Document:

exv10w77

 

Exhibit 10.77

Wells Fargo Equipment Finance, Inc.

733 Marquette Avenue, Suite 700

MAC N9306-070

Minneapolis, MN 55402

Guaranty

 

To induce Wells Fargo Equipment Finance, Inc. (“Creditor”) from time to time to extend credit
to or for the account of StarTek USA, Inc., (“Debtor”) by way of lease, loan, installment sale
contract or any other means, the undersigned hereby agrees as follows:

	1.	 	The undersigned hereby absolutely and unconditionally guarantees to Creditor the full and
prompt payment and performance when due of each and every debt, liability and obligation of
every type and description that Debtor may now or in the future owe to Creditor whether
absolute or contingent or primary or secondary (the “Obligations” and each an “Obligation”).
	 
	2.	 	The undersigned hereby waives (i) notice of the acceptance hereof by Creditor and of the
creation and existence of the Obligations and (ii) any and all defenses otherwise available to
guarantor or accommodation party.
	 
	3.	 	This Guaranty is absolute and unconditional, and the liability of the undersigned hereunder
shall not be affected or impaired in any way by any of the following, each of which Creditor
may agree to without notice to or the consent of the undersigned: (a) any extension or renewal
of any Obligation whether or not for longer than the original period, (b) any change in the
terms of payment or other terms of any Obligation or any collateral therefor, or any exchange,
release of, or failure to obtain any collateral therefor, (c) any waiver or forbearance
granted to Debtor or any other person liable with respect to any Obligation or any release of,
compromise with, or failure to assert rights against Debtor or any such other person, (d) the
application or failure to apply in any particular manner any payments or credits on the
Obligations, and (e) the creation of Obligations from time to time.
	 
	4.	 	This Guaranty shall continue in force and be binding upon the undersigned whether or not all
the Obligations are paid in full until this Guaranty is revoked prospectively as to future
transactions by written notice from the undersigned actually received by Creditor. Such
revocation shall not be effective as to Obligations existing or committed for at the time of
actual receipt of such notice or as to any renewals, extensions and refinancings thereof.
	 
	5.	 	Creditor shall not be required before exercising and enforcing its rights under this Guaranty
first to resort for payment of any Obligation to Debtor or to any other person or to any
collateral. The undersigned agrees not to obtain reimbursement or payment from Debtor or any
other person obligated with respect to any Obligation or from any collateral for any
Obligation until all Obligations have been paid in full.
	 
	6.	 	The undersigned shall be and remain liable for any deficiency following foreclosure of any
mortgage or security interest securing any Obligation whether or not the liability of Debtor
under such Obligation is discharged by such foreclosure.
	 
	7.	 	If any payment applied to any Obligation is thereafter set aside, recovered, rescinded or
required to be returned for any reason (including on account of a preference in the bankruptcy
of Debtor), the Obligation to which such payment was applied shall for the purposes of this
Guaranty be deemed to have continued in existence notwithstanding such application, and this
Guaranty shall be enforceable as to such Obligation as fully as if such application had never
been made.
	 
	8.	 	The undersigned agrees to pay all costs, expenses and legal fees paid or incurred by Creditor
in connection with enforcing any Obligation and this Guaranty. THE UNDERSIGNED HEREBY WAIVES
ANY RIGHT TO A JURY TRIAL WITH RESPECT TO ANY MATTER UNDER OR IN CONNECTION WITH THE GUARANTY.
	 
	9.	 	Creditor may, without notice to or the consent of the undersigned, assign this Guaranty as
it relates to an Obligation to a party who purchases all or part of the Obligations
(hereinafter referred to individually as an “Assignee” and collectively as “Assignees”). An
Assignee shall have the right to enforce this Guaranty against the undersigned solely as it
relates to the Obligation it purchased, and such enforcement may be brought separate and apart
from actions by Creditor and/or other Assignees.
	 
	10.	 	The undersigned agrees that it shall, upon a request from Creditor, promptly provide to
Creditor a copy of the undersigned’s most recent annual financial statements and any other
financial information of the undersigned (including interim financial statements) that
Creditor may request. The undersigned authorizes Creditor to share such information with
Creditor’s affiliates, subsidiaries, and Assignees.
	 
	11.	 	This Guaranty shall be binding upon the estate, heirs, successors and assigns of the
undersigned, and shall inure to the benefit of the successors and assigns of Creditor.
	 
	12.	 	If the undersigned is a partnership, corporation, limited liability company or other legal
entity, the undersigned represents, warrants and agrees that the execution, delivery and
performance of this Guaranty has been duly authorized by all necessary action on the part of
the undersigned and will not violate any provision of the undersigned’s governing documents;
and the person signing this Guaranty on behalf of the undersigned is duly authorized.

