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                                                                   EXHIBIT 10.20

                                SITEL CORPORATION

                   2001 NONEMPLOYEE DIRECTOR COMPENSATION PLAN

                                    ARTICLE I

                                     PURPOSE

       The purpose of the SITEL Corporation 2001 Nonemployee Director
Compensation Plan (the "Plan") is to allow nonemployee directors of SITEL
Corporation to make certain elections with respect to the nature and deferral of
compensation to be received under the Plan.

                                   ARTICLE II

                                   DEFINITIONS

       For purposes of the Plan, the following words and phrases shall have the
meanings indicated, unless the context clearly indicates otherwise:

       2.1   ANNUAL RETAINER COMPENSATION. "Annual Retainer Compensation" means
fees payable quarterly for services as a director of the Company (whether as a
member of the Board, as a member of one or more Board committees, or as the
Chairman of the Board), but does not include fees payable per meeting attended.

       2.2   BENEFICIARY. "Beneficiary" means the person or persons designated
by a Participant pursuant to Article VIII, or otherwise provided in Article
VIII, to receive any benefits payable under the Plan in the event of such
Participant's death.

       2.3   BOARD. "Board" means the Board of Directors of the Company.

       2.4   COMMITTEE. "Committee" means the Compensation Committee of the
Board.

       2.5   COMPANY. "Company" means SITEL Corporation, a Minnesota
corporation.

       2.6   COMPENSATION. "Compensation" means all remuneration payable by the
Company to a Participant for services as a director of the Company during a Plan
Year, whether in cash or shares of Company stock, including without limitation
Annual Retainer Compensation and meeting fees, but excluding stock options and
reimbursable amounts for expenses of attending meetings of the Board or any
committee thereof.

       2.7   DEFERRAL ACCOUNT. "Deferral Account" means an account established
and maintained for a Participant on the books of the Company pursuant to
Section 5.1.

       2.8   ELECTION AGREEMENT. "Election Agreement" means an agreement signed
and filed with the Committee by a Participant pursuant to Article IV.

       2.9   PARTICIPANT. "Participant" means a nonemployee member of the Board.

       2.10  PLAN YEAR. "Plan Year" means the period beginning on the day of the
annual meeting of shareholders of the Company and ending at the close of
business on the day immediately preceding the day of the next following annual
meeting; provided, however, the first Plan Year shall commence on January 1,
2001, and end at the close of business on the day immediately preceding the 2001
annual meeting of shareholders of the Company.

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                                   ARTICLE III

                             ADMINISTRATION OF PLAN

       3.1   ADMINISTRATION. The Plan shall be administered by the Committee or
its delegate. The Committee or its delegate shall have the authority to
interpret the Plan, to make, amend, interpret, apply, and enforce all
appropriate rules and regulations for the administration of the Plan, and to
decide any and all questions which may arise in connection with the Plan. Any
delegate of the Committee for purposes of administration of the Plan shall not
make any discretionary decision on behalf of the Committee which pertains
directly to such delegate as a Participant. References in the Plan to filings
with the Committee shall include filings with the Committee's delegate.

       3.2   BINDING EFFECT OF DECISIONS. The decision or action of the
Committee or its delegate with respect to any question arising out of or in
connection with the administration or interpretation of the Plan and the rules
and regulations promulgated under the Plan shall be final, conclusive, and
binding upon all persons having any interest in the Plan, unless a written
appeal from the affected Participant or Beneficiary is received by the Committee
or its delegate within 30 days after the disputed decision or action of the
Committee or its delegate has been made or taken. Upon timely receipt of such
appeal, the Committee shall reconsider the disputed decision or action; and the
decision of the Committee with respect to such appeal shall be final,
conclusive, and binding on the person lodging such appeal and all persons
claiming by, through, or under such person.

                                   ARTICLE IV

                        NONEMPLOYEE DIRECTOR FEE PAYMENTS

       4.1   NONEMPLOYEE DIRECTOR FEES. Participants are paid fees for services
as a director of the Company in such amounts and in such manner as may be
established by the Board from time to time.

       4.2   ANNUAL RETAINER COMPENSATION.

       (a)    Unless otherwise elected pursuant to Section 4.2(b), all
              Participants shall be paid fifty percent (50%) of their Annual
              Retainer Compensation in common stock of the Company, pursuant to
              the Company's 1999 Stock Incentive Plan, with the balance paid in
              cash.

       (b)    A Participant may elect to have more than fifty percent (50%)
              of such Participant's Annual Retainer Compensation paid in common
              stock of the Company by signing and filing with the Committee an
              Election Agreement in accordance with Section 4.3.

       4.3   ELECTION TO DEFER COMPENSATION. A Participant may elect to defer
Compensation by signing and filing with the Committee an Election Agreement in
the form prescribed by the Committee prior to the last day of any Plan Year. The
election shall be effective on the first day of the Plan Year commencing
immediately following the Committee's receipt of such Election Agreement;
provided, however, with respect to the first Plan Year of the Plan an Election
Agreement must be filed by December 31, 2000. A Participant electing to defer
Compensation shall make the following selections on such Election Agreement:

       (a)    amount of Compensation to be deferred; and

       (b)    form of payment for the deferred Compensation.

