for shares of Common Stock is issued shall, for all purposes, be deemed to have become the holder of record of such shares on the date on which the Warrant was surrendered and payment of the Warrant Price was made, irrespective
of the date of delivery of such certificate, except that, if the date of such surrender and payment is a date when the stock transfer books of the 

  

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Company are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on which the
stock transfer books are open. 
 4. Adjustments. 
 4.1. Stock Dividends—Split-Ups. If, after the date hereof, and subject to the provisions of Section 4.6 below, the number
of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split-up of shares of Common Stock, or other similar event, then, on the effective date of such stock dividend, split-up or similar
event, the number of shares of Common Stock issuable on exercise of each Warrant shall be increased in proportion to such increase in outstanding shares of Common Stock. 
 4.2. Extraordinary Dividend. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or
make a distribution in cash, securities or other assets to the holders of Common Stock (or other shares of the Company’s capital stock into which the Warrants are convertible), other than (a) as described in Sections 4.1, 4.3 or 4.5,
(b) regular quarterly or other periodic dividends, (c) in connection with the conversion rights of the holders of Common Stock upon consummation of the Company’s initial Business Combination, or (d) in connection with the
Company’s liquidation and the distribution of its assets upon its failure to consummate a Business Combination (any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then the Warrant Price (other
than with respect to the Representative’s Warrants) shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the Company’s Board
of Directors, in good faith) of any securities or other assets paid on each share of Common Stock in respect of such Extraordinary Dividend. 
 4.3. Aggregation of Shares. If after the date hereof, and subject to the provisions of Section 4.7, the number of outstanding shares of Common Stock is decreased by a consolidation, combination, reverse
stock split or reclassification of shares of Common Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification or similar event, the number of shares of Common Stock issuable
on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common Stock. 
 4.4.
Adjustments in Warrant Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted, as provided in Sections 4.1 and 4.3 above, the Warrant Price shall be adjusted (to the nearest cent) by
multiplying such Warrant Price, immediately prior to such adjustment, by a fraction, (i) the numerator of which shall be the number of shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment,
and (ii) the denominator of which shall be the number of shares of Common Stock so purchasable immediately thereafter. 
  

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 4.5. Replacement of Securities upon Reorganization, etc. In case of any
reclassification or reorganization of the outstanding shares of Common Stock (other than a change covered by Sections 4.1 or 4.3 hereof or one that solely affects the par value of such shares of Common Stock), or, in the case of any merger or
consolidation of the Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding shares of
Common Stock), or, in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety, in connection with which the Company is dissolved, the Warrant
holders shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of Common Stock of the Company immediately theretofore purchasable and receivable
upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution
following any such sale or transfer, that the Warrant holder would have received if such Warrant holder had exercised his, her or its Warrant(s) immediately prior to such event; and if any reclassification also results in a change in shares of
Common Stock covered by Sections 4.1 or 4.3, then such adjustment shall be made pursuant to Sections 4.1, 4.3, 4.4 and this Section 4.5. The provisions of this Section 4.5 shall similarly apply to successive reclassifications,
reorganizations, mergers or consolidations, sales or other transfers. 
 4.6. Notices of Changes in Warrant. Upon every
adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the
increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of
any event specified in Sections 4.1, 4.2, 4.3, 4.4 or 4.5 the Company shall give written notice to each Warrant holder, at the last address set forth for such holder in the Warrant Register, of the record date or the effective date of the event.
Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event. 
 4.7. No
Fractional Shares. Notwithstanding any provision contained in this Warrant Agreement to the contrary, the Company shall not issue fractional shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4,
the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round up to the nearest whole number the number of the shares of Common Stock to be
issued to the Warrant holder. 
 4.8. Form of Warrant. The form of Warrant need not be changed because of any
adjustment pursuant to this Section 4, and Warrants issued after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants 

  

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initially issued pursuant to this Agreement. However, the Company may, at any time, in its sole discretion, make any change in the form of Warrant that the
Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

 5. Transfer and Exchange of Warrants. 
 5.1. Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant into the Warrant Register, upon surrender of such Warrant for transfer, properly
endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by
the Warrant Agent. The Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon the Company’s request. 
 5.2. Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or transfer, and, thereupon, the Warrant Agent shall issue in exchange
therefor one or more new Warrants as requested by the registered holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that, in the event a Warrant surrendered for transfer bears a restrictive
legend, the Warrant Agent shall not cancel such Warrant and shall issue new Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the
new Warrants must also bear a restrictive legend. 
 5.3. Fractional Warrants. The Warrant Agent shall not be required
to effect any registration of transfer or exchange which will result in the issuance of a warrant certificate for a fraction of a Warrant. 
 5.4. Service Charges. No service charge shall be made for any exchange or registration of transfer of Warrants. 
 5.5. Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement, the Warrants required to be issued pursuant to
the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose. 
 6. Redemption. 
 6.1.
Redemption. Subject to Section 6.4 hereof and the penultimate sentence of this Section 6.1, in whole and not in part, the outstanding Public Warrants and Representative’s Warrants may be redeemed, at the option of the Company,
at any time after they become exercisable and prior to their expiration, at the office of the Warrant 

  