Dated as of: November 13, 2006

	 	 	 	 	 
	 

	 	Taxpayer Identification Number:	 	 
	 

	 	 	 	 

<Company Name>

 

 

 

	 	 	 	 	 	 	 
	 	 	 	 	Principal place of business:
	 
	 	 	 	 	 	 
	 	 	 	 	 
	By
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

Name (Please print or type)

	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Phone:	 	 
	 

	 	 	 	 	 	 
	Title
	 	 	 	 	 	 

 

	 	 	 
	Ver 07/05

	 	GTYCORP: HATEK01 (mts):11202006:1301:127395-700:184956:34804exv10w1

 

EXHIBIT 10.1

AMENDMENT TO

QUANEX CORPORATION

LONG-TERM INCENTIVE PLAN

THIS AGREEMENT entered into by Quanex Corporation (“Quanex”) shall be effective as of the
1st day of January 2005.

W I T N E S S E T H :

WHEREAS, Quanex maintains the Quanex Corporation Long-Term Incentive Plan (the “Plan”);

WHEREAS, the Plan is not intended to be subject to section 409A of the Internal Revenue Code
of 1986, as amended by the American Jobs Creation Act of 2004 (“Section 409A”);

WHEREAS, Article VIII of the Plan provides that Quanex may amend the Plan from time to time;

WHEREAS, the Quanex has determined that the Plan should be amended to clarify that it is not
subject to Section 409A;

WHEREAS, the Board of Directors of the Quanex approved resolutions to amend the Plan effective
as stated above;

NOW, THEREFORE, the Plan is hereby amended, effective as stated above, as follows:

Section 5.5 of the Plan is amended and restated in its entirety to read as follows:

5.5 Time of Payment. Unless a Change of Control occurs during the Performance
Period, Quanex shall pay a Grantee the aggregate amount due to the Grantee under the
Plan with respect to such Performance Period as soon as administratively practicable
after the end of the Performance Period and in no event shall payment of the
incentive award be made later than the March 15th following the close of
the calendar year in which the participant no longer has a substantial risk of
forfeiture with respect to the award within the meaning of section 409A of the Code.

If during a Performance Period a Change of Control occurs either prior to the
date of a Grantee’s Separation From Service or within 120 days after the Grantee’s
Separation From Service, Quanex shall pay the Grantee the aggregate amount due the
Grantee under the Plan with respect to such Performance Period as soon as
administratively practicable after the date of the Change of Control and in any
event no later than the earlier of 120 days after the date of the Change of
Control or 21/2 months after the close of the calendar year in which the Change of
Control occurs.

 

 

 

Notwithstanding any other provision of the Plan to the contrary, if the Company
determines that as a result of the application of section 162(m) of the Code the
Company would not be entitled to take a deduction for part or all of the
compensation payable to a Grantee under an Award, then, unless a Change of Control
has occurred, the payment of the compensation, to the extent not currently
deductible, will be delayed until December 1 of the second Fiscal Year that
commences after the expiration of the applicable Performance Period.

IN WITNESS WHEREOF, Quanex has executed this Agreement this 21st day of November, 2006 to be
effective as stated above.

	 	 	 	 	 
	 	 	QUANEX CORPORATION
	 
	 	 	 	 
	 

	 	By:
	 	                    /s/ Kevin P. Delaney
	 

	 	 	 	 
	 

	 	Title:
	 	Senior Vice President — General Counsel and Secretaryexv10w2

 

EXHIBIT 10.2

AMENDMENT TO

QUANEX CORPORATION EXECUTIVE INCENTIVE COMPENSATION PLAN

THIS AGREEMENT entered into by Quanex Corporation (“Quanex”) shall be effective as of the
1st day of January 2005.

W I T N E S S E T H :

WHEREAS, Quanex maintains the Quanex Corporation Executive Incentive Compensation Plan (the
“Plan”);

WHEREAS, the Plan is not intended to be subject to section 409A of the Internal Revenue Code
of 1986, as amended by the American Jobs Creation Act of 2004 (“Section 409A”);

WHEREAS, Section 10.01 of the Plan provides that Quanex may amend the Plan from time to time;

WHEREAS, the Quanex has determined that the Plan should be amended to clarify that it is not
subject to Section 409A;

WHEREAS, the Board of Directors of the Quanex approved resolutions to amend the Plan effective
as stated above;

NOW, THEREFORE, the Plan is hereby amended, effective as stated above, as follows:

Section 5.1 of the Plan is amended and restated in its entirety to read as follows:

5.1 Payment of Individual Awards. Except to the extent that payments
of Incentive Awards are deferred under the Quanex Corporation Deferred Compensation
Plan, Incentive Awards to be paid to Participants in accordance with the provisions
of Article IV shall be paid in cash as soon as practicable following the release of
the Company’s Consolidated Financial Statements for the Plan Year. In no event
shall payment of such Incentive Awards be made later than the March 15th following
the close of the calendar year in which the Participants no longer have substantial
risks of forfeiture with respect to the Incentive Awards within the meaning of
section 409A of the Code.

IN WITNESS WHEREOF, Quanex has executed this Agreement this 21st day of November, 2006 to be
effective as stated above.

	 	 	 	 	 
	 	 	QUANEX CORPORATION
	 
	 	 	 	 
	 

	 	By:
	 	                    /s/ Kevin P. Delaney
	 

	 	 	 	 
	 

	 	Title:
	 	Senior Vice President — General Counsel and Secretary

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