An Election Agreement signed and filed with the Committee by a Participant may
provide for the deferral of any portion of such Participant's Compensation;
provided that the minimum amount of such deferrals for each Plan Year shall not
be less than $5,000. An Election Agreement shall apply to a Participant's
Compensation over a deferral period of one Plan Year, and thereafter to each
subsequent deferral period of one Plan Year until the Participant's termination
of service as a director of the Company or until the election to defer is
amended. Except as otherwise provided in the Plan, a signed Election Agreement
shall become irrevocable upon its filing with the Committee.

       4.4   INITIAL ELECTION AGREEMENT. Notwithstanding the provisions of this
Article IV, with respect to an individual appointed to the Board during a Plan
Year who thereby becomes a Participant, an initial Election

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Agreement may be filed within 30 days after such individual's appointment to the
Board. The elections contained in such initial Election Agreement shall be
effective on the first day of the calendar month following the Committee's
receipt thereof.

       4.5   AMENDED ELECTION AGREEMENT.

       (a)    A Participant may amend a previously filed Election Agreement
              for the purpose of changing the amount of such Participant's
              Annual Retainer Compensation to be paid in common stock of the
              Company (but not below 50%) by filing an amended Election
              Agreement with the Committee. The amended Election Agreement shall
              be effective for Plan Years beginning after the last day of the
              Plan Year in which a properly completed and executed amended
              Election Agreement is filed with the Committee.

       (b)    A Participant may amend a previously filed Election Agreement
              for the purpose of changing the amount of such Participant's
              Compensation to be deferred by filing an amended Election
              Agreement with the Committee prior to the last day of a Plan Year
              stating the amount by which the Participant elects to change the
              Compensation deferral. The amended Election Agreement shall be
              effective only as to Compensation earned in Plan Years beginning
              after the last day of the Plan Year in which a properly completed
              and executed amended Election Agreement is filed with the
              Committee.

       (c)    A Participant may amend a previously filed Election Agreement
              for the purpose of changing the form of payment of such
              Participant's Deferral Account by filing an amended Election
              Agreement with the Committee. The amended Election Agreement shall
              state the change in the form of payment selected by such
              Participant and only shall be effective one year after the
              properly completed and executed amended Election Agreement is
              filed with the Committee. If, prior to the effective date of the
              amended Election Agreement, an event occurs which entitles a
              Participant (or the Participant's Beneficiary) to the payment of
              benefits under Article VII of this Plan, then the form of payment
              shall be determined in accordance with the election made in the
              Election Agreement filed with the Committee immediately prior to
              such amended Election Agreement (or as provided in Section 7.3(a)
              if no previous election had been made). An Election Agreement
              filed for the purpose of changing the form of payment shall be
              limited to the forms of payment specified in this Plan.

                                    ARTICLE V

                          DEFERRAL ACCOUNT AND CREDITS

       5.1   ESTABLISHMENT OF ACCOUNT. The Company shall establish on its books
a separate Deferral Account for each Participant who has elected to defer
Compensation as provided in Article IV. A Participant's Deferral Account shall
be used solely as a bookkeeping device for purposes of the Plan and shall not
constitute or be treated as a trust fund or reserve of any kind or require the
segregation of any assets of the Company.

       5.2   ELECTIVE DEFERRED COMPENSATION. The amount of Compensation that a
Participant elects to defer in an Election Agreement executed by the Participant
with respect to each Plan Year of participation in the Plan shall be credited by
the Company to the Participant's Deferral Account throughout each Plan Year as
the Participant is paid (or would have been paid) the non-deferred portion of
Compensation for such Plan Year. On terms determined by the Committee, the
amounts credited to a Participant's Deferral Account shall be converted into a
number of phantom share units corresponding to (a) the number of shares of
Company common stock which could be purchased with the cash Compensation
deferred by such Participant plus (b) the number of shares of Company common
stock which would have been received by such Participant if the portion of such
Participant's Compensation to be paid in Company common stock had not been
deferred. For purposes of converting the amounts credited to a Participant's
Deferral Account into share units, the value of a share of Company common stock
shall be determined based upon the average of the high and low prices of such
stock on the trading day for which the determination is being made on the
principal national exchange on which such stock is traded (or, if there are no
sales that day, the last preceding day on which there was a sale).

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       5.3   INVESTMENT RETURN. All amounts credited to a Participant's Deferral
Account shall be treated as if such amounts were invested in Company common
stock. Cash dividends or any other investment earnings with respect to the share
units of a Participant shall be credited to such Participant's Deferral Account
in the form of additional share units. If the Company's common stock changes as
a result of stock dividends, split-ups, recapitalization or the like,
proportionate adjustments shall be made automatically in the number of share
units credited to each Participant's Deferral Account. If the outstanding shares
of Company stock are changed into or exchanged for a different number or kind of
shares or the securities or property of the Company or another entity for any
reason, including without limitation reorganization, merger, sale, or transfer
of all or substantially all of the Company's assets to another entity, or
exchange of shares or consolidation, appropriate adjustments shall be made in
the number and kind of shares, other securities, or property credited to each
Participant's Deferral Account.

       5.4   STATEMENT OF ACCOUNT. The Company shall provide to each Participant
who has elected to defer Compensation as provided in Article IV, within 45 days
after the end of each calendar quarter, a statement in such form as the Company
deems appropriate setting forth the number of share units credited to such
Participant's Deferral Account during such calendar quarter (after the making of
all credits to such Deferral Account which are to be made pursuant to the Plan
during such calendar quarter) and the hypothetical value of such share units.