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Agent, upon the notice referred to in Section 6.2, at the price of $0.01 per Warrant (“Redemption Price”), provided that the last sales
price of the Common Stock is equal to or greater than $11.50 per share for any twenty (20) trading days within any thirty (30) trading day period ending on the third business day prior to the date on which notice of redemption is given.
Notwithstanding the foregoing, the Registration Statement must be current in order for the Company to exercise its redemption rights pursuant to this Section 6. No Private Warrants shall be redeemable so long as such Private Warrant is held in
the name of the original person or entity to which the Company issued such Private Warrant or, (i) in the case of holders who are natural persons, in the name of any person related to such natural person by blood, marriage or adoption or in the
name of a trust established for the benefit of such natural person or permitted transferee or (ii) in the case of a holder that is an entity, in the name of any subsidiary, parent or other affiliate thereof. For the avoidance of doubt, the
Company may redeem the Public Warrants and Representative’s Warrants only if there is an effective registration statement with respect to the Common Stock to enable the exercise of the Public Warrants and Representative’s Warrants during
the period specified in Section 6.3 hereof. The provisions of this Section 6.1 may not be modified, amended or deleted without the prior written consent of the Representative. 
 6.2. Date Fixed for, and Notice of, Redemption. In the event the Company shall elect to redeem all of the Public Warrants and
Representative’s Warrants, the Company shall fix a date for the redemption. Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than 30 days prior to the date fixed for redemption to the registered
holders of the Public Warrants and Representative’s Warrants to be redeemed at their last addresses as they shall appear on the Warrant Register. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly
given, whether or not the registered holder received such notice. 
 6.3. Exercise After Notice of Redemption. The
Public Warrants and Representative’s Warrants may be exercised in accordance with Section 3 of this Warrant Agreement at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof and prior
to the time and date fixed for redemption. On and after the redemption date, the record holder of the Public Warrants and Representative’s Warrants shall have no further rights except to receive, upon surrender of the Public Warrants and
Representative’s Warrants, the Redemption Price. 
 6.4. Outstanding Public Warrants and Representative’s
Warrants Only. The Company understands that the redemption rights provided for by this Section 6 apply only to outstanding Public Warrants and Representative’s Warrants. To the extent a person holds rights to purchase Public Warrants
or Representative’s Warrants, such purchase rights shall not be extinguished by redemption. However, once such purchase rights are exercised, the Company may redeem the Public Warrants or Representative’s Warrants issued upon such
exercise, provided that the criterion for redemption is met. The provisions of this Section 6.4 may not be modified, amended or deleted without the prior written consent of the Representative. 
  

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 7. Other Provisions Relating to Rights of Holders of Warrants. 
 7.1. No Rights as Stockholder. A Warrant does not entitle the registered holder thereof to any of the rights of a stockholder of
the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election
of directors of the Company or any other matter. 
 7.2. Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant
is lost, stolen, mutilated or destroyed, the Company and the Warrant Agent may, on such terms as to indemnity or otherwise as they may in their discretion impose (which terms shall, in the case of a mutilated Warrant, include the surrender thereof),
issue a new Warrant of like denomination, tenor and date as the Warrant so lost, stolen, mutilated or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen,
mutilated or destroyed Warrant shall be at any time enforceable by anyone. 
 7.3. Reservation of Common Stock. The
Company shall at all times reserve and keep available a number of its authorized but unissued shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Warrant Agreement.

 7.4. Registration of Common Stock. The Company agrees that, prior to the commencement of the Exercise Period, it
shall file with the Securities and Exchange Commission a post-effective amendment to the Registration Statement, or a new registration statement, for the registration under the Act of, and it shall take such action as is necessary to qualify for
sale in those states in which the Warrants were initially offered by the Company, the Common Stock issuable upon exercise of the Warrants. In either case, the Company will use its best efforts to cause the same to become effective on or prior to the
commencement of the Exercise Period and to maintain the effectiveness of such registration statement until the expiration of the Warrants in accordance with the provisions of this Warrant Agreement. In addition, the Company agrees to use its
reasonable efforts to register such securities under the blue sky laws of the states of residence of the exercising warrant holders to the extent an exemption is not available. The provisions of this Section 7.4 may not be modified, amended or
deleted without the prior written consent of the Representative. Notwithstanding the foregoing, a Warrant can expire unexercised regardless of whether a registration statement is current under the Act with respect to the Common Stock issuable upon
exercise of the Warrants. 
 8. Concerning the Warrant Agent and Other Matters. 
 8.1. Payment of Taxes. The Company will, from time to time, promptly pay all taxes and charges that may be imposed upon the Company
or the Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares. 
  

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 8.2. Resignation, Consolidation, or Merger of Warrant Agent. 
 8.2.1. Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties
and be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the
Company shall appoint, in writing, a successor warrant agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of 30 days after it has been notified in writing of such resignation or incapacity by the
Warrant Agent or by the holder of the Warrant (who shall, with such notice, submit his, her or its Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New
York for the appointment of a successor warrant agent. Any successor warrant agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the State of New York, in good standing and have
its principal office in the Borough of Manhattan, City and State of New York, and be authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authorities. After appointment, any
successor warrant agent shall be vested with all the authority, powers, rights, immunities, duties and obligations of its predecessor warrant agent with like effect as if originally named as warrant agent hereunder, without any further act or deed;
but, if for any reason it becomes necessary or appropriate, the predecessor warrant agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor warrant agent all the authority, powers, and rights of
such predecessor warrant agent hereunder; and, upon request of any successor warrant agent, the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such
successor warrant agent all such authority, powers, rights, immunities, duties and obligations. 
 8.2.2. Notice of
Successor Warrant Agent. In the event a successor warrant agent shall be appointed, the Company shall give notice thereof to the predecessor warrant agent and the transfer agent for the Common Stock not later than the effective date of any such
appointment. 
 8.2.3. Merger or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be
merged or with which it may be consolidated or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor warrant agent under this Warrant Agreement without any further act on the
part of the Company or the Warrant Agent. 
  