                                   ARTICLE VI

                                     VESTING

       6.1   VESTING OF DEFERRAL ACCOUNT. A Participant shall be fully vested at
all times in 100% of such Participant's Deferral Account, and no portion of such
deferred Compensation shall be subject to forfeiture by a Participant.

                                   ARTICLE VII

                          PAY-OUT OF DEFERRAL BENEFITS

       7.1   TERMINATION OF SERVICE AS DIRECTOR. Upon the termination of a
Participant's service as a director of the Company for any reason other than
death, such Participant shall be entitled to receive 100% of such Participant's
Deferral Account as of such date (after the making of all credits to such
Deferral Account which are to be made pursuant to the Plan prior to or as of
such date). Such balance of the Participant's Deferral Account shall be payable
to such Participant as provided in Section 7.3 and shall be in lieu of all other
benefits under the Plan.

       7.2   DEATH. Upon the death of a Participant, such Participant's
Beneficiary or Beneficiaries shall be entitled to receive 100% of such
Participant's Deferral Account as of the date of death of such Participant
(after the making of all credits to such Deferral Account which are to be made
pursuant to the Plan prior to or as of such date). Such balance of the
Participant's Deferral Account shall be payable to such Beneficiary or
Beneficiaries as provided in Section 7.3 and shall be in lieu of all other
benefits under the Plan. Any Deferral Benefit which becomes payable under this
Section 7.2 to a person who is a minor for purposes of the Nebraska Uniform
Transfers to Minors Act may instead be paid by the Company to a custodian for
such person under such Act.

       7.3   FORM OF BENEFIT PAYMENT.

       (a)    Upon termination of a Participant's service as a director of the
              Company, the Company shall determine the value of such
              Participant's Deferral Account as of such date and shall pay to
              the Participant, or Participant's Beneficiary, the balance in such
              Participant's Deferral Account in one of the following forms as
              elected in such Participant's Election Agreement (in the absence
              of a Participant's election to the contrary, benefits shall be
              paid in a lump sum):

              (1)     LUMP SUM PAYMENT. A lump sum payment of common stock of
                      the Company (and cash in lieu of any fractional share of
                      common stock) payable on the first day of the calendar
                      year immediately following such Participant's termination
                      of service as a director or at such other time as elected
                      in such Participant's Election Agreement; or

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              (2)     INSTALLMENT PAYMENT. In equal semi-annual installments of
                      common stock of the Company (and cash in lieu of any
                      fractional share of common stock) over a period from 6 to
                      180 months as specified in such Participant's Election
                      Agreement commencing on the first day of the calendar year
                      immediately following such Participant's termination of
                      service as a director or at such other time as elected in
                      such Participant's Election Agreement; provided however
                      that if at any time on or after the date of termination of
                      Participant's service as a director the value (or
                      remaining value) of the Participant's Deferral Account is
                      less than $25,000, the Company at its sole discretion may
                      elect to pay such value (or remaining value) to the
                      Participant or Participant's beneficiary in a lump sum
                      rather than in monthly payments. Such stock portion shall
                      continue to be entitled to the investment return
                      adjustments specified in Section 5.3 pending payment to
                      the Participant but shall not accrue interest.

       (b)    Notwithstanding anything to the contrary contained in this Section
              7.3, as required by Section 4.2(a) a minimum of 50% of a
              Participant's Annual Retainer Compensation shall be paid to the
              Participant, or Participant's Beneficiary, in common stock of the
              Company, pursuant to the Company's 1999 Stock Incentive Plan, as
              elected in the Participant's Election Agreement. The common stock
              shall be valued as of the date of the payment in accordance with
              the Company's 1999 Stock Incentive Plan based upon the average of
              the high and low prices of such common stock on the trading day
              for which the determination is being made on the principal
              national exchange on which such common stock is traded (or, if
              there are no sales that day, the last preceding day on which there
              was a sale). If the percentage elected results in a fractional
              share, then at the time of payment of the Deferral Account the
              Company will pay cash in lieu of the fractional share.

       (c)    Upon the advance written request of a Participant, the Committee
              in its sole discretion, may either amend the form of payment of a
              Participant's Deferral Account or may deny such request, provided
              however that

              (1)     any such amendment of the form of payment of a
                      Participant's Deferral Account by the Committee shall not
                      extend the period for payment of the Deferral Account
                      beyond the maximum number of installments set forth in
                      Section 7.3(a)(2), and

              (2)     any such amendment by the Committee shall be prospective
                      in application only and must be made prior to the earlier
                      of (i) such Participant's termination of service as a
                      director, or (ii) the occurrence of any event entitling
                      such Participant to payment of such Participant's Deferral
                      Account.

       (d)    Notwithstanding anything to the contrary contained in this Section
              7.3, in the event that benefits are to be paid to anyone other
              than the Participant or the Participant's spouse, then such
              benefits shall be paid in a lump sum regardless of any election
              made by the Participant.

       7.4   COMMENCEMENT OF PAYMENTS. Notwithstanding anything to the contrary
contained in a Participant's Election Agreement or this Plan, no payments shall
be made under this Plan prior to that date which is six (6) months from the date
of Participant's Election Agreement (or any amendment thereto with respect to
the form of benefit payment). All payments shall be made as of the first day of
the calendar month.

                                  ARTICLE VIII

                             BENEFICIARY DESIGNATION

       8.1   BENEFICIARY DESIGNATION. Each Participant shall have the right at
any time during his or her lifetime to designate in writing on a form prescribed
by the Committee any person or persons as the Beneficiary or Beneficiaries (both
primary and contingent) to whom benefits under the Plan shall be paid in the
event of the Participant's death prior to full payment of the benefits due the
Participant under the Plan. Such form shall be filed with the Committee during
the Participant's lifetime and shall become effective when so filed.

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       8.2   CHANGE OF BENEFICIARY. Any Beneficiary designation made by a
Participant may be changed by such Participant at any time during such
Participant's lifetime by the filing of such change in writing on a form
prescribed by the Committee. Effective upon its filing with the Committee prior
to a Participant's death, the most recently filed Beneficiary designation will
cancel all Beneficiary designations previously filed by such Participant.

       8.3   NO BENEFICIARY DESIGNATION. If a Participant fails to designate a
Beneficiary pursuant to this Article VIII, or if all designated Beneficiaries
predecease the Participant, then the Participant's designated Beneficiary shall
be deemed to be the person or persons surviving the Participant in the first of
the following classes in which there is a survivor, in equal shares by
representation:

       (a)   The Participant's surviving spouse;

       (b)   The Participant's descendants; or

       (c)   The personal representative of the Participant's estate.

                                   ARTICLE IX

                 AMENDMENT, SUSPENSION, AND TERMINATION OF PLAN

       9.1   AMENDMENT. The Board may amend the Plan at any time in whole or in
part without terminating the Plan; however, no amendment of the Plan shall
decrease any amount already credited to a Deferral Account then in existence
without the written consent of the affected Participant.

       9.2   TERMINATION. The Board may terminate the Plan at any time. Upon
termination of the Plan, each Participant shall be entitled to receive 100% of
such Participant's Deferral Account as of such date (after the making of all
credits to such Deferral Account which are to be made pursuant to the Plan prior
to or as of such date). The balance of each Participant's Deferral Account shall
be payable to such Participant as provided in Section 7.3 and shall be in lieu
of all other benefits under the Plan.

                                    ARTICLE X

                                  MISCELLANEOUS

       10.1  CREDITOR STATUS. Participants and their Beneficiaries shall have no
legal or equitable rights, interests, or claims in or to any particular property
or assets of the Company, nor shall they be beneficiaries of, or have any
rights, claims, or interests in or to, any life insurance policies or annuity
contracts (or the proceeds therefrom) now owned or which hereafter may be
acquired by the Company ("Policies"). The Company's assets and such Policies (if
any) shall be, and remain, the general and unrestricted assets of the Company.
Participants and their Beneficiaries are and have the status of general
unsecured creditors of the Company, and the Plan constitutes a mere unfunded and
unsecured promise of the Company to make benefit payments in the future.

       10.2  NONASSIGNABILITY. Neither a Participant nor a Beneficiary nor any
other person shall have any right to commute, sell, assign, transfer, pledge,
anticipate, mortgage, or otherwise encumber, alienate, hypothecate, or convey in
advance of actual receipt any amounts payable under the Plan, or any part
thereof, all of which are, and all rights to which are, nonassignable and
nontransferable. No part of any amounts payable under the Plan shall, prior to
actual payment, be subject to attachment, garnishment, or seizure for the
payment of any debts, judgments, alimony, child support, or separate maintenance
owed by a Participant or any other person nor be transferable by operation of
law in the event of a Participant's or any other person's bankruptcy or
insolvency.

       10.3  NOT A CONTRACT OF EMPLOYMENT. The terms and conditions of the Plan
and of any Election Agreement entered into pursuant to the Plan shall not be
deemed to constitute a contract of employment between the Company and a
Participant, and a Participant (or a Participant's Beneficiary) shall have no
rights against the Company under the Plan except as may be specifically provided
in the Plan. Moreover, nothing in the Plan shall be deemed to give a Participant
any right (i) to be retained as a member of the Board for any specific length of
time, (ii) to interfere with the right of the Company to remove the Participant
from the Board at any time, (iii) to hold any particular position or
responsibility with the Company, or (iv) to receive any particular compensation
from the Company.

                                        6
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       10.4  WITHHOLDING; PAYROLL TAXES. To the extent that the Company is
required to withhold any taxes or other amounts in respect of a Participant's
deferred Compensation pursuant to federal, state, or local law, such amounts
shall be withheld from the Participant's Compensation which is not deferred
under the Plan, if any. To the extent required by applicable laws in effect at
the time payments from a Participant's Deferral Account are made under the Plan,
the Company shall withhold from such payments any taxes or other obligations
required to be withheld from such payments by federal, state, or local laws. If
permitted in any specific case by the Committee, amounts required to be withheld
for taxes may be paid by the Participant in cash or shares of common stock
(either through the surrender of previously held shares of common stock or the
withholding of shares of common stock otherwise payable upon payment of the
Participant's Deferral Account) having a fair market value equal to the required
tax withholding amount and upon such other terms and conditions as the Committee
shall determine; provided that any election by a Participant subject to Section
16(b) of the Exchange Act to pay any tax withholding in shares of common stock
shall be subject to and must comply with Rule 16b-3(e) under the Exchange Act.