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 8.3. Fees and Expenses of Warrant Agent. 
 8.3.1. Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as Warrant Agent
hereunder as set forth on Exhibit B hereto and will reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder. 
 8.3.2. Further Assurances. The Company agrees to perform, execute, acknowledge and deliver, or cause to be performed, executed,
acknowledged and delivered, all such further and other acts, instruments and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of the provisions of this Warrant Agreement. 
 8.4. Liability of Warrant Agent. 
 8.4.1. Reliance on Company Statement. Whenever, in the performance of its duties under this Warrant Agreement, the Warrant Agent shall deem it necessary or desirable that any fact or matter be proved or
established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a statement
signed by the Chief Executive Officer, Chairman of the Board or President of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the
provisions of this Warrant Agreement. 
 8.4.2. Indemnity. The Warrant Agent shall be liable hereunder only for its own
negligence, willful misconduct or bad faith. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees, for anything done or omitted by the Warrant
Agent in the execution of this Warrant Agreement, except as a result of the Warrant Agent’s negligence, willful misconduct or bad faith. 
 8.4.3. Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Warrant Agreement or with respect to the validity or execution of any Warrant (except its countersignature
thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Warrant Agreement or in any Warrant; nor shall it be responsible to make any adjustments required under the provisions of
Section 4 hereof or responsible for the manner, method or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall it, by any act hereunder, be deemed to make any
representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Warrant Agreement or any Warrant or as to whether any shares of Common Stock will when issued be valid and fully paid and
nonassessable. 
  

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 8.5. Acceptance of Agency. The Warrant Agent hereby accepts the agency established
by this Warrant Agreement and agrees to perform the same upon the terms and conditions herein set forth and, among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account for, and pay to the
Company, all moneys received by the Warrant Agent for the purchase of shares of the Company’s Common Stock through the exercise of Warrants. 
 8.6. Waiver. The Warrant Agent hereby waives any and all right, title, interest or claim of any kind (“Claim”) in or to any distribution of the Trust Account (as defined in that certain
Investment Management Trust Agreement, dated as of the date hereof, by and between the Company and the Warrant Agent as trustee thereunder), and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the
Trust Account for any reason whatsoever. 
 9. Miscellaneous Provisions. 
 9.1. Successors. All the covenants and provisions of this Warrant Agreement by or for the benefit of the Company or the Warrant
Agent shall bind and inure to the benefit of their respective successors and assigns. 
 9.2. Notices. Any notice,
statement or demand authorized by this Warrant Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on the Company shall be delivered by hand or sent by registered or certified mail or overnight courier service,
addressed (until another address is filed in writing by the Company with the Warrant Agent) as follows: 
 Global BPO Services
Corp. 
 177 Beacon Street, Unit 4 
 Boston, Massachusetts 02116 
 Attn: R. Scott Murray, Chief Executive Officer 
 Any notice, statement or demand authorized by this Warrant Agreement to be
given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be delivered by hand or sent by registered or certified mail or overnight courier service, addressed (until another address is filed in writing by the
Warrant Agent with the Company), as follows: 
 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn: Compliance Department 
  

 - 12 - 

 With a copy in each case to: 
 Wilmer Cutler Pickering Hale and Dorr LLP 
 60 State Street 
 Boston, Massachusetts 02109 
 Attn: Mark Borden, Esq. 
 and 
 Skadden, Arps, Slate, Meagher & Flom LLP 
 300 South Grand Avenue. 42nd Floor 
 Los Angeles, California 90071 

Attn: Gregg A. Noel, Esq. 
 and 
 Deutsche Bank Securities Inc. 
 60 Wall Street 
 New York, New York 10005 
 Attn: Syndicate Manager 
 Fax: (212) 797-9344 
 Any notice, sent
pursuant to this Warrant Agreement shall be effective, if delivered by hand, upon receipt thereof by the party to whom it is addressed, if sent by overnight courier, on the next business day of the delivery to the courier, and if sent by registered
or certified mail on the third day after registration or certification thereof. 
 9.3. Applicable Law. The validity,
interpretation, and performance of this Warrant Agreement and of the Warrants shall be governed in all respects by the laws of the State of New York, without giving effect to conflict of laws. The Company hereby agrees that any action, proceeding or
claim against it arising out of or relating in any way to this Warrant Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits
to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be served upon the Company may
be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such mailing shall be deemed personal service and shall be
legal and binding upon the Company in any action, proceeding or claim. 
 9.4. Persons Having Rights under this Warrant
Agreement. Nothing in this Warrant Agreement expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation, other than the parties hereto and
the registered holders of the Warrants and, for the purposes of Sections 2.4, 6.1, 6.4, 7.4, 9.2 and 9.8 hereof, the Representative, 

  

 - 13 - 

 
any right, remedy or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise or agreement hereof. The
Representative shall be deemed to be a third-party beneficiary of this Warrant Agreement with respect to Sections 2.4, 6.1, 6.4, 7.4, 9.2 and 9.8 hereof. All covenants, conditions, stipulations, promises and agreements contained in this Warrant
Agreement shall be for the sole and exclusive benefit of the parties hereto (and the Representative, with respect to Sections 2.4, 6.1, 6.4, 7.4, 9.2 and 9.8 hereof) and their successors and assigns and of the registered holders of the Warrants.

 9.5. Examination of the Warrant Agreement. A copy of this Warrant Agreement shall be available at all reasonable
times at the office of the Warrant Agent in the Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Warrant. The Warrant Agent may require any such holder to submit his, her or its Warrant for inspection.

 9.6. Counterparts; Facsimile Signatures. This Warrant Agreement may be executed in any number of counterparts, and
each of such counterparts shall, for all purposes, be deemed to be an original, and all such counterparts shall together constitute one and the same instrument. Facsimile signatures shall constitute original signatures for all purposes of this
Warrant Agreement. 
 9.7. Effect of Headings. The section headings herein are for convenience only and are not part of
this Warrant Agreement and shall not affect the interpretation thereof. 
 9.8. Amendments. This Warrant Agreement may
be amended by the parties hereto without the consent of any registered holder for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with
respect to matters or questions arising under this Warrant Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the registered holders. All other modifications or amendments,
including any amendment to increase the Warrant Price or shorten the Exercise Period, shall require the written consent of each of the Representative and the registered holders of a majority of the then outstanding Warrants. Notwithstanding the
foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period in accordance with Sections 3.1 and 3.2, respectively, without such consent. 
 9.9. Severability. This Warrant Agreement shall be deemed severable, and the invalidity or unenforceability of any term or
provision hereof shall not affect the validity or enforceability of this Warrant Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there
shall be added as a part of this Warrant Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 
 (Remainder of page intentionally left blank. Signature page immediately follows.) 
  