       10.5  PARTICIPANT COOPERATION. Each Participant shall cooperate with the
Company by furnishing any and all information requested by the Company to
facilitate the payment of benefits under the Plan, by taking such physical
examinations as the Company may deem necessary for insurance or other purposes,
and by taking such other actions as reasonably may be requested by the Company.

       10.6  INCOMPETENCY. If the Committee or its delegate reasonably
determines that any Participant or Beneficiary to whom a benefit is payable
under the Plan is unable to manage his or her own affairs because of illness or
accident, then any payment due such Participant or Beneficiary (unless prior
claim therefor shall have been made by a duly authorized guardian or other legal
representative) may be paid, upon appropriate indemnification of the Company, to
the person deemed by the Committee or its delegate to have current
responsibility for the handling of the affairs of such Participant or
Beneficiary. Any such payment shall be a payment for the account of the
Participant or Beneficiary and shall be a complete discharge of any liability of
the Company therefor.

       10.7  GOVERNING LAW. The provisions of the Plan shall be governed by and
construed according to the laws of the State of Nebraska.

       10.8  NUMBER AND GENDER. Unless the context otherwise requires, for all
purposes of the Plan, words in the singular number include their plural, words
in the plural include their singular, and words of one gender include the other
genders.

       10.9  SECTION TITLES. The titles of the various sections of the Plan are
for convenient reference only and shall not be considered in the interpretation
of the Plan.

       10.10 SEVERABILITY. If any provision of the Plan is determined by any
court to be invalid, then such invalidity shall not affect any other provision
of the Plan to which effect reasonably can be given without such invalid
provision; and for such purpose the provisions of the Plan shall be severable
from one another.

       10.11 SUCCESSORS. The provisions of the Plan shall be binding upon and
inure to the benefit of the Company, each Participant, and each Beneficiary and
their respective, heirs, personal representatives, successors, and permitted
assigns (if any).

       10.12 UNFUNDED PLAN. The Plan is and shall be unfunded within the meaning
of the Employee Retirement Income Security Act of 1974 ("ERISA") for purposes of
Title I of ERISA and for income tax purposes.

       10.13 EXCHANGE ACT. With respect to Participants subject to Section 16 of
the Exchange Act, (i) the Plan is intended to comply with all applicable
conditions of Rule 16b-3 or any successor to such rule, (ii) all transactions
involving Participants who are subject to Section 16(b) of the Exchange Act are
subject to such conditions, regardless of whether the conditions are expressly
set forth in the Plan, and (iii) any provision of the Plan that is contrary to a
condition of Rule 16b-3 shall not apply to Participants who are subject to
Section 16(b) of the Exchange Act.

       10.14 EFFECTIVE DATE. The Plan shall become effective as of January 1,
2001.

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Exhibit 10.28    
  

PROMISSORY NOTE  

	Englewood, Colorado	 	$2,500,000.00
	December 21, 2001	 	 

        FOR
VALUE RECEIVED, the undersigned, JONES MEDIA NETWORKS, LTD., a Colorado corporation ("Borrower"), hereby promises to pay to the order of JONES INTERNATIONAL, LTD., a
Colorado corporation ("Lender"), at 9697 E. Mineral Avenue, Englewood, Colorado 80112, or at such other address as the Lender shall designate in writing, the principal amount of Two Million Five
Hundred Thousand Dollars ($2,500,000.00). 

        The
Borrower further agrees to pay interest on the unpaid principal balance at a per annum rate of eleven and three quarters percent (11.75%) from the date hereof until all amounts
hereunder are paid in full. All payments made to Lender under this Note shall be interest only until maturity. All outstanding principal and unpaid interest under this Note shall be due and payable in
full on December 21, 2004. 

        Interest
on the outstanding principal balance of this Note shall be compounded quarterly and shall be payable in arrears at the end of each calendar quarter. Interest shall be calculated
based on a 365/366 day year. 

        Principal
and interest on this Note may be prepaid in whole or, from time to time, in part at the option of Borrower, without penalty. All payments shall be applied first to the payment
of accrued interest and, after all such interest has been paid, any remainder shall be applied to the reduction of the principal balance. 

        This
Note shall be in default upon the occurrence of any of the following events unless, in the case of (a) or (b) below, such default is cured within ten (10) days
after Lender gives the Borrower notice of such default ("Event of Default"): 

        (a)  Borrower
shall fail to make any payment when due hereunder, or 

        (b)  the
insolvency of, general assignment for the benefit of creditors by, initiation of any proceeding under state or federal bankruptcy, insolvency, moratorium or
reorganization laws by or against, the appointment of a receiver for all or a substantial portion of the property of, or the entry of a judgment (unless stayed within thirty (30) days from the
entry thereof) against Borrower. 

Upon
an Event of Default, the entire amount of this Note and any unpaid accrued interest shall, at the option of the Lender hereof, become immediately due and payable. If this Note is placed in the
hands of an attorney for collection, by suit or otherwise, then all costs of collection and litigation, including court costs and reasonable attorneys' fee, shall be added hereto and collectible as a
part of the principal hereof. 

        The
entire amount of this Note and any unpaid accrued interest shall, at the option of the Lender hereof, become immediately due and payable upon a Change in Control of Borrower, as
defined below. For purposes hereof, a "Change in Control" of Borrower shall be deemed to have occurred if the Borrower is no longer controlled, directly or indirectly, by Jones
International, Ltd., a Colorado corporation, or another company controlled, directly or indirectly, by Mr. Glenn R. Jones. 