 - 14 - 

 IN WITNESS WHEREOF, this Warrant Agreement has been duly executed by the parties hereto as of the day and
year first above written. 
  

			
	 CONTINENTAL STOCK TRANSFER
 & TRUST
COMPANY, as Trustee

		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	GLOBAL BPO SERVICES CORP.
		
	By:	 	  

	Name:	 	R. Scott Murray
	Title:	 	Chief Executive Officer

  

 - 15 - 

 EXHIBIT A 
 Form of Public Warrant 
  

 - 16 - 

 EXHIBIT B 
 Warrant Agent Fees 
  

 - 17 -Form of Investment Management Trust Agreement

 EXHIBIT 10.1 
 INVESTMENT MANAGEMENT TRUST AGREEMENT 
 This Agreement is made as of
[                    ], 2007 by and between Global BPO Services Corp. (the “Company”) and Continental Stock
Transfer & Trust Company (the “Trustee”). 
 WHEREAS, the Company’s Registration Statement on Form S-1, as
amended, No. 333-144447 (together with any registration statement filed pursuant to Rule 462(b), the “Registration Statement”), for its initial public offering of securities (the “IPO”) has been declared
effective as of the date hereof by the Securities and Exchange Commission (the “Effective Date”); 
 WHEREAS, Deutsche Bank
Securities Inc. (“Deutsche Bank”) is acting as the representative of the underwriters in the IPO (the “Underwriters”); 
 WHEREAS, the Company has agreed to issue warrants in a private placement that will occur prior to the IPO (the “Private Placement”); 
 WHEREAS, as described in the Registration Statement, and in accordance with the Company’s Second Amended and Restated Certificate of Incorporation,
an aggregate of $246,300,000 ($282,300,000 if the Underwriters’ over-allotment option is exercised in full), which is comprised of (i) the net proceeds of the IPO (except as provided in the Registration Statement); (ii) the $7,500,000
received by the Company in exchange for its warrants pursuant to the Private Placement; and (iii) an additional $7,500,000 (or $8,625,000, if the Underwriters’ over-allotment option is exercised in full) of the proceeds of the IPO,
representing a portion of the Underwriters’ deferred discount (the “Deferred Discount”) which Deutsche Bank has agreed to deposit in the Trust Account (as defined below), will be delivered to the Trustee to be deposited and
held in the Trust Account for the benefit of the Company and the holders of the Company’s common stock, par value $.001 per share (the “Common Stock”), included in the units of the Company’s securities issued in the IPO
(the “Units”) and Deutsche Bank. The amount to be delivered to the Trustee will be referred to herein as the “Property,” the stockholders for whose benefit the Trustee shall hold the Property will be referred to as
the “Public Stockholders,” and the Public Stockholders, Deutsche Bank and the Company will be referred to together as the “Beneficiaries”); and 
 WHEREAS, the Company and the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold
the Property. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements herein contained, the parties
hereto agree as follows: 
 1. Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to: 
 (a) Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement, in a segregated trust account (the “Trust
Account”) established by the Trustee at Bank of America, N.A.; 

 (b) Manage, supervise and administer the Trust Account subject to the terms and conditions set forth
herein; 
 (c) In a timely manner, upon the instruction of the Company, to invest and reinvest the Property in “government
securities,” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “1940 Act”), with a maturity of 180 days or less, or in any open ended investment company registered under the 1940
Act selected by the Company that holds itself out as a money market fund meeting the conditions of paragraphs (c)(2), (c)(3) and (c)(4) under Rule 2a-7 promulgated under the 1940 Act, as determined by the Company. As used herein, “Government
Security” means any Treasury Bill issued by the United States, having a maturity of one hundred and eighty days or less; 
 (d) Collect
and receive, when due, all principal and income arising from the Property, which shall become part of the “Property,” as such term is used herein; 
 (e) Notify the Company and Deutsche Bank of all communications received by it with respect to any Property requiring action by the Company; 
 (f) Supply any necessary information or documents as may be requested by the Company in connection with the Company’s preparation of the tax returns
for the Trust Account or the Company; 
 (g) Participate in any plan or proceeding for protecting or enforcing any right or interest arising
from the Property if, as and when instructed by the Company and/or Deutsche Bank to do so; 
 (h) Render to the Company, and to such other
persons as the Company may instruct, monthly written statements of the activities of and amounts in the Trust Account reflecting all receipts and disbursements of the Trust Account; 
 (i) Commence liquidation of the Trust Account only upon receipt of and only in accordance with the terms of a letter (the “Termination
Letter”), in a form substantially similar to that attached hereto as Exhibit A or Exhibit B, signed on behalf of the Company by its Chief Executive Officer and Chief Financial Officer, and complete the liquidation of the Trust Account and
distribute the Property in the Trust Account only as directed in the Termination Letter and the other documents referred to therein as part of the Company’s plan of dissolution and liquidation. The Trustee understands and agrees that, except as
provided in Section 1(j) and Section 2 hereof, disbursements from the Trust Account shall be made only pursuant to a duly executed Termination Letter, together with the other documents referenced herein, including, without limitation, an
independently certified oath and report of inspector of election in respect of the stock vote in favor of the Business Combination. As used in this Agreement, the term “Business Combination” means the Company’s initial acquisition
through a merger, capital stock exchange, asset or stock acquisition, exchangeable share transaction, joint venture or other similar business combination of at least majority ownership of one or more domestic or international operating businesses in
the business process outsourcing industry, having a fair market value of at least 80% of the Company’s net assets held in trust (net of taxes and amounts permitted to be disbursed for working capital purposes and excluding the amount held in
the trust 

  

 - 2 - 

 
account representing the Deferred Discount) at the time of such acquisition, as more fully described in the prospectus forming a part of the Registration
Statement; and 
 (j) As of the date 24 months from the date of this Agreement, if the Company has failed to consummate a Business
Combination (the “Termination Date”), commence liquidation of the Trust Account. The Trustee, upon consultation with and receipt of written instruction from the Company and Deutsche Bank, shall deliver a notice to Public
Stockholders of record as of the Termination Date, by U.S. mail or via the Depository Trust Company (“DTC”), within five days of the Termination Date, to notify the Public Stockholders of such event and take such other actions as
the Company and Deutsche Bank may direct to inform the Beneficiaries. Thereafter, the Trustee shall deliver to each Public Stockholder its ratable share of the Property against satisfactory evidence of delivery of the stock certificates by the
Public Stockholders to the Company through DTC, its Deposit Withdraw Agent Commission (DWAC) system or as otherwise presented to the Trustee. 
 2.
Limited Distributions of Income on Property. 
 (a) Upon receipt by the Trustee of a written request signed by the Chief Executive
Officer and Chief Financial Officer of the Company, then at the written instruction of the Company, the Trustee shall promptly to the extent there is not sufficient cash in the Trust Account to pay such tax obligation, liquidate such assets held in
the Trust Account as shall be designated by the Company in writing, and disburse to the Company by wire transfer, out of the Property in the Trust Account, the amount indicated by the Company as owing in respect of such tax obligation; provided,
however, that in no event shall the aggregate amount of all checks issued to taxing authorities pursuant to this Section 2(a) exceed the interest earned in the Trust Account. It is understood and agreed that the only duty of the Trustee
with regard to this section is to follow the instruction of the Company. 
 (b) Upon written request from the Company in a form substantially
similar to that attached hereto as Exhibit C, the Trustee shall distribute to the Company an amount up to $3,250,000 in the aggregate of the income earned and collected on the Property, net of taxes payable, through the last day of the month
immediately preceding the date of receipt of the Company’s written request. 
 (c) Except as provided in Sections 1(i), 1(j), 2(a) and
2(b) above, no other distributions from the Trust Account shall be permitted. 
 (d) Upon receipt by the Trustee of a written instruction
from the Company signed by its Chief Executive Officer and Chief Financial Officer requesting distributions from the Trust Account in connection with a plan of dissolution and distribution, the Trustee shall distribute to the Company from the
property (i) the amount of actual expenses incurred or, where known with reasonable certainty, imminently to be incurred by the Company in connection with its dissolution and distribution, and (ii) any amounts due to pay creditors or
required to reserve for payment to creditors, an amount, as directed by the Company in the instruction letter, up to the sum of (i) and (ii) as indicated in the instruction letter. 
  

 - 3 - 

 (e) It is understood and agreed that the Trustee’s only responsibility under Section 2(a), 2(b)
and 2(d) is to follow the instruction of the Company. 
 3. Agreements and Covenants of the Company. The Company hereby agrees and covenants:

 (a) To provide all instructions to the Trustee hereunder in writing, signed by the Company’s Chief Executive Officer and Chief
Financial Officer. In addition, except with respect to its duties under Sections 1(i), 1(j), 2(a) and 2(b) above, the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it
in good faith believes to be given by any one of the persons authorized above to give written instructions, provided that the Company and/or Deutsche Bank shall promptly confirm such instructions in writing; 
 (b) To hold the Trustee harmless and indemnify the Trustee from and against, any and all expenses, including reasonable counsel fees and disbursements,
or loss suffered by the Trustee in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim or demand which in any way arises out of or relates to this Agreement, the
services of the Trustee hereunder, or the Property or any income earned from investment of the Property, except for expenses and losses resulting from the Trustee’s gross negligence or willful misconduct. Promptly after the receipt by the
Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this paragraph, it shall notify the Company in writing of such claim (hereinafter
referred to as the “Indemnified Claim”). The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim, provided that the Trustee shall obtain the consent of the Company with respect to the
selection of counsel, which consent shall not be unreasonably withheld. The Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company, which consent shall not be unreasonably withheld. The Company may
participate in such action with its own counsel; 
 (c) To pay the Trustee an initial acceptance fee, an annual fee and a transaction
processing fee for each disbursement made pursuant to Sections 2(a), 2(b) and 2(d) as set forth on Schedule A hereto, which fees shall be subject to modification by the parties from time to time. It is expressly understood that the Property shall
not be used to pay such fees and further agreed that said transaction processing fees shall be deducted by the Trustee from the disbursements made to the Company pursuant to Section 2. The Company shall pay the Trustee the initial acceptance
fee and first year’s fee at the consummation of the IPO and thereafter on the anniversary of the Effective Date. The Trustee shall refund to the Company the annual fee (on a pro rata basis) with respect to any period after the liquidation of
the Trust Fund. The Company shall not be responsible for any other fees or charges of the Trustee, except as set forth in this Section 3(c) and as may be provided in Section 3(b) hereof (it being expressly understood that the Property
shall not be used to make any payments to the Trustee under such Sections); 
 (d) that, in the event that the Company consummates a Business
Combination and the Trust Account is liquidated in accordance with Section 1(i) hereof, the Trustee or another 

  