        Borrower
hereby waives demand for payment, presentment for payment, notice of nonpayment or dishonor, protest and notice of protest, and agrees to any extension of time of payment and
partial payments before, at, or after maturity. No renewal or extension of this Note, no delay in the enforcement hereof, and no delay or omission in exercising any right or power hereunder, shall
affect the liability of Borrower. No delay or omission by Lender in exercising any power or right hereunder shall impair such right or power or be construed to be a waiver of any default, nor shall
any single or 

partial exercise of any power or right hereunder preclude any or the full exercise thereof or the exercise of any other right or power. 

        This
Note is issued under and shall be governed by and construed in accordance with the laws of the State of Colorado. 

        IN
WITNESS WHEREOF, the undersigned has executed this Promissory Note as of the date set forth above. 

	 	 	BORROWER:
	

 	
 	

JONES MEDIA NETWORKS, LTD.,

a Colorado corporation
	

 	
 	

By:	
 	

/s/  JAY B. LEWIS      
 Jay B. Lewis

Group Vice President/Finance

WARRANT AGREEMENT 

        This
Option Agreement is made and entered into as of December 21, 2001 (the "Original Issue Date") between Jones Media
Networks, Ltd., a Colorado corporation (the "Company") and Jones International, Ltd., a Colorado corporation (the
"Holder"). 

RECITAL 

        The
Company has agreed to grant to the Holder the right to acquire certain shares of Class A Common Stock, $.01 par value per share, of the Company on the terms and conditions of
this Agreement. 

        NOW,
THEREFORE, the parties agree as follows: 

        1.    Grant of Warrant.    For good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company hereby grants the right to the Holder to acquire three hundred fifty thousand (350,000) shares of Class A Common Stock, $.01 par value per share, of the Company
("Class A Stock") upon the terms and conditions set forth herein (the "Warrant"). The Warrant is issued in partial consideration for a loan to Company by Holder in the amount of $2,500,000 made
on the date of this Agreement. 

        2.    Exercise Price.    

        (a)  The
price at which each share of Class A Stock may be purchased (the "Exercise Price") shall be $6.50 per share, subject to adjustment under the terms of this
Agreement. 

        (b)  The
rights of the Holder to purchase shares of Class A Stock shall commence on the date of this Agreement and shall terminate on the fifth (5th)
anniversary of such date. 

        3.    Warrant Exercise.    

        (a)  The
rights represented by the Warrant are exercisable from time-to-time in whole or in part by the Holder by giving notice of intent to exercise
to the Company. The Holder shall make payment in cash or by check for the purchase price of the number of shares to be purchased. 

        (b)  The
Warrant shall be deemed to have been exercised immediately prior to the close of business on the date of its surrender for exercise as provided above, and the person
entitled to receive the shares issuable upon such exercise shall be treated for all purposes as the holder of record of such shares as of the close of business on such date. As promptly as practicable
on or after such date and in any event within ten (10) days thereafter, the Company at its expense shall issue and deliver to the person or persons entitled to receive the same a certificate or
certificates for the number of shares issuable upon such exercise. 

        4.    No Fractional Shares or Scrip.    No fractional shares or scrip representing fractional shares shall be issued
upon the exercise of the Warrant. In lieu of any fractional share to which the Holder would otherwise be entitled, the Company shall make a cash payment equal to the Exercise Price multiplied by such
fraction. 

        5.    Representations and Warranties of the Company.    The Company represents and warrants to the Holder that: 

        (i)    The
Company is a corporation duly incorporated, validly existing and in good standing under the laws of Colorado and has all corporate powers and all material
governmental licenses, authorizations, permits, consents and approvals required to carry on its business as now conducted. 

        (ii)  The
execution, delivery and performance by the Company of this Agreement are within the Company's corporate powers and have been duly authorized by all necessary
corporate action on the part of the Company. This Agreement constitutes a valid and binding agreement of the Company. 

 

        (iii)  The
execution, delivery and performance by the Company of this Agreement, and the consummation of the transactions contemplated hereby, do not and will not
(a) violate the Articles of Incorporation or bylaws of the Company, (b) violate any law, rule, regulation, judgment, injunction, order or decree binding on the Company;
(c) require any consent or other action by any person under, constitute a default under, or give rise to any right of termination, cancellation or acceleration of any right or obligation of the
Company under, or cause a loss of any benefit to which the Company would be entitled under, any agreement or other instrument binding upon the Company; or (d) result in the creation or
imposition of any lien on any asset of the Company. 

        (iv)  The
authorized capital stock of the Company consists of 100,000,000 shares of Class A Stock, $.01 par value; 2,231,400 shares of Class B Common Stock,
$.01 par value; and 1,918,000 shares of Series A Preferred Stock, $.01 par value, of which 5,466,003 shares, 2,231,400 shares and 1,918,000 shares, respectively were outstanding on
November 30, 2001. All outstanding shares of capital stock of the Company have been, and the shares to be issued upon exercise of the Warrant will be, duly authorized and validly issued, fully
paid and non-assessable and have been, and will be, offered, issued, sold and delivered by the Company in compliance with applicable federal and state securities laws. Upon exercise of the
Warrant the shares to be issued will be delivered to the Holder free and clear of any lien, claim or encumbrance of any nature whatsoever. 