 - 4 - 

 
independent party designated by Deutsche Bank shall act as the inspector of election to certify the results of the stockholder vote; 
 (e) In connection with any vote of the Company’s stockholders regarding a Business Combination, to provide to the Trustee an affidavit or
certificate of a firm regularly engaged in the business of soliciting proxies and tabulating stockholder votes (which firm may be the Trustee) verifying the vote of the Company’s stockholders regarding such Business Combination; and 

(f) Within five business days after Deutsche Bank’s over-allotment option (or any unexercised portion thereof) expires or is exercised in full,
to provide the Trustee notice in writing (with a copy to Deutsche Bank) of the total amount of the Deferred Discount, which shall in no event be less than $7,500,000. 
 4. Limitations of Liability. The Trustee shall have no responsibility or liability to: 
 (a) Take any
action with respect to the Property, other than as directed in Section 1 hereof and the Trustee shall have no liability to any party except for liability arising out of its own gross negligence or willful misconduct; 
 (b) Institute any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of any kind
with respect to, any of the Property unless and until it shall have received written instructions from the Company given as provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses
incident thereto; 
 (c) Change the investment of any Property, other than in compliance with Section 1(c); 
 (d) Refund any depreciation in principal of any Property; 
 (e) Assume that the authority of any person designated by the Company and/or Deutsche Bank to give written instructions hereunder shall not be continuing unless provided otherwise in such designation, or unless the
Company and/or Deutsche Bank shall have delivered a written revocation of such authority to the Trustee; 
 (f) The other parties hereto or
to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith and in the exercise of its own best judgment, except for its gross negligence or willful misconduct. The Trustee may rely
conclusively on, and shall be protected in acting upon, any order, judgment, instruction, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Trustee), statement, instrument, report or other paper or document
(not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is believed by the Trustee, in good faith, to be genuine and to be signed
or presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument
delivered to the Trustee signed 

  

 - 5 - 

 
by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent thereto; 

(g) Verify the correctness of the information set forth in the Registration Statement or to confirm or assure that any acquisition made by the Company
or any other action taken by it is as contemplated by the Registration Statement, unless an officer of the Trustee has actual knowledge thereof, written notice of such event is sent to the Trustee or as otherwise required under Section 1(i)
hereof; 
 (h) Prepare, execute and file tax reports, income or other tax returns and pay any taxes with respect to income and activities
relating to the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company (including but not limited to income tax obligations), it being expressly understood that as set forth in Section 1(i), if there is any
income or other tax obligation relating to the Trust Account or the Property in the Trust Account, as determined from time to time by the Company and regardless of whether such tax is payable by the Company or the Trust, at the written instruction
of the Company, the Trustee shall make funds available in cash from the Property in the Trust Account an amount specified by the Company as owing to the applicable taxing authority, which amount shall be paid directly to the Company by electronic
funds transfer, account debit or other method of payment, and the Company shall forward such payment to the taxing authority; and 
 (i)
Verify calculations, qualify or otherwise approve Company requests for distributions pursuant to Section 2(a), 2(b), 2(c) and 2(d) above. 
 5.
Certain Rights Of Trustee. 
 (a) Before the Trustee acts or refrains from acting, it may require an opinion of counsel. The Trustee
shall not be liable for any action it takes or omits to take in good faith in reliance on such opinion of counsel. The Trustee may consult with counsel and the advice of such counsel or any opinion of counsel shall be full and complete authorization
and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 
 (b) The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care; 
 (c) The Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Agreement; and 
 (d) The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Agreement, and it shall not be
accountable for the Company’s use of the proceeds from the Trust Account. Notwithstanding the effective date of this Agreement or anything to the contrary contained in this Agreement, the Trustee shall have no liability or responsibility for
any act or event relating to this Agreement or the transactions related thereto which occurs prior to the date of this Agreement, and shall have no contractual obligations to the Beneficiaries until the date of this Agreement. 
  

 - 6 - 

 6. No Right of Set-Off. The Trustee waives any right of set-off or any right, title, interest or claim of any kind
that the Trustee may have against the Property held in the Trust Account. In the event that the Trustee has a claim against the Company under this Agreement, including, without limitation, under Section 3(b), the Trustee will pursue such claim
solely against the Company and not against the property held in the Trust Account. 
 7. Termination. This Agreement shall terminate as follows:

 (a) If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable
efforts to locate a successor trustee during which time the Trustee shall continue to act in accordance with the terms of this Agreement. At such time that the Company notifies the Trustee that a successor trustee has been appointed by the Company
and has agreed to become subject to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including but not limited to the transfer of copies of the reports and statements relating to
the Trust Account, whereupon this Agreement shall terminate; provided, however, that, in the event that the Company does not locate a successor trustee within ninety days of receipt of the resignation notice from the Trustee, the Trustee may submit
an application to have the Property deposited with the United States District Court for the Southern District of New York and, upon such deposit, the Trustee shall be immune from any liability whatsoever that arises due to any actions or omissions
to act by any party after such deposit; or 
 (b) At such time that the Trustee has completed the liquidation of the Trust Account in
accordance with the provisions of Section 1(i) hereof, and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate except with respect to Section 3(b) hereof. 
 8. Miscellaneous. 
 (a) The Company and the Trustee
each acknowledge and agree that the Trustee will follow the security procedures set forth below with respect to funds transferred from the Trust Account. Upon receipt of written instructions, the Trustee will confirm such instructions with an
“Authorized Individual” at an “Authorized Telephone Number” listed on the attached Exhibit D. The Company and the Trustee will each restrict access to confidential information relating to such security procedures to authorized
persons. Each party must notify the other party immediately if it has reason to believe unauthorized persons may have obtained access to such information, or of any change in its authorized personnel. In executing funds transfers, the Trustee will
rely upon account numbers or other identifying numbers of a beneficiary, beneficiary’s bank or intermediary bank, rather than names. The Trustee shall not be liable for any loss, liability or expense resulting from any error in an account
number or other identifying number, provided it has accurately transmitted the numbers provided. 
 (b) This Agreement shall be governed by
and construed and enforced in accordance with the laws of the State of New York, for agreements made and to be wholly performed within such state, without giving effect to conflict of laws. It may be executed in several counterparts, each one of
which shall constitute an original, and together shall constitute but one instrument. Facsimile signatures shall constitute original signatures for all purposes of this Agreement. 
  