        (v)  The
unaudited financial statements of the Company for the period ended September 30, 2001 contained in the Company's Form 10Q Report for such period,
fairly present, in all material respects and in conformity with generally accepted accounting principles, the financial position of the Company as at the date thereof. 

        (vi)  There
is no investment banker, broker, finder or other intermediary which has been retained by or is authorized to act on behalf of the Company who is or might be
entitled to any fee, commission or other payment from the Holder in connection with the transactions contemplated by this Agreement. 

        6.    Certain Restrictions.    Subject to Section 8 of this Agreement, the Holder shall not be entitled to vote
or receive dividends or be deemed the holder of Class A Stock or any other securities of the Company that may at any time be issuable on the exercise hereof for any purpose, nor shall anything
contained herein be construed to confer upon the Holder, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to
stockholders at any meeting thereof, or to give or withhold consent to any corporate action or to receive notice of meetings, or to receive dividends or subscription rights or otherwise until the
Warrant shall have been exercised as provided herein. 

        (a)    Transferability of Warrant.    The Warrant may not be transferred or assigned in whole or in part without
compliance with all applicable federal and state securities laws by the transferor and the transferee (including the delivery of investment representation letters and legal opinions reasonably
satisfactory to the Company, if such are requested by the Company). 

        (b)    Compliance with Securities Laws.    The Holder, by acceptance hereof, acknowledges that the Warrant and the
shares to be issued upon exercise thereof are being acquired solely for the Holder's own account for investment, and that the Holder will not offer, sell or otherwise dispose of the Warrant or any
shares to be issued upon exercise thereof except under circumstances that will not result in a violation of the registration provisions of the Securities Act of 1933, as amended (the "Act"). 

        7.    Reservation of Stock.    The Company covenants that during the term the Warrant is exercisable, the Company will
reserve from its authorized and unissued Class A Stock, a sufficient number of shares to provide for the issuance of shares upon the exercise of the Warrant and, from time to time, will take
all steps necessary to amend its Articles of Incorporation to provide sufficient reserves of shares 

2

 

issuable upon exercise of the Warrant. The Company further covenants that all shares that may be issued upon the exercise of rights represented by the Warrant and payment of the Exercise Price, all
as set forth herein, will be free from all taxes, liens and charges in respect of the issue thereof. 

        8.    Adjustments.    The Exercise Price and the number of shares purchasable hereunder are subject to adjustment from
time to time as follows: (references in this Section 8 to "Common Stock" mean the Class A Stock and the Class B Common Stock, $.01 par value, of the Company). 

        (a)    Adjustments for Stock Dividends and for Combinations or Subdivisions of Common Stock.    In the event that the
Company at any time or from time to time after the Original Issue Date shall declare or pay, without consideration, any dividend on either class of its Common Stock payable in either class of Common
Stock or in any right to acquire either class of Common Stock for no consideration, or shall effect a subdivision of the outstanding shares of either class of Common Stock into a greater number of
shares of either class of Common Stock (by stock split, reclassification or otherwise than by payment of a dividend in either class of Common Stock or in any right to acquire either class of Common
Stock), or in the event the outstanding shares of either class of Common Stock shall be combined or consolidated, by reclassification or otherwise, into a lesser number of shares of either class of
Common Stock, then the Exercise Price in effect immediately prior to such event, and the number of shares of Class A Stock for which the Warrant is then exercisable, shall, concurrently with
the effectiveness of such event, be proportionately decreased or increased, as appropriate to maintain and preserve the rights of the Holder in relatively the same position as if there were no such
event. 

        (b)    Adjustments for Reclassifications and Reorganizations.    If the shares of Class A Stock issuable upon
exercise of the Warrant shall be changed into the same or a different number of shares of any other class or classes of stock, whether by capital reorganization, reclassification or otherwise, the
number of shares for which the Warrant is exercisable at that time shall, concurrently with the effectiveness of such reorganization or reclassification, be proportionately adjusted so that upon
exercise of this Warrant, in lieu of the number of shares of Class A Stock which the holder would otherwise have been entitled to receive, the Holder shall be entitled to receive a number of
shares of such other class or classes of stock equivalent to the number of shares of Class A Stock that would have been subject to receipt by the holders upon exercise of this Warrant
immediately before that change. 

        (c)    Capital Reorganizations.    If at any time or from time to time after the Original Issue Date, there is a
capital reorganization of the Class A Stock of the Company as a part of such capital reorganization, provision shall be made so that the holder of the Warrant shall thereafter be entitled to
receive upon exercise the number of shares of stock or other securities or property of the Company to which a holder of the number of shares of Class A Stock deliverable upon exercise would
have been entitled on such capital reorganization, subject to adjustment in respect of such stock or securities by the terms thereof. In any such case, appropriate adjustment shall be made in the
application of the provisions of this Section with respect to the rights of the Holder after the capital reorganization to the end that the provisions of this Section (including
adjustment of the Exercise Price then in effect and the number of shares issuable upon exercise of the Warrant) shall be applicable after that event and be as nearly equivalent as practicable. 