 - 7 - 

 (c) This Agreement contains the entire agreement and understanding of the parties hereto with respect to
the subject matter hereof. This Agreement or any provision hereof may only be changed, amended or modified by a writing signed by each of the parties hereto; provided that such action shall not materially adversely affect the interests of the Public
Stockholders. Any other change, waiver, amendment or modification to this Agreement shall be subject to approval by a majority of the Public Stockholders. As to any claim, cross-claim or counterclaim in any way relating to this Agreement, each party
waives the right to trial by jury. 
 (d) The parties hereto consent to the jurisdiction and venue of any state or federal court located in
the State and County of New York for purposes of resolving any disputes hereunder. The parties hereto irrevocably submit to such jurisdiction, which jurisdiction shall be exclusive, and hereby waive any objection to such exclusive jurisdiction and
that such courts represent an inconvenient forum. 
 (e) Any notice, consent or request to be given in connection with any of the terms or
provisions of this Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or by facsimile transmission: 
 if to the Trustee, to: 
 Continental Stock
Transfer & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn: Steven Nelson and Frank Di Paolo 
 Fax: 212-509-5150 
 if to the Company, to:

 Global BPO Services Corp. 
 177
Beacon Street, Unit 4 
 Boston, MA 02116 
 Attn: R. Scott Murray, Chief Executive Officer 
 Fax No.: 781-898-7649 
 In either case with a copy to: 
 Wilmer
Cutler Pickering Hale and Dorr LLP 
 60 State Street 
 Boston, MA 02109 
 Attn: Mark Borden, Esq. 
 Fax No.: (617) 526-5000 
 and:

 Deutsche Bank Securities Inc. 
 300 South Grand Avenue, 42nd Floor 
 Los Angeles, CA 90071 
 Attn: Syndicate Manager 
  

 - 8 - 

 Fax No.: (212) 797-9344 
 and: 
 Skadden, Arps, Slate,
Meagher & Flom LLP 
 300 South Grand Avenue, Suite 3400 
 Los Angeles, CA 90071 
 Attn: Gregg A. Noel,
Esq. 
 Fax No.: (213) 687-5600 
 (f) This Agreement may not be assigned by the Trustee without the prior written consent of the Company and Deutsche Bank. This agreement may be assigned by the Company to a wholly-owned subsidiary of the Company upon written notice to the
Trustee. 
 (g) Each of the Trustee and the Company hereby represents that it has the full right and power and has been duly authorized to
enter into this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be
entitled to any funds in the Trust Account under any circumstance. 
 (h) The Trustee hereby consents to the inclusion of Continental Stock
Transfer & Trust Company in the Registration Statement and other materials relating to the IPO. 
 (i) Deutsche Bank shall be a
third party beneficiary of this Agreement. 
 [Remainder of document intentionally left blank. Signature page to follow.] 
  

 - 9 - 

 IN WITNESS WHEREOF, the parties have duly executed this Investment Management Trust Agreement as of the
date first written above. 
  

			
	 CONTINENTAL STOCK TRANSFER
 & TRUST
COMPANY, as Trustee

		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	GLOBAL BPO SERVICES CORP.
		
	By:	 	  

	Name:	 	R. Scott Murray
	Title:	 	Chief Executive Officer

  

 - 10 - 

 EXHIBIT A 
 [LETTERHEAD OF COMPANY] 
 [INSERT DATE] 
 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn:
[            ] 
  

	Re:	Trust Account No.
[                            ] Termination Letter 

 Gentlemen: 
 Pursuant to Section 1(i) of the Investment
Management Trust Agreement between Global BPO Services Corp. (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of
[                    ], 2007 (the “Trust Agreement”), this is to advise you that the Company has entered into an agreement (the
“Business Agreement”) with                              (the “Target Business”) to
consummate a business combination with Target Business (a “Business Combination”) on or about [INSERT DATE]. The Company shall notify you at least 48 hours in advance of the actual date of the consummation of the Business Combination (the
“Consummation Date”). Capitalized terms used herein and not otherwise defined shall have the meaning ascribed to them in the Trust Agreement. 
 In accordance with paragraph B of Article 6 of the Second Amended and Restated Certificate of Incorporation of the Company, a majority of the outstanding shares of Common Stock issued in the Company’s IPO of
securities (the “IPO Shares”) have voted for approval of such Business Combination, and Public Stockholders owning less than 30% of the IPO Shares have voted against the Business Combination and given notice of exercise of their conversion
rights described in paragraph C of Article 6 of the Second Amended and Restated Certificate of Incorporation of the Company. In accordance with the terms of the Trust Agreement, we hereby authorize you to commence liquidation of the Trust Account to
the effect that, on the Consummation Date, all of the funds held in the Trust Account will be immediately available for transfer to the account or accounts that the Company and Deutsche Bank shall direct in writing on the Consummation Date.

 On the Consummation Date, (i) counsel for the Company shall deliver to you written notification that all of the conditions to closing
of the Business Combination have been satisfied and the Business Combination has been consummated or will, concurrently with your transfer of funds to the accounts as directed by the Company, be consummated, and; (ii) the Company shall deliver
along with the oath and report of inspector of election certified by an independent inspector appointed by Deutsche Bank (collectively, the “Report”); and (iii) the Company and Deutsche Bank shall deliver to you joint written
instructions with respect to the transfer of the funds, including the Deferred Discount, held in the Trust Account (“Instructions”). You are hereby directed and authorized to transfer the funds held in the Trust Account immediately
upon your receipt of counsel’s letter, the Report, and the Instructions in accordance with the terms of 

 
the Instructions. In the event that certain deposits held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will
notify the Company and Deutsche Bank of the same and, if the amount set forth in sub-clause (1) shall not have been paid in full, Deutsche Bank and the Company shall issue joint written instructions directing you as to whether such funds should
remain in the Trust Account and be distributed after the Consummation Date to the Company and/or Deutsche Bank. Upon the distribution of all the funds in the Trust Account pursuant to the terms hereof, the Trust Agreement shall be terminated.

 In the event that the Business Combination is not consummated on the Consummation Date described in the notice thereof and we have not
notified you on or before the original Consummation Date of a new Consummation Date, then, upon your receipt of written instruction signed by the Company and Deutsche Bank, the funds held in the Trust Account shall be reinvested as provided in the
Trust Agreement on the business day immediately following the Consummation Date as set forth in the notice. 
  

			
	 Very truly yours,

	
	GLOBAL BPO SERVICES CORP.
		
	By:	 	  

		 	 R. Scott Murray
 Chief Executive
Officer

 EXHIBIT B 
 [LETTERHEAD OF COMPANY] 
 [INSERT DATE] 
 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn: Steven Nelson and Frank Di Paolo 

 

	Re:	Trust Account No.
[                            ] Termination Letter 

 Gentlemen: 
 Pursuant to Section 1(j) of the Investment
Management Trust Agreement between Global BPO Services Corp. (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of
[                    ], 2007 (the “Trust Agreement”), this is to advise you that the Company has been dissolved due to the
Company’s inability to effect a Business Combination within the time frame specified in the Company’s prospectus relating to its IPO. Attached hereto is a certified copy of the Certificate of Dissolution as filed with the Delaware
Secretary of State. 
 In accordance with the terms of the Trust Agreement, we hereby authorize you to commence liquidation of the Trust
Account as a part of the Company’s plan of dissolution and distribution. The Company has appointed
[                                        
    ] to serve as its Designated Paying Agent; accordingly, you will notify the Company and the “Designated Paying Agent” in writing as to when all of the funds in the Trust Account will be available for immediate
transfer (the “Transfer Date”). The Designated Paying Agent shall thereafter notify you as to the account or accounts of the Designated Paying Agent that the funds in the Trust Account should be transferred to on the Transfer Date so that
the Designated Paying Agent may commence distribution of such funds in accordance with the terms of the Trust Agreement and the Company’s instructions. You shall have no obligation to oversee the Designated Paying Agent’s distribution of
the funds. Upon the payment of all the funds in the Trust Account, the Trust Agreement shall be terminated and the Trust Account closed. 
  

			
	Very truly yours,
	
	GLOBAL BPO SERVICES CORP.
		
	By:	 	  

		 	R. Scott Murray, Chief Executive Officer

 EXHIBIT C 
 [LETTERHEAD OF COMPANY] 
 [Insert Date] 
 Continental Stock Transfer & Trust Company 
 17 Battery Place

 New York, New York 10004 
 Attn: Frank Di Paolo and Cynthia
Jordan 
  

	Re:	Trust Account No.
[                            ] — Distribution of Income on Property 

 Gentlemen: 
 Pursuant to Section 2(b) of the Investment Management Trust
Agreement between
                                        
(“Company”) and Continental Stock Transfer & Trust Company (“Trustee”), dated as of                     , 2007
(“Trust Agreement”), we are requesting for our working capital purposes that you deliver to us $                     representing
income earned and collected on the Property from                              to
                            . In accordance with the terms of the Trust Agreement, you are hereby
directed and authorized to transfer said amount, less any fees due the Trustee pursuant to Section 3(c) of the Trust Agreement, immediately upon your receipt of this letter to the Company’s operating account at: 
  

			
	Bank:	 	[                            ]
	ABA #:	 	[                            ]
	Account Name:	 	
	Account Number:	 	[                            ]
	Reference:	 	Distribution request

  

			
	 Very truly yours,

		
	 By:
	 	  

 EXHIBIT D 
  

			
	 AUTHORIZED INDIVIDUAL(S)
 FOR TELEPHONE CALL
BACK
	 	 AUTHORIZED
 TELEPHONE NUMBER(S)

		
	Company:	 	
		
	Global BPO Services Corp.	 	(781) 210-2271
	177 Beacon Street, Unit 4	 	
	Boston, MA 02116	 	
	Attn: R. Scott Murray, Chief Executive Officer	 	
		
	Deutsche Bank Securities Inc.	 	
		
	300 South Grand Avenue, 42nd Floor	 	 (212) 250-2500

	Los Angeles, CA 90071	 	
	Attn: Syndicate Manager	 	
		
	Trustee:	 	
		
	Continental Stock Transfer & Trust Company	 	(212) 845 3201
	17 Battery Place	 	
	New York, NY 10004	 	
	Attn: Steven Nelson and Frank Di Paolo	 	

 SCHEDULE A 
 Schedule of fees pursuant to Section 3(c) of Investment Management Trust Agreement 
 between Global BPO Services Corp. and

 Continental Stock Transfer & Trust Company 
  

						
	 Fee Item
	 	 Time and method of payment
	 	Amount
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	1,000
	Annual fee	 	First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	 	$	3,000
	Transaction processing fee for disbursements to Company under Sections 2(a), 2(b) and 2(d)	 	Deduction by Trustee from disbursement made to Company under Section 2	 	$	250

  

					
		 	Agreed:
	Dated:                     , 2007	 	
		 	Global BPO Services Corp.
			
		 	By:	 	  

		 		 	Authorized Officer
		
		 	Continental Stock Transfer & Trust Co.
			
		 	By:	 	  

		 		 	Authorized Officer

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