        (d)    Adjustments for Dividends in Stock or Other Securities or Property.    If while the Warrant, or any portion
hereof, remains outstanding and unexpired, the holders of the securities as to which purchase rights under the Warrant exist at the time shall have received, or, on or after the record date fixed for
the determination of eligible stockholders, shall have become entitled to receive, without payment therefor, other or additional stock or other securities or property (other than cash) of the Company
by way of dividend, then and in each case, the Warrant shall represent the right to acquire, in addition to the number of shares of the security receivable upon exercise of the 

3

 

Warrant, and without payment of any additional consideration therefor, the amount of such other or additional stock of other securities or property (other than cash) of the Company that such holder
would hold on the date of such exercise had it been the holder of record of the security receivable upon exercise of the Warrant on the date hereof and had thereafter, during the period from the date
hereof to and including the date of such exercise, retained such shares and/or all other additional stock available by it as aforesaid during such period, giving effect to all adjustments called for
during such period by the provisions of this Section. 

        (e)    No Impairment.    The Company will not, by amendment of its Articles of Incorporation or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms to be observed or performed hereunder by the Company, but will at all times in good faith assist in the carrying out of all the provisions of this Section and in the taking of all such
action as may be necessary or appropriate in order to protect the rights of the holder of this Warrant against impairment. 

        9.    Notices.    

        (a)  Whenever
the Exercise Price or number of shares purchaseable hereunder shall be adjusted pursuant to Section 8 hereof, the Company shall issue a certificate
signed by its Chief Financial Officer (or equivalent officer) setting forth, in reasonable detail, the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment
was calculated, and the Exercise Price and number of shares purchasable hereunder after giving effect to such adjustment, and shall cause a copy of such certificate to be mailed (by first-class mail,
postage prepaid) to the Holder. 

        (b)  All
notices, requests, demands, and other communications required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been duly
given if (i) mailed, registered or certified mail, return receipt requested, postage prepaid, (ii) delivered by hand, (iii) sent by facsimile transmission, or
(iv) delivered by courier, to the following addresses, or at such other address as a party may designate by notice given in accordance with this Section: 

	 	 	(i)	 	If to Holder, to:	 	Jones International, Ltd.

9697 East Mineral Avenue

Englewood, CO 80112

Attn: Glenn R. Jones

Phone: (303) 792-3111

Fax: (303) 784-8510
	

 	
 	

 	
 	

With a courtesy copy to:	
 	

Counsel's Office

9697 East Mineral Avenue

Englewood, CO 80112

Phone: (303) 792-3111

Fax: (303) 799-1644
	

 	
 	

(ii)	
 	

If to the Company, to:	
 	

Jones Media Networks, Ltd.

9697 East Mineral Avenue

Englewood, CO 80112

Phone: (303) 792-3111

Fax: (303) 784-8579
	
 	
 	

 	
 	

 	
 	

 

4

 

	

 	
 	

 	
 	

With a courtesy copy to:	
 	

Counsel's Office

9697 East Mineral Avenue

Englewood, CO 80112

Phone: (303) 792-3111

Fax: (303) 799-1644

Notices
delivered personally or by courier shall be effective upon delivery to the intended recipient. Notices transmitted by facsimile transmission shall be effective when confirmation of
transmission is received. Notices delivered by registered or certified mail shall be effective on the delivery date set forth on the receipt of registered or certified mail, or three days after
deposit in the mail, whichever is earlier. 

        10.    Miscellaneous.    

        (a)    Counterparts.    This Agreement may be executed in multiple counterparts, each of which shall be deemed an
original and all of which together shall constitute one agreement. 

        (b)    Entire Agreement, No Waiver.    This Agreement constitutes the entire agreement between the parties hereto
pertaining to the subject matter thereof and supersedes all prior and contemporaneous agreements and understandings of the parties, and there are no warranties, representations or other agreements
among the parties in connection with the subject matter hereof except as specifically set forth herein. No supplement, modification or waiver or termination of this Agreement shall be binding unless
executed in writing by the party against whom it is asserted and delivered by that party to each of the other parties. No waiver of any of the provisions of this Agreement shall be deemed or shall
constitute a waiver of any other provisions thereof (whether or not similar), nor shall such waiver constitute a continuing waiver. 

        (c)    Headings.    The title or headings of the various sections and paragraphs hereof are intended solely for
convenience of reference and are not intended and shall not be deemed for any purpose whatsoever to modify or explain or place any construction upon any of the provisions of this Agreement. 

        (d)    Use of the Plural, etc.    Throughout this Agreement, wherever the context so requires the singular shall
include the plural, and the masculine gender shall include the feminine and neuter genders, and vice versa. 

        (e)    Assignment.    No party may assign this Agreement or any interest herein without the prior written consent of
the other parties, except that Holder may assign this Agreement, or any interest therein, to any entity controlling, controlled by or under common control with it. Subject to the foregoing, this
Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 

        (f)    Governing Law.    The parties agree that this Agreement has been executed and delivered in the State of
Colorado and shall be construed, enforced and governed by the laws thereof, without giving effect to the principles of conflicts of law of such State. 

        (g)    Amendment.    This Agreement may be amended with the written consent or agreement of the parties. 

5

 

        IN
WITNESS WHEREOF, the parties have caused this Option Agreement to be executed by is officers thereunto duly authorized. 

	

Jones International, Ltd.	
 	

Jones Media Networks, Ltd.
	

By:	

 	

/s/  TIMOTHY J. BURKE      
 Timothy J. Burke

Group Vice President	

 	

By:	

 	

/s/  JAY B. LEWIS      
 Jay B. Lewis

Group Vice President/Finance

6

QuickLinks

Exhibit 10.28

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